_Italian View 2020: Investing in Italy with your heart and your head
Italy introduced the world to la dolce vita, the good life and also to dolce far niente, sweet idleness, both favourite Italian pursuits reflecting a languid lifestyle of simple pleasures.
Yes, culture is as much part of daily life as the morning espresso – UNESCO figures estimate that sixty per cent of the world’s most important art is in Italy and half of that just in Florence – but alongside the grand works of Botticelli and Michelangelo, visitors also value the small reflective moments, discovering a Renaissance fresco in a dusty Tuscan church, driving through lines of majestic cypress trees, dining with friends in the local trattoria or wandering beside the labyrinthine canals of Venice.
Above: Venice Canal
Knight Frank’s Italian View 2020 celebrates these easy pleasures while also focusing on the compelling financial reasons to invest in Italy. The annual publication is filled with inspirational homes.
There are contemporary residences in historic Florentine palazzos, lofty apartments within Lucca’s medieval walls, expansive Tuscan country estates and waterfront villas overlooking Lake Como as well as detailed comment from Knight Frank’s experts outlining Italy’s appeal for wealthy buyers.
Sound Financial Planning
“The positive market trends seen in 2018 continued throughout 2019 giving Italy renewed confidence and appeal for international clientele,” confirms Mark Harvey, Head of International Residential at Knight Frank. “Italy offers beauty, history, culture and activities for all age groups but it has also become an increasingly attractive proposition for buyers looking to benefit from recent tax incentives. A growing number of high net-worth individuals are looking to make Italy their permanent home.”
These incentives include a €100,000 flat tax rate on global income, introduced in 2017. The scheme is open to anyone who has not lived in Italy for nine of the past ten years and becomes an Italian tax resident with accommodation in Italy.
“Italy offers one of Europe’s lowest levels of inheritance and gift tax with exemptions from capital gains tax on certain categories of art and real estate,” concludes Mr Harvey. “After several years of softening property prices the current value to be found in Italy is exceptional.”
Location, Location, Location
Above: Florence
Where in Italy are these wealthy individuals choosing to live? One notable trend identified in Italian View 2020 is the move from a rural to an urban lifestyle. Italian cities provide culture and plenty of la moda style but they also offer satisfying convenience.
Pick a home in Venice, Florence, Rome or Milan and access is straightforward by plane, train or car while finding someone to maintain it or rent it in your absence is easier than with a more isolated property.
And it’s not just the top tier cities to consider. Lucca and Como for example are both within one hour of international airports (Pisa and Milan respectively) and have year-round vibrancy within beautiful ancient walls.
Developers have noted the potential and are providing wonderfully contemporary homes that pay full homage to Italy’s heritage. In Florence Palazzo Portinari Salviati, once home to Dante’s muse and then to members of the legendary de Medici family is being transformed into a five-star hotel with exquisite apartments for sale. Who could resist the dream of living like a Renaissance Grand Duke with every modern day comfort?
In Lucca, with views over the city rooftops and church towers, an apartment over three floors with a private lift has been imaginatively created in a former palazzo. Original features including historic roof beams have been carefully matched with high-grade refurbishments (moulded steel staircase, underfloor heating, air conditioning and a smart home system) to make a wonderful four-five bedroom home complete with a spacious roof terrace for al fresco dining.
Above: an apartment in Lucca, Tuscany
And finally in Venice, a water-filled city renowned for its magnificent palazzo, a three-bedroom apartment in Dorsoduro, again over three floors with a private lift, provides sophistication and elegance in one of the most desirable parts of the city. This apartment also offers that most exclusive Venetian extra, a beautiful Altana roof terrace. Just the place to sink back and enjoy dolce far niente.
Above: a three-bedroom apartment in Venice
For further information on the Italian lifestyle and benefits of owning a home there speak to Mark Harvey, Head of International Sales at Knight Frank.
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