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.
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