Actual Property Focus: Why Now could be an Fascinating Time to Purchase in Italy
In the midst of a global pandemic, investing in some luxury real estate may be the last thing on your mind – but in fact, in many cases, now is a better time than ever to buy a bargain property that offers you a valuable nest egg for the future. And if you have often dreamed of living in a warm and sunny place, going on vacation or just owning prime property, then Italy might be the place.
Italy is currently a firm buyer’s market. Since all markets are primarily determined by the law of supply and demand, its dynamics are particularly unique when it comes to high-end real estate, where the supply of real estate in the market reflects the number of buyers who are at any given time want to buy is overwhelming – and this is especially true now when the majority of potential investors have concerns about parting with their money.
Many properties, especially those in the countryside, are generation properties that may have been family owned for many years. Now in the hands of owners who are not as attached to ownership as their parents or grandparents are, they are flooding the markets at a rate that buyers simply cannot keep up with. The result? An excellent choice for anyone looking to invest in a luxury property in Italy so you can literally make your choice.
Italy is currently a firm buyer’s market
Cameron Avery, Director at Prestige Properties – specializing in luxury property sales in Italy – says: “Lifestyles have changed and where many of the properties were previously inhabited year-round, they are now either sporadically used, rented out or completely abandoned . As a result, today’s generation is not as emotionally attached to property and, in fact, often sees it as a burden rather than anything else. They prefer to sell and release their equity so that they have the flexibility to invest as they wish or simply to support them with their own cost of living. “
The result of this dynamic is that there is a deluge of rural properties on the market in Italy. In areas like Tuscany and Umbria, for every property that is sold to an international buyer, there is a huge amount that is not sold. As such, the market is firmly in the hands of the buyer.
Avery explains, “Asking prices can be used as a guide, but most of the time discounts – often substantial – can be secured on the price proposal.
“It is not uncommon to find a property whose price was so unrealistic from the start that it has been in the market for many years without ever receiving an offer. These cases offer buyers the opportunity to potentially acquire real estate at very attractive prices. “
Buying in a foreign country, and especially a country that speaks a different language, can often be an overwhelming task for international buyers – but it doesn’t have to be. All you need to do is work with an experienced luxury real estate company who will guide you through every phase of the process and help you secure the property of your dreams with minimal stress or hassle.
“While Italy has its own way of doing things of course, it’s actually a pretty straightforward process to buy a property in Italy,” says Avery.
“As we always explain to our clients, the key is to have highly professional consultants who speak the same language. That way, you will find that the process is a lot easier and more efficient. “
Cameron Avery, Director at Prestige Properties, despite current events with the ongoing Covid-19 pandemic around the world and the impact this is having on international travel, doesn’t see a major adverse impact on the upper end of the market in Italy
Despite current events with the ongoing Covid-19 pandemic around the world and the impact this is having on international travel, Avery does not see any major adverse effects on the upper end of the Italian market.
He explains: “We have seen rather counterintuitively that our customers are more interested in Italian luxury real estate than before Covid. It may be that people currently have more time to look for their dream property, or that their priorities in life are changing and that the time now feels right for them to buy a property in Italy.
“I suspect it’s a combination of both, but whatever it is, the interest we’re getting is amazing. There is a large pent-up demand for travel, especially in the North American market. I believe that after the travel restrictions are relaxed, we will see an explosion in buyer interest. “
Another interesting trend Avery anticipates is the increasing demand for exclusive villas rather than traditional hotel stays.
There has been no better time than now to buy a luxury property on the Italian coast
He explains: “I suspect the Covid-19 pandemic and its aftermath will change the way luxury travelers enjoy their holidays in Italy. Those who have traditionally stayed in hotels can instead rent an exclusive villa that will make them feel safer and more secure. This offers some very interesting opportunities for investors looking to get a return on their home in Italy, where professionally managed properties can be conveniently rented for up to 20 weeks per year at very attractive prices in the most sought-after destinations. “
It cannot be denied that Italy currently offers a very attractive environment for investment. In addition, there is the little-known and underestimated flat-rate tax system, which gives non-Italians who move their tax residence to Italy the opportunity to limit their tax on all income generated outside Italy to EUR 100,000.
As Avery says, “The flat tax system is extremely interesting. It offers the unique opportunity to enjoy “la dolce vita” and everything that Italy has to offer while benefiting from a tax system that is as attractive as anywhere in Europe. “
Convinced? It’s almost impossible not to be. To give you a taste of what’s currently available in Italy, we asked Avery to handpick four of the best.
The only question left is which one is for you.
Villa in Capri
Housed in an impressive piece of limestone jutting out of the Tyrrhenian Sea, Capri has long been known as one of the classiest and most sophisticated travel destinations in Italy. The hotel is right in front of the chic Amalfi Coast, which is home to other scenic attractions such as Positano and Amalfi. Today it is a playground for the rich and famous. The properties you will find here are impressive and a prime rental location for those looking for a luxurious and private vacation in Italy.
This stunning property, currently for sale, overlooks the sparkling Gulf of Sorrento and offers spectacular views of the Bay of Naples and along the Amalfi Coast.
On a total area of 1,100 square meters there are two separate villas and two other small buildings that were previously used as staff accommodation.
In the midst of a hectare of spacious and perfectly manicured gardens with a swimming pool, you can easily reach the main square of Capri on foot or in a few minutes by car.
Villa in Sardinia
This magnificent Italian style villa is located in the center of Porto Cervo. It is located on 5,000 square meters and has 900 square meters of living space on three floors. The beautifully manicured garden offers a wide view over the famous marina nearby and is an oasis of calm for everyone who wants to escape from everyday life.
It is a relatively new building that has been built using the latest construction techniques and has all the modern conveniences you could want. The ground floor consists of three double rooms, each with their own bathroom, a living room, a large veranda and a pool on the second floor, as well as a kitchen and two further double rooms. On the second floor there is a master bedroom with a walk-in closet and bathroom as well as a spectacular panoramic terrace.
Castle in Tuscany
Deep in the green hills that Tuscany is known for, this stunning property offers breathtaking views of nearby Siena and the surrounding countryside. Dating back to the 13th century, it is a truly majestic choice for those who want to feel like royalty in their surroundings. It’s rich in history.
Forming a rectangular shape around a central courtyard, it has an interior area of 1,400 square feet and some incredible original features such as towers, battlements, and terracotta floors. Set on 16.5 acres of land with over 400 olive trees and an acre of vineyards, it is a truly impressive property that anyone would love to own.
Villa in Veneto
This magnificent villa is located in the breathtaking landscape of the pretty Italian region of Veneto and offers breathtaking views over the plains of Veneto and the Italian Alps.
It was built in the second half of the 17th century and has classic high ceilings and great living spaces. The living room extends over three floors. The private landscaped grounds consist of a total of six bedrooms, four bathrooms and a choice of reception and entertainment rooms, as well as a spectacular swimming pool, which is perfect for cooling off in the Italian summer heat.
Write all images used in this article: Prestige Properties