05/08/2024 - In 2023, sales of residential properties in major seaside locations, including many second homes, grew on average by +26.3% compared to 2019.
The desire for the sea is driving home sales in seaside destinations:
from 2019 to 2023 +26.3% on average, with Sardinia ranking first in growth (+64.5%).
Prices are soaring (+26.7%), with the highest average values recorded in Portofino (€19,450/sqm) and Porto Cervo (€19,375/sqm).
Sales (average data): from 2019 to 2023 the region with the highest growth is Sardinia, followed by Basilicata (+59.2%), Sicily (+34.7%) and Puglia (+30.3%).
The top ten coastal municipalities in 2023 more than doubled sales on average compared to 2019: in first place Castiadas (+264.5%), the island of Pantelleria (+142.5%) and Portofino (+130%).
Conversely, the ten least dynamic municipalities recorded an average decline of 20.7% in transactions compared to the pre‑Covid period, with the “worst” being Positano (-32.0%), Spotorno (-28.8%) and Sorrento (-28.6%).
In the first half of 2024, compared to the first half of 2019, average prices increased by +26.7%, with peaks in Alassio (+45.8%), Viareggio (+44.5%) and Castiadas (+44.5%).
The most expensive seaside locations are Portofino (€19,450/sqm and peaks up to €25,500/sqm) and Porto Cervo (€19,375/sqm and maximum values up to €27,000/sqm).
Italians’ passion for the sea does not stop. In 2023, sales of residential properties in major seaside locations, including many second homes, grew on average by +26.3% compared to 2019, a positive figure and counter‑trend to that recorded in the eight metropolitan cities (-9.2%)¹. This rise has driven prices up in seaside municipalities, which increased on average by +26.7% from the first half of 2019 to the first half of 2024, especially in Alassio(+45.8%), Viareggio (+44.5%) and Castiadas (+44.5%). The highest average prices for the purchase of a new or renovated home are found in Portofino (€19,450/sqm, with peaks up to €25,500/sqm) and Porto Cervo (€19,375/sqm, with maximum values up to €27,000/sqm).
According to the analysis by Abitare Co. – a real estate brokerage and services company specialising in new constructions – which examined 105 of the most renowned Italian coastal locations, at regional level Sardinia clearly outperformed the other regions (average +64.5% in sales between 2019 and 2023). It is followed by Basilicata (+59.2%), Sicily (+34.7%) and Puglia (+30.3%). But, surprisingly, some regions whose economies rely heavily on tourism and the beauty of their coasts performed less well, such as Emilia‑Romagna (+20.7%), Liguria (+17.6%), Tuscany (+15.5%) and Veneto (+14.8%).
Which locations recorded the highest increase in sales between 2019 and 2023?
The top ten coastal municipalities more than doubled transactions on average compared to 2019: in first place Castiadas in Sardinia (+264.5%), followed by the island of Pantelleria in Sicily (+142.5%), the Ligurian Portofino (+130%), the Apulian Rodi Garganico(+112.8%) and the Lucanian Maratea (+108.0%). But in the Top 10, Sardinia places four other locations (five in total): besides Castiadas, Stintino (+87.1%), Santa Teresa Gallura (+74.5%), Porto Cervo (+78.6%) and Arzachena (+61.3%).
Conversely, the least dynamic municipalities recorded an average decline of 20.7% in transactions compared to the pre‑Covid period.
The worst figures concern two gems of the Amalfi Coast, Positano (-32.0%) and Sorrento (-28.6%), as well as Spotorno in the province of Savona (-28.8%). Sales also declined in other renowned areas such as the Ligurian Monterosso (-17.7%), Bonassola (-26.4%) and Portovenere (-24.6%), and the Apulian Otranto (-7.3%).
Prices: which are the most expensive locations to buy a property?
The top prices for purchasing a new or renovated home are, as always, found in locations that attract international as well as national demand. In first place overall is Portofino, where average prices in the first half of 2024 stand at €19,450/sqm, with the most sought‑after homes reaching €25,500/sqm, and Porto Cervo, with average prices of €19,375/sqm and values up to €27,000/sqm for luxury villas.
Among exclusive destinations, with average prices above €9,000/sqm, we also find Porto Rotondo (€12,050/sqm, peaks of €18,500/sqm), Capri (€10,150/sqm, peaks of €14,700/sqm), Santa Margherita Ligure (€9,875/sqm, peaks of €15,000/sqm) and Forte dei Marmi (€9,800/sqm, peaks of €15,200/sqm).
But Italy also offers more “accessible” locations. Below €4,000/sqm you can buy a home in Lignano Sabbiadoro (€3,900/sqm), Chiavari (€3,825/sqm), Villasimius (€3,750/sqm), and the more affordable Gallipoli (€2,200/sqm), Otranto (€2,310/sqm) and San Vito Lo Capo (€2,200/sqm).
¹ Abitare Co. processing based on OMI – Real Estate Market Observatory, Italian Revenue Agency
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