The year 2020 witnessed unparalleled historical events. While the withdrawal of the United Kingdom from the European Union and the global situation have drastically changed the political and socio-economic dynamics in the international arena, it is also true that they seem to have acted as a catalyst for people to purchase property in Italy—and, for those with Italian descent, to pursue Italian citizenship.
The Italian real estate market has always been very attractive due to its competitiveness and wide variety of choices, but what are the main reasons you should consider purchasing property in Italy? Here are the five top factors we think have driven the unprecedented surge of foreign investment in the country’s real estate market.
Affordable Prices and Stable Housing Market
Compared to many northern European countries and the United States, it's fair to argue that Italian property prices are relatively low. Prices for an average semi-detached house with a small garden vary from €50,000 to €100,000, depending on which region and city you intend to buy your property.
Generally speaking, prices in northern Italy are higher, but this is proportionate to the cost of living. On the contrary, properties in southern Italy—where the cost of living is lower than in the north—tend to be cheaper. How much you may spend to purchase a property also depends on whether you are interested in buying in major city city center, on the outskirts, or in the countryside. There are also a lot of properties that the require renovation with a lower asking price ranging from €10,000 to €30,000. In addition to affordable prices, it is also worth mentioning that Italy offers a wide variety of property types, from small apartments to villas, farm houses, bungalows, and detached houses.
Social Services: Health Care and Education
If you would like to purchase a property in Italy and ultimately become an Italian citizen via residency, you will be able to access Italy’s excellent social service system, including its national health care and public education systems. According to the World Health Organization, Italy has one of the best health care systems in the word, which is largely free of charge for its citizens.
Italy's national health care system is supported by tax revenue, so services are funded by the government and there is just a small copay for certain tests, procedures, or other medical care provided by specialists. Italy’s education system is another important asset. Compared to North America and the UK, university fees in Italy are very affordable and many universities in Italy have an excellent reputation and rank high internationally.
Quality of Life: Culture, Lifestyle, and Cuisine
The cost of living in Italy is relatively low compared to many countries in northern Europe and to North America, though this can vary greatly depending upon the specific region or city. In addition to the affordable cost of living, the country’s culture, art, strong sense of family ties, and relaxed lifestyle—the famed La Dolce Vita—are among its main draws.
Italy is the cradle of a number of artistic and architectural movements, including Renaissance, baroque, Roman classical, and neoclassical. It is also home to some of the most famous historic buildings and churches in the world and a number of world-class museums and galleries visited by millions each year.
Finally, there is Italy’s world-famous cuisine. Food in Italy is considered more an art form than a basic necessity, and each region has its traditional dishes and historic wines. These regional differences spring from a combination of factors including the microclimate, local specialties, and geographic area. Some of Italy’s most famous foods—white truffles from Alba, for example—have also gained international fame and can only be found in very small areas of Italy.
Breathtaking Landscapes
Italy is home to more than 49 UNESCO World Heritage Sites, including the historic city centers of Naples, Florence, Rome, Venice, and the trulli of Alberobello in Puglia. The country’s landscape varies from soaring mountains dotted with popular ski resorts and beautiful lakes like Lake Como and Lake Garda in the north to the stunning southern beaches of Sicily, Sardinia, Apulia, Calabria, and Campania.
The wide variety of land- and cityscapes combined with Italy’s wealth of art and culture make many areas in the country an extremely profitable investment for holiday rental properties. In the past few years, the demand for rentals in cities has increased considerably as an increasing number of travelers seek the "live like a local" experience that comes with staying in a house rather than a hotel.
Mild Climate
Italy is also a popular destination thanks to its balmy Mediterranean climate. Although temperatures vary considerably from north to south, they are generally quite mild. The climate in the northern areas of the peninsula between the Alps and the Tuscan-Emilian Apennine mountains tends to be lean towards cold winters and hot, humid summers. In southern Italy and on the islands, the winters are quite temperate but summers are very hot; spring and autumn temperatures tend to be fairly mild.
Purchasing a property in Italy will definitely open the doors to a life-long investment. If you are wondering what the purchasing process entails and need assistance or information regarding purchasing a property in Italy, contact the experts at Italian Real Estate Lawyers. Email info@italianrealestatelawyers.com or visit the firm’s website at www.italianrealestatelawyers.com. Or simply call the firm's real estate specialists: +39 0425 093060 or +1 (323) 403-5396.
