The market for luxury residences in Tuscany has hit a rough patch for the first time since the euro doubled the cost of property — and of nearly everything else, too — almost a decade ago. While "la crisi," a nickname for the global financial crisis, has not affected Tuscany's real estate market as deeply as it has hit parts of France and the whole of Spain, the area is experiencing its own, softer slide.
Across Tuscany, closing prices in the luxury sector have fallen 10 to 20 percent from where they were two years ago, according to four agents who work around the region. In neighboring Umbria, Mr. Dragoni said, prices have dropped as much as ¤1,000, or $1,400, per square meter, from a peak of ¤4,000.
