These visitors provide good returns for landlords with apartments to rent. Venice already has a long season with high tourist numbers from April though to October and the City Department for Tourism is keen to extend this further, encouraging high-quality cultural events in the low season, too. That means up to 30 weeks rental a year is a real possibility for the best apartments.
“While Venice is not a traditional buy-to-let location, buyers here can have the best of both worlds - a second home in one of the world’s most beautiful cities as well as strong rental investment potential,” comments Ann-Marie Doyle of Venice Sotheby’s International Realty. “There is an ever-increasing demand for prestige short-term rental apartments.”
Venice Sotheby’s is selling apartments in Palazzo Molin del Cuoridoro, a top-quality restoration of an entire canal-front palazzo two minutes from St Mark’s Square. The 15th-century Gothic palace where Mozart once stayed has mullioned windows, chunky stone balconies and two water gates providing access directly to an offshoot of the Grand Canal.
While the restored façade remains as it was 500 years ago, inside the palazzo, the 17 contemporary apartments are pared-back in style, with muted colours and modern, high-spec systems. Each home is unique, ranging from 861 to 3,120 square feet. Some have French doors directly on to the courtyard gardens and two occupy the piano nobile – noble floor – with high ceilings and full-height windows overlooking the water.
Ann-Marie Doyle reports an increase in buyers in Venice choosing turnkey homes over restoration projects and this is reflected at Palazzo Molin. Half of the apartments have sold, with prices for the remaining units ranging from £616,000 to £1,841,200. Doyle estimates rental returns at Palazzo Molin could reach five per cent.
“It is surprisingly rare to find prestige properties with a high-quality finish - classic Venetian architecture combined so well with contemporary design and facilities,” she adds. “So while the main façade is listed for its important artistic value, residents have every modern convenience inside, as well as a concierge and private water taxis on request.”
Inside Palazzo Molin:
Venice Sotheby’s International Realty www.venicesothebysrealty.com;
Palazzo Molin www.palazzomolin.com