Photo: Bert Kaufmann
Prime property in Rome has recently been rented out for as little €10 per month, officials revealed this month, after a scandal emerged surrounding the city’s former mayor.
Ignazio Marino recently resigned from his post, leaving Francesco Paolo Tronca to step in as temporary City Commissioner. Tronca has since unveiled examples of negligence in the management of rental property, with publicly-owned homes and apartments in desirable locations near the Vatican let out for as little €10 per month, reports Reuters.
The staggering figures arrive, though, at a time when what might once have seemed like ludicrous bargains have become relatively commonplace in Italy’s housing market. Shares in Italian banks have fallen this year, amid concerns surrounding bad loans, but chief executive of Intesa Sanpaolo tells CNBC that fears are overstated and that there is now a “unique buying opportunity” in Italy.
“There is too much confusion, too much panic within in the market. I think the situation is probably absolutely better than two months ago, because the real estate market is recovering. So I think this is a unique buying opportunity,” he commented.
Indeed, house prices remain affordable, with values slipping 2.3 per cent in Q3 2015, according to Eurostat – a slower drop than the 2.9 per cent recorded in Q2 2015 and the 3.6 per cent recorded in Q1 2015. Combined with the weak euro in the last 12 months, investing in the housing market has become more attractive for those overseas. On TheMoveChannel.com, Italy accounted for 11 of the Top 50 searched-for locations in Q4 2015.
The outlook is positive on the ground too.
In Abruzzo, the once abandoned ghost town of Santo Stefano di Sessanio is enjoying something of a renaissance.
Over the past two years, the town has experienced a boom in terms of foreign interest and investment in its properties. According to Walter Martino, Head of Communication at Gate-away.com, the portal in 2015 saw continued growth in requests from abroad for Abruzzo real estate, with particular regards to the British market.
According to Alberto La Morgia from Life Like Luxury, the ancient medieval village from the 1600s has been “completely rebuilt and newly restored”.
“It is still possible to buy original properties at low prices, due to significantly lower living costs. The properties are situated in a beautiful, entirely pedestrianised area, harking back to ancient traditions, that encompass lifestyle, aroma, flavours and silence. Traditions that are now long gone are kept close to our hearts in this area.”
In Rome, real estate may not be available for peanuts without a scandal. If you know where to look in Italy, though, real estate is a legitimate bargain.Google+