Britons top Italy overseas investors’ league

Britons remain the most enthusiastic foreign investors in the property in Italy market, new research shows. They make up nearly one in four (24 per cent) of overseas requests for Italian property, with Germans accounting for 21 per cent.

UK buyers are still drawn by the age-old appeal of a farmhouse in Tuscany, which forms nearly 30 per cent of their inquiries. And they overwhelmingly likely to buy a property costing €300,000-€500,000, with just over 75 per cent of their Italy real estate purchases falling within this price range.

The typical German investor, on the other hand, is most likely to buy in Emilia-Romagna property of between €200,000 and €300,000. And the French, who make up 17 per cent of requests from abroad, are most likely to buy in Liguria, the research from an Italian property group suggests. However, other regions are increasingly proving popular.

Chief executive Carlo Giordano explains: “Historically it has been Tuscany that has attracted foreign buyers’ interest, but in recent years we have seen increasing attention also for other parts of our country, in particular Puglia (31 per cent), Sicily (16 per cent) and Umbria (8 per cent).”

One notable trend has been from Russian buyers, who overwhelmingly opt for high-end luxury properties. The typical Russian investor loves Rome but is drawn to Sardinia for its tourist appeal and tends to go for Sardinian villas starting at around €900,000.

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Italians warm to a real fireplace

Perhaps it’s down to the big freeze - or the enduring appeal of coming home to some good, old-fashioned warmth… but it appears more Italians than ever want a traditional fireplace in their dream homes.

The growing trend comes despite the supposed obsolescence of old-fashioned firesides and hearths in the face of modern central heating. In fact the presence of a fireplace in a lounge can raise the value of a property in Italy by as much as 20 per cent, as well as lend it a certain air of traditional charm, research by a leading real estate conglomerate reveals.

The rising demand for old-fashioned fireplaces means around 12 per cent of newly constructed detached properties in Italy are now being built with at least one.

Turin is the city where houses are most likely to have a hearth and chimney – and 7 per cent of homes in the city do. Florence and Milan (6 per cent of homes) follow closely by, and then comes Rome, where 5 per cent of domestic properties are equipped with fireplaces.

Carlo Giordano, head of immobiliare.it, the Italy real estate company behind the figures, explained: “Notwithstanding the many technical and administrative difficulties that installing a fireplace brings, more Italians than ever still dream of having one.

“Their penetration across Italian homes is truly uniform and our fascination with them appears to have found a new lease of life. Now there are fireplaces of every type and many companies specialise in their production, including that of models that eliminate the soot that for so long spelt disaster for walls and household furniture.”

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Slowdown slows down in the Italy real estate sector

The property for sale in Italy market may be experiencing the same challenging times – albeit with less volatility – as property markets across the Western world.

However, there are some green shoots/encouraging signs that the housing slowdown is in fact slowing down.

The three months to the end of September showed a little over 132,750 Italy real estate transactions – a drop of 11.3 per cent compared to the same period in 2008, Italian Land Registry figures show. However, that decline was a slight improvement on the 12.3 per cent fall seen in the second quarter of 2009.

Northern regions saw the steepest drop, with the 14.7 per cent fall in homes sales almost double that seen in Central regions (8.2 per cent) and the South (6.6 per cent).

The regional divide is even more marked in commercial property in Italy. Whereas northern Italy has been hit by a 19 per cent fall in the office sector and a 22 per cent fall in warehouse real estate transactions, the South has experienced an 8.6 per cent surge.

In the residential market, although capital and non-capital cities fare equally well (or badly), there is a wide gap between cities and smaller towns.

Although regional capitals Milan (Lombardy) and Bologna (Emilia-Romagna) showed positive figures in the second quarter of 2009, they experienced a downturn in the third quarter (a 14 per cent drop in Milan and a 4 per cent fall in Bologna.

Other large cities also recorded minus figures, varying from -27 per cent (Florence) to the -3 to -4 per cent seen in Palermo (Sicily) and Naples (Campania)

The Land Registry estimates that 2009 will see around 600,000 property transactions, around 25 per cent down on the 815,000 registered two years ago.

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The rising demand for coastal homes in Italy

With its 7,600 miles of spectacular coastline, everything from spectacular rocky cliffs to long, sandy beaches, buying a property in Italy by the sea by the sea never goes out of fashion – worldwide crisis or not.

The most popular coastal region for buyers of second homes is Puglia property, where the Gargano area has seen a 17% rise in requests from prospective purchasers and nearby Salento a 13% rise.The second most popular coastal region is Sicily, with Syracuse, Messina, Catania and the entire east coast (which has seen rises of 9-11%) topping investors’ wishlists.

On the other hand, regions that have seen a drop in demand and prices include Liguria (requests 5% down in Cinque Terre) and Sardinia (down 4% in the Costa Smeralda).

Carlo Giordano, CEO of a leading Italy real estate portal, said: “The trend of prices and request reflect a new interest in areas of our country that until now were less known, while thee fall in Liguria and Sardinia can be put down to the normalisation of a rise that in previous years reached levels that were perhaps too high.”

The main movers in the second-homes market are families with children who live in metropolitan areas. For them, a second home – as well as being an investment – may offer the best means of cutting down on the costs of going on holiday that can spiral with large families.

Second-home purchasing costs can typically range from €1,410 per sq in, say, Metaponto, Basilicata, to €5,170 per sq m in Liguria’s Cinque Terre coast. On the Emilia-Romagna riviera, expect to pay around €2,790 per sq m, rising to €3,850 on Tuscany’s Versilia coast.

More affordable are Calabria (€1,450 per sq m in the Costa degli Dei and €1,600 in Costa Viola) and Marches (€2,710 per sq m in the Riviera del Conero).

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Italy’s best beaches for kids

Italy’s beautiful beaches are rightly recognised as among the most inviting in the world – indeed, this year no fewer than 113 shores and marinas were granted the prestigious blue flag award.

But a leading Italian lifestyle magazine has gone a step further and compiled a list of the country’s best beaches to take children to – with Ostuni in Puglia, San Teodoro (Sardinia) and Cefalu (Sicily) taking the top three spots.

The survey was based on a quiz of nearly 400 paediatricians and considered factors such as sandy shores devoid of rocks and pebbles; ready availability of shops, pizza restaurants and ice cream parlours; a large number of beach umbrellas; holiday accommodation within easy reach of the sea; clean water with a shallow seabed ; and adequate lifeguard supervision.

The idea behind the poll was to identify beaches that were ideal for youngsters and teenagers but which could also be enjoyed by mums and dads. Other criteria that were considered included wide open spaces ideal for kids to play; the vicinity of cultural attractions; and the absence of rowdy nightclubs.

The top 10
1. Ostuni, Puglia
2. San Teodoro, Sardinia
3. Cefalu, Sicily
4. Viareggio, Tuscany
5. Sabaudia, Lazio
6. Riccione, Emilia-Romagna
7. San Benedetto del Tronto, Le Marche
8. Lignano Sabbiadoro, Friuli-Venezia Giulia
9. Nicotera Marina, Calabria
10. Jesolo, Veneto

As an interesting aside, when parents were invited to give their views on the doctors’ choice, they ranked them: 1) Lignano Sabbiado; 2) Riccione; and 3) Jesolo, deeming the availability of recreational facilities more important than the quality of natural environment.

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