Real estate luxury and “secondary“ cities: the reasons for the boom

From our reports, the requests for luxury properties located in secondary cities are increasing, i.e. important locations but without the appeal of metropolises such as Milan, Rome or Naples. How come? What are the reasons for this trend? Let's find out in this in-depth study by Luxforsale.

Secondary cities: when to define them as such
It is not easy to give a clear definition of secondary cities. However, it is clear that we are referring to those cities that do not have the demographic characteristics of large cities but, at the same time, are structured in terms of services and economic fabric like the most important cities in Italy. Some examples? Modena, Ferrara, or Bergamo, Brescia, Lecce, Padua, Lucca, Bari, Aosta and many others.
In the context of luxury real estate these cities have shown a significant increase in demand in recent years. This phenomenon was initially driven by the pandemic, which prompted many people to look for larger and more spacious homes outside the big cities, but - data in hand - it continues today.

The reasons for the boom
According to industry experts, there are several factors that are driving this trend. Firstly, many people are looking to escape the chaotic and stressful urban life in search of a more peaceful and relaxed life in less crowded places. In this context it is clear that, for example, Bergamo and Brescia are preferable to Milan and Lucca and Pistoia have more appeal than Florence. Second, the rise of remote working has allowed many people to move away from big cities and choose to live in secondary cities, while keeping their job positions intact.

The demand continues to grow
These dynamics have led to a growing demand for luxury properties in these cities, where property prices are often lower than in large cities and where it is possible to purchase larger properties with more green spaces.
Many real estate investors have already begun to capitalize on this trend, investing in luxury properties in back towns and renovating old buildings to create new luxury properties. This has also created new job opportunities for local communities and led to greater attention towards these cities, which could become new luxury tourism destinations.

Secondary cities: the best luxury properties on Luxforsale
In conclusion, the booming luxury real estate market in secondary cities is a trend that is gaining momentum, driven by the pandemic and a general change in the way people live and work.
On our Luxforsale portal it is possible to touch this trend by observing the incredible number of luxury properties located throughout Italy, and not only in the highly sought after Milan, Rome and Naples.