‘Bargains can be found’ in Italian property sector…
Investors looking for a good deal on an Italian property should be able to find an asset at a reasonable price, it has been claimed.
Director of the international department at Savills Charles Weston Baker told the National buyers can now find houses in the country for 20 to 30 per cent less than their value in 2007.
He explained that stricter planning laws in Italy have resulted in less oversupply than in other Mediterranean nations, such as Spain, but that the weak market has still pulled prices lower.
Meanwhile, Harrison D’Onofrio, Italy sales manager for Hamptons, recommended that potential buyers look at regions such as Puglia and Calabria.
Significant investment has been put into improving the local airports in these parts of the country, he explained.
According to the Knight Frank Prime International Residential Index, several popular areas in Italy saw house prices fall throughout 2010.
The firm revealed that Cortina, Tuscany, Venice, Florence and Sardinia all saw property values drop by five per cent during 2010, with Rome being the only Italian destination to register an increase last year.
Report – IBTimes Hong Kong
