Tuscany become property hotspot for overseas investors

The Times has reported that property prices in Tuscany have doubled in the last decade and it is in fact the property hotspot for overseas investors particularly among second home buyers in the UK. Tuscany property market is performing well, although current global crunch have led to distress in various property markets.

Rupert Fawcett of Knight Frank speaking to the Times has said, Tuscany maintains its appeal to overseas investors and offers a wide spectrum of property types. The period style properties in Tuscany gives it a charm all of its own. He also said that it is rather considered as a lifestyle purchasers market than the market for investment buyers. That means people buy in Italy, especially in Tuscan make the purchase for the love of the Italian culture and the life style. But that doesn’t mean Tuscany property has no monetary benefits. Overseas investors looking for properties in Tuscany consider long-term benefits and are not concerned with immediate financial worries.

Construction costs are significantly lower than that in UK or in other European countries. Capital appreciation gained from the restoration of a farmhouse ruin often pays for itself.

Paul Collins, property editor for BuyAssociation has said that People tend to buy a property in Tuscany to fix up and renovate that and they rent it or use it for part of the year, or just as a holiday home. The Tuscany property is perfectly stable and it’s never been an exceptional performer but the property market is quite interesting at the moment. Mr. Fawcett has said that British investors account for the majority of buyers in Tuscany.

Overseas Property purchasers in Tuscany enjoy the stability of a fine property in one of the world's most established markets. The fabulous Mediterranean climate and world class beaches are main attractions to tourists and property investors from around the world.

This comes after a recent poll by The Network which found that 15 per cent of respondents believe Italy will be this year's most popular holiday destination.

Good returns in Italy for overseas investors

Overseas property investors have been recommended to consider purchasing a residence in Italy as analysts predict government reforms could make the Italian investment highly lucrative.

Silvio Berlusconi plans to remove Italy's main property tax, ICI, which helps fund local administrations, would cost nearly 2 billion euros ($3.2 billion). Berlusconi said in an interview that he'll move quickly to cut the tax burden for Italians. Dan Johnson, MD of TheMoveChannel.com has said that the planned tax cut would be a beneficial for Italian property owners.


Gianluigi Mandruzzato, an economist at Banca BSI SA in Lugano, Switzerland has said that the stability of the government is good news for the economy and for policy making.

Already Italy has lead the way in property tax reforms offering substantial VAT discounts and no capital gains tax on profits from Italian property. If the main property tax is abolished then buying a property in Italy will be much cheaper.

Foreign Property Buyer website has reported that this could initiate more interest in the Italian property market and rise prices in prime areas. Many Overseas investors are flocking Italy as it provides a healthy investment arena with tax reforms, high capital growth and a strong tourist market.

Rupert Fawcett of Knight Frank Speaking to the Times said that areas such as Tuscany offer a wide spectrum of property types and maintaining their appeal to overseas investors.

Italy is popular foodie's destination

The attraction of the Italian local cuisine is set to move markets. NuBricks.com has reported that Italy has a global reputation for offering excellent food and wine. Italy is among the most admired gastronomic tourism destinations and UK visitors are attracted by the Italian delicacies and they are traveling to Italy simply for the food.

Recent study by travel website Expedia.co.uk has found that many holidaymakers flocking to Italy in order to sample its delicacies first-hand. Alison Couper of Expedia.co.uk has said that the recent trend shows that Brits are becoming increasingly adventurous when traveling abroad. The gastro-tourists are said to be heading to the region with the intention of having a go on its well-known brand local delicacies. According to the statistics of the website nearly one in ten people fall into this category and travel abroad.

Expedia.co.uk predicted that Italy has already carved out a niche in the holiday industry and this would be highly beneficial for overseas property purchasers. The growing popularity of "gastro-tourism" has opened up a new market for foreign investors. Self catering holidays UK, February 2007 report says that fascination with eating out and good food and wine has fuelled increase of ‘gastro-tourism’ and raised people’s expectations and Smart holiday home owners are tapping in to the trend and offer ‘gourmet’ catering.

Recent poll of British travel agents by The Network found that nearly15 per cent predict Italy will be this year's most popular holiday destination.

Property in Alps tempts younger buyers

The Italian Alps are increasingly popular with the tourists and they come for Alps vacations to enjoy golf, paragliding, skiing, mountain biking and a night life of pubs, discos, live music etc. There are more snow-sure areas and a longer season in Alps. Italian resorts ski chalets are getting popular as they are cheaper and in offer better facilities in more scenic surroundings. The growing skiing industry also increases the potential for property rental.

Paul Collins of the BuyAssociation has said that younger and would be property buyers are increasingly choosing to purchase property in the Alps. Italian Alps is one of the most popular holiday destinations in Europe with all of the seasons having their own matchless attractions.

Mr. Collins added that easy accessibility to Italy adds more spice to the Alps tourism. Budget airlines offer flights to the region all year round.

The Alps unique selling point is its variety of property styles and locations and it boast year-round activity. Italian authenticity can be found in the high altitude, high end, and purpose-built resorts in Alps.

Currency specialist HiFX has reported that properties in and around Italian ski resorts are becoming more and more popular with foreign property buyers.

Italian countryside near lakes is the new property hotspot

Overseas property investment has noticeably increased over the past decade, especially in southern Italy and Italian countryside and beside Italian lakes is also emerging to top on today’s property market. Italy’s government provides special incentives for potential buyers to further boost its property market. To have a holiday home by the Italian lakes is to buy in one of the most attractive and potentially luxurious regions in the country. Lakes Como, Maggiore, Garda and Lugano are the most visited while Iseo and Orta are under explored for tourism and have the potential growth in the future. You can benefit not only from the summer season but also from winter ski holidays when you invest in property in Italian lake areas.

The breathtaking views of the lakes, picturesque countryside and secluded locations command top prices. The Italian lakeside has the unspoilt Italian life that has started to sense the full effects of the international property boom. A good investment area that has great potential market growth is around the northern lakes, like Lake Como. This area become easily accessible and can be reached through Milan’s Linate and Malpensa airports, and Bergamo. Rented accommodation is in high demand and is emerging to top.

Lake Garda is a fast emerging property market to look for the property investors. Considerable capital growth and Rental potential are the important factors of rising property prices. Still the property prices are comparatively affordable for the investors and infrastructure facilities are good.

The good news is that Italian countryside away from lakes but still within easy reach to the lakes has comparatively cheaper property prices. Properties are now in demand and there are an increasing number of investors particularly targeting rural locations in close proximity to popular resorts and lakes in Italy as the region is frequented by overseas visitors for the love of picturesque Italian countryside. With very limited development properties these Italian countryside around lakes, vacation homes in the area are much in demand for tourist rentals.

Transformation of Milan property

Property in Italy is in demand and there are an increasing number of investors particularly targeting traditional buying areas, such as Rome, Milan, Venice and Florence and they continue to appeal investors as it is incredibly affluent and offers excellent returns. Milan, second largest city in Italy, which is renowned for its industrial capacity and fashion industry, is slowly getting a makeover. Many of the old industries and plants have long departed out of the city, and many of the old businesses are being turned into retail, housing and commercial centers.

In an interview with the International Herald Tribune, EC Harris, the international property consultants has said that Most of the heavy industry moved out of the city. The new economic situation due to the departure of industries and plants produced an abundance of urban spaces available for redevelopment. Milan is in the threshold of developing into the largest construction site in Europe.

Scenari Immobiliari, an independent research institute, last year reports identified around 6 million square meters of industrial land in Milan. There are at present 150 urban redevelopment projects are in design as well as in construction stage in Milan and €15 to €20 billion is invested to these projects. One of the most esteemed of these projects is the Porta Nuova, or New Gate which was launched last may.

The Porta Nuova development is in fact has three separate projects taking place in and around the Garibaldi train station. Manfredi Catella, chief executive of Hines Italia, the U.S. Company that is in charge of the construction has said that the redevelopment of garibaldi area is a vision of 50 years or more. Porta Nuova will have 360,000 square meters of offices, residential and commercial spaces; large park in the center and with cultural and community centers as well. It would be completed in 2012.

Carlo Masseroli, the public assessor of urban development in Milan, believes that Porta Nuova project is a catalyst for all the Milan redevelopment projects. Luigi Marchesini, from the property development firm in bologna has said that Milan offers ample opportunities for overseas property investors with all the redevelopment projects.

CERTeT, a regional economic center at Bocconi University in Milan, report in may last year has calculated that restoration of former industrial areas in Italy generates €2.90 for each euro that is invested.

Tax breaks enhances Italian property investment

Industry specialists has stated that Italy, traditionally popular with overseas investors also offers a range of tax breaks.

Property firm Casa Travella has said that apart from the endless beautiful landscapes, history and culture, Italy also offers financial rewards to investors due to its tax laws.

The good news for property investors is now there is no capital gains tax on property and there is no wealth tax. Inheritance and gifting of property are also shielded from taxation as there is no tax for gifts less than €80,760 or to direct family members. These tax breaks are really helpful for investors going for long-term investment. Italy offers much better financial benefits than many other countries.

ShelterOffshore.com recommended the country for overseas investors for its beautiful countryside and fantastic year round weather.Movechannel.com research revealed that Italy gets into top spot as the prime destination for Brits looking for property abroad followed by Spain and France. The Italian property market is in its eighth consecutive year of growth as Property experts predict that the market is supporting overall capital appreciation and the fiscal fundamentals are in place for there to be growth for next few years.

Italian ski resorts attracts overseas investors

Italian ski resorts are currently attracting a considerable number of overseas property investors, experts have revealed.

Currency specialist HiFX has revealed that Investors with properties to rent in or near to Italian ski resorts would be able to make good profit. Easy jet reports say that nearly 2.5 million UK passengers are set to travel to offshore skiing destinations this summer. Ski chalets are considered to be in particularly high demand after Christmas season from January to March.

Nevertheless, HiFX has stated that investors could get a better deal if they delay buying a property until later in the year as it could be up to ten per cent cheaper.

A Place in the Sun magazine reported that Italy is one of Britons' top five overseas property destinations. Property owners with rentable holiday accommodations in ski resorts could be able to take advantage of many Brit's love for skiing, while low cost airline routes and increased tourist trade are all in favor of investors to increase rates and gain financial returns.

Exchange rates enhance Eurozone property market

Strong Euro exchange rate with no sign of reversing the uptrend boosts the property in countries such as Spain and Italy and those who already own properties could cash in on the encouraging exchange rates.

Homes Overseas has stated that the euro has performed robustly against the pound during the past few months.

The rise in the value of the euro will magnify the price gap between properties on sale. Property owners in Spain or Italy will find high capital appreciation. This results in the reality of making a substantial profit if they choose to sell their property in the future. For the prospective buyers to take advantage of exchange rates, when buying overseas property, fixing the rate for the future date is advisable.

The sharp rise in property values brings mixed fortunes as it could add to the size of a person’s inheritance and the need to plan ahead for the future. Benefits of good exchange rates can be felt only at the time of selling the property.

Property expert David Stanley Redfern further said that up to 2013, global property market is anticipated to see an annual increase of 13 per cent.

Properties in as Sicily, Abbruzzo and Calabria attract investors

Italy's emerging markets such as Sicily, Abbruzzo and Italy's 'jewel of the sun', Calabria has become hot and fast-moving markets. Property investors are lured by excellent infrastructure, legendary countryside and quite excellent value for money.

Apartments along the coast or in the Italian countryside are one of the most popular places for vacationers so even in quieter seasons the rental income in this region would be substantially good. Calabria has the unspoilt Italian life that has started to sense the full effects of the international property boom. Exciting capital growth potential and the advantage of a reasonable, easy guidelines, non-resident mortgage market, and 80% loan to value available from lenders such as Barclays and GE Capital make it even more popular.

Calabria's amazing mountainous landscape, turquoise, aquamarine warm waters, villages clinging precariously to mountainsides, forests, winter skiing and white-water rafting also make it as a property hotspot. The Sunday Times described Tropea as Europe's best beach. But the good news is property can still be as cheap as €45,000 (just £30,000!). Calabria is relatively unknown and has opened up massively in recent times. Prices are already on the rise as demand of investors is incredibly increasing.

Chris Sawyer, GEM Estates, has commented that investors are lured by the low risk option of Calabria, valued properties, good accessibility, and potential capital growth. Prices are exceptionally low, with off-plan apartments from, £30,000 due to the potential for significant long term capital appreciation with low risk and the expected improvements in infrastructure.

Easy accessibility due to low cost airlines further spurs the property boom. Ryanair now offers direct flights to Lamezia Terme in Calabria from London and currently Ryanair flies five times a week from Stansted. ThomsonFly operates flights once a week from both Manchester and Gatwick. Alternatively flying to Rome by Easyjet, British Airways and Alitalia and getting a connecting Alitalia flight to the region's capital Reggio di Calbaria to Lamezia Terme is also available.