Southern Italy is becoming increasingly popular with foreign property buyers, according to a national newspaper.
The Sunday Times pointed out that there has recently been an "explosion of interest" in the region for overseas investors as many find good value properties in stunning surroundings in the south of Italy. The region not only attracts the super-rich, it also has plenty to offer to those with a smaller budget.
Southern Italy has more charm than many other popular investment hotspots, since it offers a number of attractions to investors, including lifestyle benefits and the potential to collect high returns. Prospective buyers are attracted by the "fabulous" climate, "strikingly beautiful" landscapes, history and cultural heritage, as well as excellent Italian cuisine. Gabriele Giambrone, senior partner of Italian legal firm Giambrone & Law has commented that Southern regions of Italy are fast becoming the new Algarve of the Mediterranean.
Flats in town centers are available for £160,000, while in south of Italy newly-built apartment could be snapped up for as little as £60,000. Many offshore property investors are targeting southern Italian provinces as new accessibility provided by cheap flight operators has generated new opportunities for investors.
In a related news, Irish newspaper the Mayo Advertiser stated that in 2007, prices in the southern region have risen by about 40 per cent.
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