Early Childhood Education

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House Price Trend in Italy’s Top Resorts

The surveys conducted by Nomisma and F.I.M.A.A. (the largest Italian Realtors association) show that Italy’s tourist property market maintains a substantial stability in last two years, following a significant growth in the period 2001 to 2008.Comparing the historical series of house average prices for main Italy’s sea and mountain resorts, we notice a smoother trend for the sea resorts, with an overall increase of 62% in years 2000 to 2008 and values of growth between a minimum of 2% in 2008 and a maximum of 9% in 2003. In the same period (2000 to 2008) the curve for non-sea resorts is more nervous: it shows an overall growth in the house average price of 51%, with a pick of 9.8% in 2004 and a minimum of 2.1% in 2008. After 2008, prices begin a slight decrease, more pronounced for sea resorts (-06% for sea resorts, -0,1% for non-sea resorts). We can say then that Italian tourist property market prices hold up the impact of the world crisis, as well as the national property market.The F.I.M.A.A. surveys rank the ten sea and mountain resorts with the highest prices for best houses: i.e. they consider the average of highest sale prices observed (of course, the maximum prices can be considerably higher than the average). There are some interesting divergences between the group of top sea resorts and the top mountain resorts.The group of the best sea resorts shows a low mobility, featuring a list of only twelve localities which appear in the top ten ranking during years 2006 to 2010. Santa Margherita Ligure and Porto Cervo are competing for the supremacy, with two first positions each, while Campania resorts (Capri and Positano) boast the strongest price growth (round 14 % and 11%): Capri gains first place in 2010, with 13,100 Euros/SQM. The resort of Fregene, a favourite with Romans VIPs, is declining, leaving the top ten ranking in 2009 and 2010. Tuscany resorts (Forte dei Marmi and Viareggio) are ascending instead. Notice that the price variation refers to the price of the most expensive houses: i.e. the average of the highest prices observed.The low increases (in some cases decreases) are indicative of the market tendency to reduce the excessive prices achieved. Take Porto Cervo as an example: the average price of best houses was 13,500 Euros/SQM in 2007 (when Porto Cervo was number one), while in 2010 we find a price of 12,000 Euros/SQM. Really, the average of the twelve sea resorts has not substantially changed in 2010 (10,325) with respect to 2006 (10,225). The list of the twelve resorts is reported below, with the average position referred to the whole period 2006-2010 and the average price observed in 2010 for the best houses. Portofino, probably because of the very few property transactions, is not among the localities monitored by F.I.M.A.A.Top sea resorts (2006 to 2010).

Santa Margherita Ligure (Liguria): 1.8 – 12,500 Euros/SQM
Porto Cervo (Sardinia): 2.4 – 12,000 Euros/SQM
Forte dei Marmi (Tuscany): 2.6 – 13,000 Euros/SQM
Capri (Campania): 3.2 – 13,100 Euros/SQM
Alassio (Liguria): 5.6 – 9,200 Euros/SQM
Positano (Campania): 6.8 – 10,300 Euros/SQM
Porto Rotondo (Sardinia): 8 – 8,700 Euros/SQM
Viareggio(Tuscany): 8 – 9,500 Euros/SQM
Sestri Levante (Liguria): 9.2 – 9,000 Euros/SQM
Anacapri (Campania): 9.2 – 9,400 Euros/SQM
Fregene (Lazio): 10 – 8,200 Euros/SQM
Cinque Terre (Liguria): 10.4 – 9,000 Euros/SQMThe group of mountain resorts appears to be more dynamic. In fact, we find 17 localities which enter at least once in the yearly top ten ranking. Really, the top of the ranking remains well stable, showing constantly the same resorts at the first three positions: Cortina d’Ampezzo, Madonna di Campiglio and Courmayeur. Cortina d’Ampezzo is by far the winner, resulting every year the locality with maximum house price among both the sea and mountains resorts, featuring a price of 19,000 Euros/SQM in 2010. But in the lower part of ranking, things go differently. In fact, we see the strong decline of Piedmont resorts Sestriere and Bardonecchia, which had probably benefited from the 2006 Turin Winter Olympic Games. They shift from 5th and 7th place in 2006 to 18th and 17th in 2010, with a decrease in the best house price of 27.55% and 11.44% respectively.The performance of Cervinia is similar: it exits the top ten ranking in 2009 and 2010, moving from 6,030 Euros /SQM to 5,000 Euros in 2010. San Martino di Castrozza, Gressoney-Saint-Jean, Canazei and Moena are the ascending resorts: all these were out of top ten ranking in 2006 and have entered the top ten only in 2009 or 2010. Gressoney-Saint-Jean achieved a price increase of 27.95%, bringing on a par with the twin village Gressoney La-Trinite’. Ortisei, San Martino di Castrozza and Moena achieve the best performance, with a price increase greater than 40%, and confirm the great attraction of Dolomites. Overall, the average price of best houses in the mountain resorts group is lower than in the sea resorts group (8,015 Euros/SQM vs. 10,325), but the increase 2006 to 2010 is far higher (17.68% vs. 0.97%).Top mountain resorts (2006 to 2010).

Cortina d’Ampezzo (Trentino Alto Adige): 1 – 19,000 Euros/SQM
Madonna di Campiglio (Trentino Alto Adige): 2 – 13,000 Euros/SQM
Courmayeur (Valle d’Aosta): 3 – 10,800 Euros/SQM
Corvara (Trentino Alto Adige): 4.6 – 9,000 Euros/SQM
Madesimo (Lombardia): 6.6 – 7,070 Euros/SQM
Gressoney L.T. (Valle d’Aosta): 8.6 – 6,500 Euros/SQM
Ortisei (Trentino Alto Adige): 9.2 – 9,000 Euros/SQM
Sestriere (Piedmont): 9.4 – 5,000 Euros/SQM
Bardonecchia (Piedmont): 11 – 5,500 Euros/SQM
Selva di Val Gardena (Trentino Alto Adige): 11.2 – 6,269 Euros/SQM
Champoluc (Valle d’Aosta): 11.4 – 6,000 Euros/SQM
San Martino di Castrozza (Trentino Alto Adige): 11.8 – 8,000 Euros/SQM
Cervinia (Valle d’Aosta): 12 – 5,000 Euros/SQM
Bormio (Lombardia): 12.2 – 6,130 Euros/SQM
Gressoney S.G. (Valle d’Aosta): 13.2 – 6,500 Euros/SQM
Canazei (Valle d’Aosta): 13.2 – 7,000 Euros/SQM
Moena (Trentino Alto Adige): 16.2 – 6,500 Euros/SQMBehind the top resorts, one of the best performances among the sea localities, is realized by Punta Marina, the small town in the Municipality of Ravenna, which achieved an increase of nearly 28% in the price of the best houses, following the similar growth already realized by Marina di Ravenna. These resorts are considered not only for holidays, but also as an alternative residence to the near town of Ravenna.
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