Italian property being sold below market value

Thursday, February 09, 2012

Italian property being sold below market value

Now is the time to buy property in Italy, according to many of the country's agents, who are seeing homes in the country being sold at below market value.

Linda Travella of agents Casa Travella comments: “Italy was slow in reducing Italian real estate property prices after the economic crisis in September 2008, and in fact, we did not see any significant reductions until 2010. Vendors began to realise that if they did not start to reduce their prices then buyers would look towards other countries for investments rather than investing in the Italian real estate market.”

Vendors have now caught on, Travella believes, and there are plenty of bargains to be had including reduced property in Tuscany, traditionally seen as an area outside of the many Brits budgets. In Le Marche for example the company is marketing a two bedroom apartment in a restored fortress with a shared pool for only €139.000 reduced from €190.000. And in Lake Como, where your neighbours could include George Clooney, property prices have also fallen. The company is marketing a two bedroom apartment in Laglio with lake views reduced from €195.000 from €260.000.

“Buyers should not be suspicious about Italian property being sold below market value but just make the most of it,” urges Travella.

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Author

A Place In The Sun