Forget the politics – you CAN own your dream home in Italy and at only a fraction of the cost!
It’s been a tumultuous time for Italy of late. With political deadlock resulting from the recent elections, the shock resignation of Pope Benedict XVI and the National Statistic Institute’s confirmation that the economy shrank by 2.4% in 2012, Italian citizens have been left battered and bruised by their country’s latest series of crises.
Yet despite their government’s political turmoil and high level of debt, Italians have a history of saving that is helping them through the turbulent times. A recent study by Unicredit and Pioneer Investments reported that Italian savings actually total €8.5 trillion – over four times the country’s public debt. In addition, according to the Italian Banking Association, Italy had higher household financial assets than both Germany and France in 2011. But with the overall tax burden continuing to increase, the average Italian’s financial situation is very much on the turn.
One particularly unpopular tax change has been to Italy’s unified property tax (IMU). The tax had been abolished in 2008 under Silvio Berlusconi’s government, but reintroduced in 2012 by Mario Monti in his efforts to save the country from a bail-out. The change was desperately unpopular, with Italy’s largest trade union (CGIL) claiming that IMU’s reintroduction had pushed Italian families’ property costs up to more than 30% of their total expenditure. Electoral candidates promised to revisit the situation and either lower or abolish the tax. Silvio Berlusconi went so far as to promise repayments to those who had paid it. With the muddled outcome of the election process, though, no clear plan has yet been agreed for revising or phasing out the detested IMU.
For foreigners looking to invest in Italy’s property market, all this uncertainty could be understandably off-putting but thankfully, family-run, UK-based company Appassionata has come up with the ideal solution. Based in the beautiful Le Marche area of central Italy, the company’s Estate Giacomo Leopardi offers fractional ownership of two stunningly renovated houses: Casa Giacomo, of which all fractions have been sold, and neighbouring Casa Leopardi. Fractional ownership offers those wanting to retreat to the Italian countryside everything they could desire at a fraction of the cost.
Appassionata’s founder Dawn Cavanagh-Hobbs explains,“We wanted to give people the opportunity to share in the wonders of Italy, without the hassle and expense of managing a fulltime property. Our owners are able to enjoy the estate, share in the produce from its vineyards, olive groves and truffle orchard, and relax in the sunshine. We have removed all the usual hassles of having a holiday home abroad, so instead of having to deal with gardening and maintenance issues the moment they arrive, our owners can just drop their cases and begin relaxing by the pool.”
Each owner enjoys five full weeks’ use of Casa Leopardi per year. Interior designer Dawn has blended local artefacts with carefully selected antiques to create a traditionally elegant Italian vibe within the property. Outdoors, breath-taking views of the Adriatic Sea and the distant Sibillini Mountains complete the idyllic picture.
Only a few fractions of Casa Leopardi remain and at the current special price of just £175,000 they are expected to sell fast. For more information contact Appassionata on 0039 073 465 8775 or visit www.appassionata.com.