Property prices in the European country of Italy have been boosted by foreign buyers, with nationwide property sales up 4.1 percent earlier this year.
It’s fair to say that Italy has had something of a bumpy ride over the past few years. Although the path to economic prosperity is proving to be a long and winding one, there are numerous rays of hope for the boot-shaped country, with the most recent figures indicating that Italy’s property market could finally be on the up once more.
Recent data from the Nomisma Economic Research Institute has shown that both residential and commercial property transactions in Italy increased during Q1 2014.
Nomisma’s Real Estate Market Report registered an increase in nationwide sales of 4.1 percent for the quarter compared to the same period in 2013. The news has been welcomed by those in the property sector, as Dawn Cavanagh-Hobbs, founder of fractional ownership company Appassionata, confirms,
She said: “The past few years have been tough for Italy and it’s great to see property sales figures heading in the right direction again. There are some real bargains on the market right now and there is a buzz of excitement about the sector once more.”
Cavanagh-Hobbs knows her stuff when it comes to Italian property. Since moving from the U.K. to Italy in 2004, she and her family have purchased and renovated four fabulous Italian properties, carefully coaxing luxury fractional ownership holiday homes out of the rubble of former buildings.
Their company, Appassionata, has just released its latest offering to the market – the three-bedroom, three-bathroom Casa Tre Archi, which is available from £65,000 for a one-tenth share, with owners entitled to five weeks’ usage of the property per year.
“Our fractional ownership holiday homes are truly international when it comes to their owners. We have owners from as far afield as the U.S. and South Africa, as well as numerous countries closer to home,” she added.
With foreign entrepreneurial spirit and foreign income flowing into Italy in such quantities, adding to domestic efforts to enhance the country’s economic situation, it is hoped that the road ahead may be a little smoother for Italy over the coming years.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
