The 2003 movie, "Under the Tuscan Sun" was all about a San Francisco writer, Frances Mayes, whose marriage ends, and she decides to tour Tuscany to get out of her writer's block. She falls in love with Tuscany, and buys a falling-down villa, hiring locals to rehabilitate it to its former glory. It's a great story, one you should watch if you haven't already, or if you're considering doing rehab investing in Italy.
While UK investors have been less involved in the real estate markets of Italy lately, it seems that the Russian investors and vacationers are giving it a thorough look. It seems that Italy's real estate hasn't suffered the volatility of real estate in Spain and France, so European investors have gravitated to those areas where deeper discounts can be realized. Those deep discounts aren't prevalent in Italy's market, that is unless you have romantic movie notions about rundown property opportunities. Russians have heavily invested in the Black Sea area and Bulgaria. It's logical that, with Italy just around the corner, that their attention would turn to Italy for fun and investment returns.
With Italy declared one of the top five most visited destinations in the world, it's clear that this popularity with visitors would translate into real estate investment and a less volatile market during the last few difficult years for real estate worldwide. Many global real estate market analysts are predicting a great 2010 for Italian real estate.
Buyers of single family residential homes in Italy have been on a buying spree in the rural areas outside major cities. If questioned, they cite the easy going and laid back lifestyle in these areas, with easy access to the hustle and bustle of the cities when they want it. In fact, that movie was mentioned many times as stimulating their interest in rural Italian homes.
Apartments in Italy
The limited amount of living space coupled with population growth have propelled apartment properties to the point of being the most often conveyed residential property type in the major cities. Many of these purchasers are investors who then offer the apartments for rent to longer term business residents from outside the country, or to local residents who do not wish to own, or can't in today's economy.
Whether it's vacation property, retirement, or investment that draws one to buy property in Italy, there is ample evidence that the real estate markets there will continue to flourish into the future.
Property in Italy | Italy Holiday rentals | Italy Monthly rentals