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Waking up in Venice

Thursday, July 20th, 2017 at 12:30pm Engel Völkers

By the Engel & Völkers Team

When we dream of Venice, we imagine ourselves wandering through canals and criss-crossing between neighborhoods, enjoying the historic beauty and culture of the city. Unsurprisingly, so do many others across the globe.

According to Engel & Völkers’ latest Venice market report, the city’s residential property market is witnessing growing demand, especially near areas on the Grand Canal. This is met, however, with a limited availability of homes in the most desirable areas of the city.

“The majority of buyers are looking for a second home in Venice, or an investment property for short-term rental to tourists,” said Mauro Lozza, Managing Director of Engel & Völkers in Venice. Currently, international buyers account for approximately 70 percent of residential property sales, and at the moment, French buyers top the list at 35% followed by German (20%), British (10%) then American buyers (5%).

Venice’s flare and charisma attract people from all over the world. Perhaps this attraction is simply attributed to the innumerable balconies and terraces that overlook the beautiful Grand Canal—a vision that trumps most typical street views. Venice’s Grand Canal flows through districts in the city’s historic center including Dorsoduro, San Polo and San Marco.

Dorsoduro is known as the artists’ quarter with its world-renowned museums, the “Fondamenta delle Zattere” promenade and spectacular views of the Giudecca Canal, while the San Polo district boasts some of the most luxurious and prestigious palaces in Venice, making the area a promising investment. San Marco is particularly famous for its namesake St. Mark’s square in the heart of Venice and is also home to some of the more exclusive buildings with views of the Grand Canal and Giudecca Canal.

With the Italian economy on an upward trend and Europe’s continuing low interest policy, “premium properties in good and very good locations will remain extremely limited,” said Lozza, with no easing of the Venetian market in sight.

If you've fallen in love with Venice and want to make the "Floating City" a permanent part of your life, a strategic homebuying search will get you there.

Cannaregio, Venice. Property listed by Engel & Völkers Venice.

Cannaregio, Venice. Property listed by Engel & Völkers Venice.

Cannaregio, Venice. Property listed by Engel & Völkers Venice.

Dorsoduro, Venice. Property listed by Engel & Völkers Venice.

Dorsoduro, Venice. Property listed by Engel & Völkers Venice.


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