PROPERTY PRICES STILL GROWING
Recent property reports locally for Knight Frank and Scenari Immobiliari indicate that the news is still good for the Tuscan and Umbrian markets. While sales experienced a slight dip, prices were generally up and expectations are that this will continue on into 2009.
Italian property prices increased by an average 3.8% per annum in 2008, the same as last year. This steady growth has been continuous over the last 8 years, in comparison with other European countries which have either seen a vast boom or as in the UK and Germany a sharp decline in property values this year.
The greatest price change has been within the provincial capitals, but rural locations also look set to post a rise in the values. There was an overall increase in the average selling time for houses of between 6 to 12 months, leading to the inevitable flexibility on price and negotiations more likely. Prices also varied depending on housing locations, with a slowing down in suburban and semi rural settings, while city centre sites and certain rural positions recording an increase.
Scenari Immobiliari’s survey states “the provincial capitals alone account for 39% of all residential sales in 2008 and while Tuscany has about 1800 villages with unique architecture set against an exceptional landscape, these places depend on the bigger towns for many functions. As a result, towns have a great power of attraction, which keeps growing—60% of Tuscany’s inhabitants live in the 38 most populated comuni, which count more than 28,000 people.”
Trends also exist between the requirements of native Italians and foreign buyers. Local residents were found to be looking for apartments and flats with balconies, in city centre locations. While foreign investors tending to favour a remote, rural villa in the countryside, only 25% of Italians preferred this type of location.
Overall these surveys indicate that investment in the Italian property market should continue, with a rise in tourism and prices remaining stable throughout 2009. Offering excellent opportunities and returns in both Umbria and Tuscany.
Taken from an article in Italy Magazine - http://www.italymag.co.uk/italy-featured/tuscany/tuscan-property-market-remains-stable
Italian property prices increased by an average 3.8% per annum in 2008, the same as last year. This steady growth has been continuous over the last 8 years, in comparison with other European countries which have either seen a vast boom or as in the UK and Germany a sharp decline in property values this year.
The greatest price change has been within the provincial capitals, but rural locations also look set to post a rise in the values. There was an overall increase in the average selling time for houses of between 6 to 12 months, leading to the inevitable flexibility on price and negotiations more likely. Prices also varied depending on housing locations, with a slowing down in suburban and semi rural settings, while city centre sites and certain rural positions recording an increase.
Scenari Immobiliari’s survey states “the provincial capitals alone account for 39% of all residential sales in 2008 and while Tuscany has about 1800 villages with unique architecture set against an exceptional landscape, these places depend on the bigger towns for many functions. As a result, towns have a great power of attraction, which keeps growing—60% of Tuscany’s inhabitants live in the 38 most populated comuni, which count more than 28,000 people.”
Trends also exist between the requirements of native Italians and foreign buyers. Local residents were found to be looking for apartments and flats with balconies, in city centre locations. While foreign investors tending to favour a remote, rural villa in the countryside, only 25% of Italians preferred this type of location.
Overall these surveys indicate that investment in the Italian property market should continue, with a rise in tourism and prices remaining stable throughout 2009. Offering excellent opportunities and returns in both Umbria and Tuscany.
Taken from an article in Italy Magazine - http://www.italymag.co.uk/italy-featured/tuscany/tuscan-property-market-remains-stable
posted by John Tunstill at 3:35 AM
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