Let's start with a definition: what is meant by "off-market" property?
PP: "Off-market properties are properties for sale that aren't advertised on traditional channels, such as real estate portals or websites. These properties are offered privately to a select clientele. This choice often stems from the owners' desire to maintain maximum discretion, both for privacy reasons and to preserve the property's exclusivity. In many cases, even the price is not made public and is only disclosed if there is genuine interest and the necessary funds are available."
What are the main reasons that push a seller to choose this method?
PP: "There are various reasons. On the one hand, there's the desire not to publicly advertise the sale, preventing neighbors or acquaintances from finding out about it. On the other, there's still a perception—among a certain type of clientele—that a prolonged online presence could somehow devalue the property. In reality, this isn't always the case: the Ticino market has longer take-up times than other national and international markets, so even a 12-month hold doesn't compromise the value of the offer. However, this type of sensitivity leads many owners to prefer an initial off-market phase."
How important is this segment of the Ticino real estate market? Is it a niche or a significant reality?
IAD: "This is not a marginal phenomenon. If we also consider properties that start off-market and then eventually enter the open market, we can estimate a share between 10% and 15%. It's important to emphasize that this doesn't just concern the ultra-luxury segment: alongside properties priced above €10 million, there are several properties priced between €2 and €3 million that follow the same logic. This makes it crucial for those looking to contact qualified agencies directly, because not everything for sale is visible online."
In such a confidential context, the agency's role becomes even more crucial. What is this relationship based on?
PP: "The key factor is trust. We're talking about a relationship that isn't built in the short term, but is the result of consistent work over time. The client—both seller and buyer—must perceive competence, responsiveness, and the ability to interpret their needs. In our case, having operated in the luxury segment for decades, we've developed a highly specialized approach, which is transmitted to the entire team. Added to this is the importance of an international network: when you can't count on digital visibility, it's the quality of the relationships that makes the difference."
Has the current international situation, between geopolitical instability and economic changes, had an impact on this market?
IAD: "Yes, and partly in a positive way for Switzerland and Ticino. In a global context perceived as unstable, our region is seen as a safe destination, both politically and in terms of quality of life. This has brought new interest, even from clients who had chosen other destinations and are now re-evaluating Switzerland. Of course, there is international competition, but Ticino's positioning remains very solid."
How much do tax considerations impact purchasing decisions today, especially for international customers?
IAD: "Taxation continues to be an important factor, although less decisive than in the past. In recent years, we have seen a rebalancing of jurisdictions, with countries like Italy introducing competitive regimes. However, Ticino remains attractive overall, thanks to a combination of factors including stability, security, and quality of services. For many customers, their choice is no longer driven by a single factor, but by a broader assessment."
From the perspective of real estate typologies, are there specific trends or does the market remain transversal?
PP: "The market is quite diverse, but we can identify two broad customer profiles. On the one hand, those seeking centrally located apartments—especially in Lugano or Ascona—often for convenience or relocation reasons. On the other, those preferring villas and detached properties, offering greater privacy and space for the family. The dynamics may change over time, but today we observe a substantial balance between the two types. In any case, properties that combine quality, location, and the right price find a buyer more quickly."
In conclusion, how would you define the current state of the high-end Ticino market?
IAD: "It's a dynamic market on the demand side, with a constant search for quality properties. Supply, however, is more limited, and the most important properties attract immediate attention. In this context, the off-market segment will continue to play an important role, precisely because it meets specific needs for confidentiality and selection."
