Italy Sotheby’s International Realty, one of the biggest luxury real estate businesses in Italy has announced a new Investment and Advisory Services (IAS) department, based in Milan. The announcement comes at a time of impressive growth for the company, following a 75% increase in enquiries in Q2, teamed with an anticipated 35% increase in turnover compared to 2019.
Despite the slowdown of the Italian property marketing as a result of the Covid-19 pandemic, Italy Sotheby’s International Realty have experienced impressive growth across the business, including the opening of its ninth office on Lake Maggiore in July, following increased interest in the area during the lockdown.
Additionally, the number of sales contracts completed in Q3 saw an increase of 28% compared to Q2 and the number of rental contracts in Q3 increased by 65% from Q1 and a 23% increase from this time last year. The Retreats department also saw a 44% increase in short term rentals compared to this same time last year with Italian and European renters making up the majority of the customers as US customers decline slightly.
As expected, the demands for homes with greenspaces, large gardens, views, terraces, and other outdoor spaces has increased dramatically as people prepare for future lockdowns. The area of Turin has seen an return of interest in hillside properties, particularly in the Langhe and Monferrato areas, Florence has seen a 40% increase in sales, as people look for second homes outside the major cities. Sales in Rome and Naples have remained at similar levels, however majority of buyers seek outdoor space. Lastly, sales in Milan have remained steady, however buyers have been buying larger houses in less central areas.
In terms of buyer demographics, foreign buyers have mainly from Germany, England, Switzerland, followed by Brazil and France. German buyers increased by about 30%, while British buyers have increased by 20% compared to this same time last year.
Investments and Advisory Services department will carry out a range of brokerage and advisory activities, addressing a wide range of asset classes including: hospitality, healthcare, student housing, senior housing, commercial property and logistics. The team is made up of professionals with transversal experience who offer professional and personalized advice to both national and international investors. Our advisors will recommend a tailored investment portfolio whilst providing continued advice for all investment decisions.
Clemente Pignatti Morano, Managing Partner of Italy Sotheby’s International Realty comments: “We expect to close the year with a growth of over 35% in turnover compared to 2019, which is a great result considering the challenges of 2020 . Property continues to represent a solid investment and I am confident the property market in Italy will quickly recover to pre-Covid-19 levels.
We are excited to introduce the new Investment and Advisory Service as we look towards an increasingly dynamic market and we look forward to bringing our extensive knowledge and experience to a wide range of investors both within Italy and abroad.“