For many, buying real estate is a dream nurtured for years, much more in a country like Italy. This isn't surprising considering that Italy is an incredibly stunning nation with beautiful mountains, lakes, and ancient cities abuzz with history. The republic also boasts an ideal climate with warm waters perfectly graced by the exceptional Mediterranean Sea. Suffice to say, no one can deny the visual and romantic appeal Italy holds at all times.
These, coupled with its wide range of choices, are why the Italian Real Estate market remains one of the most competitive. But what other reasons do people consider as they shop for property in Italy? This article examines the top 5 reasons people are trooping to join the revolutionary surge of foreign investment in the republic’s real estate market.
Here are the primary reasons people can’t resist the Italian real estate market.
The balmy Mediterranean climate makes Italy one of the most famous vacation hotspots or destinations worldwide. Even though temperatures vary widely and substantially from north to south, they’re typically mild.
The climate of the northern areas of the stunning peninsula between the Tuscan-Emilian Apennine mountains and the Alps usually incline towards hot, humid summers and cold winters. But in southern Italy, as well as on the islands, temperate winters are the norm, with sweltering summers. Additionally, autumn and spring temperatures are relatively mild.
Italy has an expansive range of landscapes and cityscapes that combines seamlessly with the republic's wealth of art, culture, and tradition. These make many regions of Italy an incredibly profitable investment for real estate and holiday rental properties.
The European country is also home to over 49 UNESCO World Heritage Sites. This includes several historic city centers of Florence, Venice, Naples, Rome, as well as the Trulli of Alberobello situated in Puglia.
Italy’s landscape is a natural beauty to behold, varying from beautiful lakes like Lake Garda and Lake Como in the north and the sensational southern beaches of Apulia, Sicily, Campania, Sardinia, and Calabria to the soaring hills and mountains dotted with enchanting ski resorts.
These are just part of the reasons behind the sudden increase in demand for rentals in Italian cities over the past few years. Travelers from all parts of the world seek to live life like a local in Italy, which is enhanced when they stay in a house instead of a hotel.
The prices for Italian property are relatively low, especially compared to the United States and several other northern European countries.
For instance, you can get a moderate, semi-detached house with a beautiful small garden for as low as €50,000 or as high as €100,000. This depends significantly on the Italian city and region you intend to purchase the property.
Prices of property in northern Italy are pretty high, but this is understood since it’s in due proportion to the overall cost of living. On the other hand, the prices of properties in southern Italy, as well as the cost of living, are more pocket-friendly.
But then, the amount of money you spend to buy a property still depends on its site or location. The property prices on the outskirts, the principal city center, and the countryside differ.
You’ll also find several properties that need renovation, and most of them come with lower asking prices ranging from €10,000 to €30,000.
Apart from pocket-friendly prices, Italy also offers several properties, from small apartments to farmhouses, villas, bungalows, and detached houses.
When you buy a property in Italy and eventually become an Italian citizen through residency, you’ll access the country's social service system. This includes Italy’s public education and national health care systems.
The WHO (World Health Organization) once stated that Italy has one of the best—and most efficient—health care systems globally, which is mostly free of charge for all its citizens.
If you’re wondering, Italy's national health care system is heavily supported via tax revenues. This implies that every service is funded entirely by the government with a minimum copay for specific procedures, tests, as well as other medical care that specialists provide.
Another vital asset is Italy's education system. You simply can’t compare university fees in Italy to those in the United Kingdom and North America. Most universities in Italy are affordable, rank high internationally, and possess excellent reputations.
Italy’s cuisine is more of an art than a pastime or basic necessity. Every region has its historic wines and traditional or local dishes. The regional differences in cuisine originate from the combination of several factors such as local specialties, the microclimate, as well as geographic area.
Some Italian foods have gained international fame—e.g., white truffles from Alba—and you can only find this in select country areas.
The country’s cost of living or overheads is relatively low, though this varies wildly, depending on the city or specific region. Some of the main draws to Italy include the country’s:
Italy is inarguably the cradle of architectural and artistic movements, including baroque, neoclassical, Renaissance, and Roman classical. Some of the renowned historic churches and buildings, as well as several world-class galleries and museums, are home to Italy, and millions visit these sites every year.
Buying property in Italy will open doors to a life-long and worthy investment. You should, of course, perform due diligence before buying real estate in the country.
Find out everything you can, including the entire buying process, choice locations, in-depth information about the real estate market, etc. This will help you make informed buying decisions when the time comes for you to buy real estate in Italy.