Rome’s Colosseum, which is also known as the Anfiteatro Flavio, is ringed by a trio of ancient luxury neighborhoods—Celio, Monti and Colle Oppio—that each have a distinct character.

Celio, one of the seven hills of Rome, is defined by archeological sites and churches, including the basilicas of Santi Giovanni e Paolo, Santi Quattro Coronati, San Clemente and San Giovanni in Laterano. Its green spaces, such as Celio Park and Villa Celimontana, are also part of its appeal. To the east and south of the Coliseum, it’s the larger of the three neighborhoods, covering about 50% of the area.

Colle Oppio, which includes the substantial archeological site of the same name, is, like Monti, to the north.

The largely residential Monti, whose name means “mountains,” is a lively sought-after destination for tourists, locals and home buyers.

“It still has the vibes of its ancient soul, and it’s a melting pot of different people and cultures,” said Diletta Giorgolo, head of residential at Italy Sotheby’s International Realty. “As you can see from the vintage furniture shops, the fashion designer boutiques and the art galleries, it attracts a lot of the creative crowd from all parts of the world.”

Although it doesn’t have the frescoed family palaces of other areas such as the Spanish Steps and Piazza Navona, “it’s an ever-evolving, hipster hotspot, preferred by artists and intelligentsia,” she added.

Housing in these three inventory-scarce areas is in high demand, said Alessio Cantilena, a senior real estate agent at Engel & Völkers MMC Roma, who noted that wealthy families and professionals from around the world, as well as celebrities, covet the historic neighborhoods for their “front-row seats to world wonders.”

“You can sip your coffee before going to work overlooking the Colosseum, and this represents a real privilege,” he said.

And no wonder. The Colosseum, the largest ancient amphitheater ever built and the biggest one in the world, is just east of the Roman Forum, the city’s central hub. It was a mammoth construction project: Completed in 80 A.D., it took eight years to build and was the venue of choice for a variety of events ranging from gladiatorial contests and mock battles to executions and dramatic performances and speeches.

Declared a Unesco World Heritage Site in 1980, it’s one of 13 sites in the Eternal City that carry that designation. Throughout its long history, it has been repurposed for a variety of uses: housing, a fortress, a quarry and even a Christian shrine.