The Edition 2024: Tuscany - An Alluring Blend of History and Modernity
Reviewed by Winston Sinibaldi, Founder and CEO of Garda Haus 
Winston SinibaldiFounder and CEO of Garda Haus“ Lake Garda, we see the highest demand in the northern area, on Riva del Garda and Torbole, primarily attracted by their proximity to the lake and the liveliness of Riva throughout the year”
Italy’s fashion crown is firmly secure – and some of the nation’s most famous brands from couture to cars are making their mark in the luxury branded residences sphere too, from Dolce & Gabbana-designed homes in Marbella to Pagani-styled apartments in Miami.
Unique Lifestyle and Housing Market
Tuscany’s allure comes from the reassuring permanence of it all. Amid the current political and economic turmoil caused by wars and widespread general elections in more countries this year than ever before, high-net-worth buyers are increasingly looking to Italy. The olives will always grow, the seasons will cast sunshine and shadows over the hills. The charm of Tuscany has very little to do with being new or following trends.
It helps, too, that there’s a tax incentive, with Italy’s flat rate of €100,000 ($108,000) (or 7% for retirees), having attracted a few thousand HNWIs to relocate since it launched in December 2019.
But no one chooses Tuscany purely for the tax. Monaco, it’s not. It’s about lifestyle and culture. Like a 2010 Brunello di Montalcino, Tuscany ages beautifully, and its prime property market has rarely been about building the new and almost always about enhancing the old, such as turning an aristocratic Florentine landmarks such as the 15th century Palazzo Tornabuoni, once home to the Medici, into a private residence club with concierge and leisure amenities.
The average price in central Florence is €6,500/m2 ($7,000/m2), compared with €7,700/m2 ($8,300/m2) in Milan and €4,900/m2 ($5,300/m2) in Rome, and Tuscany’s prices grew by 7.2% in 2023. Another renovation project in Florence, Palazzo Portinari, achieved up to €20,000 ($21,600) per m2 for the best units with views of the Duomo.
Some of the most splendid ar tworks date from the sixteenth century, when the Palazzo became the property of Alessandro de Medici, the future Pope Leo XI.
History may be integral to the Florentine experience but there is modernity too, including new five-star hotels such as the W and The Hoxton. The feel is of a far more cosmopolitan city now. And to the north-west of the city center, Manifattura Tabacchi, a huge 1930s cigar factory, has been the focal point of major regeneration, its Rationalist architecture now housing restaurants, concept stores and apartments priced from €620,000 ($670,000), with pets’ areas and rooftop gardens.
The rural Tuscan dream, meanwhile, may include viticultural ambitions like a wine estate in Montepulciano. More practical, though, for buyers who prefer the ease of lock up and leave properties, are restored hamlets such as Castelfalfi, an hour’s drive from Florence and Pisa, with an 800-year-old borgo at its heart, a golf course, and a wide range of beautifully restored farmhouses and apartments.
Average Listing Price in Prime Locations
Tuscany: Average Listing Price in Prime Locations
Metropolitan City of Florence $1,465,000 Provincia di Siena $1,593,000 Province of Arezzo $1,176,000 Province of Lucca $1,230,000 Province of Pisa $856,000
For more insights on luxury real estate trends and this season’s hotspots, download The Edition 2024
