What kind of situation it is currently in? International home hunters should take an interest in Italy?

At the present moment the ‘boot-shaped’ country possibly has one of the world’s most affordable and reliable housing markets. Even after the global economic crisis hit, it remained solid. Any foreigners looking into property in Italy have found it to be a great investment and according to Bloomberg in a recent article, ‘Italy is a buyer’s market‘. Coming from a corporate giant such as this, it should persuade anyone to invest in, because the situation Italy currently sits in isn’t well known, many simply overlook Italy for places such as Spain or Florida. Still not convinced?

Housing prices in Italy compared to other nations

Property prices around the world vary, but none compare with Italy’s where they have fallen by 3.4% in Q1 2015 with respect to the same period in 2014 according to ISTAT (The National Institute of Statistics). In particular they registered a -3.8% for habitable properties and -2% for brand new homes.

On the contrary, in numerous places around the globe property prices are continuing to rise.

In America, a typical studio apartment in the luxury and exclusive area of Manhattan (New York) will set you back around $1.87 million (€1.7 million). For that sum of money, you could get an incredible mansion, which would include a swimming pool and many other features, situated in the stunning Tuscany area, which still is the most sought-after destination in Italy.

In Europe, the most expensive property prices are in London, with €14,000 per metre squared (compared with the average national price of €5,000 per metre squared). Prices in France are a little bit cheaper than that with roughly €4,000 per metre squared (and around €10,000 roughly for Paris). Finally, in Sweden are around €3,000 per metre squared and Ireland €2600 per metre squared.

So overall, Italy has now some of the best prices across the world and as said before, they continue to fall. For any foreign investors then, this means that it is ideal for you to invest Italy. If you do, you will not be disappointed!

Are you wondering why they are falling?

• Every Italian owns around 1.3 properties
• Average housing wealth is calculated by the Bank of Italy to be around €200,000
• Average disposable income is estimated to be €21,000
• High rates of youth unemployment

Due to all of these factors collected by Italy’s Ministry of Finance, and the current economic climate, always more often the average Italian man/woman decide to sell their second homes as they simply cannot afford it. This secure a beautiful home at bargain prices for potential buyers.

In connection with this, Italy is the country within the Eurozone where property prices fell the most in the last 2 years against the general trend:

Ireland – rose by 16.3%
Malta – rose by 11%
Sweden – rose by 10.4%
Estonia – rose by 10.1%
United Kingdom – rose by 10%

That’s why in a recent article Bloomberg said: “In a nation of house-rich but cash-
poor citizens, Italy is a buyer’s market.” This indicates that it’s such a big opportunity for those of you looking for homes in Italy.

For any foreign investors or even those within Italy’s borders, this would be the perfect moment for you to invest in the beautiful homes that Italy has to offer, bathing in the glorious sunshine.

[Featured image by orbeckst]