Some Things You Need To Know About Purchasing Real Estate in Venice

When people talk about Italy, Venice will always come up. After all, it is the most beautiful cities built by man (as acclaimed by The New York Times), and it is one of the most romantic places in the world. Dubbed as the Queen of the Adriatic, Venice has played important roles not only in history but also in art and music. In its early years, Venice was considered as a naval and commercial power, making it one of the wealthiest cities in Europe. Today, Venetian economy prospers due to tourism, trade, ship building and industrial exporting.

Because of its beautiful cityscape and unique cultural, artistic and musical heritage, Venice is now considered as one of the most important destinations in the world. In 2006, it ranked 28th in the list of the world’s most visited cities whereas estimates in 2007 shows that there are about 50,000 tourist arrivals in Venice daily. Despite losing its naval importance, Venice is still the venue of international conferences and festivals which also bring additional income to the people of the city. Some of the most awaited events hosted by the city include the Venice Film Festival, the Venice Bienalle and the Venice Carnival which attract visitors from all walks of life. Venice also features a number of attractions including the Grand Canal, the Piazza San Marco and the luxurious Lido di Venezia.

Venice’s popularity has led to several problems for the city including overcrowding at certain times of the year. It is also called a tourist trap and several critics say that the city is showing signs of elegant decay. As more and more foreigners hope to purchase real estate properties in the city, prices (of commodities, services and real estate) have gone up and many residents are forced to move out to more affordable areas.

People who wish to purchase real estate properties in Venice often look at the areas near the lagoon where prices are pretty steep. Unknown to many, however, the city is composed of 6 areas (also referred to as the sestiere), with each one offering varying advantages.

Dorsoduro, Castello and San Marco are the most visited areas of Venice apart from the islands of the Venetian Lagoon. Here, real estate is expensive but they are also good investments since they can be rented out to holidaymakers. On the other hand, people who are looking for properties where they can retire permanently may want to consider San Polo where most locals live or Cannaregio which is close to the central business district.

Like any other place in the world, buying real estate in Venice has its advantages and disadvantages. First, in order to purchase properties in the city, the buyer has to accomplish several documents and will need to fulfill certain requirements. The process usually becomes complicated if the buyer cannot speak Italian and will have trouble in following instructions. Also, because Venice is surrounded by water, there is a high propensity for flooding and some structures which are near the water are already weak. Hence, before a buyer decides to sign a contract for a sale of any property, he/she must wait for the results of a structural survey.

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Article sent by Manuel, Real Estate consultant in Venice for house sale in Venice (vendita appartamenti venezia in Italian…) but also for those looking for rent (affitto case venezia…) an affordable flat

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