Southern Italy popular with property buyers

Italy: 01 May 2008

Calabria and Puglia in southern Italy are drawing in buyers looking for affordable property, it has been claimed.

Property vendor Homes in Italy said that until recently property investors were under the illusion they could not afford homes in Italy but are now realising that there are plenty of bargains to be had.

"Now you are finding areas that are not as well developed but can compete on price with established countries like France and Spain," said director Mark Slaviero.

"In terms of growth there are still a number of areas in Italy that grew last year," he added.

He said Italy had not been affected by the credit crisis in the same way the UK had because property prices have been rising moderately in recent months, thereby reducing the chance of a market correction.

Earlier this year a survey carried out by A Place in the Sun magazine ranked Italy fifth in the top ten destinations for overseas property buyers.

In 2007, Italy was in eighth place, so its ascension up the ranks may be a sign that buyers are realising that Spain and France are not the only worthwhile investment destinations in Europe.

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