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Luxury Real Estate Selling Well in Italy

Luxury Real Estate Selling Well in Italy - luxury real estate - Italy

Prices are holding up well for luxury property in some of the most desirable regions of Italy. Although the country has suffered from the shockwaves of the eurozone sovereign debt crisis, the top end of the market with homes valued at €3 million or more has escaped almost unscathed.

The middle classes have felt the real financial squeeze as homes costing €450,000 to €1 million are more likely to need financing – and the banks have virtually shut up shop on mortgage lending.

Much of this market is in areas much beloved by expats – like Tuscany, Umbria and Florence.

Nevertheless prices have slumped by almost a third over recent years.

Brit expats top buyers

“Nonetheless, there remains strong demand for development products below €1 million and for many international buyers, Italy’s established prime locations offer a more secure second home option without the risk that many emerging European markets present,” said Kate Everett-Allen, from global property consultant Knight Frank’s international research team.

“A weaker euro in the first half of 2012 made very little difference to the volumes of sales but interest from non-Eurozone buyers improved once the euro reached 1.20 against the pound.”

The survey revealed that buyers from Britain, the US, Belgium, Denmark, the Netherlands and Russia are the most active in Italy.


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