Grab Yourself Some Bargain Real Estate In Venice, Italy
Venice is renowned as the world’s most romantic city. St Mark's Square, gondolas sailing down the Grand Canal, the Bridge of Sighs, the Doge's Palace – having these world-renowned landmarks on your doorstep is an experience second to none.
Yet it comes at a price. Venice remains by a street the most expensive part of the region of Veneto and in turn, prices in St Mark's Square are the most expensive in Venice – and on a par with the most expensive in all Italy. A one-bedroom apartment in a prestigious palazzo will start at around Euro 325,000. At the other end of the scale, the sky's the limit and there is no shortage of Euro 10million properties if you have the budget.
As a consequence of the high prices of Venice real estate just 60,000 people live in the city, remarkably barely a third of the population levels in the 1950s and 1960s.
Yet if you can afford to buy in Venice itself, the benefits hardly need to be spelt out. There are few more magical journeys than the water taxi ride from Piazzale Roma into the city, past one of the world’s most amazing skylines. Or the four-minute water taxi trip from St Mark's Square to Giudecca.
In addition, given its never-ending popularity with tourists – not to mention the pulling power of the Venice Film Festival, the Carnevale and the Biennale – rental returns are second to none, meaning your property pays for itself in next to no time.
A one-bedroom property can fetch from Euro 1,200 a week, easily rising to Euro 6,000+ for more prestigious properties.
The most sought-after area of Venice in which to buy is between Rialto Bridge and St Mark's Square on the Grand Canal, the main artery that weaves through the city. Here, expect to pay Euro 15,700 per sq m – that's some Euro 3.1 million for a 200sq m apartment in a prestigious palazzo.
In the other central areas of Dorsoduro and San Marco, Euro 7,800-Euro 9,500 per sq m is the norm. For lower prices, head for Castello, east of St Mark's Square, where you can expect to pay around Euro 4,000 per sq m. Or try outlying islands such as Torcello and Burano, where Euro 450,000 can easily get you a small house. Tellestrina Chioggia is also very attractive and affordable.
Yet many of today's increasingly value-conscious property investors are going a step further and looking further afield to Veneto's picturesque towns, much cheaper than Venice for property yet all within 30-40 minutes away by train.
That list includes Verona, wedged between the River Adige on one side and the hills on the other and one of Veneto’s most important tourist and cultural destinations. Vicenza, known in past times as Vicetia, is now a Unesco World Heritage Site. Meanwhile Padova, just 20 miles from Venice, is a lively, attractive and historic university city. And Treviso, renowned for its cuisine and wine, is a remarkably preserved medieval city.
Padova, and in particular its historic centre, is perhaps the priciest of these towns and an 80sq m two bedroom apartment will come with a price tag of around Euro 400,000 – less if restoration work is necessary.
The countryside around Padova is beautiful, and in areas such as the spa resort of Abano Terme, Euro 250,000 should also get you a two or three-bedroom property. In other cities such as Treviso and Vicenza, a similar sum should stretch to a spacious two-bedroom town centre apartment.
Adriana Giglioli is a property expert with Homes and Villas Abroad.com, which offers more than 2,500 types of property in Italy for sale. She specialises in Calabria property and has 21 years’ experience in real estate.
Click the XML Icon Above to Receive Real Estate Articles Via RSS!
