Additaly 21 November 2014

British Expats Increasingly Interested In Italy

Knight Frank, an international real estate agency, says that Britons are increasingly purchasing Italian property. The agency expects next year’s Universal Expo in Milan to generate extra investor interest.

According to the agency, UK expats are currently their top purchasers for properties in Tuscany, Florence, and Umbria, and second – behind Italians – for the Italian Lakes, Rome, and Sardinia. There is also some interest from British buyers for properties in Venice and Liguria.

Rupert Fawcett, who is a Partner in Knight Frank’s Italian team, said that foreigners buy properties in Italy primarily as a lifestyle choice, rather than as an investment. However, he predicted that the Universal Expo will lead to investors perceiving better value in the Italian market, and he explained that there is already rising interest in Italian property for commercial and residential property from investors from China and other Asian markets.

He added that there has been a recent upturn in interest for Rome, Venice, Milan, and Florence, but that prices are expected to remain stable for at least the next few years. Fawcett also noted increased demand in the semi-commercial vineyard market, with buyers seeking a holiday home that also generates income.

For more information visit:

http://www.expatbriefing.com/expat-news/British-Expats-Increasingly-Interested-In-Italy-66458.html

21 Nov 2014

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Italy’s property market bucks recession

The Italian property market received a boost in sales in the third quarter of 2014, the country’s revenue agency said on Thursday.

Residential property sales rose almost 19 percent in Bologna and 23 percent in Florence, while in Rome sales were up 11.8 percent, the agency known as Agenzia Entrate said.

Elsewhere in the country other major cities also saw an increase in activity between July and September, including a 10.4 percent rise in Genoa, 8.9 percent in Palermo and a 7.3 percent increase in Naples,Ansa reported.

Overall, the property market grew by 3.6 percent in Italy in the third quarter compared with the same period last year, with almost 207,000 transactions reported.

The sale of shops saw the biggest gains, jumping nine percent in the quarter, while the sale of homes rose by 4.1 percent. Office sales, meanwhile, fell by two percent.

The boost in property sales comes as Italy remains mired in a long recession, and after several quarters of negative statistics.

Still, the sluggish market has prompted authorities in some places to come up with more creative ways of reviving sales and developing their towns. Dozens of foreigners are now vying for €1 properties in a village in Sicily as part of a deal proposed by the mayor.