Tradition sets the tone in Italy's exclusive coastal resorts, from quaint Portofino to the atmospheric island of Capri. But change is coming to the most exclusive of them all: Costa Smeralda, on the jagged northeast coast of Sardinia, known for its sandy beaches, turquoise waters and yachting culture. The area has long had a notoriously short season-weeks, or even days, in July and August-to make the most of peak yachting and the warmer waters. But as second-home owners are joined by a growing number of primary-home owners working remotely, the season has begun to extend into spring and fall, and beyond. Meanwhile, a market that included just about anyone but Americans is now seeing an influx of U.S. interest, real-estate agents say. This spring, Delta Air Lines inaugurated the first direct links between the U.S. and northeast Sardinia, with seasonal flights from New York's JFK to Olbia Costa Smeralda Airport.

Natural beauty and Midcentury Modernism

Costa Smeralda (the "emerald coast") runs north from Olbia along a series of scenic coves and promontories. Dating back to the 1960s, when a roughly 35-mile stretch of coastline was first developed, the area was built up in a rustic iteration of Midcentury Modernism that has determined the style of homes there ever since. Over the years, the term Costa Smeralda has become synonymous with the glamorous northeastern coast of Sardinia as a whole.

A famous crowd

Costa Smeralda has drawn summer residents including Italy's former prime minister, the late media mogul Silvio Berlusconi, and members of Italy's Mentasi family, who once controlled the San Pellegrino mineral-water brand. More recently, A-list summer visitors have included Jeff Bezos and Lauren Sánchez Bezos, supermodel Naomi Campbell, and Leonardo DiCaprio.

The yachting life

Yachts play a central role in this market, say agents. Alexander Christopher of Lionard Luxury Real Estate says around two-thirds of his prospective buyers come to viewings by yacht or yacht tender. And one recent American client, he adds, considered leaving a cliff-top viewing by wingsuit.

At the height of the Mediterranean yachting season, some wealthy homeowners sleep on their anchored yachts, while using their eight- and nine-figure homes primarily for entertaining, says Diletta Giorgolo of Italy Sotheby's International Realty.

The longevity factor

A cluster of inland Sardinian villages with a high rate of centenarians first gave rise to the so-called Blue Zone phenomenon. In and around the resort area, hotels offer longevity expeditions that highlight the island's distinctive sheep-milk cheeses, now valued for their bioactive compounds, and polyphenol-rich red wine. And real-estate agents say that the Blue Zone label has become a selling point for luxury buyers.

In the fourth quarter of 2025-the most recent data available-Knight Frank's prime residential index for Costa Smeralda, representing growth among the top 5% of properties, was averaging $2,412 per square foot, up nearly 26% since the prepandemic levels of 2019. By comparison, Portofino was $1,375 per square foot in fourth quarter of 2025, while Lake Como was $1,228 per square foot.

In 2025, Italy Sotheby's International Realty sold a three-villa compound in Costa Smeralda's Romazzino for about $189.18 million.

Who is buying

Wealthy Italians from Milan and Rome and other Europeans remain a constant in the area, but "we are seeing more and more U.S. buyers," says Giorgolo. U.S. queries have tripled since 2022 at ImmobilSarda/Christie's International Real Estate, according to Julia Bracco, head of the agency's Costa Smeralda Office.

More buyers are now interested in living in the region fulltime, real-estate agents said. The Sardinia International School-a private academy serving the area's new wave of wealthy residents-opened in 2025.

The idea of leading "a slower life" was what drew Luca and Nadina Piperno to the wider area, Nadina says. The recent Swiss transplants closed this summer on a property in the countryside near Olbia for about $1.6 million. Luca, 36, is a freelance CPA, while Nadina, 34, will stay at home with the couple's two small children. Long-term plans for their inland Sardinian life include selling oil from their own olive grove and possibly sending their children to the Sardinia International School.

What they're buying

Properties with private coastal acreage in prime Costa Smeralda can sell for over $100 million, while midsize villas with sea views can start at around $17 million. Pieds-à-terre near Porto Cervo, a small village that balloons into an upscale playground in high season, can be had for around $1.44 million.

This waterfront compound includes a main house with a primary suite located in a tower. A private pathway leads directly to the shoreline. Italy Sotheby's International Realty is an agency handling the sale.

Designed in the 1970s, this waterfront estate has a main house with terracotta floors and exposed ceiling beams. The swimming pool has sea views. ImmobilSarda/Christie's International Real Estate is an agency handling the sale.