Siena - Once the centre of Italian finance

Italian property ownership is the benchmark for many high net-worth individuals thanks to its connotations with la dolce vita, fine wine, fine food and fine weather. With good reason, Italy remains one of the foremost destinations for overseas property investment, particularly at the higher end of the market.

With the romantic vistas of Tuscany; the breathtaking lakes of Como and Maggiore; the living museums of Florence and Rome and the rural charm of Calabria and Puglia, Italy oozes style and panache at every turn. While its property market has never quite hit the heights of France’s or Spain’s in terms of sheer numbers of overseas buyers, Italy has always been more about quality than quantity – a tuscan villa or lakeside residence will cost you more, but the pay off is worth it. As far as status symbols go, a property in Italy may not be flash, but it certainly makes one hell of a statement.

Italy Profile
Capital City: Rome
Area: 301,230 sq km
Population: 57,998,000
Time Zone: GMT +1
Country dialing code: +39
Currency: Euro (€)

Italy Climate
The climate in Italy varies greatly from north to south. With the Alps fringing the northern regions, winters can be cold and snowy, while the famous ‘Turin shroud’ – a dense fog which drifts off the Alps – can occur any time of the year. Summers are hot throughout the country, especially in the south, where north African trade winds regulate the temperature throughout the year, leading to mild, dry winters.

Italy Property
Italian property prices have risen steadily for the past decade, especially in Tuscany, where prices remain beyond the reach of the average investor. A traditional villa in Chianti or near Florence will set you back at least €300,000, although the quality on offer is second to none.

The Italian lake district traditionally attracts the wealthier investor, and it is easy to see why. With such stunning scenery and excellent accessibility (Milan airport is a 30 mins drive from Lake Como, and the ski resorts of Madesimo and Aprica can be reached in under an hour), property on the shores of Lake Como and Lake Maggiore represents one of the finest investments you can make. Demand is high due to the nature of the terrain – developers cannot build much more there, which is why prices are reassuringly expensive. You will be hard-pressed to find a lakeside villa come on to the market for anything less than €2 million, although apartments with lake views do sometimes become available for approximately €350,000 upwards.

Up and coming regions include Abruzzo in the centre-east of the country, where traditional Italian trullis can be snapped up for as little as €50,000, while the south of the country is now opening up more and more for investors thanks to improved accessibility. The region of Puglia is rapidly growing in reputation, not least because Amanda Lamb – she of A Place in the Sun fame – has finally bought her very first overseas property in, you guessed it, Puglia. If it’s good enough for her…

Expect to pay upwards of €80,000 for a one bedroom apartment in Puglia and neighbouring Calabria, with prices predicted to rise by 15% per annum over the next few years. If you are looking to create an Italian property portfolio, these southern regions are the places to target.

Italy Flights
While not as well-serviced as Spain or Portugal, flying to Italy is relatively hassle-free and inexpensive. The budget airline market covers most of the country, while British Airways and Virgin have regular flights to Milan, Rome, Turin and Venice.