New report reveals the rising group of Australians eyeing prestige holiday homes in Rome

From the Trevi Fountain to the Colosseum, Rome is steeped in history and culture. The Eternal City is also one of the top locations of interest in Italy for Australian house hunters  according to a recent Knight Frank report.

“Many applicants are semi-retired couples with children working in Europe seeking a long-term summer base to use for family get-togethers,” notes the agency’s Italy prime market update on the first quarter of 2018.

The report breaks down the location of people viewing Italian properties on the Knight Frank website between 1 December 2017 and 15 March 2018. Australia had the fourth highest rate of enquiry, representing 3.6 per cent of total views, after the UK (44.8 per cent), Italy (15.1 per cent) and the United States (11.3 per cent).

Lock-up-and-leave apartments in Rome and Florence are highly sought-after.

There’s a particularly breathtaking range of architectural styles on offer in the Italian capital’s luxury property market.

“One may find magnificent neoclassical, Renaissance, baroque, 15th, 16th, 17th and 18th-century palazzos decorated with frescoes and murals, marble columns and floors right in the centre of Rome,” says Diletta Giorgolo, of Italy Sotheby’s International Realty.

If the pomp of the past is too over the top, 20th century art nouveau styles might appeal; perhaps a modern home in one of Rome’s leafy residential suburbs.

Via Calandrelli is an eight-bedroom residence for sale in Trastevere. Photo: Italy Sotheby’s International Realty

Not exactly lock-up-and-leave, an opulent villa in Trastevere, across the Tiber, is on the market. The eight-bedroom, 14-bathroom villa covers nearly 2000 square metres internally, over five storeys.

Its elevated position delivers panoramic views across the city, while a vast terraced garden adds a picture-perfect setting.

Italy Sotheby’s International Realty is quoting €30 million (about $47 million).

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The grand home carries a €30 million price guide. Photo: Italy Sotheby’s International Realty

Current market

The Knight Frank report identifies encouraging signs in Italy’s prime residential markets in 2018.

“Super-prime sales [€10 million-plus] have increased significantly and this is expected to filter down to lower price bands in the coming year,” the report states.

“Buyers are arguably facing the best quality stock for some years and where prices have plateaued, we expect the market to gain traction as inventories diminish.”

Can Australians buy in?

The beautiful Fontana dei Quattro Fiumi in Rome, Italy. Photo: Classic Image / Alamy Stock Photo

In a word, “si”. Costs vary depending on details including the “cadastral value”, determined by government, the age of the property and owner’s country of residence.

For individuals, registration taxes vary between 3 per cent and 9 per cent of the cadastral value. Other taxes also apply. Tax and legal advice is recommended.

What you can buy for…

$25 million

Photo: Italy Sotheby’s International Realty

A six-bedroom villa with marble and timber accents near Villa Borghese in the Pinciano neighbourhood.

$6.1 million

Photo: Italy Sotheby’s International Realty

A two-bedroom penthouse inside Villa Brasini, an “eclectic, neo-baroque” building near Ponte Flaminio.

$3.09 million

Photo: Italy Sotheby’s International Realty

A six-bedroom home with pool and 5000 square metres of private parkland near the Olgiata Golf Club.