My Dream...Owning Real Estate in Italy
Property in Veneto 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 Venice2)
Something ready to move into in a village not more than an hour from a large town3)
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.
The only real way that a major decline would or could happen is if Italy were to ever leave the Euro and return to the Lira . The “new” Lira would no doubt devalue very quickly and hence bargains could be had if you were purchasing in a currency like dollars or sterling. Personally I don't think that this will happen as that would mean the end of the Euro altogether.