Residential and commercial property markets often run hand in hand and follow similar market trends. But in Venice, commercial property for sale is nigh on impossible to find, whereas residential spaces can be found in large numbers.
What’s not to love about Venice? I have just returned from a holiday there and became a little obsessed with buying a property. I initially thought that it would be a good investment, which I could rent out and would also be able to use as a holiday home.
Italy is well-known for its red tape and this can, of course, include property transactions. However it does not mean that the system is worse than others and to some extent it could be considered safer. For example, ‘gazumping’ is just not possible.
Although the best-positioned, most beautiful homes, with historic credentials, do have seven or even eight-figure price tags, it is possible to acquire an apartment in Venice for as little as €240,000 (£204,000). Britons are buying little pads in large palazzos, which they can then rent out to visitors.
In the past few months the property market in Venice has been slow, with many UK buyers deterred by the continuing weakness of the sterling against the euro.
The most expensive end of the market has remained almost untouched by the global downturn and according to Ann-Marie Doyle of Sotheby’s Venice Estates, there have been very few distressed or forced sales.
If you do buy one of the apartments for sale in Venice, you can expect excellent rental returns virtually all year round.
This is thanks to the city’s immense popularity with tourists, not to mention the pulling power of the Venice Film Festival, the Carnival and the Biennale festivals. In addition, there are superb transport links to the coast and ski resorts.
Oddly enough, although property in Venice is rising in price there is more and more of it on the market. Many Venetians have been placing their property on the market as they simply can no longer afford the upkeep.
We find ourselves facing an expanding market of properties that are becoming inferior in quality.
Should I buy or not? I don’t think that it makes sense financially but, a home in Venice is like a trophy and I want one.
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