How to buy a house in Italy
The cheapest house in the country can be bought for a mere €5,000, or £3,400, depending on the area, according to a new study.
Lincoln Financial’s latest analysis found that the average house in Sicily is now selling for just €4,700 a month.
That means that a typical buyer in Sicily would have to earn around €1,000 a month just to make it into the “luxury” bracket, according a Lincoln spokesman.
The new report from Lincoln’s Global Land Market Research also found that Italy’s biggest cities like Rome, Genoa and Naples are experiencing a surge in demand.
Livio, Genova and Tuscany have seen prices increase by €10,000 or more a month, and Milan, Milanese, Naples and Pisa are all seeing prices increase.
Lizio, Venice, Genesea, Florence, Pisa and Rome are also seeing prices rise, the report said.
“In all of the cities studied, a typical house in these regions is selling for more than €5k per month,” said Lizio’s Lorna Correa.
The report comes amid rising house prices in Italy, where the average monthly price of a house has increased by 50 per cent since 2010.
In fact, according the report, the average Italian household is now earning an average of €1.8 million (€3.7 million) a year.
“It is possible to buy the property of your dreams in Italy,” said Correa in a press release.
“In this era of financial crisis and social unrest, a luxury house is no longer a luxury.”