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La dolce vita

Wednesday, June 10, 2009

Jude Buttle

Brits have long looked to the land of la dolce vita for that dream second home in the sun - and now, according to new research, it looks as if buyers -both locals and foreigners - are continuing to avoid expensive locations and turning instead to more affordable newcomers in light of the credit crunch...

A recent survey by Italian property portal Immobiliare.it has revealed that the geography of Italian second homes is changing dramatically.

Buyers who traditionally looked to Tuscany or the stunning Italian lakes, are taking into account the economic climate and turning their attention to cheaper, loess established areas such as Puglia and Sicily.

The portal has noted a steady interest in coastal property, which has seemingly been unaffected by the slump. Those looking at Puglia are especially interested in the Gargano and Salento areas, where demand has risen by as much as 17 per cent.

Sicily follows suit, with increases to the tune of 11 per cent for homes along the Eastern coast from Messina to Siracusa.

The new bridge that is in the pipeline to link Sicily and mainland Italy is also thought to have had a positive impact on property in the area, enticing international investors who may have been previously put off by its perceived isolation.

Traditionally sought-after destinations such as Liguria's Cinque Terre and Sardinia's Emerald Coast have seen a slight contraction in requests, which are down five and four per cent respectively.

Carlo Giordano, Managing Director of Immobiliare.it, said, "Conversely, the drop in Liguria and Sardinia is linked to an adjustment of what in previous years had been an excessive rise

"Price and demand trends reflect a new interest for areas that until now were less known among buyers," he added.

A second home in Liguria's Cinque Terre can easily reach £4,459 per square metre, against £1,354 in Puglia's Gargano

The vast majority of buyers, both Italians and foreigners, were those who lived in cities who were looking for a more peaceful and safe place for their families to spend the summer months.

Picture by Salvatore.Freni