Thanks to prime prices dropping and the magnificent art and culture in Italy, there are many places like the Florence housing market that are reaping the benefits.
In 1966 something quite interesting happened. The river Arno in Florence burst its banks, plunging thousands of significant artworks and rare books under mud and water. As the waters rose, about 1,000 young volunteers, named the “Mud Angels”, rushed to the city to help rescue the city’s medieval and Renaissance treasures.
The volunteers were mainly from Europe and the U.S. and spent such a long time scraping mud off imperative works.
Five decades later and the city’s impressive legacy of artistic treasures continue to inspire artists all over the world. It is a city that is perfect for any art lover. According to several agents, a large amount of foreign students is visiting not only Italy but also Florence in particular, taking the Florence housing market to a whole new level. The rise of the home rental market is charging the investment property market for the better.
Jelena Cvjetkovic of Savills says: “Florence is one of the tourism capitals of Europe and has an international student population, especially from the US, as well as art and fashion schools that are feeding the rental market.”
Amy Redfern from Knight Frank also said: “There is a growing trend in Italy and globally for second homes in cities rather than the countryside.
“People are time-poor and want no hassle, so they look for a pied-à-terre in the city to lock-up-and-leave rather than, for example, a farm near Lucca.”
And it is quite understandable where all the fuss is coming from. The city isn’t too busy, it is calmer than a lot of other cities and offers an incredible degree of culture. The lifestyle is great, as is the shopping, and Florence’s restaurants are lovely with delicious food too.
This city is not far from the coast either making it a fantastic holiday destination. It is well connected to other popular cities such as Rome and Milan and sites like Owners Direct and Airbnb has opened up so many opportunities for the home rental market in Florence.
According to a report by Tecnocasa, the property prices in Florence have dropped by approximately 30% since 2010 and the average prices have increased by 2% in 2016 and sales went up by 16%. Prime prices dropped by 2% in Florence compared to 5.5% on average in the whole of Italy.
Written by Gemma Smith
