Now’s the time to buy luxury property in Italy!
Bloomberg this week (7 May 2013) reports a significant increase in foreign property buyers in Italy. It stated "Foreign investment in Italian holiday properties is rising as Germans, Britons and Russians take advantage of a market where locals are struggling to purchase even a first home."
Holiday home sales to foreign buyers rose 14 percent last year, a total spending of 2.1 billion euros.
And the new government? Well, the signs are very positive. They look likely to scrap the controversial property tax IMU, which is sure to help the property market. Paolo Righi, head of Italy’s FIAIP real estate federation said “Letta (Italy's new PM) has given a very positive signal for the property sector."
A real estate expert from the magazine Case e Ville said “This is a good time for foreigners to buy. Properties that cost 2.5 million euros have come down to 1.5 million euros due to taxes and the economic downturn. Prices can drop by as much as 30 percent during negotiations," she said.