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...
Click here to post comments
Join in and write your own page! It's easy to do. How? Simply click here to return to Own Property in Italy? .
Please Book with Us...
Maria here, if you enjoy my site and Facebook page I'd love your support.
Simply book your next trip anywhere (not only to Italy) with the search box below or with any of the hotel links on the website.
I promise you'll get the best deal on accommodation available and the income we receive from HotelsCombined helps us to:
- Stay independent and to keep bringing you the best of Italy.
- Never have to accept money from hotels directly; that way we can share only those we genuinely love.
South of Rome we go, taking you on a journey discovering the very best Southern Italian destinations. You may know of some of them but others I am sure you have never heard of.
Need a tiramisu recipe? You won't find any better than this one - it is 100% authentic Italian.
On our Facebook page, on 1 April, we shared this post. It was of this same photo but without the writing saying APRIL FOOL. However, there WAS a clue on the original Facebook post: just above the leap…