British appetite for italian property booms
Photo: Mike Photo Art
Demand from British buyers in Italy's property market has set a new record, as their spending power is boosted by the strong pound. Sterling was at a seven-year high against the euro earlier this year, making homes in European destinations such as Spain, France and Portugal more affordable for bargain hunters and more attractive to investors.
Italy, though, has also seen its appeal shoot up. According to new figures from Gate-Away.com, demand from British buyers has reached a record high in the past year. In 2014, UK buyers overtook American investors to become the most active on the site, while their lead increased in the first half of 2015, with enquiries up 57 per cent.
"The average value of properties of interest to British buyers is currently €308,000,” explains Simone Rossi, Commercial Director of Gate-Away.com, "with an increase of 47 per cent, partly due to the favourable exchange rate with the British Pound. In 2014 this value was €210,000. Such a remarkable increase shows a decisive inclination towards investment: our figures show that almost 70 per cent of the requests from the United Kingdom are for properties under €250,000, but the luxury real estate market continues to hold its ground with almost 12 per cent of requests”.
German buyers, though, were the biggest spenders, splashing out an average of €450,000 on homes, ahead of the French (€370,000) and the Americans (€335,000).
"The truth is that the British have more opportunities to undertake renovation projects on their properties," explains Walter Di Martino, Marketing Manager for the portal, "so they buy for less but invest much more in the reorganization and renovation of public establishments, or in the careful restoration of characteristic real estate."
Demand has risen for Italian property on TheMoveChannel.com too, with the country ranking as the fifth most popular destination in the world for two months in a row.
Where are the Brits buying? Puglia remains the most sought-after area in the coutnry, followed by Tuscany, Abruzzo, Piedmont and Liguria. The top 10 is completed by Sardinia, Umbria, Lombardy, Le Marche and Sicily.
Indeed, Le Marche has seen its enquiries surge 92 per cent year-on-year in the first six months of 2015.
"Le Marche has it all," comments local resident Dawn Cavanagh-Hobbs, founder of luxury holiday home company Appassionata. "The beaches are just beautiful, the local food and wine are excellent and we have miles upon miles of rolling countryside. It's a peaceful place. Somewhere that you can lose yourself for hours gazing at the scenery or the shifting light as dusk falls across the hills while you dine on an outdoor roof terrace."