Italy has long been the favorite holiday destination for many nations. With beautiful beaches, stunning scenery, and gourmet gastronomy, it is a country with something for everyone.
- Italy ranked 2nd top European country for tourism (Eurostat)
- 5th most popular destination globally (The World Bank)
- 14% increase in foreign property buyers in 2012 worth €2.1 billion (Scenari Immobiliari)
The average price of new houses in Italy stood at €4,500 (US$5,085) per square meter (sq. m.) in Q3 2018, according to the real estate portal Idealista.it. The average price of new houses is about 24% higher as compared to that of existing houses.
Both demand and supply are increasing. Residential property sales in Italy rose by 2.3% during the first three quarters of 2018, from the same period last year, according to Centro Studi di Abitare Co. It took an average of 4.9 months to sell a new house in Italy in Q3 2018, an improvement from the previous year’s 6.5 months.
During the first half of 2018, the number and area of new dwelling permits rose by 4.7% and 5.9% respectively, according to ISTAT.
Buying a second home in Italy has become increasingly attractive to foreign buyers. According to data from the Scenari Immobiliari research institute, 2012 saw an increase of 14% in second-home sales to overseas buyers, with sales totaling €2.1 billion. The majority of buyers (almost 40%) were German, while 18% were British and 13% Russian.
This mix of foreign buyers is supported by new flights to many of Italy’s airports, with Russia’s Sheremetyevo International Airport recently announcing its summer flight schedule, which includes flights to a range of Italian airports.
The Italian island of Sardinia is only a 50-minute flight from Rome and Milan. It has 3 International Airports: Alghero in the Northwest, Olbia in the Northeast, and Cagliari in the South.
If you want to invest in Italy, contact us or download our real estate investment sample.