VAL D’ORCIA: ULTRA-MILLION DOLLAR SALES AT COVID TIME – THE ANALYSIS OF GREAT ESTATE


VAL D’ORCIA: ULTRA-MILLION DOLLAR SALES AT COVID TIME – THE ANALYSIS OF GREAT ESTATE

Great Estate Network , Great Estate World Jul 27, 2021 No Comments
International buyers continue to invest in the magical Val d’Orcia! But there is another good news: also our ITALIAN buyers are definitely back to love and invest in this wonderful area. The total value of sales in the period marked by Covid-19 is close to 30 million Euros: the Great Estate Network explains the reasons for this boom in Tuscan real estate.

It is the valley in southern Tuscany crossed by the river from which it takes its name, famous throughout the world for its many excellences, from natural to food and drinks, from uncontaminated landscapes to castles, villages and medieval centres that make it absolutely unique, so much so that it was recognised as a UNESCO World Heritage Site in 2004: it is the Val D’Orcia!

This area, which stretches across 5 municipalities in the province of Siena (Castiglione d’Orcia, Montalcino, Pienza, Radicofani, San Quirico d’Orcia) and includes other neighbouring municipalities in the province of Siena and Grosseto, was the absolute star in terms of prestigious property sales in 2020 and the first 6 months of 2021.
It is not only the cypress-lined avenues, olive groves, fairytale vineyards and golden wheat fields that characterise this magnificent corner of Tuscany that have made this multi-million dollar sales boom possible.

This is explained by Stefano Petri, CEO of the Great Estate Network, which specialises in buying and selling prestigious properties, particularly in central Italy.

“Over the past year and a half, the Val D’Orcia has undoubtedly attracted the interest of international buyers looking for prestigious properties in a certainly unique setting. The good news is that Italian clients have also come back to appreciate this area very much, not only as visitors but also as investors. Together with our in-house IT team and our department of expert valuers in the Great Estate Network, we have analysed every aspect of this trend to understand why there has been such renewed interest in this area over the past year and in the first half of 2021.”

There were 8 ultra-million-dollar sales in 2020 and 8 sales already signed in the first half of 2021 for a total of 16 sales, with Montepulciano leading the list of the most popular destinations (4 sales), followed by Asciano and Pienza (3 sales each, (3 sales each, although Asciano is not included in the Val D’Orcia municipalities by right), San Quirico d’Orcia and Castiglione d’Orcia (2 sales), and finally Buonconvento and Monteroni d’Arbia (1 sale each – both municipalities bordering the 5 officially belonging to the Val D’Orcia).

Below is a graph showing the locations affected by sales:

A detailed analysis of the sales that took place in Val d’Orcia in the period under review also reveals other interesting data, including the nationality of the buyers: 7 out of 16 are Italian (44%), 3 are from the United States (19%), 2 are from Germany (13%) and the rest are from Ireland (6%), Poland (6%), Belgium (6%) and the United Kingdom (6%).

Also of great interest are the figures relating to sale prices, with 8 properties sold in the price range between € 1 million and € 1.5 million, 1 in the range between € 1,500,000 and € 2,000,000, 4 in the range between € 2,000,000 and € 2,500,000 and 3 in the range between € 2,500,000 and € 3,000,000, for a total value of € 28,605,000.
Millionaire sales for dream properties, nestled in the Tuscan hills among olive trees and vineyards, with breathtaking views and enchanting sunsets to enjoy from the poolside.

The data on values per square metre is also interesting, ranging from a minimum of €1,198 per square metre to a maximum of €4,196 per square metre.

The Great Estate Network IT team’s careful study also looked at another factor, namely the differential between the actual sale price and the value estimated through The Best Price, the group’s proprietary software specialising in prestige property appraisals and developed by a team of university and IT professionals, real estate experts and business development analysts and managers specialising in the analysis and appraisal of the prestige property market. To learn more about our team’s valuation tool, we recommend that you read this article.

Analysing the data relating to sales in the Val d’Orcia reveals an average differential between the valuation of the G.E. evaluation department and the real sale price of 3.07%.

This once again demonstrates the objective effectiveness and reliability of The Best Price as a high-performance and highly reliable valuation tool, specifically for the prestige property segment.

Regarding the survey carried out by the Great Estate Network on sales in Val D’Orcia in 2020 and the first half of 2021, the group’s CEO, Stefano Petri, states that:

“The analysis carried out shows that the love for these beautiful areas has remained strong and intact, both from international clients and from our compatriots. We were honoured to have been able to follow some of these sales as a reference network: in particular, those of the properties known as “C’era Una Volta” and “I Caselli”.

And it is precisely the beauty of these areas that prompted us to invest our skills, our method and our ability in opening two offices in the historic centre of Montepulciano.

The project is the result of the merger, which has already taken place, between Rolling Hills, a brilliant local real estate company dedicated to the management of international clients, and Great Estate: together they have decided to open their first office in Via Dell’Opio Nel Corso to the public. As of the next few days, three professionals from the Rolling Hills group will be working there.

But that’s not all.

The beauty and the potential of the Val D’Orcia have motivated us to do more: the opening of the first office, which is along the road and which we can define as a “showcase” office, is accompanied by a further merger agreement, currently being defined, with another very successful agency in the area, which already owns a magnificent apartment located in a historic building in Montepulciano, a few hundred metres from the Via Dell’Opio Nel Corso office. Here, we will welcome our national and international clients, buyers and sellers, in a much more reserved and prestigious environment. There will be 4 other professionals, two of whom have already been identified as among the best real estate professionals in the area.
As for the other two, I am in the process of personally interviewing them in order to identify the right shared values that will underpin this exciting new project of cohesion between various local Real Estate companies.

As we have already done and continue to do for Umbria (with the recent opening of the office in Orvieto and the upcoming one in Castiglione Del Lago) our goal is to make the presence of the Great Estate Network even more widespread in the wonderful Tuscany and, in particular, in the beautiful and famous areas of the Val D’Orcia”.

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Marianna Gaiotto

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