OPW KEY FACTS… ITALY
"With beautiful countryside, rural retreats and elite coastal resorts, Italy remains an international investors dream."
Italy has not been immune from the global financial crisis. However, the impact there has been considerably less than the markets in England, Spain and France. Research published by The Italian Federation of Real Estate Agents (FIAIP) indicates that on a national level, residential prices are between 5% to 20% below September 2008 levels. While Europe appears to be over the worst of the economic turmoil, confidence has returned to the Italian markets.
THE BEAUTY OF TUSCANY
Tuscany and Liguria remain the most popular regions with both Italian and foreign second home purchasers. Located in central Italy, Tuscany has it all, offering mountains, beaches and rural hideaways as well as world famous cities steeped in history and culture such as Florence, Siena and Pisa. Tuscany's local vineyards and unique cuisine have contributed to capturing the imagination of buyers and investors.
Research has found that half of European investors (55%) opt to buy properties in rural settings which Tuscany offers in abundance. Buyers prefer large, detached properties and there is a strong preference towards purchasing for renovation in Italy compared to other destinations. Prices for traditional farm houses in Tuscany start at 700,000 EUROS with medium sized farmhouses ranging from 400-500sqm in the sought after area of the Chianti ranging from 1.2m to 3m EUROS. Historic Tuscan villas start from 1.5m EUROS.
Recent times have seen increased overseas interest in coastal properties in Tuscany. Russian buyers seem to prefer the high end beach resort of Forte dei Marmi. Further south, the Maremma coastline has proved another popular spot for Italian and international buyers alike.
THE EMERGING MARKETS OF UMBRIA, SARDINIA AND SICILY
An emerging trend has been the popularity of Umbria. This is due to a number of factors, namely the region's pleasant climate and more importantly, its lower euro per sqm prices. Buyers tend to prefer farmhouses and villas to apartments in Umbria. The majority of buyers in these regions are from within the Euro zone, making up to 80% of the purchasers. The remaining 20% come from Russia.
Sardinia has also improved its status as a holiday home location, popular with both Italian residents and foreign buyers. More recently, foreign buyers have been on the hunt for investment properties as well as looking for homes for their own use. International investors now make up 50% of foreign buyers within Sardinia. Another emerging market for international buyers is Sicily. Separated from Italy by the Straits of Messina and known for its mountainous landscape, Sicily has been a long term favourite destination for Italians from the mainland. The Aeolian Islands, a cluster of stunning islands just off Sicily's north coast attract film stars and the fashion elite. Coastal properties can command prices of 5,000 EUROS per sqm, and a climb into the surrounding hillsides can see prices more than halve.
