International buyers snap up homes in Venice
Tuesday 16th July 2013
International demand in Venice remains buoyant, accounting for 65% of all residential property sales, research shows.
A new trend is increasing interest from Chinese buyers with website enquiries increasing by 64% during 2012 compared to the previous year, according to Knight Frank.
For instance, Asian buyers recently bought two out of the five apartments sold at Palazzo Molin, a newly restored 15th Century palazzo with 18 contemporary apartments, according to Venice Sotheby’s International Realty.
One property of interest is Palazzo Molin, which has a magnificent Gothic façade and is in the highly desirable San Marco district, moments from St Mark’s Square and the La Fenice Opera House.
Despite the rise in the volume of Asian buyers purchasing property in Venice, there is still a lot of activity among international buyers from France, the UK, Switzerland, USA and Russia.
The city’s short-term lettings market provides potentially good yields for centrally located good quality property, thanks to high demand and an unusually long peak tourist season of 30 weeks. Venice is a top tourist destination with around 20m tourists visiting per year. Another aspect is that rental income from listed buildings has a 35% tax exemption.
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Editorial Contact Details - Conor Shilling