Italy remains 'resilient'

The Italian economy looks well placed to weather the recession, despite depreciations in other European countries, it has been claimed.

According to Reuters, the nation's economy as a whole has been largely unaffected by the global economic downturn and forecasters are ruling out a property bust.

The trend to fully pay for houses at the time of purchase rather than take out a mortgage is one explanation for the steady market.

In addition, the European Commission has predicted Italy's economy will contract just two per cent this year while the likes of Britain, Ireland and Germany are steeling themselves for much higher losses.

The country's economy minister, Giulio Tremonti, told reporters last month: "You'll see that we improve our position in this crisis, even if it's because others nations are going backwards faster."

Meanwhile, according to Elisabeth Dobson of currency exchange broker World First, there had been a "drop-off" in the number of UK-based buyers investing in foreign homes over the last few months, but the situation is now changing.

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