Tourism growth expected to boost second home ownership in Italy

Tourism in Italy to grow with property market

A growth in tourism in Italy is a welcome boost for the buy to let property market in the country. This could entice more real estate investors back to the country, it is claimed.

More than 43.2 million visitors are expected this year and a marketing campaign has been successful in attracting people from the non-traditional markets such as Eastern Europe, according to officials.

In 2010 visitor numbers increased by 2.2% according to The Travel Industry Global Overview by Euromonitor International resulting in Italy outperforming the rest of the wider travel and tourism Eurozone industry.

With Italian tourism finding its feet again combined with stabilising property prices and a 1.3% GDP growth in 2010, property experts say there are a number of reasons why the industry is set to benefit.

There are also a number of changes that make buying property more attractive to foreign buyers such as the abolition of inheritance tax and bank guarantees on property purchases.

One area that is tipped to see growth is Calabria, the toe of Italy that is popular for its fine cuisine, spectacular natural scenery and friendly local hospitality. It is also benefiting from a number of budget air with Ryanair and Monarch Airlines providing flights from London to Lamezia Terme International.

‘Calabria was Italy’s best kept secret for many years but now the region has been discovered and is charming not only British holiday makers and property buyers but also Germans, Russians, Polish and Scandinavian nationals seeking stunning scenery, a Mediterranean climate and affordable living within a few hours flight,’ said Steven Worboys, managing director of Experience International.

He believes that the area will see growth in the coming years yet prices are currently stable and affordable. Prices in Le Palme, a high specification development in Santa Domenica on the Tyrrhenian Sea coast start at €200,000.

Also popular is the Giardino Mediterraneo development situated amongst strawberry fields and olive groves but also 15 minutes from the airport by car and three minutes from the beach.

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