By the Engel & Völkers Team
It’s indisputable that Italy abounds in cultural offerings. From its ancient ruins in Rome, to rolling hills in Tuscany and all-around glorious food and wine, it may be understandable why the country’s equally as significant ski country is oftentimes overlooked.
South Tyrol in Italy’s northern region has long been a popular winter sports destination, not to mention home to many of Italy’s most famed Winter Olympians. Boasting the breathtaking Dolomites mountain range, a UNESCO World Heritage Site, South Tyrol affords to host numerous ski resorts including the notable Val Gardena, Alta Badia and Alpe di Siusi—making the province ever-so-popular among domestic and international visitors alike.
According to Engel & Völkers’ most recent market report on South Tyrol, demand for luxury real estate continues to increase, especially for second home properties from Italian and international investors. The province’s most exclusive properties are located in Bozen and its surrounding area, where apartments here sold for upwards of 11,000 euros per square meter in 2018. In the same year, detached properties reached sold prices of up to 5 million euros, with approximately 60 percent of buyers coming from Italy. Investors from Germany comprised the largest international buyer group, followed by Austrians, with particular interest in new developments, renovated apartments with parking facilities or chalets with gardens or terraces.
To the northeast of Bozen, apartments in Bruneck’s Corvara reached 9,000 euros per square meter in 2018, with domestic investors also comprising most of the buyer pool. Detached properties here reached sold prices of up to 3.5 million euros. In popular areas Abtei and Sexten/Innichen, especially desirable for families with children, the most sought after properties included luxury flats and chalets with a short distance to ski lifts. Additional buying criteria included reasonable walking distance to top restaurants, boutiques and spa hotels.
In Meran and its surrounding area, the majority of real estate investments came from international buyers at approximately 60 percent in 2018. The largest group of buyers included Germans, followed by Austrian and Swiss investors. The most prime location of Meran-Obermais reached sold prices of up to 4,700 euros per square meter for apartments and as much as 3.5 million euros for detached properties. Here, buyers were particularly interested in villas, historic estates with park grounds, prestigious flats or penthouse apartments with luxury finishes.
Inclusive of wintertime ski living to warm-weather activities such as mountain climbing and hiking, Engel & Völkers expects Italy’s South Tyrol to experience continued market growth throughout 2019 for its abundantly attractive lifestyle opportunities.