Home  News South Italy the next investment success in Europe
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South Italy the next investment success in Europe |
Property in Italy is holding up in the credit crunch with experts predicting modest growth in many areas. Locations
with a strong tourist market are the best to invest in and southern
Italy in particular is still offering lower priced investments...
Italy
hasn't experienced the same problems as the UK and Spanish property
markets and the risk of a downturn is considerably lower, according to
a new report from Cluttons Italy.
One reason is a significant
shift in the Italian market in recent years. 'Until 10 to 15 years ago
the majority of foreign buyers were middle class people looking for
their storybook villa in culturally rich areas like Tuscany and the
Amalfi coast,' the report says.
'Now the arrival of low cost
airlines has made southern Italy much more accessible, steering a wider
range of buyers to lower cost resort properties in southern regions
like Puglia and Calabria.'.
Fashionable areas like Capri and the
Amalfi coast are likely to see property prices continuing to rise.
Cluttons predicts around 10% this year.
But Calabria in Southern
Italy where prices are cheaper is set to become one of the most popular
destinations in Europe, and the next Mediterranean property investment
success story.
'Property prices are comparatively cheaper than
other similar areas in Europe. Also the area will not be overdeveloped
due to strict government planning controls. This will ensure that
demand remains high for rental accommodation and resale properties,'
said Roger Coombes of Cluttons Italy.
'When an area like
Calabria begins to attract increasing international attention, it is
all but a foregone conclusion that property prices will see sustained
and rapid growth of at least 10-15 percent per year,' predicted Liam
Bailey of David Stanley Redfern.
And Chris Sawyer, GEM Estates'
Italy expert is also backing the area, 'It's largely the southernmost
region of Calabria that's fuelling this heightened interest. As soon as
the British buying public realized that chic Italy had a hidden corner
which was both aesthetically stunning and highly affordable, the rush
was on,' he said.
'Calabria is now jostling for attention
alongside the established Côtes and Costas and ticks boxes for both
lifestyle buyers after a pleasant climate and attractive coastline and
investors with an eye for a profit.'
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