Although not at the year end, 2014 has been one of hope within the real estate sector with rising optimism of a return to growth in 2015. For one thing, there is the return of foreign investment with an increase in the number of foreigners who have chosen to buy a house or property in Italy. They are, above all, those who are mostly looking for luxury real estate, farmhouses in the countryside or apartments located in trendier or popular historic centres, or in the famous cities of art that, in any case, lead to large property investments between 750,000 and 4 million Euros. These foreigners are not only from Northern Europe and North America but also the newer markets such as Russia and China, and the beginning of the year saw the ‘new rich’ ready to start investing in luxury real estate. Even in Italy it seems that things are changing and, according to a report today in Il Sole 24 Ore, Italians are now more trusting in bricks and mortar and are returning to the property market. More than 70% of those interviewed see real estate as a safe investment even when the primary aim is to own your first home. About 20% expressed concerns about a property purchase that would be taxed too highly and with high maintenance costs.
As reported by the Sole 24 Ore then:
With regards the ‘headline’ figures there is a preference to have a mortgage rather than a rent (50%), as they appreciate the problems of tenancy conditions (11.8%) and feel that they are ready to make a long term investment (11.8%). On the other side, the most important reasons for disqualification is undoubtedly the lack of disposable income and job security (62%), followed by the difficulty to access a mortgage (19%) and the exorbitant cost of a property (19%).