November 05, 2008 - Conventional wisdom has it that the credit crunch is killing the overseas property market, with the strong euro and tighter mortgage conditions affecting British buyers, and concerns about falling prices and market saturation knocking emerging markets across Europe. But independent real estate and restoration agency, Italian Property (http://www.italianproperty.eu.com ), says the smart money is moving to areas with an established resale market - or holiday hot spots that will always command a premium - and is tipping Florence as a location that meets these provisos on both fronts.
Jason Jones, managing director explains: “The fallout from the economic downturn is forcing a flight to quality in terms of location and type of property. Florence - with its incredible architecture and art attracting millions of tourists every year - is a permanently attractive proposition for buyers who want a lifestyle purchase or a reliable rental investment, and attractive properties are still being snapped up as a result”.
The agency currently has a selection of sought-after properties in the historic centre available to show to clients, including a converted 15th century tower with views across the city skyline to Brunelleschi’s Duomo, a luxury apartment close to the legendary Ponte Vecchio bridge, and a Renaissance property filled with original architectural features just steps from the famous Boboli Gardens. Prices start at €460,000.
Florence is revered as the birthplace of the Renaissance, with monuments and masterpieces by Donatello, Michelangelo, Botticelli and da Vinci found in some of the world’s finest museums – and on every street corner. More than a fifth of the world's renaissance art treasures can be found within one square mile in the city, which was declared a UNESCO World Heritage Site in 1982.
This cultural heritage, combined with Italy’s tight planning controls, prudent mortgage policies and favourable fiscal system, mean Florence property prices remain resilient despite the crunch. The Knight Frank Global House Price Index shows that annual growth remains stable in Italy. In the second quarter of 2008, the Italian house-price inflation rate was the same as the previous year’s, with a 5.4% annual increase, far higher than in countries such as Spain (2.4%), the UK (–3.9%), and the US (–16.8%).
Jason Jones, managing director adds: “Buyers can minimise the impact of exchange-rate movements by obtaining a contract with a fixed rate for a fixed period of up to two years through a specialist broker, rather than using their high street bank. And Italy offers investors a range of tax breaks – there’s no inheritance tax if the property is left to a close relation, and capital gains tax expires after five years.”
Florence has its own international airport, served by scheduled services by the major European carriers, and the airport at Pisa is less than one hour away, making it an ideal ‘fly-to-let’ location. It is served by the A1 motorway between Milan and Rome, and on the main train line between Naples and Milan.
- Ends -
About Florence properties:
Torre Fiorentino is a medieval tower overlooking a traditional Florentine cobbled square near the Ponte Vecchio. Spread over the top three floors of the tower, which are connected by the original carved stone staircase, the property has 130 sqm of habitable space, currently split into two bedrooms, a dining/kitchen area and sitting room. The top floor has windows on three sides, offering panoramic views across the whole city. It is on the market at €1,150,000. More details can be found at http://www.italianproperty.eu.com/property/2448/ .
Appartamento San Martino is a luxury apartment in an ancient palazzo just off the Santo Spirito square. Beautifully restored and offering all modern conveniences, the 160 sqm apartment has three bedrooms, two bathrooms and large living spaces with high ceilings and big windows. Particular features include wooden parquet flooring throughout, stone framed window and doors and an antique fireplace. It is on the market at €1,150,000. More details can be found at http://www.italianproperty.eu.com/property/2466/ .
Appartamento Serragli is newly restored apartment just minutes from the Santo Spirito square. Spread over 70 sqm, the property has two bedrooms, two bathrooms, a spacious sitting/dining area and kitchen, and a modern sleek feel throughout with exposed beams and parquet floors. An outside storage space for a scooter or bike comes with the apartment. It is on the market at €460,000. More details can be found at http://www.italianproperty.eu.com/property/2458/ .
Bellosguardo is an apartment in a 16th century building close to the Boboli gardens, with wonderful views over the Arno and across the city. Original stone staircases, handmade terracotta tiles and exposed beams have been retained. The apartment needs some internal restoration and modernisation, giving the buyer a chance to put their own stamp on a historic piece of real estate, and redesign the layout to make the most of the 165 sqm of habitable space. It is on the market at €1.3m. More details can be found at http://www.italianproperty.eu.com/property/2467/ .
For further information, please contact:
Greg Bourne
Italian Property
T. +44 845 603 6651 / +39 0575 605191
E.
US press contact
Demian Dunkley
E.
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