Why Italy’s East Ligurian coastline saw prime prices accelerate in 2021
Increasingly on the radar of global buyers, the Cinque Terre coastline saw prime prices climb 5.5% in 2021.
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Enquiries for properties along the East Ligurian coastline jumped 63% in 2021 year-on-year and the area represents around 10% of Knight Frank’s Italian property enquiries, a figure we expect to rise in the next few years.
Annual prime price growth in East Liguria climbed to 5.5% in 2021 as the recovery from the depths of the pandemic continued. In total, prime prices have accelerated 11% since 2018.
The Cinque Terre, an assortment of colourful seaside villages clinging precariously to the Italian riviera coastline in the north of Italy, are catching the attention of buyers due to their accessibility and relative value.
Most second homeowners arrive via Pisa International Airport which offers 77 flight routes. Nearby Sarzana-Luni Airport is also increasingly popular for those travelling by private jet.
Prime prices for the best homes in Portofino sit at around €14,000 per sq m or lower in areas further east such as Porto Venere and La Spezia.
Due to its relative value, the coastline is attracting more interest from buyers whose search was previously confined to the French riviera.
Popular with French, Swiss and Northern Europeans there are 27 nationalities owning holiday lets in the area with the average daily prime rental rate sat at €380.
The pandemic has influenced demand trends in East Liguria. Firstly, as highlighted in Knight Frank’s Global Buyer Survey, 55% of global buyers say they are more likely to want a property that offers views of nature as a result of the pandemic. This is evident in Liguria where pied dans l’eau properties have received significant attention in villages such as Portofino and Tellaro.
Secondly, there has been a notable uptick in younger buyers in their forties or fifties registering for semi-retirement opportunities in the region, drawn by its accessibility, value and quality of life.