Nestled in the province of Arezzo, Cortona, an ancient Etruscan village, has quietly lured the affluent American traveler for years. It has emerged as the perfect stage for showcasing Italy’s finest, as well as an ideal location to establish your entrepreneurial dreams.
What entrepreneur wouldn’t want a prime retail spot that catches the eye of international buyers? The reason is simple: Italian excellence commands tremendous respect abroad and remains a major driving force behind the national economy, raking in a staggering €45 billion in exports in 2020, representing a remarkable growth of over 50% since 2008, according to ISTAT figures as of April 2022. As a result, Italian products are sold at a premium in countries with significant economic potential. Enter Cortona, one of Tuscany’s hidden treasures, where investment opportunities abound amidst an influx of the world’s wealthiest international tourists.
Let’s delve into the allure of Cortona, a picturesque town that not only welcomes an astounding number of visitors but also offers reasonably priced properties categorized under Class C2. For instance, depending on their location, you can acquire a 50-square-meter property for a monthly rent ranging from €300 to €1,000.
Real estate experts report that the average price of apartments for sale in Cortona hovers around €2,080 per square meter, while renting one sets you back an average of €5.95 per square meter.
The Touristic Reverberations of Cortona
Cortona’s stature as an investment hub isn’t solely based on real estate; it’s also fueled by a thriving tourism industry that breathes life into this captivating town.
According to ISTAT data, Cortona leads the pack in terms of tourist arrivals within the entire province of Arezzo. In total, we’re talking about 53,000 check-ins within this charming village, with a staggering 30,000 originating from international visitors. When it comes to overnight stays, 2022 saw a record-breaking 200,000 visitors compared to 128,000 in 2021. Cortona’s commercial sector withstood the impact of rising energy costs and closed its books for 2022 with a healthy profit, thanks to strategic investments. The 2022 turnover surged to €1,661,846, marking an impressive growth of approximately €380,000 compared to the previous year, a remarkable 35% increase. This unquestionably positions Cortona as a premium platform not only for showcasing authentic Tuscan products but also Italian offerings.
Cortona: An Internationally Acclaimed Destination
Cortona’s international prominence, particularly among Americans, owes much to literature and cinema. Think of the beloved film “Under the Tuscan Sun” (2003), directed by Audrey Wells and starring Diane Lane. The equally celebrated novel was penned by the American author Frances Mayes, who not only extolled the beauty of Cortona but also made it her home—a place of pilgrimage in its own right. She’s not alone; many of her compatriots followed suit. The lush hills and historic village homes were predominantly acquired by affluent Americans, leading to a surge in residential property values. Cortona, therefore, caters unquestionably to a discerning clientele.
Opportunities for Event Planners and Celebrations
The romantic ambiance that pervades this coveted territory has been effectively marketed in the USA. It’s considered an idyllic backdrop for fairy-tale weddings, ranking among the top 3 overseas destinations for opulent nuptials. Frequently, the historic center’s winding alleyways resonate with the festive presence of guests attending luxurious weddings. This significantly bolsters the hospitality and commercial sectors, creating a thriving environment for local enterprises.
In conclusion, Cortona, Tuscany, shines as a beacon for those seeking to invest in the rich tapestry of Italian excellence and revel in the glow of international tourism. With its timeless charm and modern prospects, this Etruscan village offers a promising canvas for entrepreneurs and travelers alike. Whether you’re here to savor authentic products or realize your entrepreneurial vision, Cortona extends a warm welcome, ready to share its enduring allure.