The Property Finders – locating your property in Northern Italy

Lombardy, Tuscany, Veneto, Emilia-Romagna and the northern Lakes
The Property Finders, as agents for you, the property buyer, can be the most important tool in finding your property in Italy, particularly when it comes to getting the location right. We find that many buyers start looking at specific properties too early in the process and our advice is to concentrate on the location first and unless you are already very familiar with the region this can something of a challenge. As we work for you, the buyer, The Property Finders are able to make a real difference.

• The Property Finders’ extensive territories allow us to compare locations across an entire region, guiding you to the one that is right for you. We really listen to what you tell us and our in-depth local knowledge often means we can suggest possible locations that you have not considered.
• We tell it like it is, and if there are negatives about a location or property, we make sure you are aware of them. It is our business to alert you to new road and rail projects, possible developments or changes to planning regulations, indeed anything that could adversely affect your property purchase.
• The Property Finders can locate and help you buy any type of property you want in northern Italy, whether that is something on the coast, a city apartment, a country or village house, a skiing base or a lakeside property.

Milan
Close to the Lakes in the north of Italy, associated with fashion and finance, Milan is an attractive proposition for a buyer looking for a property that would serve as a base for work as well as pleasure. Some claim that the city has more banks than Rome has churches and Milan is a vibrant, fast moving metropolis, the second largest city in Italy and home to Italy’s stock exchange, the borsa, making it Italy’s financial capital. Dubbed the Fashion capital, everyone who is anyone in the Italian fashion world, from Armani to Versace, have bases in Milan, home for the Milano Moda Donna and Uomo events which showcase the seasons’ fashions. The Fiera Milano, (the new exhibition complex) situated in the northwest of the city, hosts international trade fairs and exhibitions for industries as diverse as Apparel and Clothing to Travel and Tourism. The trade fair site has a total surface area of 2 million square metres and attracts thousands of visitors and exhibitors annually. With its many centres of study and research, such as the Politecnico di Milano, world famous galleries such as the Brera and theatres, La Scala to name just one, Milan offers a rich choice for buyers, whether you are relocating for work, study or pleasure, and is an attractive option for buy-to-let investors, with apartments in the centro storico (historic centre) and close to the University being particularly sought after.

Statistics show that in the 10 years to 2007 property prices rose in the city by 96.6%. The areas most in demand for two room apartments in 2009 have been Fiera-San Sira (+23%) and Lodi-Corsica (+21%) while for three room properties buyers focused on Bovisa-Sempione (+29%) and di Famagosta (+24%). As with Rome, in 2009 Milan saw a rise in prices for properties in the top end areas in the city centre, up 15% for two room apartments and +12% for three room properties near the Duomo. With preparations underway for Expo 2015, which is predicted to create around 70,000 new jobs for the 29 million visitors expected to attend the six-month long event, property values are predicted to increase further in 2010, in the region of 8% and 10% in the Rho-Pero area and the historic city centre respectively, with other areas also seeing rises of around 5 – 7%. New metropolitan rail lines, along with two new motoways, the new Expo area, the Citta della Moda and the Biblioteca Europa are just some the developments which will transform the city by 2015.

Milan is well served by the Malpensa, Linate and Orio airports and the increase of low-cost airlines mean it is easy to reach and an excellent arrival point giving access to the attractions of northern Italy, such as the lakes and mountains, and provincial towns such as Varese, about 50kms to the north west.

Venice
The highlight of the region of Veneto and what has to be the most popular honeymoon destination. With a total of 127,000 inhabitants, property owned by non-residents is estimated at 30%. Not only is ther the city itself but its location makes it an ideal base from which to access skiing in the Dolomites and the coast and with the mainline railway arriving right on the Grand Canal Milan and other cities are easily reached

Residential property price increases are now short of the 15% per annum seen between 2001 and 2004 but the lagoon city continues to offer strong investment opportunities, borne out by continued strong demand for quality apartments in the historic palazzi. To illustrate, five apartments in the 16th century Palazzo Mocenigo sold in 2006 for a total of $6.2 million and have since been resold individually for between €1.4 million and €4.6 million. Large apartments rent for around €5,000 per week and the real pull for buy-to-let investment is the fact that Venice is one of the few cities in the world that can claim a genuine 12-month season and while there are two seasons they are high and very high.

Despite the global crisis prices in the historic centre have not fallen drastically, in the region of -3.8% annually in the sought-after locations. Average price per m2 in the Dorsoduro, between the Salute and the Accademia, and in the San Marco areas is around €8,000, but obviously, prices go much higher for restored di pregio properties fronting a canal. The second price level, between €6,000 and €7,000 per m2, is in the areas of Santa Croce, San Polo, Dorsoduro Ovest, Cannaregio sud and Lido centre, while in the areas of Cannarefio nord, Castello, Sant’Elena, Giudecca and Lido semi-central, prices are in the region of €5,000 - €6,000 per m2.

Verona
Definitely a ‘city of art’ and as such recommended to buy in, with the Arena season running from June to September and that famous Romeo and Juliet balcony. Located in the Veneto region, well connected with its own airport and on the A4 motorway, it’s close to Lake Garda, (45kms to Sirmione) and the A22 motorway takes you up into the Dolomites for skiing and walking. In the centro storico the market has witnessed demand coming above all from those buying for investment. In a restored medieval palazzo on two or three floors with an internal courtyard, the price per m2 would be between €7000 and €7500 although in Piazza Delle Erbe it can reach €9000.

Bergamo
Only 45kms from Milan, with its own International airport (Milan-Orio) which is Ryanair’s Italian hub, the town is ideally situated for the Lakes, Iseo, Lecco and Como, as well as the ski stations in the Bergamasco Alps. The medieval upper town is home to the university and families like the Trussardi and due to its popularity with Italian buyers is considered to have extremely good growth potential over the next decade.

Oltrepò Pavese
Oltrepò Pavese is an undiscovered wine growing area south of Pavia, known to Italians as ‘Little Tuscany’ and a popular second home location for the Milanese. Annual growth was around 10% but this has levelled off and prices are now stable. The area is a very attractive option for buyers as it is still ‘off the radar’ as far as foreign buyers are concerned and the area offers countryside of rolling hills and vineyards for much lower prices than more famous regions such as Tuscany while at the same time avoiding the crowds of foreign visitors that can often take away the authentic atmosphere of an area. The location means it is easily accessible from the Milan airports and being close to the A21 it makes a great base – the Ligurian coast is only an hour away for example.

The Italian Alps and Pre-Alps
Lombardy is home to well-known ski resorts like Ponte di Legno – Adamello; with its brand new cable car the resort now gives you 100 kms of skiing without taking your skis off, as well as the ski slopes in undiscovered Valtellina, just south of the Swiss border, in the heart of the Italian Alps. Bormio, a beautiful spa town with outdoor hot pools used even in winter, offers a Liberty-style spa and Roman baths, shops and restaurants, is close to Livigno for tax-free shopping and positioned on the edge of Lombardy and Trentino alto Adige is within easy reach of the slopes. Santa Caterina Valfurva, just 13kms from Bormio and 220kms from Milan, boasts 60kms of slopes. In 2005 it hosted the World Alpine Ski competitions so good facilities are now available with the ski lift reaching 2800 metres and newly opened slopes. This resort also offers cross-country skiing, one route going through the beautiful pine forests, the other being more demanding. In summer hiking in the Parco Nationalie dello Stelvio, a protected nature reserve, is very popular. Apart from all this the town is a very attractive place to invest in as a boom has yet to arrive but market watchers feel it’s definitely a place to keep an eye on and the Milanese are already buying due to its proximity to Milan as well as the fact that it isn’t chaotic or crowded – a feature the local authorities aim to preserve. Over in Trento, Madonna de Campiglio offers slopes to suit all levels of proficiency as well as being home to the annual 3-Tre world cup race.

The northern Lakes
Thanks to George Clooney and friends, Lake Como has become a popular spot to buy and British buyers already make up 15% of the market in this area. Resale values are good and property prices have risen along the lake, not just because of the Hollywood neighbours but because the area is very popular with the Italians and close to the Alps. The area does not allow rampant property development so demand is always high for what is available. Take a look at the lesser known Lake Iseo, situated between Como and Garda, which offers all the beauty of Como but is quieter and property prices are lower. Going eastwards, Lake Garda, close to Verona (Sirmione is just 45kms away) remains a perennial favourite.

Tuscany
Florence is one of the most visited cities in Italy, attracting over 10 million visitors annually. Following steep rises in property prices the Florence market is currently stationary and some sources show slight decreases with buyers adopting more of a wait and see attitude. However, properties in the city centre always attract a lot of investors with one and two room apartments being most in demand to rent to tourists, students and business visitors. Average prices in the centre are between €3000 and €6000 per m2 but can easily double in historic palazzi around Santa Croce or Duomo, depending on the view. Sought after, but hard to find, are apartment in these palazzi with lifts and terraces. Other towns to consider include Viareggio, with its long, sandy beaches and a popular place for sailing, and Grosseto, set in a beautiful area, the Maremma, a nature park close to the sea, with investors again targeting the historic centre.

For more information on locations, property market analysis and predictions for 2010 click here.



To find property in Italy please contact:

Paul Hudson
italy@thepropertyfinders.com
Tel: +44 (0) 7905 557170
Fax: +44 (0)1642 644959
Mobile: +39 338 9414596

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