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Home sales in Florence continue to flourish

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Tami Schroeder decided to move to Italy with her Italian husband and three children and chose Florence for her international school. The family moved from London last July and is renting in the Gavinana area until the renovation project is completed.

“Florence’s international school was a major factor, but we liked a small, compact city with a cosmopolitan community,” said the East Coast American, who taught the International Baccalaureate syllabus in England. say. “The center of Florence is too touristy, too hot in the summer, and there is not enough green space. We needed a large garden and a pool.”

Not all Tuscan buyers feel the same way. Demand for houses in Florence’s historic center has remained high since the pandemic began, especially in areas south of the Duomo, with major attractions clustered around Piazza della Signoria and the Uffizi Gallery. 2021 — And the ancient Ponte Vecchio, which seems permanently packed with tourists.

In July a property was sold for just over €9 million. According to sales agent Knight Frank, his highest ever recorded price per square meter in Florence is €21,428. A 420 sqm penthouse, the property is located in Palazzo Portinari Salviati, a prestigious family home converted into high-end his apartments and hotel suites on Via del Corso., Overlooking the dome of Brunelleschi Cathedral.

According to Italy’s tax office Agenzia della Entrate, the most expensive homes in Florence typically sell for around €10,000 per square meter, but averaged between €3,500 and €4,600 per square meter in the second quarter of 2021. According to OMI, the Italian Ministry of Economy and Finance, total sales in Florence in 2021 will be 5,433, 9.4% more than in 2019.

A timeless view of the Ponte Vecchio over the Arno River © Peter Horvath/Alamy

Knight Frank’s Bill Thomson says tax is the motivator for penthouse buyers. Specifically, a fixed tax of EUR 100,000 per year on the foreign currency income of new residents. “Tax-conscious buyers often leave in Milan or Rome, home of tax accountants and notaries, but others end up in Florence because of the Florentine lifestyle.”

After frequent visits to the city, an American couple recently purchased the three-bedroom Pier a Terre, a converted Borgo Pinti palace, for €3 million. The strength of the US dollar will be a factor in attracting more American buyers to Florence, Thomson said, adding that high-end buyers “do not appear to be particularly affected” by rising mortgage rates across the continent. points out. He has an ongoing deal of “more than €5 million more”.

It’s too early to know if Italy’s new right-wing government’s policies will affect foreign buyers, but local buyers may be helped by promised tax cuts and state salary increases.

When many Airbnb apartments became vacant during the 2020 travel restrictions, some owners in Florence sold off, says Thomson. In the historic centre, the number of rental listings in August is still down 36% from August 2019, but the figure shows demand is recovering, according to short-term rentals analyst AirDNA. increase.

Map of Florence, Italy

number of apartments in Centro Storico You can find it with a discount idealist.it“Sales below 1.5 million euros have slowed down due to the decline in tourism. [last year] The impact on some Airbnb owners has had a negative impact on the market, but also because of lower net wages in Italy,” Thomson said.

Similar to Venice, there has been debate over a new local law limiting short-term rentals, limited to two properties per owner for 90 days in a year. There is a risk that the buyer will be caught, ”he says.

Space-seeking families will enjoy panoramic views of the city, with Porta Romana south of the Arno River, the entrance to the old Walled City of Florence, Via San Leonardo and Piazzale Michelangelo. In these areas you can find villas instead of apartments. Diletta Giorgolo Spinola of Sotheby’s International Realty expects to spend about 4,000 euros per square meter if renovations are required.

Italians walk past a fresh food market near a narrow alleyway away from the main tourist area in Florence, Italy

Selling fresh produce in a medieval street © Kirk Fisher/Alamy

The old narrow streets behind the walls of Pian dei Giulari, Bagno a Ripoli and Poggio Imperiale are convenient locations for families with children at the Florence International School, which has seen a 10% increase in student numbers since 2019. Schrader only two of her children entered school this year. She’s waiting for her third place where she had to go to another school.

She describes her property search as “difficult.” Independent homes with land tend to sell and rent quickly through discreet networks, said Jeremy Onslow-Macaulay of agent Casa & Country.

“They are hard to find. This year, the three-bedroom townhouse on Via San Leonardo received more inquiries than any other property and sold for just under €2 million.”

French-American Alexander Zeleniuk has been renting at Porta Romana since moving to the city in July 2020 with artisan coffee company Ditta Artigianale. He plans to move into his new two-bedroom apartment purchased in Manifatura Tabacchi, northwest of the city.

Designed by Pia Luigi Nervi, who helped design Milan’s Pirelli Tower in the 1930s, the former tobacco factory is the city’s largest revitalization project, home to the Polimoda Fashion School (headed by Salvatore’s son Ferruccio Ferragamo), the artist’s Workshops, theaters, hotels.

View of Florence from the hill

View of Florence from the hill © Eddy Galeotti/Shutterstock

Two-bedroom apartments for sale through real estate agency Savills start at €570,000, or €4,000 to €6,000 per square meter. Zeleniuch appreciates paying a premium. In neighboring Novoli, the average price is €3,600 per square meter.

“I’m hanging around the city center for work, so I wanted to live in a quieter place a little further away,” he says. “It’s too far to walk, but it’s easy to get to the center by bike.” A new tram line, scheduled to arrive in 2025, will stop outside the development and improve connections with the centre.

Arriving as art school graduates after 34 years in the city, Jane Herman and her partner finally left the city center and moved into an old stone villa and studio 25 minutes east of Pelago. Her job as a furniture restorer brings her back to town every week or so.

“I sold a small house near Artemio Franchi [football] The stadium was looking to move very quickly earlier this year, but the pandemic has moved us faster,” says Jane of Glasgow. It has the best of both worlds: not too much.I feel like tourism in the city center has picked up this year.”

Buying guide

  • According to OMI, the Italian Ministry of Economy and Finance, the average property price in Florence will be €2,772 per square meter in 2021, 0.4% higher than €2,761 in 2019.

  • Florence is cheaper than other major Italian cities. According to Knight Frank, in Rome he has 87 sqm, in Milan he has 80 sqm, in Venice he has 56 sqm, whereas in Florence 1 million euros allows him to buy a prime property of 111 sqm.

  • The purchase tax for resale properties is 2% of the book value for primary homes and 9% for secondary homes. The realtor’s commission is 3% each for the buyer and the seller.

what can i buy . .

Apartment, San Marco, €850,000

Apartment, San Marco

158m2 apartment a short walk from both Sant’Ambrogio market and Piazza Duomo. The 2-bedroom, 2-bathroom flat has 4.8m high ceilings, frescoes, parquet floors and French windows in the living area with views of the Duomo.sold at knight frank.

Apartment, San Marco, 1.3 million euros

Apartment, San Marco

3 bedroom, 3 bathroom apartment overlooking the Giardino della Gherardesca in the center of Florence. The 240-square-metre facility has undergone extensive renovations and features frescoes and mosaic floors.listed in Casa & Country.

Apartment, Piazza Azerio, 2.7 million euros

Apartment, Piazza Azerio

One of ten newly developed apartments in a 19th century Palazzo, the property has three bedrooms and five marble bathrooms. Within walking distance from Sant’Ambrogio market, scheduled for completion in December.available from knight frank.

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