Foreigners' budgets rise in Italy real estate sector
The spending power of overseas buyers looking for a property in Italy has risen sharply this year, new research suggests.
The three months to the end of June saw a 23 per cent rise in the average value of homes they have enquired about compared with the first three months of the year. The figure was up nearly 12 per cent improved on the first quarter of 2009.
Even more impressive was the continued strong performance of the luxury homes in Italy sector. Here, there was a spectacular 52 per cent growth in investors looking for properties in the €500,000-€1,000,000 bracket. Top spenders continue to be the Russians, followed by the Germans and Dutch.
Demand for Italian real estate at the other end of the budget scale also appears vibrant, with an 11 per cent upsurge in homes on the market for less than €100,000.
However, it is between the two extremes where the market is yet to accelerate, the study by an Italy real estate listings firm suggested. Demand for properties in the €250,000-€500,000 bracket declined by just over 1 per cent while the €100,000-€250,000 bracket saw a 17 per cent fall.