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Expatriate Insurance News: Italy 'good place for homebuyers'

International healthcare customers may wish to consider relocating abroad to Italy.

Its inhabitants have a fewer number of mortgages that are generally smaller, leaving its housing market relatively strong despite wider economic problems, according to Propertyshowrooms.com agents and media manager Terry Hobbs.

However, there is an element of seasonality in the country and some areas that appear popular during the warmer months may be "practically boarded-up in winter", he continued.

The expert claimed people from overseas often appreciate the "fantastic climate" of the country, alongside its rich culinary tradition and its areas of historical interest.

Real estate values escalated over the last ten years, but did not have "the ferocity" seen in the rest of the continent, he continued.

Mr Hobbs added that the market has become slower, enabling investors to purchase dwellings at bargain prices if they find someone who "really needs to sell or move".

He said typical rental yields are 4.5 per cent every year "at least", although people planning to build a portfolio will have to pay a property tax of ten per cent, as well as everyone else that already owns one asset in Italy or is without Italian citizenship.

For first-time buyers, this is three per cent "as long as you register for residency in the local area", the expert continued.

The US Department of State notes that the land is generally mountainous and rugged, with cold winters in the north, but usually with a mild Mediterranean climate.

Roman Catholicism is the most common faith, with a series of accords between the church and government resulting in the Vatican City being recognised as a separate sovereign country.

Cultural impacts of the nation include its Renaissance art, literary and poetic achievements – such as those accomplished by Machiavelli and Ariosto – and significant contributions to the world of music.

Writers, artists, composers, filmmakers, architects and designers from the nation are also highlighted by the government body as some of the most significant figures in contemporary Western society.

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