Brits come back. Enquiries for Italian properties increase by 25%
International buyers have still been looking for an ideal second home in Italy despite Brexit, earthquakes, bureaucracy and excessive taxes. A mix that might scare away any investor but the Italian dream is clearly stronger.
Nothing can stop the search for a second home in the bel paese and in the first semester of 2017 the enquiries for Italian properties have grown by 25,42% compared to the same period in 2016, according to the report Gate-away.com has drawn up, the Italian property portal dedicated to overseas buyers looking for a second home in Italy.
“In the half-year report we have analysed more than 30 thousand enquiries related to the two examined semesters - explains Simone Rossi, Managing Director at Gate-away.com - and we have introduced a change in our ranking by countries, adding the analysis of the enquiries from overseas buyers that send their requests while they are spending their holidays in Italy or are in Italy specifically to view some properties. In the past few years, they have increased so we have decided to show this very important aspect of the positive economic effects in the tourism sector”.
Brits are back - The majority of foreign buyers looking for a second home in Italy are Germans (15,86% of the enquiries on Gate-away.com), Americans (14,50%) and British people (14,18%) followed by French and the group of overseas users sending enquiries directly from Italy.
“We find the enquiries coming from the UK very interesting - Simone Rossi remarks - because of Brexit and its dreaded negative consequences. A year ago we foresaw the growth of enquiries from Britain notwithstanding Brexit and we were right. There has been a 25,38% increase and the gap from USA enquiries has become smaller. In addition we noticed that the property average value for the requested properties is still about 308,000 euros but it would mean a propensity to invest more money to buy a house in Italy as there has been a devaluation of the real purchasing power of the pound”.
What they look for - More than three out of four British enquiries are for detached houses (78,05%) but the requests for apartments have increased by 76% in 2017 and this new trend could be affected by some new house design world trends in big cities dealing with tiny houses and small smart flats. The good news is that you can find whatever you are looking for in every corner of Italy, whether it is an apartment, a farmhouse, a typical Italian dwelling or a villa.
More than 64% of the requests are for habitable or completely restored houses but nearly 30% is related to partially restored houses or to be restored properties. The rest (6,21%) is for new houses. Features like pool and land are not the more sought-after - but always appreciated if present - but houses with gardens are in great demand.
How much they would spend - In the first six months of this year Gate-away.com reports an increase in the investment propensity of British people in the luxury property market in Italy: properties in the high bracket which are worth from 500,000 to over 1 Million euros represent over 10% of the requests and this has increased compared to the same period in 2016. The majority of the requests are for properties worth up to 100,000 euros (45,33%), but properties which need to be completely restored are usually in this group. As mentioned earlier, the property average value for the requested properties by British is still about 308,000, while the property average value of worldwide enquiries is 647,000 euros.
Most popular regions, provinces, cities and areas - Tuscany is the most required Italian regions (16,37% of all British enquiries), followed by Puglia (13,83%). Abruzzo and Lombardy share the third position (9,45%) and the list continues with Liguria (8,37%), Sicily (7,16%), Piedmont (5,62%). The top ten ranking by region ends with Umbria (4,79%), Marche (4,21%) and Sardinia (4,21%).
A special mention goes to Sicily that has doubled its requests compared to 2016 and the interest of Brits is increasing. As a matter of fact, Syracuse is the most sought-after city: Ostuni and Carovigno follow, along with Fivizzano, Scalea, Pontremoli, Venice, Ceriana, Noto (in Syracuse province) and Martina Franca.
What about ranking by province? Brindisi wins; Como, Chieti, Massa Carrara and Imperia are in the top five in the province list.
“In this half-year report we have introduced another new aspect in the analysis - Simone Rossi comments - adding a list of preferred areas, that are as of interest that may include different provinces or regions, based on the number of enquiries on Gate-away.com made by users who had selected a specific area in their search (25,46% of the requests). This new ranking could offer a general idea and provide more information about the overseas buyers' preferences related to the Italian territory, its environments and stunning views or the most requested features”.
Salento, Lunigiana, Come Lake, Valle d’Itria e Garfagnana are the most chosen areas, followed by Langhe, Chiantishire, Trasimeno Lake, Maremma and Maggiore Lake.
Italy, the best place to live - “Quality of life, mild climate, nature and appealing landscapes are among the strong points that make Italy an ideal destination for holidays, business trips, investments or definitive moves for retirement or a new beginning. - concludes the Gate-away.com Managing Director - Italy also offers the treasured privacy for those who don't like touristic or crowded places, but who prefer to buy properties a short distance away from them and desire to integrate with the locals, which usually happens with British people”.