Reductions fuelling recovery in Italy

The Italian property market is set for a recovery as agents begin to report an increase in sales, Overseas Property Professional (OPP) has reported.

According to the online news directory, sales in the European destination only fell by 0.4 per cent year-on-year - compared to the 18.6 per cent during the first quarter of 2009, Italy's land registry, the Agenzia del Territorio, has revealed.

Travel and property expert Linda Travella told the news provider that the decision of many expats to sell their property at lower prices was helping the market.

"I'm pleased that we're seeing reductions because clients were coming over expecting price drops and they weren't getting them. There are now properties selling that people couldn't afford before."

She continued, stating that the biggest falls had been seen at the top end of the market.

The Italian property market was predicted to be one of the most popular destinations for real estate investment in 2010 by A Place in the Sun.

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