Searches for Italian property surge

Interest in international property started to bounce back in August, led by Italy, which recorded the biggest monthly increase in property searches across Europe. The number of people searching for property in Italy increased 25% last month, cementing the country’s position among the top three most popular European destinations for Brits to buy abroad.

According to the Primelocation International Search Index, the number of searches for property in Italy now makes up 6% of all international searches, sitting behind those for France, Spain and the USA.

Ann Wright, International Development Manager of Primelocation International, comments: “Italy has a wide appeal offering everything from the coastal retreats of Tuscany and the Lakes to the fashion houses and designer stores of Milan. With property prices in the country remaining more stable than those in the UK, Spain and France, seeing neither such a defined boom in 2007 nor the more recent crash, the prospect of purchasing here has become an increasingly attractive option.”

All of the countries in the top ten search rankings experienced an increase in the number of property searches carried out in August compared to July, with an average increase of 17% over the month. In addition, five of the top ten also saw annual rises, compared to only three in July, indicating that confidence in the market appears to be improving once again.

Ann Wright, adds: “August has been a relatively positive month for international property buyers. Interest has started to increase, as people return from their holidays and began to plan ahead for next year. Although a proportion of the increase in searches may be attributed to aspirational activity, the implications are encouraging. Perhaps even more importantly, the longer term trend demonstrated by the more widespread annual growth in property searches suggests that the underlying appetite for foreign property may be returning.”