Italy moves up the search ladder

Italy has become a more favoured destination for those seeking overseas property homes, it has been revealed.

A recent survey revealed that Italy had improved in the final month of 2009.

It was the sixth most sought-after destination, up from ninth in November.

At the same time, the US was unchanged in first place and Spain remained in second.

Turkey, Portugal, France and Cyprus were all in the top ten as well.

The survey described Italy as a "rapid climber" in the table last month.

It has also been noted that top-end residences in the country rose in value by between nine and 27 per cent in the period from 2004 and 2009.

Italy Property a Safe Bet

Those looking for property investment in a stable market can find it in Italy, it has been claimed.

Writing for Country Life, Paul Hudson noted that data for the value of top-end residences in the country for property agents' federation FIAIP showed an average price rise of between nine per cent and 27 per cent between 2004 and 2009.

At the same time, he added, the first half of 2009 only saw a drop of between 0.85 per cent and 1.25 per cent, after a decline of just 0.6 per cent in 2008.

Mr Hudson stated that this demonstrates the strength of the property investment market in the country and commented that the bottom of it has now passed.

Recent research suggesting Italian property is a solid bet included that of the foreign exchange team at investment firm Close Treasury.

It found that properties bought there in June 2005 would be worth 65 per cent more now, when the combined effects of price growth and the changing exchange rates are considered.