Piedmont Real Estate Market Trends in 2022 and Predictions for 2023

27 December 2022

2022… certainly an interesting year to look back on. We finally emerged from Covid restrictions, opened our doors again, and happily threw away the masks. The property market then exploded. In 18 years of working in this business, we’ve seen busy periods before, but this year reached an entirely different level.

What’s the Prognosis for 2023?

Recently, I came across a YouTube video confidently predicting that the Piedmont property market was about to collapse.

There was just one small problem.

The video was made two years ago… and here we are, with the market still booming.

I also had someone leave a comment under one of my videos predicting disaster, despite offering absolutely no evidence or reasoning. I suspect he probably lives in an apartment somewhere in Baltimore and has never actually set foot in Piedmont. Still, everyone is entitled to an opinion. But the reality on the ground is very different.

So, is Piedmont still a good place to buy?

Absolutely. Is it a good investment?

Again, yes — and let’s base that opinion on actual facts rather than dramatic internet predictions.

The Langhe is now home to some of the most valuable agricultural land in the world, particularly Barolo vineyards. I was recently told that vineyards there have sold for around €4.6 million per hectare — roughly $4.9 million for 2.47 acres.

Demand for quality homes around the €1 million mark has risen dramatically. The challenge now is availability. There simply aren’t enough good properties coming onto the market.

My advice? Be flexible.

Widen your search area slightly, accept a few compromises, and move decisively when you find something good. Everybody compromises to some extent when buying property.

Some people tell me I don’t have enough listings on my website. That’s true. And there’s a reason for it.

The next couple of months will largely be spent finding properties for enthusiastic buyers. But if you look carefully, there are still some excellent opportunities available. I’ve never been interested in filling pages with poor-quality listings simply to appear bigger.

Let me explain with a story. Yesterday, we visited friends from Albuquerque who bought a house in the beautiful Monferrato town of Montemagno. I originally struggled to sell that property. During Covid, I was speaking with Elena over Zoom, and she asked whether I had anything interesting available. This house immediately came to mind. To be completely honest, many previous buyers simply couldn’t see its potential.

The elderly owners had lovingly restored their ancestral family home for their daughter, investing close to €1 million into the project. Sadly, the daughter had absolutely no interest in living there, so the family eventually decided to sell.

Elena and her husband Jay could not be happier with the property. In fact, they were also featured in the Wall Street Journal article.

Why am I telling you this?

Because buyers often need to think outside their original “box.”

Be open-minded. Make sensible compromises. And most importantly, trust a good agent — someone who genuinely understands the market and wants the best for you, not someone simply chasing a commission.

There are still fantastic opportunities here. You just need the right guidance.

The Other Parts of 2022

So, that’s the property market. Now let me tell you a little about my personal year here in Italy. If that part doesn’t interest you, feel free to leave the page now — I won’t be offended!

Death and taxes.
I think that was Benjamin Franklin. He was right.

Like everyone running a business in Italy, I regularly wrestle with the tax system. People often assume that working in property consultancy means enormous profits. Sometimes the business does well, yes, but a huge percentage disappears immediately in taxes.

I love my accountant — she’s calm, intelligent, and lovely — but she is also the person I least enjoy hearing from.

Still, if I’m paying taxes, it means I’m working, so I try not to complain too much. Especially because the other thing Franklin mentioned is far worse.

This year, we lost two dear friends.

In the summer, our wonderful friend Livio was killed in a motorcycle accident.

He loved motorcycles. So did I, years ago. But eventually I became frightened by the way people drive. I didn’t want to end up paralysed and ruin my wife’s life along with mine, so I sold my bike. My helmets and riding gear now simply gather dust.

Livio was riding to work with a friend on the back when a driver suddenly pulled out in front of them without warning.

Both men died. There’s really nothing more to say.

Then, this December, our dear friend Anna Ghione lost her battle with cancer. It took just three months for this terrible illness to take her from us. She was only 55 years old.

Anna was a truly beautiful person and an exceptional wine producer. She passed away on 19 December 2022.

Before she died, Anna wrote an incredibly moving message on Facebook. It may be the most emotional thing I have ever read. She asked people to keep her name — and her wines — alive.

In her honour, a new DOCG classification is now being created: Canelli Barbera DOCG.

So if you visit Piedmont, please consider visiting her husband Marco. He now continues the vineyards and the winemaking alone, carrying on the extraordinary work they built together. The wines are genuinely exceptional.

We will deeply miss Anna’s friendship, kindness, and hospitality.

Marco is also a remarkable person, and if you would like to visit the winery, please let me know. I promised Anna we would do all we could to help keep her legacy alive.

YouTube

Today we officially begin converting a room in our house into a dedicated YouTube studio.

The few videos I’ve already made have been surprisingly successful. After years of public speaking and working closely with international buyers, I’ve realised there’s enormous interest in genuine insider knowledge about this region.

So now I need your help.

I already have a long list of topics I want to cover, but please tell me what would interest you most.

I plan to make videos about buying property, living in Italy, local culture, restoration projects, and interviews with local business owners and people who have already bought homes here.

What are you curious about?

If you’re thinking of buying in Piedmont — or simply planning a visit — feel free to send suggestions or questions to: re.langhe@gmail.com

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