Buying apartments in Italy
The enduring appeal of Italy’s great cities means apartments remain a great buy – for your own use, for ensuring a steady stream of rental income and as a capital investment.
Art cities such as Rome, Florence and Venice are always highly sought after by tourists and other visitors for long and short-term stays.
Cities such as Milan or Turin, on the other hand, are more likely to attract weekend visits.
However, if you don’t know a particular city well, it is important to seek advice on the best areas in which to buy, otherwise you risk investing in an area with very low rental potential.
In Rome, for instance, €450,000 will get you a smart apartment. However, this is unlikely to be in the centre, where two-bedroom apartments top the million-euro mark.
So whereas you might think nothing of having to take a train from your newly-purchased apartment into the city centre, most tourists are likely to baulk at that, preferring to be within walking distance of the city’s attractions.
In Florence and Milan, one-bedroom apartments in the centre start at around the €300,000 mark, while in Venice it is possible to find one for just under that. And for €400,000 you can pick up a good-sized, centrally located two-bedroom property.
Other towns where properties can provide a steady stream of rental income all year round include Lucca and Pisa in Tuscany, Verona in Veneto and Bergamo in Lombardy.
Finally, bear in mind that a report in January this year has forecast prices of Italian city centre properties to fall by between six and 10 per cent over the year – so it’s a great time to be a buyer.
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