Italian market one to watch in 2015 as UK and American property buyers return
- Italy receives three times as many enquiries from potential property buyers in Jan 2015 vs Jan 2014 (Savills)
- Favourable exchange rate with £1 = €1.40 tempts UK and American buyers back to Italy
- Tuscany is most researched region in Italy (Rightmove Overseas, April 2015)
Since the global financial crisis back in 2007, Italy has fought hard to return as a competitor within the European real estate industry but with recent reports suggesting that the worst is now over, it’s now re-emerging as a hot property market.
Global real estate consultants Cushman & Wakefield’s provisional figures for 2014 reveal a 20%+ growth in commercial real estate investment in Italy in comparison with the previous year and it is predicted that this trend will continue in 2015.
Savills too confirms this latest movement in the Italian housing market, having received three times as many enquiries from potential buyers this January vs January 2014. Savills’ Associate Director of the international department suggests that a catalyst for this latest spark of interest in Italian property is an increase in UK and American buyers. Having diminished in recent years these buyers are now returning, with a weakening Euro creating an array of attractive property prices.
With the current exchange rate favouring the US dollar and the British pound, foreign buyers can expect to get more for their money and thus consider a wider range of properties. The PwC and Urban Land Institute’s ‘Emerging Trends in Real Estate Europe 2015’ report emphasises that Italy can offer some of the best property opportunities in Europe, with numerous options available in Puglia, Lake Como and Tuscany. These areas are traditionally popular with overseas investors and continue to appeal to potential buyers, especially those based in the United States.
Foreign buyers often have an affiliation with the region in which they purchase, be it a previous visit, family connection or a longstanding love affair with la dolce vita. Simone Rossi, Marketing Manager of Tuscany’s Terre Gialle Residence & Resort, a 20-acre estate offering a range of property options, comments further on the ideology of many buyers and the current status of the Euro in the global economy,
“When foreign buyers look to Italy for a second home or investment opportunity, the majority will have a dreamlike image of Italian life and how they can immerse themselves in the traditions and culture. We have definitely noticed an influx of inquiries from UK and American buyers looking to fulfil this dream with buyers specifically interested in Tuscany.
“With the latest expert exchange rates forecasts suggesting that the Euro is set to remain the weaker global currency for the immediate future, today’s overseas buyers are presented with the chance to purchase beautiful Italian property at a reduced price.”
According to Rightmove Overseas’ statistical data for April 2015, Italy is within the top 5 most searched for countries in relation to purchasing properties abroad. The report also highlights that Tuscany’s real estate market is currently the most researched region in Italy, confirming its status as an indisputable favourite location amongst foreign buyers.
Set in the celebrated rolling hills of the Tuscan countryside is the beautiful Terre Gialle Residence & Resort, an estate that is becoming a firm favourite with both UK and US buyers. The Residence at the heart of this distinctive estate has origins dating back to the 18th century, ensuring that the apartments housed therein are unique and full of traditional charm whilst having been restored to high modern standards.
Featuring wood-beamed or vaulted terracotta ceilings, stone walls and handmade furniture, the studio, 1 and 2 bedroom apartments available on a whole ownership basis, reflect the original character of the building, with prices ranging from €93,500 to €176,000. Alongside this, the Resort offers a range of modern 1 and 2 bedroom apartments and 3 bedroom villas available on a shared ownership basis, where 1/12th fractions, start from €28,000 (excluding maintenance costs), providing four weeks usage a year.
Terre Gialle Residence & Resort exudes a unique elegant atmosphere with high quality services, a swimming pool with whirlpool, a well-kept park with nature trails and sports facilities, a tennis court and bowling green. As well as an array of extensive onsite facilities, the ancient town of Castel del Piano is only a five minute drive away or a ten minute walk, offering cobbled streets, wondrous architecture, local cuisine and friendly residents.