One cannot be blamed for being wary of Italy these days. The country was hit hard by the 2008–2011 crisis, which caused its economy to shrink 6.76%.
One cannot be blamed for being wary of Italy these days. The country was hit hard by the 2008–2011 crisis, which caused its
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economy to shrink 6.76%. According to Eurostat, the EU’s official statistics body, Italian public debt stood at 120.9% of its GDP in 2011, EU’s second highest after the beleaguered Greece.
Italy’s debt problem is compounded by an economic slowdown. So does this mean that there’s nothing promising for foreign property buyers in Italy? Apparently not.
According to Knight Frank, despite the debt crisis, Italy is still considered a strong, established, core property market.
However, the London-based estate agent also cautioned that the country’s property values are unlikely to recover over the next few years. ‘Italy is a myriad of destinations, each with their own unique charm and characters,’ says Rupert Fawcett, head of Knight Frank’s Italian Desk.
‘Buyers are predominantly driven by their desired lifestyle – they seek the long-term enjoyment of a second home rather than a short-term investment opportunity.’
And Italy has plenty to offer in this department. From the tranquil views of the Alpine lakes in Lombardy and picturesque coasts of Amalfi, to the rolling hills of sunny Tuscany and architectural gem that is Rome, Italy is a place replete with historic and impressive outstanding areas that yell investment opportunities (albeit of the long-term type).
It’s no wonder that more than 46 million tourists visited Italy in 2011, according to the World Tourism Organisation.