We propose you the second part of the interview that Property Guides addressed to the Great Estate Managing Director, Stefano Petri: a look at the Italian real estate market and some advices for all the international buyers who desire to purchase a prestigious property in our country.
What’s the market looking like in Italy/where do you think it’s going?
I’ve written three articles for Great Estate Magazine, in which I talk about my vision of the market (find them at the bottom of this page)
Basically, I think that, as long as the Italian economic situation won’t recover, the real estate market values will stay the same or will even lower. The markets are statistically cyclic: this period of decline is very long, so we could expect a recovery of the values in a short-medium term. Anyway, as already said, this will only happen after a recovery of the Italian economy.
Obviously, this is a very good scenario for those who want to invest in Italy, considering that, after the 2008 world financial crisis, the real estate values have actually lowered by a minimum of 25-30% up to 45-50%. So, it is clear why the interest of international buyers in purchasing second homes in Italy is so strong nowadays.
What resources do your clients find most useful in their property search?
First of all, the extreme care that our agents use towards the client and his/her search, combined with transparency, clarity and completeness of the information provided. All of our properties are excellently presented, with professional photos and videos and detailed descriptions, allowing the client to have a precise impression of what he/she is viewing. Moreover, thanks to The Best Price, our management software (find it out here), each agent can specify in his/her client tabs all the search parameters indicated by the clients themselves. This is a very useful tool, which provides a first important selection among the many properties we have in our database. In addition, the system automatically sends the selected property to the client, who can then consider all the proposals already “filtered” by an expert who knows well both the market and the needs of the buyer.
What would your top tips be for someone just starting their search in Italy?
I suggest to rely on a professional, or even better, on a group with long-lasting experience and several successes which prove the quality of its services and capability. There are so many properties on the market, and a good consultancy can make the difference, turning a simple idea of a purchase into the realization of a dream. And that is exactly what happened to the clients who entrusted themselves to Great Estate.
What tips do you have for clients who need to transfer large sums of money from overseas to Italy (eg for deposit, mortgage repayments)?
When our clients need to transfer money to Italy from abroad, we always suggest to entrust themselves to Smart Currency Exchange. Many of our buyers have already taken advantage of Smart change and transfer services, and their satisfaction is an important guarantee for this partnership! Smart Currency is a qualified and efficient company, and we work very well with them.
General moving to Italy
What do you find typically attracts your clients to moving to Italy?
In two words – Italian lifestyle: the friendly attitude that the Italians have towards foreigners, our climate, our cuisine, our history and culture, as well as our landscapes and our excellences, fashion and food&wine. In addition, more generally speaking, they are attracted here because life in Italy is good.
Once in place, what are your tips for expats on integrating into the local community?
We usually introduce our clients to those who made before them that same choice of purchasing here. But not only: we also introduce them to the local people, in order to make them perfectly integrate. We arrange meeting breakfasts or dinners, or even parties in the houses to welcome the new owners. All of this is really positive, because it shows a big sense of an open and international community!
If you liked the interview to Stefano Petri and his opinion about the real estate market of the second homes in Italy, we suggest you to read also..