Italy has had a very turbulent few years. Following the failure of a crucial referendum, Matteo Renzi had to resign from the prime ministership of the country, to be succeeded by the veteran politician, Paolo Gentiloni. The Italian economy hasn’t done all that well recently either, with the GDP growing well below the average rate for the Eurozone.
However, the buying and selling property trends for Italy remain largely positive, as the real estate market in the country is insulated from the rest of the economy. Italy is a popular overseas property destination and there will always be a number of cash rich overseas buyers who will want to invest in homes and apartments here.
The property market is largely stable in Italy, and has been doing well since 2014. It has finally recovered from the global housing crisis of 2008, which affected home prices in Italy pretty severely. However, as the many sophisticated cash rich overseas investors discovered, a slowdown in Italy is a great time to buy properties.
So a number of high net worth individuals from Russia, China, Brazil and the Middle East invested in Italy during the lean period from 2008 to 2014. They are now sitting on enormous profits, with property prices coming well off their historic lows.
Property transactions have risen by over 10 percent since the previous year. Estate agents have reported a massive increase in the number of inquiries from potential buyers from across the world.
As one estate agent based in Milan said, there is definitely a lot of optimism in the air, although the higher interest has not been matched by price increases. So while the property market has recovered, it is still about 20 percent lower than the highs last seen in 2007. This makes it a buyer’s market, which is why it’s good news for those who are interested in finding a place to stay in the country.
Who are the buyers, and where are they coming from? There are a number of buyers from Europe, Scandinavia, Britain and the United States who are interested in Italian real estate.
British buyers have always been prominent in Italy, but that’s not surprising as Britons are the biggest buyers of overseas property in Europe. Many Americans share a romantic notion of Italy. They associate Italy with style, fashion, fast cars, fine wine, great food and beautiful people. So, there will always be a significant American presence here.
Germans and Scandinavians are the other big buyers. There is a lot of interest from Switzerland, France and Belgium as well. The biggest change, though, has been the increasing presence of cash rich buyers from the Middle East, Russia, China and other emerging countries.
Most foreign buyers tend to buy properties in Tuscany, Puglia and Lake Como, which are among the most beautiful regions in the world. Apartments in Milan and Rome are popular as well, as are properties across Italy, even in some of the newly discovered spots such as Sicily, Dolomites and Le Marche.
Contact us today to buy or sell property in Italy fast to overseas investors.