The second home market in the South revitalizes the real estate sector. Despite the economic crisis caused by the health emergency, after the 2020 slowdown, transactions are now on the rise. Surprise Covid effect: in the months of the lockdowns, a sharp decline in sales and values was expected, for now the trend is apparently reversed.
Vacation and leisure homes represent in Italy, together with “buy to let” investments, ie those intended for leasing, an asset of 5 million and 556 thousand real estate units (equal to 17% of the national total of homes), of which at least 20% are located in the South, in the so-called tourist municipalities. Especially in the villages, by the sea or in the mountains. The highest concentration is in the provinces of Cosenza (126 thousand), Lecce (117 thousand) and Naples (112 thousand).
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As a study by Immobiliare.it notes, among the most popular places there are Cilento and the islands of Campania, where demand (for purchases) has increased in the last year by almost 50%. Sicily follows with 30% more requests: in the Pelagie Islands (Linosa and Lampedusa) it is a record with a surge of 120%. For Puglia there are peaks in Salento (+ 29%) and in the Gargano (+ 26%). Where, among other things, for some types, it is possible to buy at more advantageous prices: in the Gargano at 1,400 euros per square meter, and in Salento at 1,601 euros / square meter. The value of second homes in the Campania islands drops slightly (5%) (almost 6,400 euros per square meter), and so on the Amalfi coast, where it is bought for 5,943 euros per square meter (-6%). Prices are growing in Sardinia and Puglia (the prices of farmhouses and farms, for example, rise by 5%), but also in Basilicata and Calabria.
Covid, smart working and proximity tourism, therefore, increase demand. But the way of living changes: we are looking for properties with specific characteristics, more spacious, with at least one terrace, preferably with a private garden and a beautiful view. And also a room to be used as an office. The confirmation of everything also comes from a survey conducted by the Italian Federation of Business Agents Brokers, the largest association in the brokerage sector in Italy which certifies: a good number of sales in the South concern vacation homes. Thus it was detected by Fimaa agents operating in 19 southern cities and in the related provinces, who mapped the real estate market between 2019 and 2021: in their opinion, the most requested purchase area in the sale of residential properties for the South and Islands is the capital of each region (for 37.88%) and to follow the tourist resorts (for 20.29%, a figure which falls to 14.89% nationally). The forecast is that the exchanges of holiday homes at the end of 2021 will further increase significantly, especially in Puglia and Sardinia. And they will be destined for prolonged use. An increase in prices and rents is also expected.
“The pandemic has revolutionized the second home market. Summer trips, between June and August, will mainly focus in Italy, to places that can be reached by their own means and far from the crowds. Among the most sought-after destinations there are the seaside resorts of the South, Puglia and Sardinia in the lead – declares Santino Taverna, national president of Fimaa – The most requested properties, both for purchase and for rent, are mainly villas with gardens, better if with swimming pool. Following the apartments or terraced villas. The sales are aimed at the use of the second home throughout the year, thanks to smartworking and distance learning ». Even Calabria, which also remains the region with the lowest real estate index, is experiencing its renaissance: many villages have become the destinations of new “south workers”. “On the coast, Soverato, Crotone, Tropea are some of the places on which the greatest demand for second homes is concentrated – explains Pietro Alfredo Falbo, president of Confcommercio and Fimaa for central Calabria – but many places in the Tyrrhenian coast of Cosenza also arouse interest, from San Nicola Arcella in Belmonte. The buyers, most of the time, come from outside the region, from Lombardy as well as from Lazio ». The price is decisive: «Here the market fluctuates between 800 and 1000 euros, with peaks of 1800 euros per square meter for properties of particular value. But for a rural house in the villages you buy at 400/500 euros per square meter “.