The Luxury Real Estate Market in Versilia: Trends, Demand, and Sales Time
The data from the Observatory of the Luxury Residential Market in Italy, curated by Immobiliare.it in collaboration with Coldwell Banker Global Luxury Italy, has been released.
Versilia continues to be a region of great interest for the luxury real estate market, with a stock composition dominated by villas and a significant increase in luxury stock in recent years. Although overall demand has shown a decline from the peaks of 2021, it remains higher than 2019 levels. Sales times, though still high, are showing signs of improvement, indicative of a continually evolving market.
With its timeless charm, Versilia continues to attract buyers seeking prestigious properties, solidifying its status among the most sought-after real estate destinations in Italy and continuing to record significant numbers in the real estate market, establishing itself as one of the most dynamic areas. With a total monetary value reaching 3.99 billion euros, Versilia ranks third in the Italian real estate landscape.
Composition of the Real Estate Stock
Over the past three years, the composition of the real estate stock in Versilia has remained relatively stable. Villas dominate the market, representing an average of 77% of the total, a percentage that has risen to 79% in the latest period. This indicates a preference for independent and luxury solutions, which have seen significant growth, particularly between 2019 and 2020, with a 50% increase in the first half of 2020. Although fluctuating between 2020 and 2022, this trend has led to an 80% increase compared to 2019 in the current period. This growth in stock has resulted in an increase in surface area and total value, which have recorded a +72% and +73% respectively in the analyzed period.
Demand for Luxury Properties
The demand for luxury properties in Versilia has shown a dynamic trend. Until the end of 2021, growth was impressive, reaching +95% compared to 2019. However, from 2020, demand began to decline, while still remaining above 2019 levels, with a 37% increase in the period considered, despite a 5% decrease compared to 2022. Average demand, however, has been decreasing since June 2021, registering an 18% reduction at the end of 2023 compared to 2019 levels. The weight of demand on the total in Italy has remained stable, with a slight increase in the second half of 2021.
Sales Time and Stay Period
The sales and stay periods of properties in Versilia are among the highest compared to other Italian areas, especially at the beginning of 2019. After a reduction in stay periods at the end of 2019, these increased again from 2020, only to start decreasing from 2022. The average stay period for real estate listings reached a minimum peak of 6.1 months in the first half of 2023, rising to 8.9 months in the second half of the year, showing a reduction of 3.2 months compared to the first half of 2019. The “time on market” has shown an increase since the beginning of 2020 due to the entry of new properties onto the market. However, since mid-2021 it has stabilized, standing at the current 13.6 months, with a reduction of 2.1 months compared to the beginning of the analyzed period.
Commentary from Alessandro Tognetti
Broker / Owner of Coldwell Banker Global Luxury International Real Estate Agency in Forte dei Marmi
Here is the precise analysis of Alessandro Tognetti published in the Immobiliare.it document “Observatory of the Luxury Residential Market in Italy”:
“The visibility I have, operating in Forte dei Marmi, allows me to say that today Versilia occupies a privileged position in real estate transactions within the Tuscan real estate scene. Forte dei Marmi, in particular, remains the top municipality for luxury residence requests.
In my territory, the value has experienced significant growth, especially in recent years, demonstrating a continuous interest in high-end investments. This trend is further highlighted by the increase in the total value of properties over time, indicating a general appreciation of real estate assets.
However, it is important to note that overall demand has shown some variability over the years. Although a significant increase has been recorded since 2019 and until the end of 2023, I have noticed a moderate reduction in the Italian audience. This dynamic, however, is counterbalanced by the increased demand from international buyers. While properties up to 2/3 million euros are sought after by Italian clients, properties above 4 million euros are almost exclusively the domain of international clients. The countries from which I record the majority of transactions are the United States (29%), the United Arab Emirates (10%), Northern Europe (9%), and Canada (8%), and therefore we are focusing our marketing resources in these areas, utilizing the international Coldwell Banker network.
Analyzing sales timings, interesting dynamics emerge. After an initial reduction in the stay period of listings starting from 2019, I witnessed a new decrease from the second half of 2023 until the early months of 2024. While today the vibrancy of the high-end market and the relative decrease in the average stay period of listings are picking up again, driven mainly by the arrival of international buyers in the area.”
Data source: Osservatorio del mercato residenziale di lusso in Italia – Immobiliare.it | 2024
The Luxury Real Estate Market in Versilia: Trends, Demand, and Sales Time
The data from the Observatory of the Luxury Residential Market in Italy, curated by Immobiliare.it in collaboration with Coldwell Banker Global Luxury Italy, has been released.
Versilia continues to be a region of great interest for the luxury real estate market, with a stock composition dominated by villas and a significant increase in luxury stock in recent years. Although overall demand has shown a decline from the peaks of 2021, it remains higher than 2019 levels. Sales times, though still high, are showing signs of improvement, indicative of a continually evolving market.
With its timeless charm, Versilia continues to attract buyers seeking prestigious properties, solidifying its status among the most sought-after real estate destinations in Italy and continuing to record significant numbers in the real estate market, establishing itself as one of the most dynamic areas. With a total monetary value reaching 3.99 billion euros, Versilia ranks third in the Italian real estate landscape.
Composition of the Real Estate Stock
Over the past three years, the composition of the real estate stock in Versilia has remained relatively stable. Villas dominate the market, representing an average of 77% of the total, a percentage that has risen to 79% in the latest period. This indicates a preference for independent and luxury solutions, which have seen significant growth, particularly between 2019 and 2020, with a 50% increase in the first half of 2020. Although fluctuating between 2020 and 2022, this trend has led to an 80% increase compared to 2019 in the current period. This growth in stock has resulted in an increase in surface area and total value, which have recorded a +72% and +73% respectively in the analyzed period.
Demand for Luxury Properties
The demand for luxury properties in Versilia has shown a dynamic trend. Until the end of 2021, growth was impressive, reaching +95% compared to 2019. However, from 2020, demand began to decline, while still remaining above 2019 levels, with a 37% increase in the period considered, despite a 5% decrease compared to 2022. Average demand, however, has been decreasing since June 2021, registering an 18% reduction at the end of 2023 compared to 2019 levels. The weight of demand on the total in Italy has remained stable, with a slight increase in the second half of 2021.
Sales Time and Stay Period
The sales and stay periods of properties in Versilia are among the highest compared to other Italian areas, especially at the beginning of 2019. After a reduction in stay periods at the end of 2019, these increased again from 2020, only to start decreasing from 2022. The average stay period for real estate listings reached a minimum peak of 6.1 months in the first half of 2023, rising to 8.9 months in the second half of the year, showing a reduction of 3.2 months compared to the first half of 2019. The “time on market” has shown an increase since the beginning of 2020 due to the entry of new properties onto the market. However, since mid-2021 it has stabilized, standing at the current 13.6 months, with a reduction of 2.1 months compared to the beginning of the analyzed period.
Commentary from Alessandro Tognetti
Broker / Owner of Coldwell Banker Global Luxury International Real Estate Agency in Forte dei Marmi Here is the precise analysis of Alessandro Tognetti published in the Immobiliare.it document “Observatory of the Luxury Residential Market in Italy”:
“The visibility I have, operating in Forte dei Marmi, allows me to say that today Versilia occupies a privileged position in real estate transactions within the Tuscan real estate scene. Forte dei Marmi, in particular, remains the top municipality for luxury residence requests.
In my territory, the value has experienced significant growth, especially in recent years, demonstrating a continuous interest in high-end investments. This trend is further highlighted by the increase in the total value of properties over time, indicating a general appreciation of real estate assets.
However, it is important to note that overall demand has shown some variability over the years. Although a significant increase has been recorded since 2019 and until the end of 2023, I have noticed a moderate reduction in the Italian audience. This dynamic, however, is counterbalanced by the increased demand from international buyers. While properties up to 2/3 million euros are sought after by Italian clients, properties above 4 million euros are almost exclusively the domain of international clients. The countries from which I record the majority of transactions are the United States (29%), the United Arab Emirates (10%), Northern Europe (9%), and Canada (8%), and therefore we are focusing our marketing resources in these areas, utilizing the international Coldwell Banker network.
Analyzing sales timings, interesting dynamics emerge. After an initial reduction in the stay period of listings starting from 2019, I witnessed a new decrease from the second half of 2023 until the early months of 2024. While today the vibrancy of the high-end market and the relative decrease in the average stay period of listings are picking up again, driven mainly by the arrival of international buyers in the area.”
Data source: Osservatorio del mercato residenziale di lusso in Italia – Immobiliare.it | 2024
