Those keen to pick up a bargain property, may find a winter holiday home in Italy if they look in the right place, it has been noted.
According to the Times in a feature on overseas property discounts, the country has prospects outside of its traditional tourist areas that might be of interest to buyers, with prices up to 20 per cent down on their 2007 peak. Barbara Wood, director of The Property Finders estate agency said that buyers won't get an estate in Tuscany for less than £250,000, but they could find a nice flat in Bergamo, northern Italy, easily accessible on Ryanair.
The publication added that there are ways of getting an affordable home in Tuscany, noting that one property on the market is a one-bedroom flat in Roccalbegna with views of the island of Giglio and access to a swimming pool. The Times also noted that sellers are looking to drop prices to be able to dispose of their assets, even though the country has not seen a severe market slump.
Meanwhile, head of Knight Frank's Italian desk Rupert Fawcett said that property prices in Italy have always held. Italy's second-home market has been largely unaffected by the recession. Mr. Fawcett said popular places for second homes in the country include locations like Lake Como, Venice and Capri.
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