Italy property prices stay steady

Prices of Italian property stayed steady in the second quarter of the year, according to new figures.

The Italian Land Agency's new report shows that property transactions fell, but that real estate values stayed firm. Indeed, prices rose in Rome by 0.4 per cent and by 0.3 per cent in Turin, increasing that offset the declines seen elsewhere in the country: in Palermo, for example, property values dipped by 2.1 per cent.

But for agents, this dip means better bargains for overseas buyers. Speaking to The Telegraph (via Property Showrooms), Paul Belcher from Lake Como-based Ultimissimo said that now is the "best time to purchase than at any point over the past few years."

"Property values in the key locations in Italy have been stable for years as there was no speculative bubble to burst. However, as the euro has weakened by around 20pc against other major currencies, buyers now have a 20pc advantage," he added.

"A combination of increased property taxes and financial pressures are creating buyer opportunities. Distressed purchases are not widely available, nor to be expected. But attractive prices can be found for the careful buyer."