Italy Property To Be Buoyant In 2012
News Posted On: 15 December 2011
One Italian agent is reporting increasing interest from overseas buyers, and believes the market could be buoyant next year as a result.
You have to ask yourself one question... Do I feel lucky, well do ya, Italy? It is funny I was just thinking the other day of how Italy and Portugal could really surprise everyone and do well next year.
The Eurozone crisis is a scary prospect and shows no signs of abating. This is a problem for Portugal, Ireland, Italy, Greece and Spain because they are all at the centre of the crisis.
Despite this, earlier in the year we heard reports of a mini-rush from foreign buyers taking advantage of cheap properties in Ireland, Spain, Greece and Portugal to a lesser extent because prices in the latter hadn't fallen as far yet.
Now with the real prospect of Spain or Greece pulling out of the Euro is a stride too far for all but the bravest buyers. And in Spain, buyers were focussed in very few areas where over development and legality issues were not rife.
Now, Italy and Portugal have a chance to see a boost from the bargain hunters. The continuing EU crisis is likely to force property prices down. Meanwhile there is no overdevelopment and the markets still have many highly sought after locations. Then you have the weakness of the Euro to throw in as well.
According to Linda Travella, of Italian property firm Casa Travella, activity in Italy is already picking up to pre-crisis levels, she explained:
"The last quarter of 2011 is the busiest it has been for four years with a surprising amount of enquiries and sales for Italian property. These are not all coming from the UK but from international clientele.
"I see the market for buying property in Italy staying buoyant for the first two quarters of 2012. We already have clients booking to view property for sale in Italy in January, which is something that does not happen every year, as it is normally a quiet month."
View property for sale in Italy
Article written by Les Calvert
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