Costa Smeralda Ultra-Prime: The First Weeks After the Observatory

What Costa Smeralda's ultra-prime market confirms, and adds, in the weeks following the publication of the Q3 Observatory.

In July 2026 I wrote that supply-and-demand dynamics in Costa Smeralda remained tight, with the scarcity of distinctive properties as the main constraint. The Costa Smeralda Observatory published in this same section a few weeks ago confirms that reading with updated numbers: top prices up to €35,000-47,000/sqm, with demand still driven by foreign buyers.

What's changed and what hasn't. The fundamental hasn't changed: scarce supply remains the market's structural constraint, not a cyclical phenomenon. What has changed is the composition of demand in some segments, with growing interest in move-in-ready properties over renovation projects.

What to expect in the coming months. The three drivers identified by the report — foreign demand, taxation, short-term rental regulation — remain valid for reading the months ahead. The regulatory front on short-term rentals, in particular, deserves attention: any regulatory intervention affects not only rental yield but, indirectly, also the valuations of properties bought for investment purposes.

Key takeaways

scarce supply remains Costa Smeralda's structural constraint; preference for move-in-ready properties is growing; the regulatory front on short-term rentals is the variable to monitor.

Frequently asked questions

Is the Costa Smeralda market still growing in September 2026?

Yes: foreign demand remains strong and top prices in the ultra-prime segment remain elevated, with scarce supply as the main constraint.

What could change valuations in Costa Smeralda in the coming months?

Mainly the evolution of short-term rental regulation.

Sources

idealista/news, Mercato immobiliare di lusso Sud e Isole; Costa Smeralda Observatory Q3 2026 (article 16, internal link).