Hartlepool, United Kingdom (PressExposure) June 08, 2009 -- Sales of Italian property -- like property in most, if not all of Europe's established markets -- have started to pick-up in the past couple of weeks, according to overseas property portal Property Abroad.com.
"Sterling is currently strengthening against the Euro, making Italian property and property throughout the Eurozone cheaper to British buyers, and thus more attractive. Sterling has been strengthening for a couple of months now, but as people realise it is not going to reverse it is starting to turn into sales," said Les Calvert director of the portal, adding:
"This is having the biggest effect in established markets where properties have already seen considerable real price falls, and the currency benefit to British buyers makes them a real bargain; made too good to miss by the now almost 15% instant equity they hold."
The portal thinks this trend will continue for some time, as it believes Sterling's upward trend against the Euro will continue, and will not level off for quite some time. Les said:
"Sterling has been growing against the Euro for a couple of months, ever since there were the first indications that the decline in the UK economy was starting to slow, and economists began to feel more confident that they could anticipate the extent of the UK recession.
Meanwhile the Euro-zone is vast and encompasses many countries, many of which had been expected to avoid recession but are having their forecasts continually re-adjusted as they slide into recessions. Thus it is a lot harder to forecast exactly when the Eurozone will come out of recession. So, Italian properties will continue to get cheaper and cheaper to British buyers, who will continue to snap them up."
Property Abroad.com is currently advertising Italy property for sale, from fixer-uppers at under Â£10k to a complex of 52 apartments at Â£19million and everything in between.