History, art, and culture have always been big in Italy. Add the food, and it's understandable why real estate investors hold the place in high regard. Despite that, it has been revealed that the market doesn't really attract investors and buyers that quick; Mansion Global reports that, in recent years, Italy has been shedding that profile and property investments have been starting to come into the country.
Gemma Bruce, managing director at Casa & Country Italian Property, said that the 'people' they've dealt with are returning. The Italian luxury real estate agency pointed out examples where inquirers that asked about properties over six to eight years ago have suddenly re-appeared in their database. It appears that they've decided right now was the 'right time' for real estate.
Most real estate investors have been strategic with their decisions. Even those who were sold on the idea of Italian real estate didn't commit to buying property right there and then, especially when Europe's housing crisis reached 'feverish' proportions. Right now, the trend has been largely in Italy's favor, as purchases are at an all-time high.
Proof enough is in 2017, where Tuscany became one of the world's best tax luxury havens. Italy passed a flat tax of 100,000 euros to earn the nod. This works out to about $124,000; anyone who hasn't been a resident for the past nine to ten years and becomes a resident is eligible. So far, four hundred people have taken up this offer, according to Forbes.
The world of high-value real estate in Italy has just gotten a boost with the flat tax rate. Charlie Smith, Head of Europe/Middle East, Asia regions for Concierge Auctions, thinks so. He also recently traveled to three Italian cities to open up the idea of a global luxury brokerage. He got the notion from 150 real estate agents in attendance during those seminars how big a boost flat tax is.
Smith added that the surge in interest didn't just come from Europeans. Those who are looking to escape from 'Brexit' may be one of those who are looking out for Italian properties; buyers from China and other regions are also on the lookout for Italian properties. These are big as investment assets because of all the existing infrastructure, above others.