Want to buy a house in Tuscany, Italy? Read on for facts and info on the real estate market of Tuscany and what makes this a good time to invest in buying a house in the region…
Tuscany is regarded as being one of the green cities of Italy. With a diverse topography that consists of rolling hills as well as coastal land, Tuscany offers plenty of choice for people looking to buy a house in the region. As it is Tuscany is one of the most frequented regions of Italy by tourists from all around the world. It is a great place to live because of its beautiful natural setting, great cuisine and thriving economy and at the same time it is a great place to invest in real estate.
If you have been dreaming of buying a home in Tuscany then there is no better time than now as Tuscan real estate is experiencing an all-time low at the moment. This makes it a perfectly opportune time to buy a house in the region. While there are plenty of luxury homes available for sale in Tuscany, there are not enough people to buy these homes. Real estate agents confess that in the past selling luxury homes was never a problem in Tuscany because it was a favorite spot for the wealthy. Similarly the sale of renovated farmhouses or well located apartments used to be thriving. This time around however trends in the real estate market of Tuscany have taken a downward turn.
In the past many wealthy people from Russia as well as affluent Anglophones used to look to Tuscany as the ideal place to build a second home. At the same time many others would consider Tuscany to be the perfect place to relocate to. This is not the case anymore. This can be seen by observing the regions of Tuscany that used to be extremely popular with British homebuyers in the years preceding. For example the Greve-in-Chianti is considered to be the heart of the region and would always be full of British homebuyers but these days the oblong piazza is relatively empty.
Real estate experts believe that the market for luxury residences has declined in Tuscany ever since the cost of property has been doubled because of the Euro. A few years ago Tuscany was not suffering the consequences of the global financial crisis in the way that the real estate market of Spain and France were suffering. However negative effects are now surfacing in the Tuscan real estate market. After experiencing a major boost in real estate prices, the market has now reached a slump and prices of luxury homes have declined more than 20% off what they were about two years ago.
The impact on rural estates has been even more according to some of the real estate experts. This is because the rural estates are situated far from the city center, which also increases transportation costs and other related costs for those looking to buy such property in Tuscany. Therefore it makes it an unlikely option in these current times.
Although the situation may appear to be glum at the moment, economists and real estate specialists consider it to be an indication of positive reset. This is because prices have now becomes more realistic and the real estate bubble of Tuscany has blown, regularizing pricing. Although this may have negative impacts on the market at this point in time in the future it will pave the way towards a healthy growing real estate market. In essence now is the best time to invest if you have been looking to buy a home in Tuscany.