Italy Tops International UHNWIs’ Property Preferences

Italy continues to rank at the top of international UHNWIs’ property preferences. According to Engel & Völkers Private Office’s global advisors, the country has recorded the highest increase in demand from international buyers over the past year, surpassing France, the United Arab Emirates, and Spain.

This outcome comes as little surprise to industry insiders, given Italy’s increasingly clear positioning as a preferred destination for those seeking quality of life, stability, and a lifestyle-oriented approach to housing. “The Italian lifestyle of la dolce vita resonates strongly with buyers looking for a slower, community-focused way of living,” observes Stuart Siegel.

In the global luxury segment—the top 10% of property values—prices have remained generally stable or increased over the past year. Within this context, Italy and Spain emerge as the European markets where advisors report value growth, while France, Germany, and Canada show a softer trend.

For Italy, rising prices are accompanied by the highest net increase in international buyer inquiries, setting it apart even from other Mediterranean markets. Advisors emphasise that value growth is driven less by property size and more by qualitative factors: location, landscape context, access to culture, and integration with the local environment.

The report also highlights that Italy’s tax framework—even with inheritance taxes—remains competitive for HNWIs due to a limited flat tax regime, enhancing the country’s appeal for those considering a change of residence.

Among the most sought-after Italian regions, Tuscany remains a symbol of the new international luxury. According to Annalisa Caparelli, Private Office Advisor in Siena, over the past 12–18 months many US clients have purchased properties in the region, attracted by quality of life and homes deeply connected to their local context: historic villas, vineyards, olive groves, and residences embedded in the cultural landscape.

“Many choose properties with a strong link to local tradition and culture. From my clients, I’ve learned that true luxury is beauty,” says Caparelli. This perspective reflects a profound shift in the concept of high-end real estate, increasingly associated less with ostentation and more with the daily experience of living.

The Private Office outlook indicates that lifestyle factors will continue to drive global wealth migration in the coming years. In an international environment marked by geopolitical uncertainty and technological change, residence becomes both a strategic tool and an expression of identity.

“In a world of growing risks, the desire to live well ultimately drives luxury property purchases,” explains Siegel. Italy, with its balance of cultural heritage, human-paced living, and sense of community, fully meets this demand.