Costa Smeralda Observatory — Q3 2026

In Costa Smeralda, prices for seafront villas and penthouses reached peaks of €35,000-47,000 per square meter in 2026, according to Engel & Völkers' Market Report Italia 2026, produced with the scientific support of Nomisma. It's a figure that confirms what those operating in the area have observed for months: international demand hasn't cooled, while the supply of move-in-ready properties with distinctive features remains structurally scarce.

What the numbers say. The Engel & Völkers/Nomisma report places Porto Cervo and Costa Smeralda among Italy's most expensive luxury real estate markets, ahead of Rome (€12,000/sqm) and on par with Milan's most exclusive areas (up to €27,000/sqm). The study identifies three main market drivers: foreign demand, Italian taxation and short-term rental regulation. As the report itself notes, "market dynamics show demand sustained by foreign buyers seeking exclusive residences, with interest in move-in-ready properties with distinctive features, such as sea views, gardens and panoramic terraces."

What it means for sellers or buyers right now. Scarce supply works in favor of anyone selling a property with genuinely distinctive features, but penalizes buyers without access to a network of properties not yet publicly marketed: most transactions in this segment close off-market, before the property ever appears on any portal.