The short answer is yes, if you’ve always dreamed of living in Italy. Despite the fact that Italy now has a coalition government composed of far right and populists, which isn’t everyone’s political of tea and could create more instability in the country, foreign buyers are making haste to buy here, according to a report from Knight Frank.
More specifically, the luxury properties valued at over €10 million are selling fast, but knight Frank believes this will “filter down to lower priced homes” in the near future.
Italian market recovers
Essentially this news suggests that the Italian property market is experiencing a revival and a strong recovery after a period of poor economic conditions. Enquiries about Spanish properties were up 133% by the end of 2017 and most of this growth is due to overseas interest.
Who’s buying Italy?
Despite a weak pound to euro exchange rate, some 45% of the enquiries came from potential buyers from the UK, followed by Italy (15.1%), the US 11%. These are the biggest countries by a long way, with Australia (2.6%), Germany (2.6%), Canada (2.4%), Switzerland (2.3%), Denmark (2.2%), Netherlands (1.9%) and 1.8% from France.
What attracts foreign buyers to Italy?
It is the lifestyle above all that draws foreign buyers to Italy. Knight Frank’s Italy expert said: “A second home located within a short flight of their primary residence, which offers strong rental prospects and the promise of a good climate, culture, and landscape acts as a strong pull.” The increase in buyers from Australia and New Zealand opens up a new market sector for real estate agents. It is believed that they are primarily retired or semi-retired couples with children studying or working in Europe who want a second home for the summer where the family can enjoy reunions. The Antipodean buyers are often focused on properties in Florence and Rome – primarily apartments that are easy to lock up and leave. Buyers from other countries are also showing great interest in these two famous cities, plus Lucca, one of Tuscany’s most beautiful cities.
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