If 2020 has been a year full of uncertainty but also daydreams, 2021 is a year full of promises of new beginnings for all of us.
For many overseas buyers the Italian dream, which represents a new quality life, has become a priority. As a matter of fact Gate-away.com registered an incredible surge in demand from all over the world for property for sale in Italy not only in 2020 but especially in these first months of 2021. Also real estate agencies confirmed that they are now selling many properties to international house hunters in Italy as never before also in those cases in which the buyer can’t travel to the bel paese to see homes with their own eyes. This is now possible thanks to virtual tours or the Power of attorney, just to name a few tools that are helping in these tough times.
But what to expect from today’s housing market?
We are optimistic about the future of the Italian property market and here’s why you should be too.
What changes will 2021 bring to the Italian property market?
The new Draghi government gives a breath of optimism to the economy and the Btp-Bund spread dropped to a record low, so the market could be more appealing to investors.
Rates on mortgages are at a historic low and they will remain like this for a while, probably for the entire year, to help the economy start again. With rates still under 1%, it is a very favourable moment to get a mortgage.
According to Eurostat — the Statistical office of the EU within the European Commission — in spite of Covid, the prices of properties for sale have increased by 1.3% in the UE area in the third trimester of 2020 compared to the second trimester and by 5.2% compared to the same trimester of 2019.
Italy shows an increase by 1% compared to last year and a decrease of 2.5% compared to the trimester before.
Of course there are many variations whether you are taking into consideration new properties compared to pre-owned or used properties or big cities like Milan, Turin and Rome where prices have increased respectively by around 20%, 5% and 2%. But there are also some decreases in Naples (about -3,5%) and Palermo (about -4%) for instance.
The cheapest regions are Molise and Calabria with an average of 896 €/sq m and 900 €/sq m.
Also the asking price for properties with garden, terrace and outdoor areas more in general could increase due to a higher interest in those kinds of properties after the worldwide population experienced lockdowns because of the pandemic.
Flights to Italy: they will be cheaper
Many low-cost companies are already offering juicy discounts on flights to Italy.
Ryanair for example has a new ‘zero’ policy to change the flight you buy. If you book a flight before March 31st 2021 with departure within October 31st 2021 and you need to change it, there are no fines. In case you will pay only the price difference.
Booking.com also is offering a discount if you make a reservation within the end of March to stay in one of their selected facilities within the end of March.
If March seems too last minute, there are of course great plans also for this Summer.
Easyjet, Volotea and other low cost companies are planning new connections with Sardinia and many others are creating new internal connections with South Italy.
Rimini airport in Emilia Romagna is opening new routes, too!
So even if you can’t fly now, we are sure there will be many discounts and special sales like these ones that will be applied also in the future.
The importance of the COVID-19 vaccine
The coronavirus vaccine is finally here and ready and it is the main weapon against the virus to lead us out of this pandemic.
It gave us all the real hope for a new beginning that we can finally see little by little.
Procida: the next hottest Italian destination
The picturesque Procida has been nominated as Cultural Capital of 2022. It is the first island to win this title and what an island!
Situated in the bay of Naples, it is famous for its vibrant coloured houses and for inspiring many painters and filmmakers. Have you ever seen ‘The postman’ and ‘The talented Mr Ripley’ for example?
But there is more, with this project the community was able to show that even tiny realities like this one have the possibility to compete and win over bigger cities.
The small island has no more than 10,000 inhabitants and it boasts an incredible architectural and landscape heritage, a rich culture and beauty, but the most special feature are the people.
So if you are starting planning your next journey to Italy, Procida should now be on top of your bucket list.