Property firm opens Italy office

A property firm has opened a new office in Italy, a move that may indicate that the market remains strong in the country.

Chesterton has said it is to start a new office in Como in the Lombardy region, serving buyers in the Lake Como area as well as around the other Italian lakes.

Speaking about the venture, Chesterton Como director Cheryl Lorenzo-Penn hailed the area as highly accessible (via Milan airport) yet largely unspoilt due to the low concentration of industry.

She said of investing in the region: "In general, a property bought here will be a lifetime investment, as prices of quality properties remain relatively constant, appreciating over the years."

Ms Lorenzo-Penn stated that one reason for this market stability was the prudence of Italian banks in rarely lending mortgages of over 80 per cent loan-to-value.

Italian property may be the focus of more attention soon as footballing icon David Beckham is about to move to Milan.

The former England captain is joining AC Milan on loan from LA Galaxy.