Property Prices In Italy Likely To Remain Stable This Year
Real estate prices in Italy are not likely to experience any change during the course of 2013, according to industry experts. Real estate analysts explain that although prices of homes and apartments in most parts of the country are at significantly low levels in comparison with those experienced in recent years, Italy can breathe a sigh of relief knowing that prices of properties will not drop any further. The Cypriot bailout may have caused uncertainty on the continent, but Italian property experts say that demand will help keep the Italian real estate market from hitting new lows.
The decline in prices over the past few years have no doubt troubled the Italian economy, but with properties now cheaper than ever, the sector seems ripe for overseas investors. However, real estate analysts say that buyers are not taking advantage of the cheap pricing that currently rules the Italian market. In 2012, the FPEA (Federation of Professional Estate Agents) released data showing that the total values of Italian properties had suffered a fall of 11.98 per cent. Despite recording such drastic declines, the nation has failed to experience a similar appetite for real estate from foreign investors as Spain has in recent times.
Purchasing Trends of Overseas Investors
According to property agents in the country, investors who opt to buy property in Italy usually choose two bedroomed apartments. Their statements were backed with a report showing that 39 per cent of the investors in Italian real estate favoured such dwellings. Liguria and Lake Como are among the most popular areas where these properties are currently thriving. However, sellers are required to ensure that their assets are in tip-top condition if they are to demand prices that they believe are reasonable. Real estate agencies reveal that 40 per cent of their company’s clients are looking for properties that don’t need much work. In contrast, 25 per cent of suitors do not mind buying traditional homes that require renovations or restorations.
Southern Italy Attracting High Levels of Interest
Properties in Tuscany are also increasing in popularity as prices in the area continue to remain stable. Investors continue to target homes that are worth between 750,000 euros and four million euros, especially in the southern Umbrian/Tuscan borders and the Chianti area. Knight Frank reports that restored homes in these regions, with accommodation for guests are looked upon by investors as prime assets.
Industry experts say that the southern part of Italy is experiencing decent activity in terms of foreign investment. It is said that even if an individual hasn’t been to these areas before, their first visit would be more than enough for them to fall in love with the location and its serenity, adding that many tourists who visited Tuscany, in particular, came back to look for properties with the hope of making some quick acquisitions. Property market analysts say that now is perhaps the best time to invest in Italian real estate as prices are at their lowest.