Tuscany<\/strong> continues to attract foreign investors <\/strong>like few other regions in Europe. The market is driven by quality of life, culture, accessibility (two international airports in Pisa and Florence) and a real estate heritage that is unique worldwide. But interest is also powered by hard numbers: rising prices, solid demand, tax incentives and increasingly scarce supply<\/strong>.<\/p>\n\n\n\n \u201cOur office sells around 95% of properties to foreign clients. That\u2019s slightly higher than most of our other Italian offices, where the figure is still strong at around 80%,\u201d says Alessandro Degh\u00e8, CEO of Serimm Srl, Knight Frank LLP\u2019s Italian partner<\/strong>.<\/p>\n\n\n\n The most active buyers come from Germany<\/strong>, the Benelux<\/strong>, Scandinavia<\/strong>, the Uk<\/strong> and the United States<\/strong>. In recent years, the French<\/strong> and Swiss<\/strong> have also increased significantly. \u201cTuscany<\/strong> remains the strongest market in Italy for second-home purchases by foreigners<\/strong>. Lake Como is certainly very lively at the moment, but it\u2019s a much smaller area than Tuscany. Looking at the overall numbers, demand for Tuscany is decisively higher,\u201d he adds.<\/p>\n\n\n\n Over the past five years, prices<\/strong> have risen sharply: \u201cIn Lucca<\/strong>, a high-end renovated property today averages between \u20ac7,000 and \u20ac7,500\/sq m. That\u2019s an average between historic centre and countryside \u2014 where you can go higher. Florence<\/strong> is around \u20ac13,000\/sq m, Val d\u2019Orcia<\/strong> about \u20ac5,000\/sq m,\u201d Degh\u00e8 notes.<\/p>\n\n\n\n Less \u201cobvious\u201d areas are also gaining traction, such as the hills behind Versilia<\/strong>, the Bolgheri area and the southern coast down to Argentario<\/strong>, where demand focuses on farmhouses with sea views and historic villas.<\/p>\n\n\n\n \u201cMost of our clients buy for lifestyle<\/strong>: they want a second home where you live well, eat well, get there easily and breathe culture. They often look for historic<\/strong> properties<\/strong>, from the 1400s to the 1800s<\/strong>, including within historic centres, or restored farmhouses immersed in nature,\u201d says Degh\u00e8.<\/p>\n\n\n\n It\u2019s not just about holidays. Some investors take advantage of the \u20ac200,000 flat tax <\/strong>designed for high-net-worth individuals relocating to Italy. Those who buy in Tuscany are not chasing immediate yields. Typical price brackets for the most sought-after homes?<\/strong> It depends on the area: \u201cCompared to other international destinations, Italy is still good value. The French Riviera<\/strong> is significantly more expensive, the<\/strong> Balearics<\/strong> are broadly in line (with exceptions), the Algarve<\/strong> is still slightly cheaper \u2014 but Tuscany<\/strong> offers an ideal balance between value and quality of life,\u201d Degh\u00e8 explains.<\/p>\n\n\n\n The challenges for foreign buyers<\/p>\n\n\n\n \u201cFor a foreign client, the buying process can feel complicated<\/strong>: due diligence, notaries, landscape or agricultural restrictions, and regulations that change case by case. But we provide end-to-end advisory \u2014 we literally take them by the hand all the way to completion,\u201d says the CEO of Serimm Srl, Knight Frank\u2019s Italian partner.<\/p>\n\n\n\n Transaction costs typically range between 10\u201312%<\/strong> of the purchase price (including notary, taxes, agency fees and due diligence). One interesting advantage versus other European countries: after five years, no capital gains tax is due on resale.<\/p>\n\n\n\n \u201cThere\u2019s very little on the market, and that keeps prices high. Last year, in my area, values rose by 6%<\/strong>, and I\u2019d be surprised if that didn\u2019t happen again this year. Tuscany has solid demand and a value proposition that\u2019s hard to match,\u201d Degh\u00e8 concludes. (Opening photo: Photo Credits Serimm Srl \u2013 Knight Frank\u2019s Italian partner \u2013 Villa Boccella, Lucca, Tuscany)<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" More and more foreign investors are choosing Tuscany for luxury real estate, lured by tax advantages and an unmatched lifestyle. We interview Alessandro Degh\u00e8, ceo of Serimm Srl, Knight Frank\u2019s Italian partner, who breaks down the trends and opportunities in Tuscany\u2019s property market<\/p>\n","protected":false},"author":1054,"featured_media":126768,"template":"","categories":[2256],"tags":[],"collana-video":[],"class_list":["post-126764","news","type-news","status-publish","has-post-thumbnail","hentry","category-real-estate-2"],"acf":[],"yoast_head":"\nWho buys and where: the new international flows<\/h2>\n\n\n\n
\u201cAmericans<\/strong> increased after Trump\u2019s election, although not to the extent often portrayed. They mainly buy in the Florence and Chianti area, while in north-west Tuscany we see more Northern Europeans<\/strong>,\u201d Degh\u00e8 explains.<\/p>\n\n\n\nRising prices: Lucca leads Tuscany\u2019s property market<\/h2>\n\n\n\n
\u2022 Lucca<\/strong>: +27%
\u2022 Florence<\/strong>: +24\/25%
\u2022 Siena<\/strong>: more moderate growth, being further from airports, but the whole area has appreciated post-Covid as buyers sought country homes away from large cities
\u2022 Forte dei Marmi<\/strong>: stable, but with very high absolute values \u2014 prices have reached \u20ac25,000\u201335,000\/sq m.<\/p>\n\n\n\nWhat foreign buyers want: lifestyle and historic value<\/h2>\n\n\n\n
\u201cWe\u2019ve also seen clients coming from the Uk <\/strong>after the changes to the remittance basis regime. But interest in Italy is global,\u201d he adds.<\/p>\n\n\n\nPurchases and returns: focus on capital appreciation, not income<\/h2>\n\n\n\n
\u201cOnly 40\u201350% rent out the property<\/strong>, often just to cover running costs<\/strong>. Buyers aren\u2019t purchasing to generate income: they want to enjoy the home and maybe see it appreciate over the long term. They carefully assess how much to invest in renovations to avoid selling at a loss, even 10 years down the line.\u201d<\/p>\n\n\n\n
\u2022 Florence<\/strong> and Chianti: \u20ac4\u20136 million
\u2022 Lucca<\/strong> and Val d\u2019Orcia<\/strong>: \u20ac2\u20134 million
\u2022 North-west coastal and hilly areas<\/strong>: \u20ac2\u20133 million<\/p>\n\n\n\nTuscany vs the rest of Europe: still competitively priced<\/h2>\n\n\n\n
The outlook? Little supply, lots of demand<\/h2>\n\n\n\n
Between art, nature, culture, food and wine, sea and rolling hills, Tuscany today is one of Europe\u2019s most coveted regions to live and invest in.
\u201cLifestyle, accessibility, territorial diversity and political stability: that\u2019s why those with means and vision keep choosing Tuscany,\u201d he says.<\/p>\n\n\n\n