Why Venice’s property market is ticking the boxes of international buyers once more
A firm favourite with US and UK buyers, residential prime prices are gaining traction.
1 minute to read
Annual price growth in Venice climbed to multi-year highs in 2020 and 2021 registering 5% growth in both years as the lockdown came to an end for international buyers.
However, while air passenger numbers are climbing, international buyers are not yet the force they were before the pandemic suggesting there is room for further growth.
Prior to the pandemic, price growth in Venice lagged rates of growth seen in parts of Tuscany but a resurgent appetite for city living, particularly one which combines culture and amenities with grand vistas, means the gap is starting to close.
Unlike in other Italian markets, good stock levels in Venice provide buyers with a choice of quality properties and enables a degree of negotiation on price.
The number of new prospective buyers registering in 2021 increased 6% compared with 2020. The €2-€4m price band generates the strongest interest with the typical requirement being direct frontage onto the Grand Canal.
US and French interest in Venice is strong with the artistic Dorsoduro as well as San Marco in the Centro Storico amongst the most favoured of Venice’s six sestieri.
The 59th Venice Biennale, the city’s international contemporary art exhibition, will be held between April and November 2022. Attracting 600,000 visitors the festival’s influence ensures the city attracts buyers with an artistic flare whether from the world of fashion, art, photography, film or architecture.
Some 22 nationalities own holiday rentals in Venice but the average daily prime rental rate* in 2021 at around €370.
