Are you wondering if you should be selling property in Italy as soon as possible? Is this a good time to be selling overseas property? Let’s find out!
Italy has been in the middle of a political turmoil recently, and could be staring at a full-blown economic crisis. Global rating agency Fitch Ratings downgraded their outlook for Italian bonds to “negative” from “stable”. They said that they were concerned about the new populist government’s social welfare schemes.
Fitch said in an official statement about Italy: “Fitch expects a degree of fiscal loosening that would leave Italy’s very high level of public debt more exposed to potential shocks.”
“The risk or strategy of early elections will make it more challenging for both parties to make compromises that alienate their political bases, while fiscal realities will make it hard to deliver on election promises,” Fitch added.
In response, the Economy Minister Giovanni Tria tried his best to allay fears of the global investment community. Mr. Tria said, “We have commitments to Europe that must be respected, but they essentially are a function of the financial markets.”
“The actions of the next few weeks will be translated into official government documents. The (Fitch) judgments will be corrected… positively since they are opinions not based on facts, but on intentions attributed to the government,” Mr. Tria added.
There is a certain “Fear Factor” associated with investing in Italy, according to a report from analysts from the Citigroup. “Political disputes might soon start impacting both domestic financial conditions and investment decisions of increasingly worried Italians,” the Citigroup report warned.
While the Italian economy doesn’t seem to be doing too well, the fact is their property market is doing great. Indeed, foreign buyers are returning to the Italian property market, attracted by the drop in real estate prices.
We have wealthy, high net worth Russians, Scandinavians, Chinese, Americans, Australians, Brits, Germans, Swiss, French, Irish and other Europeans investing in Italy in a big way.
Remember, these are very rich, sophisticated investors, always hunting for the right opportunity. They buy at a low and sell at a high, and at the moment, they feel that this is a once in a lifetime chance to enter the Italian property market.
Also, what’s happening is that as the stock markets take a tumble, capital starts flowing into assets that are considered safe and relatively safer: gold and real estate.
So even as the Italian bonds and the stock markets take a beating, we expect the property market in Italy to remain relatively stable. We still get a plenty of enquiries for properties in Italy from foreign buyers, especially from Norway, Sweden and other Scandinavian countries.
Americans, Chinese and the Russians are interested too – as buying a property in Italy is a dream for many wealthy individuals around the world.
So if you’re considering selling property in Italy for some reason, then you can still get good money for it. You just need to know how to find the right kind of buyers. Don’t hesitate to seek out help with selling overseas property.