The time for buying bargain property in Italy is definitely not over. The Italian property market remains an exciting market to invest in.
With a highly active tourist market, Italy makes an attractive investment to the property buyer. Due to its central position, Italy is easily accessible from most European capitals.
Not only are there large areas of “undiscovered Italy”, but also many knowledgeable investors are predicting that if you buy property in Italy now, you will be buying ahead of a surge of investors that will be heading to Italy in the near future.
Low cost airlines have opened routes to many of Italy’s regional airports; this is having a knock on effect on property prices in these areas, especially as there are many destinations in the hitherto less popular places.
Many of the new areas that are finding their way onto the property market are on the islands of Sicily and Sardinia where property prices are about 25% cheaper than on the mainland. The regions of Puglia, Le Marche and Abruzzo are also up and coming investment regions. In these areas bargains ranging from as little as £20,000.00 can still be found.
New Finance Laws
The government has introduced new finance laws relating to the buying and selling of residential property between private individuals. Now the buyer declares the actual purchase price in the deed of sale but only pays tax on the difference of this re-valued rateable value. This helps to make the market more transparent and helps buyers not to become unwittingly involved in money laundering transactions.
Italian Property is Market Rising
House prices, countrywide, have risen 7.2% in the first quarter of 2006 according to the Knight Frank Global Index. However in areas where no frills airlines are opening routes, the projected increases are as high as 20%
Rental Prospects Are Good.
For those who are interested in the buy-to-let market, the high tourist numbers coming to Italy are encouraging. Increasingly tourists are becoming interested not only in visiting the large cities, but in rural tourism as well. This bodes well for those who invest in converting old Italian houses into fabulous modern residences. There are government grants available for those undertaking renovation projects in rural areas.
The low cost airline revolution has also changed the way holidays are booked and holidaymakers tend to book over the internet. This has increased the demand for self-catering properties in these areas.
Foreign tourists are not the only market in Italy. Italians take great pleasure in enjoying their own country and make a point of travelling around it, therefore creating a strong internal market.
Investing in the north and around the lakes can double your rental prospects as you can benefit not only from the summer season but also from winter ski holidays. However remember property prices become more favourable the further south you go.
Foreign tourists are not the only market in Italy. Italians take great pleasure in enjoying their own country and make a point of travelling around it, therefore creating a strong internal market.
Investing in the north and around the lakes can double your rental prospects as you can benefit not only from the summer season but also from winter ski holidays. However remember property prices become more favourable the further south you go.
Favourable Tax Legislation.
Italy is reforming its tax legislation. There is no wealth or capital gains tax. If you take out residency it is possible to cut your property costs considerably.
Reasons Why Italy is an Intelligent Property Investment Location
- Italy is a primary tourist destination.
- There is strong rental potential from both the tourist market and a strong internal market.
- Low cost airlines have put Italy at the centre of their growth.
- The property market is rising steadily up to 20% in “undiscovered” areas.
- There are still “bargains” to be had in some areas.
- There is no wealth or capital gains tax to be paid in Italy.
- Rural tourism is becoming a strong tourist market and there are grants for property renovation in rural areas.
The secret to a successful purchase of property abroad lies in finding the right property in the best location and snapping it up at the lowest price possible, before it becomes common knowledge. It is clear that wisely selected overseas property can offer some very secure and lucrative opportunities.
Whether your dream property abroad is a holiday apartment, town house, luxury villa or a plot of land, we are dedicated to helping you on your way, with independent advice and tailor-made investment plans for the purchase of your property abroad.
The Property Overseas Group have identified and showcase specific projects we believe offer exceptional investment opportunity.
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