Milan
Italy’s flat tax regime is attractive to foreign investors who are excluded from declaring worldwide income and aren’t subject to inheritance tax. Milan performs exceptionally well as a city renowned for its fashion, art, architecture and food scene, within easy reach of glamorous Lake Como and the Italian Alps. With two international airports and direct flights from all major worldwide cities, it’s also thoroughly accessible with an agreeable climate and an overall feeling of affluence. The market is still primarily dominated by wealthy Italians who are buying restored villas and new high-rise apartments. However, there’s significant interest from foreign investors and a relatively small pool of prime property in upscale neighbourhoods like Quadrilatero della Moda, Porta Nuova, and Brera.
Florence
Florence’s top-end property prices continue to rise, with UHNW buyers seeking prestigious finds in its opulent historic centre and surrounding hillsides. The city is endlessly beautiful, crammed full of architectural masterpieces and resplendent Renaissance art, and easily explored on foot. It also boasts some top-calibre international schools. The exclusive Pian dei Giullari neighbourhood is known for its restored farmhouses and villas with picture-book views; Campo di Marte has some palatial villas with large grounds in close proximity to international schools; and Fiesole Hill is a stone’s throw from the city, characterised by high-end apartments and villas with plenty of outdoor space and spectacular views of Florence and the Arno Valley.
Tuscany
With its undulating hills, painstakingly remodelled villas, world-class wineries, and breathtaking panoramas, Tuscany attracts property buyers from across the globe. The northern Versilian coastline boasts splendid oceanfront homes in sought-after areas like Forte di Marmi, while wine lovers flock to places like Chianti and Montepulciano and further south for restored stone farmhouses. Aside from its magnificent countryside, foreign investors are drawn to Tuscany’s myriad food, wine, cultural and sporting events, close proximity to Florence, Rome and Siena, botanical gardens, excellent restaurants, and reputable international schools and universities. Some of the most palatial super-prime estates are found in the Florentine Chianti, Maremma, Siena, and Monte Argentario hills.
Costa Smeralda
One of the most prestigious areas in Italy, Sardinia’s Costa Smeralda continues to thrive as an established destination dominated by staggeringly high rental prices. Demand is driven by international buyers willing to pay eye-watering premiums for sea-facing properties with all the works, but supply remains extremely low. With its turquoise, Caribbean-esque sea, gorgeous countryside, charming villages, and pristine nature reserves, lovers of the great outdoors are captivated by the Costa Smeralda. Yet, come summertime, the area awakens with a glamorous jet-set that fills Porto Cervo with superyachts and populates its otherwise understated hotels, beach clubs and restaurants.
Italian Lakes
Lake Como features some of Italy’s most illustrious real estate, paired with a long list of glamorous A-listers who keep second homes on its shores. Many of the country’s super prime historic villas are clustered here, with exquisite gardens and panoramic lake views a significant part of the appeal. Furthermore, not only is Como a stone’s throw from Milan, but it’s also ideally located for the Swiss Alps with St Moritz less than 100km away—residents can sail and jet-ski on the lake by summer and take to the slopes for some of the best snowfall in Europe during the winter months.