The opening of a luxury boutique hotel has caused a spike in neighbouring properties’ asking prices, defining Ostuni’s most desirable quarter
Paragon 700 Boutique Hotel & Spa Pushes Up Ostuni Prices
Ostuni’s Paragon 700 Boutique Hotel & Spa opened in late 2000, a beautiful restoration of the historic Palazzo Rosso which had stood unloved for some 40 years.
Theirs is an aspirational vision. Starting with deluxe rooms to luxury suites, their latest “workation” package offers a 7-night half-board stay from €2,510 based on one person.
Bar 700 and Restaurant 700 offer impeccable service in a beautifully designed environment. And while the cost may be prohibitive for many of their neighbours, it has “benefitted” them with increased property values.
One local agent told us that the demand for properties in the zone spreading out from the hotel to the Piazza della Libertà between Via Roma and Via G. Sansone Senior has increased significantly since the hotel opened its doors, particularly since Spring this year. Properties closest to the Piazza back and then running along Corso Mazzini have seen the biggest increase in asking prices.