There is no restriction on foreigners purchasing land in Italy, and now may be a good time to make such an investment. In the past ten years, prices in rural Abruzzo have dropped around 30 to 40 percent. This area includes the provinces of Pescara, Chieti, Pescara, L’Aquila and Teramo. Prices bottomed out in 2017, but there are still great opportunities available.
Why Now is a Great Time to Buy
You’ll want to work with a local real estate team to get the best perspective on homes for sale in Abruzzo Italy. However, this area includes coastal, densely populated areas like Pescara and the neighboring towns, as well as more remote spots, so there’s plenty of choices.
According to the New York Times, the best bargains may lie in pristine interior mountain and rural villages. Local residents are moving closer to the larger towns, closer to their jobs, and this has caused a glut on the market. The astute investor can acquire a retirement or vacation home with some of the lowest prices seen in decades.
Reasons to Buy a Home in Italy
Chances are, if you’re looking to buy a home in Italy, you have your own reasons already. However, right now, it makes a lot of fiscal sense to pursue this dream as a valid investment. There are many attractive reasons to invest in Italy. We’ve already noted that prices have dropped considerably. Now, the market is very affordable, and foreign buyers can get a home in Italy for under 100,000. Best of all, due to liberal lending laws, local banks are willing to loan to non-Italians and the country has no restrictions on foreign property ownership.
Tuscany and Lake Como are already well-known areas that attract foreign buyers. It’s the less known areas that are now attracting the expat crowd. No place in more inviting than rural Abruzzo. In addition to new real estate opportunities, the area is becoming better known for producing famous wines.
As a word of caution, Italy has high taxes on both property and rental incomes. Nonetheless, Abruzzo Italy is a very attractive option for real estate investors already interested in getting into the market here for personal or business reasons. The signs all point to an upswing in prices eventually, so it may be best to act sooner rather than later to optimize your return on investment.