Engel & Völkers is now brokering prestigious residential property in Venice with immediate effect. The E&V Residential Property Shop is located in the southern part of the Old Town in the Dorsoduro quarter, directly on the main square Campo Santa Margherita.
With the opening of the first shop in Venice, Engel & Völkers is expanding on its presence in Italy at a key location for real estate. “The lower segment of the market suffered a slight drop in prices due to the general turbulences of the Italian economy. The prices for residential properties in Venice’s prime locations have been rising continuously over recent years however. The premium segment of the market has remained stable, even during the global financial crisis and the Italian recession,” said Giacomo Argenio, Sales Director of Engel & Völkers Venice. The property expert attributes this development above all to the high quota of international clients. Most of these interested parties come from the UK, France and Germany. Private buyers account for around 50 percent of the total demand. “Now that the Italian economy is growing once again, the market is also becoming more attractive for domestic buyers. We are seeing significantly more activity here,” said Giacomo.
Investors are increasingly developing historic townhouses into luxury apartments
The most desirable residential areas in the city are the central and very exclusive district of San Marco, the artists’ quarter Dorsoduro and Castello, as well as all locations close to the Canal Grande and Canal Giudecca. In keeping with this desirability, palatial Venetian townhouses, known as palazzi, and exclusive freehold apartments are bought and sold here for high sums. In the absolute top location in the city, between the Rialto Bridge and St. Mark’s Square, top prices of up to 14 000 Euros per square metre are being reached for very high-end apartments that offer canal views. Historic palazzi can cost up to 18 million euros here. These properties are particularly sought after amongst investors, who usually then convert them into luxury apartments, as the potential to construct new buildings in the centre of Venice is virtually non-existent.
Luxurious homes are high in demand on the Lido di Venezia immediately alongside the city too, as well as in the significantly lower-priced mainland areas. Palladian-style villas along the Riviera del Brenta, for example, attract much interest from potential buyers.
High demand from abroad brings stability to the market
Venice is regarded as one of the most romantic travel destinations in the world, and attracts more than 22 million visitors every year. The Renaissance city is famous for its spectacular architecture and art. Cultural highlights such as the Architecture Biennale and the Venice International Film Festival contribute still further to the great attraction amongst investors and second home buyers. Engel & Völkers is anticipating that the market for exclusive residential property will benefit from a positive trend in future too. “The strong level of demand from abroad will continue to sustain the ongoing rise in prices. The number of investors on the residential property market, compared to private buyers, will continue to increase in the medium term,” said Giacomo.