Property in Florence

August 1st, 2008 | by Ainsley |

Tuscany is spoilt for treasures but the jewel in the crown is undoubtedly Florence.

This amazing Renaissance city is the No1 destination for visitors to Tuscany and has something for everyone.

As well as the timeless appeal of Florence’s world-famous cathedrals and museums, art galleries and squares, there are also some of the best stores and boutiques in Italy.

Not surprisingly there is no shortage of foreign investors keen on buying property for sale in Florence

After all, who wouldn’t want a chic apartment in Florence in a grand palazzo, a few minutes’ walk from the famous 15th century Duomo? Or to be able to stroll through the Piazza della Signoria, past the legions of awe-struck visitors, on the way home?

Property for sale in Florence

Prices for property in Florence reflect this. The Italian real estate market, like most of the rest of the world, is feeling the effects of the global slowdown and the credit crunch.

In the first six months of 2008, Italian real estate prices saw their slowest increase in 10 years– a headline rate of just 2.1 per cent, equivalent to a measly 1.1 per cent once inflation is taken into account.

Yet despite the doom and gloom, the city is bucking the trend, as the value of property in Florence powers on steadily year and is among the highest in Italy.

Of course it helps that there is no new-build property in Florence itself, ensuring demand outstrips supply. Great, if you’ve already snapped up a chic apartment in Florence and can watch the value of your investment climb. Not so great if you’re still looking for somewhere to buy.

If you’ve got your eye on, for instance, a smart, 50sq m one-bedroom apartment, don’t expect much change out of €200,000. Fancy being in the heart of the city, close to the historical centre or embankment? Start thinking €400,000.

Two and three-bedroom flats pretty much anywhere in the city start at north of that mark. But if you can afford to buy here, do, because it has unbeatable rental potential all year round.

Nonetheless, many Fiorentini head outside the city in search of somewhere more affordable. And there’s no harm in following suit. After all, you can always come and sample the delights of the Renaissance city as a day-tripper.

For instance, venture a mere quarter of an hour away by car and prices start plunging by around a quarter. However, you can still expect to pay up anything €700,000 for a terraced or semi-detached property with a couple of bedrooms.

Keep going for around three-quarters of an hour, to areas such as Pontassieve and Greve in the countryside, and that kind of budget comfortably get you a villa plus some surrounding land.

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