Properties for Sale in Northern Italy

The majority of investors who consider property purchase in Italy fall into one of three categories.  There are those attracted to the stunning rural interior, those seeking a sunshine haven in the South and those who seek properties for sale in Northern Italy’s more industrial and commercial towns and cities where employment prospects are considerable, rental yields high and property price gains substantial.

This article takes a look at five of Northern Italy’s hotspots for property seekers.

1) Turin - Located in North West Italy the important industrial city of Turin is the capital of Italy’s Piedmont region.  Among other things Turin is a centre for car manufacturing and the aerospace industry, and it is currently benefiting substantially from strong investments being made into the town’s infrastructure and facilities ready for the 2006 Winter Olympics which will be hosted by the city.  Those who choose to live and work in Turin have an abundance of museums, galleries, cinemas and good entertainment options to choose from. 

The majority of properties for sale in Turin city centre are apartments, but in the suburbs the wealth of property available is substantial and ranges from small townhouses to large, detached family homes.  The demand for quality rental accommodation in Turin is high with the majority of those seeking property looking for two or three bed apartments.  Property prices in this part of Italy have increased by an average of 4% in recent years but Turin is now beginning to benefit from the investments being made into the city for the Winter Olympics and property prices gains are set to increase.

2) Milan - Milan is the capital of the Lombardy region of Italy, one of the most densely populated areas of the country.  It is an extremely wealthy and chic city famous for fashion and the fact that it is Italy’s financial centre.  The city is home to a strong mix of wealthy professionals and young students and residents of Milan benefit from a city boasting a plethora of entertainment options including fantastic shopping, museums, art galleries, bars and restaurants.

The demand for rental accommodation in Milan is intense and yet the supply of quality apartments in particular is lacking, thus presenting an obvious property investment opportunity for the shrewd buyer.  Currently a two bedroom apartment for sale in Milan will set you back about GBP 260,000 and you could easily expect to rent that out for around GBP 1,000 a month.

3) Genoa - The substantial and important seaside city of Genoa is the capital of Italy’s Province of Genoa, it is home to Italy’s most important commercial port and it was the European Culture Capital for 2004.  Genoa is also home to an increasing number of Italian and European citizens who are choosing to make their home in this lovely Mediterranean facing destination which is blessed with amazing Renaissance palaces and a great deal of fantastic architecture which reflects the city’s once very wealthy past.

Because of the increase in the city’s appeal as a result of its promotion during 2004 when it was the European Capital of Culture, the prices for properties for sale in this Northern Italian city have been on the increase.  But apartments for sale away from the city centre remain affordable and can also be let out easily short term to tourists or long term to city residents in search of decent rental accommodation.

4) Venice - The stunning city of Venice is the capital of both Italy’s Veneto region and of the province of Venice and is of course world famous as the city of canals and home to Piazza San Marco, Basilica di San Marco, Doge’s Palace, Palazzo Grassi, Peggy Guggenheim Collection Museum and The Bridge of Sighs.

Properties for sale in Venice are incredibly highly prized and priced, so much so that local Venetians complain that they have been totally priced out of their own market.  And when you consider that a relatively small piano nobile apartment goes for EUR 2.5 million and anything more substantial than that is usually ‘price on request’, you can understand their point!  Those who can afford to purchase an apartment or townhouse can rent it out incredibly easily to the tourism market for the maximum rental yields possible in Italy.  Alternatively they could sit on their investment and watch it increase in value substantially annually!

5) Florence - Florence is the capital of the stunning Italian region of Tuscany and most famous for both its art and its architecture.  It is an incredibly important tourist destination in Italy - even for those already living in Italy - and it is considered to have been the birthplace of the Italian Renaissance.

Again, this is a city with an incredibly strong rental market and one where substantial yields can be generated particularly from the short term tourist market.  A two bedroom apartment costs from around GBP 302,000 and can be let out long term from around GBP 720 a month.