Venice has become a haven for overseas property hunters, especially Brits, who see it as a safe haven, according to agent Knight Frank.
“British buyers have taken flight to quality during the recession,” says Claire Hazle, of the company's international desk. “They will now only look in tried and tested places they know and love. They have moved away from the emerging markets of Eastern Europe which they were interested in a few years ago.”
According to the property experts, three-bedroom traditional apartments in popular areas can be picked up for around £960,000, with luxurious three-beds with private gyms and canal entrances likely to fetch £1.2 million.
However if you can stump up the cash, the potential for making money is huge. A perennial hit with tourists, Venice's packed diary of events brings people at different times of year – the Carnival in February, the Biennale in June, the Opera Festival in July, the Film Festival in September, making it an ideal destination for a year-round rental.
“There is really no high or low season, just alto and altissimo!” comments local agent Paul Hudson of wordandbuyer.co.uk
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