Investors are returning to Gallura

While Porto Cervo may still be the most sought-after destination with its villas that only the very rich can afford, the Gulf of Aranci offers an alternative for sustainable luxury and quality

In 2022, the Costa Smeralda will celebrate its 60th birthday. It has exponentially grown from a small collection of houses and agricultural fields, home to barely 80 inhabitants in 1880, to become one of the world’s most popular destinations. Since then, the town of Porto Cervo, followed closely by Baja Sardinia and Poltu Quatu, have become the symbol of and driving force behind the Sardinian tourism economy, together with resorts like Cannigione, Abbiadori and Liscia di Vacca. And after the terrible year of the pandemic, the demand for luxury properties from both Italian and foreign investors alike has once again started to grow. “The sales market has seen a significant upturn, with many agreements signed and sealed over the spring,” confirms Susanna Murru, Provincial President of the Central-North Sardinia Italian Federation of Professional Estate Agents (FIAIP). She continues: “Most prospective buyers are from Italy or Germany, but we are also seeing a rise in potential clients from the United States of America”. According to Paolo Costi, owner of the Coldwell Banker chain of estate agents with branches in Olbia and Porto Cervo (https://www.coldwellbankerluxury.it/u-996-costipaolo/), demand for luxury modern properties worth between €1and €4 million, spread over 200 to 259 square metres and benefitting from 3-5 bedrooms, sea views, veranda, garden and swimming pool, has soared by at least 30 percent. “With cantilevers, 3-metre high ceilings and generous bedrooms, in other words, requirements that are more in line with American taste. The most sought-after locations are Cala Granu and Cala di Volpe, while the most popular design trend mimics the lines of a yacht: expansive windows, use of wood in the outdoor areas and white or aluminium window frames.” Paolo Costi is also overseeing the sale of seven brand-new villas in Cala di Volpe to be completed by summer 2023 following the demolition of a residential complex, with construction set to begin by the end of the year. “These properties shall measure 300 to 500 square metres and be built in a modern, exotic style, benefitting from a premium finish, large windows and an interior design that works in harmony with the outside space. In short, villas personalised with works of art that could go for anywhere between €4 and €10 million.” A modern trend and new housing requirements are also confirmed by the long-standing Costa Smeralda estate agent, Carlo Panciroli, of Immobiliare del Porto (www.immobiliaredelporto.com), who also recalls the seriousness of the architectural style of coastal properties and speaks of “rediscovering the desire to invest in bricks and mortar, the only investment that guarantees an annual return of 3% in addition to the re-evaluation of the property. The value of villas on the Costa Smeralda increases by 5 percent each year,” he explains. “But we need to be careful and clear on this point,” he says, advising us against publishing a table, which would not make any sense in his opinion. And he explains why.

PREMIUM LUXURY VILLAS

“A villa in good condition could be worth between €10,000 and €20,000 per square metre. This would increase to €20,000 to €30,000 per square metre for a well-renovated house, and peak at €50,000 to €100,000 per square metre for a coastal property.” This is how Carlo Panciroli views the luxury property market, which is only accessible to the privileged few. “There are currently two distinct sides to the market,” continues Panciroli, “On the one hand, the Italian investor from Milan or Rome, who has returned in search of a €3 million villa within 800 metres of the sea in Pantogia or Liscia di Vacca, to carefully renovate and sell on for twice the original sale price; and on the other, the overseas client who is looking for a spacious 300- to 400-square metre, 5-6 bedroom, €5 to €10 million villa in good condition to rent out, with panoramic views of the sea in Pevero, Porto Cervo or Liscia di Vacca.” According to Lorenzo Tanda of Lorenzo immobiliare in Porto Cervo (www.lorenzoimmobiliare.com), small 150-200-square metre villas to restore or already in good condition are in great demand from Italians from Lombardy, Venice, Piedmont and Emilia-Romagna looking to spend between €2 and €5 million. The most sought-after locations? “The Pevero Golf Club, and the Marina and centre of Porto Cervo. In short, there is optimism and a great desire to invest,” the property expert concludes. “Porto Cervo is the most soughtafter location for family villas,” confirms Maurizio D'Auria, Sardinia Area Manager for Frimm Island of Olbia (www.gruppoisland.it). However, “we are starting to receive more and more requests for penthouses worth €2,500 to €2,700 per square metre in the rejuvenated Olbia old town or on the seafront, particularly in via Veronese and via Aldo Moro, from Italians from the regions of Lombardy and Lazio.” In other words, a niche in the holiday home market is developing in Olbia, the ideal place to spend the winter just half an hour from Rome and less than one hour from Milan. Still in Gallura, the expert from Frimm Island also observes that the “Gulf of Aranci is in great shape following the modernisation and redevelopment of the area’s streets over the last few years. The last villa that I sold here in Baia Caddinas, a private marina on the Gulf of Aranci, was a 280-m2, two-storey property just 5 minutes from the coast that cost €1.2 million. In Porto Rotondo, the same property would have sold for 30 percent more”. The Gulf of Aranci boasts fantastic beaches, a spectacular seafront promenade and new plots of land ripe for construction. Buyers seem to be getting younger, with an average age of 40 to 50 years.

THE HOUSING STOCK OF VILLAS FOR RENT IS DEPLETED Demand may be increasing, “but owners this summer are very reluctant to rent out their spectacular villas with pool, sea and garden views,” explains Marco Solas, Partner & Managing Director of Von Der Heyden Real Estate (www.vdhre.com). “Many are now opting to spend the summer in their own villas with their families, often despite significant amounts of money being offered to rent their villas out”. Generally speaking, to rent a luxury property with all the modern conforts for 2-3 weeks in Cala di Volpe would cost in excess of €100,000. In great demand from Europeans and Italians alike, Russian interest is lacking due to current EU regulations that block such transactions.