Italian house price record soars to $284m AUD, 164m Euro, as Aussies eye vineyards, country estates
The European nation has long been a favourite holiday escape for globe-trotting Aussies.
Now one of the real estate agents connected with a recent €164m Euro ($284m AUD) sale that added tens of millions to the country's former property price record, has revealed Australians are among those pursuing Italy's vineyards, country estates and coastal retreats.
'I bought 6 homes in Italy for $1 each'
The mega sale notched in March this year will reportedly have the sprawling, 28-bedroom Sardinian villa change hands from a Saudi sheik to US cryptocurrency magnate Brendan Blumer.
Created by architect Luigi Vietti in 1970 the home has been owned by the grandson of Henry Ford, and most recently by Saudi Arabian Sheik Ahmed Zaki Yamani.
The expansive villa set on the island that caters almost exclusively to the world's rich and famous comes with a beach, its own jetty, a lagoon-style pool flanked by bungalows, and a range of outdoor entertainment spaces.
Sotheby's International Realty associate in Rome Diletta Giorgolo said the property's sheer size was also a factor in its high-priced sale, allowing it to offer a sense of privacy that was hard to match.
Ms Giorgolo said while public records for Italian home sales were sparse, the highest potential sale to date was a €100m Euro ($173.4m AUD) transaction rumoured to have occurred in Milan.
The highest confirmed figures were around €80m-€90m Euros ($138.7m-$156m AUD), meaning the €164m ($284m AUD) sale by the firm was 'unquestionably unprecedented in the Italian residential market'.
Noting international high-net-worth buyers were a key part of the buyer pool for Italy's luxury homes, Ms Giorgolo said regions such as Lake Como, Tuscany, the Amalfi Coast and Sardinia were among some of the most popular destinations for the world's wealthy elite.
Famous faces associated with luxury Italian homes include George Clooney, who owns an impressive villa on Lake Como.
In the past, Brad Pitt has been linked with a 15-bedroom home in the hills near Venice, The Police band leader Sting is understood to own a striking Tuscan villa, Helen Mirren is connected with a 500-year-old Castle in the Puglia region.
'Likewise, many of the sellers at this level are also international, reflecting the global nature of Italy's prime real estate landscape,' Ms Giorgolo said.
And Australians are among them.
'We are working with Australian clients both as buyers and sellers,' she said.
'Many Australians are drawn to Italy for its lifestyle, heritage, and longstanding cultural connection.
'We've seen Australians purchasing everything from countryside estates and vineyards to vacation homes in coastal areas. Some are relocating permanently, while others are investing in second homes or properties to pass down through generations.'
However, few would be likely to be pursuing homes on Sardinia — where the record was recently set.
'Sardinia, however, is somewhat of a unique case,' Ms Giorgolo said.
'It functions as a specialized market catering almost exclusively to UHNW (ultra-high-net-worth) individuals. In that context, this record-breaking sale is in line with ongoing interest in elite resort properties.'
With global share markets in turmoil this year, it's possible super sales across global hotspots could rise.
'Trophy assets like iconic real estate have long been considered a safe haven by global investors,' Ms Giorgolo said.
'In times of economic uncertainty, we often see a flight to quality, with buyers investing in timeless, tangible assets. This sale is a clear reflection of that.'
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