Italian Estate Agents Welcome New Government Moves

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In a series of measures aimed at improving the standing of Italy’s economy, new Prime Minister Enrico Letta is taking action to help the country’s property market get moving.

Already there are signs of optimism in global markets with borrowing costs on Italy's 10-year bonds dropping below 4% for the first time since 2010, and after months of political deadlock, Italian estate agents have declared it “refreshing” to see the signs of progress for their market.

Estate agent Appassionata has welcomed the news that the burden on tax payers will be reduced, as the new government's commitment to halt the June instalment of the controversial IMU property tax will impact positively on home owners and potential buyers alike.

The company's founder, Dawn Cavanagh-Hobbs, said that the luxury property market is looking even more hopeful, with one online high end property sales company reporting that there has been an increase in demand of 5% for luxury Italian properties in the last year.

The Federation of Professional Estate Agents' 2012 report had some sobering data when it released figures that revealed total values had fallen by almost 12% last year. However, many experts now believe that prices have begun to stabilise.

With confidence improving under the new government, their announcement that the country will be leasing its disused castles, islands and fortresses to developers is yet another intriguing twist.

In fact, it is the high end luxury sector that is fuelling the increase of confidence in the Italian property market, with overseas investors beginning to return in significant numbers.

As with many other European domestic markets, wealthy buyers from the East are making their presence felt, with Chinese and Indian buyers being particularly active in recent months.

If you need to send money internationally, whether to Italy or elsewhere, think carefully about how you will go about doing this. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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