Luxury real estate market in Italian Riviera

The Italian Riviera has two luxury markets: the eastern Riviera di Levante, which includes the tourist hot spots of Portofino, Santa Margherita and Cinque Terre; and the western Riviera di Ponente, which stretches from Genoa to France. The two areas are simila, but the east is more overvalued, and subsequently more expensive.

Foe example properties in Portofino and Santa Margherita sell for 15,000 to 20,000 Euros a square meter. In the west, around San Remo and Imperia, prices are around 6,000 to 7,000 Euros a square meter.

Luxury properties start at 1.5 million Euros on the western Riviera and go up to 2.5 million Euros in Cinque Terre and 5 million Euros in Portofino and Santa Margherita.

Luxury prices on the western Riviera have risen about 1 % a year since 2016 after falling during the global recession of 2008. On the eastern Riviera, luxury prices have been stable for the most part in recent years, although in particularly coveted areas they have increased by as much as 5 % a year, because of limited list.

Foreign buyers of luxury properties on the western Riviera tend to be European, but there is no predominant nationality. In the last couple of years, there are buyers from Germany, France, Switzerland, Monaco, Scandinavia, Britain, Russia, the United States and Australia.

 

 

[from NY Times]

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