Venice: invest in a prestige palazzo on the world-famous Grand Canal

Venice, built on water and covering at most just three square miles, attracts 25 million visitors a year. They come to take photos on the Italian city’s 436 bridges and to stroll beside the 182 canals, marvelling at narrow buildings in quiet back “streets”, and at the elegant, wide palazzi - palaces - directly on the Grand Canal.
A highlight for many visitors is the Venice Biennale, an important contemporary art festival that takes place every two years and includes dance, cinema, theatre and architecture. Founded in 1895 it has become a prestigious must-see exhibition with a worldwide reach. The 2015 Biennale, the 56th, which opened in May and runs until November 22nd, is expected to bring over 500,000 additional visitors to this loveliest of cities.
 
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:

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Contacts:
Venice Sotheby’s International Realty www.venicesothebysrealty.com;
Palazzo Molin www.palazzomolin.com
 

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