Lifestyle buyers could flock to Italy in 2010

New research has highlighted the key role that cash rich, lifestyle investors are likely to play during the forthcoming year.

According to data released by HomeAway and Savills International, traditional destinations like Italy are likely to benefit from the current economic climate as property investors shy away from buying in long-haul destinations.

Property buyers can capitalise on the tourist attraction that the country holds, with a vast history and culture helping to ensure it is the fifth most visited country in the world.

The research showed that investors have been looking to bolster their property portfolios with European property which has been benefiting from price reductions of up to 30 per cent.

Charles Weston-Baker, head of Savills International, commented: "In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots."

Earlier this year, A Place in the Sun predicted that Italy would be one of the top ten destinations for foreign property investment in 2010.