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Among the characteristics that contribute to "making a difference" in the luxury real estate market, of course, experience in the industry plays a significant role. Mauro Brotto, Head of Brotto INVEST in Cittadella (Padua), provided us with insights into the agency's activities, as well as the high-end real estate market in general, drawing from his two decades of experience in the field. Here's what he shared during the interview, giving us a current snapshot of the Veneto region and future real estate prospects.
What is the current trend in the real estate market in the area your agency serves?
Our work involves not only buying and selling residential and commercial properties but also development and investments. Currently, the residential real estate market has cooled off a bit due to rising mortgage rates and the prices of consumer goods. As a result, there has been an increase in demand for rentals, leading to higher rental prices. Availability is quite limited, as in our areas, which have many businesses and tourism, property owners are opting for short-term rentals, which yield higher returns.
On the other hand, the demand for residential properties as a primary residence has shifted to a younger demographic, which seeks new construction properties with a focus on finishes and energy-saving technologies. In the investment sector, there has been a growing demand for income-producing properties, including 5-star hotels, student housing, nursing homes, clinics, and luxury leased properties, among others. Our focus is primarily shifting towards this last sector.
Based on your experience, have you been able to identify a target clientele for your real estate agency?
I've been in the real estate sector for two decades, and there have been numerous changes in both the type of clientele and the nature of their requests. Currently, we have identified luxury properties and the development of new constructions as our target market.
What are the most requested types of properties at the moment?
From a residential perspective, the demand favors new construction properties in small residential communities, preferably close to the city center and amenities. From a commercial perspective, there is a demand for luxury hotels and income-producing commercial properties in cities.
What motivated you to establish a partnership with Luxforsale for your real estate agency?
The motivations are primarily twofold. First, to become a trusted and reliable source for luxury properties. Dealing with this type of real estate attracts a more discerning and knowledgeable clientele, but it also allows for professional growth and the expansion of new knowledge. Second, it allows us to join a network of professionals across Italy with whom we can collaborate and form new business relationships in this industry.
Based on your experience in the sector, what are the potential future developments in the luxury real estate market in your area and in general?
The area we operate in is centrally located between the provinces of Padua, Treviso, and Vicenza, and it's also an hour away from Venice. Our region is rich both from a historical/landscape and a productive/economic standpoint. The luxury market is expanding, partly due to ongoing international crises. As it happened in years past, real estate remains an important form of investment within an investment portfolio.
