Lifestyle buyers grabbing bargains in Italy

Astute investors can take advantage of the current economic climate and slump in property demand to grab themselves a bargain, it has been noted.

According to a report in British newspaper the Daily Telegraph, many individuals are returning to traditional European destinations as properties requiring long-haul flights have fallen in popularity.

One such country seeing an increase in interest in its property market is Italy.

Gemma Bruce, of estate agency GK Italian Property, told the news provider that an increasing amount of lifestyle buyers were taking advantage of cheap housing in Italy.

She explained: "We're seeing prices at their lowest since the downturn started. Buyers are desperate to sell and fear the market will take longer than expected to improve, so are prepared to accept very low offers."

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.

According to a survey by estate agents Savills, around 430,000 holiday homes worldwide are owed by Brits.

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