Building Heritage’s Florence headquarters in Lungarno Vespucci on the Arno River may seem a little ordinary for an 18th-century building, at least when viewed from the street. Inside, ornately carved crown moldings and doorways, tapestries and original frescoes adorn the walls. Intricate coffered ceilings complete the luxurious look. A staircase from the circular balcony leads to a private courtyard.
Jacopo del Maestro joined Building Heritage in 2020 and serves as General Manager of these palatial offices. The company is led by his CEO and founder, Cinzia Romanelli, who started his first agency in Florence 25 years ago. Romanelli’s 37-member team services luxury properties in Italy’s major cities as well as in regions such as Tuscany, Lake Como, Capri and Portofino.
Jacopo del Maestro, architectural heritage
architectural heritage
Born in Pisa, del Maestro traveled the world from the age of 19 to 27, gaining experience in hospitality along the way and pursuing formal education in hospitality and restaurant management at Pisa-based Ipsal Giacomo Matteotti. It has become We met him in a luxurious office suite at Building Heritage.
Like many European countries, Italy’s housing market is in a slump. Please tell me how much. Also, how is the situation in the luxury segment?
The intermediate housing market has slowed by about 30% to 50%. But at the same time, the luxury goods market has increased by about 20%. And things are looking even better, and the outlook for 2024 is very interesting. We’re looking at maybe a 10% increase next year. So I’m really confident about next year. This is why we focus on high-level cities like Milan, Florence and Rome. Good results have been achieved in luxury real estate.We also achieved good results in the capital. [commercial] Markets; These markets are showing amazing numbers. However, 85% of our agents specialize in residential real estate.
Please list some recent notable sales.
There is a building next to St. Mark’s Square in Venice that deals with off-market items. This is an outstanding development as it is not easy to find a building in Venice, an important location with both commercial and residential potential. We are currently negotiating this issue with a foreign group that is keen to invest in Venice.
and recently sold Michelangelo’s mansion Near Florence, the early birthplace of the famous Italian artist.
Yes, one of our most interesting sales is a very important historic villa. The sale was announced in November.The asking price was 8 million euros [about 8.8 million USD].The villa is located on approximately 1 hectare of land [about 2.5 acres]900 square meters of living space [about 9,700 square feet]. It was built between the 14th and 15th centuries. Located on the top of a hill in Florence, it offers stunning views over the countryside. There is a square tower that was once a guardhouse. There is also a covered terrace with arches and patio. It feels like a prince’s home.
and we know better Villa Guccia 13,000 square foot mansion in northern Rome built by Aldo Gucci in 1951, has a building heritage asking price of €15 million (approximately US$16.5 million).
We have been working hard to sell this property. Considering the value of this property, I think it’s one of the most exclusive things you can buy in Rome. Being there, you can feel the special atmosphere of the place. The atmosphere inside the house becomes very special when you realize that this house was owned by one of the most important families in the fashion world. Being Italian, I feel like Gucci is part of my family, like I grew up with it. This villa combines Italian mansion style with an English touch, especially in the bay windows. As such, this establishment has an international feel. It’s unique.
Given the overwhelming heritage you represent, your mid-century Italian mansion from last century is bound to look pretty new.
Building a new property in Italy is really difficult. Historic cities like Venice, Florence, Rome, and Capri, and regions like Liguria, have seen less development of new areas. They update what already exists. There are no permits for development as those areas are already overbuilt. The only exception is Milan, where new developments such as CityLife are taking place. [a 90-acre commercial and residential development near Milan’s center]. Our clients are typically looking for historic properties that have been renovated with a modern twist. That’s what people really love. Because no one wants to live in an old 17th century house that hasn’t been modernized.
Luxury buyers around the world are paying attention to Italy. tax reduction. Under the incentives introduced in 2017, new residents who pay an annual fee of 100,000 euros (approximately 110,000 U.S. dollars) are exempt from taxes on income earned abroad. How will this impact your business?
Before Corona, foreigners were focused on renting a home, even if they were really wealthy. But now people want to buy Italy and move to Italy. Many come not only from the UK, but also from South and North America. We’ve received several leads like this in the last few months. Because the real estate market here is very attractive. Yes, we clearly see a difference with foreigners who are buying now and are tapping into that market.
you are still involved Click here for tipsa real estate app created in 2020 with two partners.
Initially, I was almost 100% involved, but after joining Building Heritage, I took a step back and just contributed ideas and suggestions. This allows people to make money on real estate even when it’s not on the market. Through our app, people provide property information and if the property is found to be valid, we refund them. We sell leads to real estate agents. We have approximately 100 agents under contract. And we are currently partnering with one of the most important real estate companies in Italy. Tips This is a new concept and many people are trying to create something very close to it.
you live nearby Piazza Cesare Beccaria, stops will be installed along the newest lines of Florence’s tram network. Are you afraid of tourists invading your neighborhood?
I live here because this area is not a tourist destination. There are a lot of locals. There are lots of nice restaurants and bars.Close to Lungarno [along the Arno River]—Beautiful green paths and parks. Truly the most comfortable area in Florence. I live with my fiance Elena Rosai on the top floor of her 19th century building with a lovely terrace. She shares my passion. She owns the architecture studio GAP31. I work in real estate 24/7, so it’s great to be able to share that passion with her.
With the BMW Gelände Sport bike.
I have been traveling around the world for several years and absolutely loved it. So, whenever I go on holiday, I always go out on the GS.Now usually small journeys of up to 250, 300 kilometers are made [about 150 to 200 miles] From around Tuscany to Liguria and Cinque Terre. I’m basically a guy who loves adventure and loves to travel.
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This interview has been edited for length and clarity.