British expats looking towards Italian property

British expats are becoming more interested in purchasing property in Italy, according to international real estate agency Knight Frank.

The agency, which expects the Universal Expo in Milan in 2015 to generate more investor interest among Brits than ever before, said that expats from the UK were now the top buyers for properties in Umbria, Florence and Tuscany, and second only to Italians for Rome, Sardinia and the Italian Lakes. It said there was also growing interest among UK buyers for Liguria and Venice-based properties.

Knight Frank Italy-based partner Rupert Fawcett explained that expats purchase properties in Italy mainly as a lifestyle choice and not generally as an investment. But he said he expected the Universal Expo would show investors that the Italian market now offered better value, and that Chinese and other Asian markets were now showing greater interest in both commercial and residential property in Italy.

Fawcett went on to say that interest was on the rise in major cities such as Rome, Milan, Florence and Venice, but that prices were likely to remain stable in the next few years. He also revealed the demand in the vineyard market, classed as semi-commercial, was on the up, with buyers looking for holiday home that also had the potential to generate income.