These majestic landmarks also mean Venice is one of the most sought-after areas in which to invest in property. It is one of the costliest as well, and prestige apartments in areas such as St Mark’s Square are frequently bought and sold for the best part of US$10million.

As result of these rocketing real estate prices, local Venetians have upped sticks and chosen to live in the outskirts of the city; its present-day 60,000 population is barely 30 per cent of what is was half a century ago.

Large swathes of overseas property buyers have also followed the flight away from the heart of the city. Yet there are very affordable and lucrative opportunities to invest in real estate right in the centre of Venice – as long as one searches in the right areas.

One such area is up-and-coming Castello, which lies a short boat trip away from St Mark’s Basilica yet does not get overrun by the high-season tourist invasion. Here, US$420,000 should get you a two-bedroom 80sq m property, although it may require minor renovation work.

Dorsoduro, the southernmost of Venice’s districts, is another area worth looking into, although investors may find it slightly pricier than Castello. Here, expect to pay around US$400,000-US$420,000 for a pied-a-terre property, although you may get less floor space for your money than in Castello.