My Dream...Owning Real Estate in Italy
I have long dreamed of owning real estate in Italy. With the financial crisis having its effects felt everywhere around the globe and having heard so much about how bad it was in Italy I travelled to Italy for a month this spring to look for a suitable property.
My aim was to buy somewhere in the Veneto and I made a list of ten points - like you suggested. Some of the main ones were:
1) Not in a big and popular tourist city like Verona or Venice
2) Something ready to move into in a village not more than an hour from a large town
3) A ground floor flat (apartment) with two bedrooms in a small condominium without too many other flats in the complex and with monthly expenses under a hundred Euros a month.
4) Within walking distance of shops and restaurants.
5) My budget was 150,000 Euros.
6) Near one of the wine producing parts of the Veneto.
I thought being a cash buyer and with the crises in Italy being played up in all the media back home that there would be endless bargains on offer.
That wasn't the case, it seems life was going along pretty much the same as it was the last time I was in Italy, three years ago, and to be fair prices didn't seem to be any lower than before either. To be honest with you life in Italy seemed to be as dolce as ever. What a beautiful way of living they have in this gorgeous country!
The property agent I dealt with explained that many properties in Italy don't have mortgages and if they do they are normally only about half the value of the property so people are never underwater on their mortgages and never feel desperate to sell.
After much looking though I eventually found, more or less, what I wanted. It was only a little over my budget, in the small town of Soave. A lovely place and my dreams have now come true. I am the proud owner of a home in Italy!
To others out there my advice is not to wait if you want to buy but please don't expect a great bargain.
Maria's reply: Soave is absolutely gorgeous so well done on buying there!
Regarding the current property market in Italy; the agent who told you about there being no urgent need for most people to sell was correct. Prices have not gone down much and I don't think they will go down either. In fact, real estate experts in Italy are saying they may have reached a bottom and are expected to increase this year. I think you bought at a good time.
P.S. For anyone else thinking of buying in Italy, have a look at the house below...
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