Italy's cost of living becoming more affordable

Photo: Francesca Cappa

Wish you had the cash to rub shoulders with Romans? Motor around Milan? Good news: the cost of living in Italy is becoming more affordable.

Figures from Numbeo show that despite the country's reputation as a costly destination, the country is less expensive than it used to be. While buying gelato in a touristy area can still result in an eye-watering bill, for those who explore the Italian countryside and embrace the culture of home-cooking with local, seasonal produce, Italy is no longer a pricey place to spend time.

Indeed, two people can now enjoy a three course meal in a mid-range restaurant for €50, while relaxing with a regular cappuccino in a café costs just €1.33 and a mid-range bottle of wine from the supermarket is only €5.00.

The scale of the decrease in prices has been quite dramatic. In mid-2015 the Numbeo Cost of Living Index found that groceries in Italy cost 58.34% of the price paid for the same items bought in New York. Just a year earlier, the Italian groceries came in at 84.75 per cent of the New York price, a significant Change.

Just as the cost of living has fallen, so too has the cost of owning a luxury second home in Italy, as Dawn Cavanagh-Hobbs, owner of local fractional ownership business Appassionata, comments: "We've seen a growing rise in interest in fractional ownership here in Le Marche. Buyers want to enjoy the sunshine and the lifestyle, not spend their holiday time taking care of overgrown gardens, cleaning and maintenance issues, as you do with a traditional second home. With fractional ownership, the property is fully managed, so all you have to do is turn up, unpack and start relaxing. Not only this, but such ownership means that the Italian lifestyle that many dream of is made far cheaper. This also means that buyers can afford a far more luxurious holiday home than if they bought outright, the dream can be a reality!"