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Real Estate

How Real Estate Industry is Growing in Tuscany, Italy

The prices of castles, medieval villages, villas, and historic estates in Chianti are on the rise. Since the beginning of 2021, something has changed in the Tuscan real estate market, as shown by the strong interest of investors and buyers, especially Italians, Americans, and British. Once, properties in the green Tuscan countryside were generically sought after. Today it is different: even a small piece of land – or dozens of hectares, of course – is enough as long as it has a vineyard.
The demand for properties with large outdoor spaces and land for multiple uses, including agricultural and wine-growing, is also due to the past pandemic period.

Farms or farmhouses with vineyards, not only in Chianti which is internationally known as the wine area “par excellence”, but throughout Tuscany Today, in the heart of the region, starting with the Chianti Classico area, numerous estates of a dozen hectares are for sale at a price ranging between 4.5 and 6 million, while higher category wineries reach well over 50 million. Overall, property experts estimate that there is currently between 300 and 400 million euros worth of real estate for sale.

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This is largely due to a sort of flight of the big brands and the widespread difficulties of smaller entrepreneurs, and already in 2008, with the global financial crisis, this phenomenon had become apparent.  More structured companies found themselves facing heavy investments for the construction of large cellars or work on the fields to renew vineyards and plant new ones. It was at this time that many foreign entrepreneurs entered the Tuscan real estate market: the former chief executive of Time Warner, Richard Parsons, who chose the Brunello di Montalcino area, and the German gallery owner Peter Femfert, who with his Venetian wife Stefania Canali bought the Fattoria di Nittardi in Castellina in Chianti, to name but two examples.

The results of these big deals are now well known. A few weeks ago, Marchesi Frescobaldi acquired the Corte alla Flora estate, 90 hectares of land, 35 of which are destined to vineyards, bought from the Roman entrepreneur Sergio Cragnotti, the former patron of Lazio Calcio, but also of Ferruzzi and Montedison before dedicating himself to a series of investments in the agri-food sector. For Frescobaldi, the purchase paved the way for one of the few wine-producing estates he had not yet managed to enter: Nobile di Montepulciano. The feeling is that this is just the tip of the iceberg, as many sellers tend not to be too conspicuous. (by Eduardo Lubrano).