Italy property seekers can pick up bargains in inland areas of Liguria; the warm, colorful Italian Riviera has long been adored by international visitors. Liguria is not a cheap region for property, but it remains a good investment but particularly right now in its lovely, lesser-known hinterland.
Liguria is enviably blessed in its location, climate and geography stretching from southern France's gilded Côte d'Azur to the northern tip of sunny Tuscany. The region enjoys a wonderfully mild climate with moderately cool and fresh summers yielding to mild winters. No wonder then that Liguria is one of Italy's most visited regions and a very popular spot for retirees and second-home-owners.
Holiday rental prospects and homes are particularly plentiful. However, the beachside property is generally pricier in the east than the west but costs tumble even just a short distance inland. Over recent years, an increasing number of Brits have discovered the delights of Liguria's hilly hinterland - especially in the region's western half - Buyers can find very good-value fully-habitable homes with two bedrooms less than ten miles from the sea for between €100,000 and €200,000 whereas In beach resorts, buyers should expect to pay more than €250,000 for a two-bedroom apartment.
Mark Slaviero, director of the estate agency Homes in Italy, agrees that most British buyers prefer to look at the pretty little villages further inland in Liguria. Mark notes that the high prices on Liguria’s coast have stabilized, while prices inland are still rising. Linda Travella, of the estate agency Casa Travella, advises buyers to limit their search to no further than ten miles from the sea. This way, they can optimize savings by buying inland without compromising the future resale value or holiday rentability.
In related news, Italian property specialist Gemma Knowles stated: "Nice apartments in towns can cost from around £215,000 while inland buyers can find homes in charming hilltop villages or farmhouses from around £130,000."
Liguria's hinterland one of the most stable markets for investors
Posted by EstatesNewz Labels: Liguria, Market-trendsThe 600-year-old St John's Day Celebrations at Isola Comacina open the summer season in Lake Como with a fiery spectacle take place in the middle of Lake, something that may interest Italy property seekers.
Sala Comacina, a little village, which lies on the western shore of Lake Como at the foot of Monte Costone, is one of the most distinctive places on the lake and already considered to be an important holiday destination. The lake's only Island, Isola Comacina, lies opposite the village and can be reached by boat. Every year in June Saint John’s day celebrations takes place to commemorate the destruction of the island by the Comaschi in 1169 as a punishment for its' alliance with Milan during the ten-year war (1118-1127).
The history re-enactment has been marked with plenty of ceremony and flames for hundreds of years, providing what may be a memorable event for visitors and Italy property seekers in the Italian Lakes region.
The Telegraph survey last week was excellent news for those considering property investing in Italy or a holiday home to make rental income as the survey revealed Italy was the most popular tourism destination in Europe among its readership.
Italy's year-on-year inflation rate fell to 0.9% in May; it’s lowest since November 1968, when it was 0.7%, according to reports.
According to National statistics bureau Istat, Italy’s year-on-year inflation
rate fell to 0.9% in May. Compared to April, when the inflation rate stood at 1.2%, the consumer price index rose 0.2%, Istat added. However, the statistic office said that Italian economy fell deeper into recession in the Q1 with GDP falling 2.4% from the previous quarter and this economic contraction in the first quarter was a touch higher than the expected 2.3% fall.
Mr. Guillaume Menuet of Bank of America said "I think we hit bottom in the first quarter, with sentiment surveys starting to rebound a bit in April. We will have another GDP fall in Q2 but not as negative as we have seen for Q1. According to the IMF, Italy's GDP contracted an estimated 0.6 percent in 2008 and will shrink 2.1 percent in 2009 and 0.5 percent in 2010. The economic recession is deepening, and, while a gradual recovery is expected in 2010, it added.
In news of interest for overseas property investors, Italy in recent years commenced structural economic reforms and programmes to improve the business environment to raise Italy's productivity and growth potential. The IMF hailed the policies of Silvio Berlusconi's government for the progress made in improving Italy's fiscal frameworks and the government's anti-crisis fiscal package, which "takes into account the limited room for fiscal stimulus, and focuses on temporary, targeted, and timely measures, as well as on accelerating public investment projects."
The European Central Bank (ECB) has held its main refinancing operations rate at one per cent. The marginal lending facility will stay at 1.75 per cent and the deposit facility is to remain at 0.25 per cent. Such a move signify that the bank is intending to keep the rate low for some time, which could mean that there is a widespread availability of low-priced mortgages for buyers looking for Italian property.
The pound hit a 2009 high against the euro and The Italian property market is one of the beneficiaries of the currency movements, it has been stated.
According to Reuter's data, Sterling rose to 85.10 pence against the euro it's strongest since December. The pair's rally helped the pound to scale the year's high against a basket of currencies at 83.8.
Commenting on the trend, Tam Stanley of Calabrian-Property.com said that the region has seen a lot of pent-up demand being unleashed following the recent recovery of sterling. He said that while this currency process has been going on since April, "it's really only in the last three weeks that enquiries have started to increase and we are seeing a lot more people taking us up on inspection visits to Calabria".
According to the Financial Times reports, notable rise in interest in buying in Italy have been observed by foreign exchange brokers and mortgage agents recently. The rise in Sterling to British buyers means that property in the Eurozone is now 5% cheaper to them than it was 2 weeks ago.
This comes after the news that the report by FIAIP, estate agents association in Italy on the top 20 resorts in the country has found that the market is remaining steady, with the cost of real estate in such places varying from €2,810 to €6,210 (£5,472) per square meter, homesgofast.com reports.
The annual Battle of the Bridge, known as the Gioco Del Ponte held during the last Sunday in June is undoubtedly the event the Pisans feel most strongly about. The Gioco del Ponte in the magnificent setting of the lungarni which are jammed with people (generally there are no less than 100,000 spectators, sometimes many more) providing a day of colorful and noisy entertainment for Italy property seekers and tourists alike.
Pisa, located in western Tuscany, is known throughout the world for its famous Leaning Tower, but there is so much more to Pisa than just this striking landmark. Pisa is crammed full of magnificent, historical monuments and buildings dating back many hundreds of years and much of Pisa has retained its medieval appearance. The Gioco del Ponte is a historical re-evocation celebrated in June is a giant tug-of-war type competition over the Arno River.
The event sees the city split into two factions, each represented by men in medieval period costume challenging each other in a trial of strength which consists in pushing a heavy trolling (seven tons) set on tracks fifty meters long. The final victory goes to the Party which has pushed the trolley into the enemy field and knocking over the staff with the banner with the colors of the enemy party.
There is a grand historical military procession immediately preceding the Gioco del Ponte on 27 June. The entire month has a festive feel in Pisa with concerts and art events scheduled throughout June. One of the most spectacular displays is the Luminaria di San Ranieri, the patron saint of Pisa, when lit torches line the banks of the Arno. Italy property investors may find this an extra reason to come to Pisa, in addition to well known attractions such as the Leaning Tower.
Sales of Italian property have started to pick-up in the past couple of weeks, particularly among UK buyers, it has been claimed.
According to Les Calvert, director of Property Abroad, Sterling is currently strengthening against the Euro, making Italian property cheaper to British buyers. Sterling has been strengthening for a couple of months now, but as people realize it is not going to reverse it is starting to turn into sales
The portal thinks this trend will continue for some time, as it believes Sterling's upward trend against the Euro will continue, and will not level off for quite some time. Les commented : "Sterling has been growing against the Euro for a couple of months, from the time when there was the first indication that the decline in the UK economy was starting to slow, and economists began to feel more confident that they could anticipate the extent of the UK recession."
Liam Bailey, chief market analyst said that the main reason for the rising popularity of Italian property is that it is a secure and stable established market, that hasn't seen massive growth for a good few years, but also hasn't seen any major drops since the economic crisis began. In indecisive times it seems property investors and holiday home buyers are ever-more keen to play it safe."
Recently a Telegraph survey found that Italy was the most popular tourism destination in Europe among its readership. Knight Frank stated that the traditional Italian property purchases such as farm-houses and cottages should take the back-burner to off-plan apartment developments in upcoming markets like Florence, according to Times reports.
The Italian island of Sicily is attracting increasing amounts of interest from those looking for holiday properties particularly from Brits, it has been claimed.
According to Country Life, Sicily has become increasingly trendy and modern, with Britons starting to buy in numbers around two years ago. The magazine stated that the British preference is for the east side, where properties in places like Ragusa have seen year-on-year price increases of around ten per cent. The city of Ragusa is off the beaten path and is located about an hour's drive from Syracuse. The beaches of the province of Ragusa some of the cleanest and affordable and least crowded to be found in Sicily.
According to Justin Figgins, director of Rightmove Overseas, "Flights are already in place and our statistics prove that interest in Sicilian property is increasing significantly, so I would not be surprised if prices start to rise fast." Apartments and villas in Sicily comprise some of the best value real estate to be found in Italy, prices will "definitely" rise in the south of the country over the next three years; Part of the reason for this is that it is a relatively untapped market for investors, making this a good part of the country in which to invest.
Sicily has had the largest annual rise in popularity among prospective buyers, with searches increased by 185 per cent compared with the same period in the previous year. The northern regions such as Tuscany, Le Marche and Abruzzo have all become well-established Italy property markets among British buyers. However, for those wanting something more traditional and priced less, or who are less keen on restoring an old ruin, Sicily may offer the best prospects.
Meanwhile, The Daily Telegraph has stated that the Sicily, the largest in the Mediterranean, has a strong rental market and is also a popular tourism destination, with three airports (Palermo, Catania and Trapani) providing airport access from Britain.
