Time to buy: La dolce vita within reach once again as controversial IMU tax halted by new PM
Although it is still very early days for Italy’s new government, it is refreshing to see the first signs of progress for the economically troubled country, after months of political deadlock. Prime Minister Enrico Letta has caused cautious optimism in global markets, with borrowing costs on Italy’s 10-year bonds dropping below 4% for the first time since 2010.
The recent commitment by Letta to reduce the burden on tax payers will have come as welcome news to Italy’s citizens. In particular, the commitment to halt the June instalment of the controversial IMU property tax will come as a relief to both existing home owners across the country and potential buyers.
Although Italian real estate prices have suffered in recent years – the Federation of Professional Estate Agents’ 2012 data showed total values had fallen by almost 12% – industry experts feel that they have begun to stabilise, going so far as to predict no change in prices over the course of 2013.
The luxury property market is looking even more hopeful, with one online high end property sales company reporting in April 2013 an increase in demand of 5% for luxury Italian properties in the last 12 months, further fuelled by the recent news that Italy will be leasing its disused castles, islands and fortresses to ambitious developers looking to bring in a further influx wealthy tourists.
While investors are becoming increasingly confident in the Italian property market, high end properties don’t have to cost the earth. Family-run company Appassionata is offering la dolce vita for just a fraction of the cost. Dawn Cavanagh-Hobbs, the company’s founder, explains,
“Appassionata’s Estate Giacomo Leopardi in Le Marche is host to two delightful fractional ownership properties – Casa Giacomo, which is now fully sold, and Casa Leopardi, of which a few fractions remain. Our ethos in renovating the properties was to offer the highest standards of indulgent Italian living at affordable prices, creating a ‘home away from home’ for our owners.”
Casa Leopardi is a five bedroom, five bathroom house laid out over three floors. Carefully positioned terraces provide idyllic spots for outdoor dining, while owners also benefit from the estate’s swimming pool, tennis courts and landscaped gardens. They also share in the produce from the estate’s extensive grounds, which include vineyards, a truffle plantation, a lavender plantation and olive groves. With fractions in Casa Leopardi costing just £175,000 for five weeks’ exclusive occupancy every year, the Italian dream is within reach once again.
Interior designer Dawn’s passion for creating an authentic Italian luxury home is easy to see. Casa Leopardi is bursting with traditional touches, including bespoke work by local artisans and a fabulous collection of antiques. Dawn continues,
“I have scoured Italy for genuine antique pieces for the house, to ensure a traditional feel. Casa Leopardi features 400 year old stone lintels from a palace in Abruzza, and antique farmhouse door with original fittings and Liberty floor tiles dating back to the early 19th century.”
Within the house, Dawn has carefully balanced modern convenience with antique touches. One bedroom is home to blue velvet chairs from Turin, still featuring their original paintwork from 150 years ago. A 100 year old crystal chandelier from Milan hangs from the living room’s vaulted ceiling. Antique chests of drawers, mirrors, wall lights and rugs also feature, along with three delightful ceramic jars from San Benedetto, which were handmade almost 200 years ago.
The overall result is spectacular – authentic, luxurious Italian living at a price that won’t break the bank. Thus while Italy takes its first baby steps towards economic recovery, smart investors can snap up Casa Leopardi’s fractions at the current special price to grab their own portion of the Italian dream.
For more information contact Appassionata on 0039 073 465 8775, visit www.appassionata.com