The City of Canals
Discover Venice's Real Estate
Venice is the capital of the Veneto region and rests in the northeastern part of Italy. The city is part of 118 small islands that can be easily distinguished by canals. The interconnections of all these islands are done by over 400 bridges. The historical city of Venice houses a population of around 260,897.
Culture, History, and Business
The name of the city was inherited from the ancient Veneti people. The city was the historical capital of the Republic of Venice for almost 1100 years. The city of Venice was the major center for finance and maritime power. It was also a major center for commerce. This included silk, grain, spices, and art from the period of the 13th to 17th centuries.
In modern times, the city of Venice is a hub of tourism and culture that made it ranked as one of the most beautiful cities in the world. Specifically, Venice is one of the most romantic cities in Europe, as described by the Times online.
The present-day economy of Venice rests on the shoulders of the major sectors such as Tourism, shipbuilding, services, trade, and industrial exports. The highly important productions to the economy are Murano Glass production and Lace production in Burano. The economy of Venice faced a decline between 2016 and 2017; however, it has witnessed an upturn in fortunes and steady growth in the last 18 months, signally the ideal time for any property investor to purchase real estate in the city.
Real Estate Appeal
The real estate of the city is heavily driven by its tourism sector. This has led to a continuous increase in property prices and ROIs. Some of the prime locations in the city of Venice for real estate investment are San Marco, Lido di Venezia, Castello, San Polo, Cannaregio Grand Canal, Venice City, and others. The pricing of these prime locations is sky touching. These places range from €7 million to €72 million.
The city has some impressive stats. Rental yields at the city center are at a rate of 4.17% while outside the city center is 5.34%. The cost of renting a one-bedroom in the city center and outside the city is €861.11 and €672.50, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is €2,118.75 and €1,308.33, respectively. The cost of an apartment in the city center is €5,252.80 per sq. meter while outside the city center cost €2850 per sq. meter. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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