Earlier this year there was an intensification of interest in Italian winter property for sale in the Alps, with those attracted to the region and the real estate for sale realising that property in the Italian Alps is actually for sale at a fraction of the cost of similarly well located homes in either France or Switzerland.
This return of interest to Italy could be the beginning of a trend that may see stronger levels of buyer activity in the Italian real estate market in 2008 because many buyers are now aware that property in Italy offers solid growth and yields over the longer term – i.e., it is not a market where profits are made overnight and it is not a market where there is an emerging interest in real estate, rather it is a solid market upon which realistic plans and ambitions can be based.
If Silvio Berlusconi has his way and is elected in the forthcoming Italian elections, (campaigning is just getting under way), he will abolish property taxes for first time buyers in Italy and ensure a robust, tax efficient economy is top of his agenda which bodes well for buoyancy in the market. Add to this the fact that traditional and established destinations such as France, Spain and Italy are rising in appeal again with British holidaymakers and property buyers after a period when everyone considered emerging markets and themselves to be would-be real estate investors, and you have an attractive point at which to buy in!
The thing with the Italian property market is that it is robust and realistic, returning slow but steady growth and sustainable and attractive yields. So, for property investors looking for a long-term opportunity in a robust and solid market, Italy makes a lot of sense.
However, Italian property purchases should not be considered solely for investment purposes – at least that is the opinion of Steve Emmett, managing director of Brian French and Associates, Italian property experts. He advises that Italy should be looked at as a whole – in terms of its appeal, its robust economic and political status, its tourism market and its standing as a global business centre. If buyers think about the market in such terms, they are more likely to make a purchase choice dictated by their own personal preferences and therefore, they will be able to enjoy their property in Italy whilst it steadily increases in value over the long-term.
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