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Investment Property in Italy

House prices continue to rise in Italy but are showing some signs of slowing down. The reported 6.3% house price growth in 2006 was lower than in previous years: 10.6% in 2003, 8.7% in 2004 and 7.1% in 2005. However, the slowdown is largely attributed to the increase in mortgage rates and the growth is still impressive when taking into account the potential decline in the worldwide economy.

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Property prices in Italy have increased in the first half of 2007 and are expected to climb further in the second half of 2007, according to a study by Nomisma which focused on 13 large Italian cities and into 2008. These results put the southern Italian regions at the top of the list for increases, where profitability levels are also high and well above the average registered in the whole of Italy. The FIAP report showed marked increases in prices in the regions of Calabria, Puglia, Piedmont, Umbria, Veneto, Marche, Abruzzo and Emilia Romagna. Puglia for example, showed significant increases, with prices from 750 to 2000 euros per square metre. The National Vice President of the Italian Tourism Sector commented; “We have seen prices increasing in almost all regions and a notable interest in second homes and investments”.

Italian Investment Property for Sale

The FIAP report comments that small houses (up to 60 sqm) are still the most requested with the 80.9% of the market. Medium sized properties (60 to 120 sqm) follow with 14.7% and large properties over 120 sqm taking the remaining 4.4%. The large property segment is dominated by foreign buyers.

There is certainly no slowdown in the number of buyers with an marked increase in the number of purchases / sales in the first half of 2007.

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Overall, the market forecast indicates that the property market in Italy will remain stable for the next two years. This follows a period of steady growth for over 8 years, registering positive price movements in both residential and commercial property. Compared to other forms of investment, property in Italy is still an attractive option for good returns and the market has still got huge potential to grow. The key factors which keep attracting buyers to Italy are:

• Stable economy

• No capital gains tax on property profits for properties kept over 5 years

• Favourable rates for euro mortgages

• Abolishment of inheritance tax for properties which are valued below 1 million euros

• Very low council taxes

• Strong rental demand for property

• Increased accessibility

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McLaren Investments Limited is a dedicated overseas property company, who are set up to guide you through the buying process when purchasing an Investment Property Abroad. Once you have purchased your Overseas Property, McLaren Investments will ensure your money works at its full potential, allowing the value of your Overseas Property Portfolio to flourish.

Italy General Information

Average Temperatures

Italy Climate

Getting There

Flying time is about two hours from the UK to Italy.
Ryanair has begun flying to several regional airports in recent years, including Puglia and Calabria.
Italian airports include Milan for the city and lakes, Pisa for Florence/Tuscany, Rome for Rome/Lazio and Lamezia-Terme for Calabria.

Time

GMT +1

Population

approx: 57.6 million

Climate in Italy

Italy’s climate is mild but varies greatly between the north and south. The north has hot summers and cold winters. The south is hot and dry for most of the summer, when temperatures reach 40C (104F). Central Italy has a milder climate.

Business hours

Mon–Sat 8.30am–12.30pm and 4pm–7.30pm
Mon–Fri 8.30am–1.45pm, Sat 8.30am–12.45pm
Mon-Fri 8.30pm–1.30pm and 2.30

Winter working hours can vary

Cost Of Living

Loaf of bread: £0.69 (€1), bottle of wine: £2–£3 (€3–€4.50)

Currency

euro. £1 = €1.47

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