Milan
Close to the Lakes, in the north of Italy, associated with fashion and finance, Milan is an attractive proposition to a buyer looking for a property that would serve as a base for work as well as pleasure. Some claim the city has more banks than Rome has churches. Milan is a vibrant, fast-moving metropolis, the second largest city in Italy and, home to the borsa (Italy’s stock exchange), its financial capital.

Dubbed the Fashion Capital, everyone who’s anyone in the Italian fashion world, from Armani to Versace have bases in Milan, home for the Milano Moda Donna and Uomo events, showcasing the seasons’ fashions. The Fiera Milano (the New Exhibition Complex), situated in the northwest of the city, hosts international trade fairs and exhibitions for industries as diverse as Apparel and Clothing to Travel and Tourism. The trade fair site has a total surface area of 2 million square metres and attracts thousands of visitors and exhibitors annually. All of this makes Milan an attractive buy-to-let option for investors.

With its many centres of study and research, such as the Politecnico di Milano university, world famous galleries, the Brera for example, theatres, La Scala to name just one, Milan offers a prospective property buyer a rich choice, whether it be a buyer looking to relocate for work, a euro commuter who needs to access the world of fashion, finance or international exhibitions, or a student furthering academic interests. For the same reasons it offers an attractive option for someone interested in buy-to-let, apartments in the centro storico and close to the University being sought after.

Statistics show that in the last ten years property prices have risen by 96.6% and are still rising. Areas which have seen the most growth in this period include the Designer/Fashion quarters; property prices at euro 7694/m2, prices have risen generally 4.2%, however the the Cairoli-Cordusio area is up by 7.7%. The ‘Green’ quarters of the city have also enjoyed above average growth, prices were up by 3.6% and the Gallaratese-Trenno zone in particular was up by 9.7%.

Milan is well served by the Malpensa, Linate and Orio airports, meaning that, especially with the arrival of low-cost airlines, it’s easy to reach. Check out Varese, just under 35 miles north west of Milan, where many foreign business men have set up home with their families due to its proximity to Milan, the lakes, the mountains for skiing and its English-language school for their children. It’s a popular choice for these reasons and property prices in the centre have been rising.

Venice
The highlight of the region of Veneto and what has to be the most popular honeymoon destination. With a total of 126,947 inhabitants, property owned by non- residents is put at 30.43%. Not only is there the city itself, but its location makes it ideal to access skiing in the Dolomites, the sea, and with the mainline arriving right on the Grand Canal, cities such as Milan are all within easy reach. Residential property prices are still short of the highs of around 15% seen between 2001-2004, but the lagoon city continues to offer strong investment opportunities as borne out by demand for top end apartments in the historic palazzi. To illustrate, 5 apartments in the 16th century Palazzo Mocenigo sold in 2006 for €6.2million and are now being sold off separately at from €1.4 to €4.6 million. Large apartments rent out for around £5,000/week. The real pull for buy-to-let is that it’s one of the few cities where it’s a 12-month market: Highly recommended.

Verona
Definitely a ‘city of art’, and as such recommended to buy in, with the Arena season running from June to September, and that famous Romeo and Juliet balcony. Again in the Veneto region, well connected (it has its own airport and is on the A4 motorway), it’s close to Lake Garda (45kms to Sirmione) and the A22 motorway takes you up into the Dolomites for skiing and walking. Property prices were rising at 12.8% in 2001 but were put at +1.1 % in the first half of 2007, reflecting the general trend seen in the Italian residential market. In the centro storico (historic centre) the market has witnessed demand coming above all from those wanting mid/top end property as opposed to those buying for investment. In a medieval ‘palazzo’ on two to three floors with an internal courtyard, which has over the years been restored and renovated, the price per m2 goes from 7000 to 7500 euro, although in Piazza Delle Erbe that can reach 9000 euro.

Bergamo
Close to Milan, 45kms, with its own international airport (Milan-Orio), viewed by Ryanair as their Italian hub: The town is ideally situated for the Lakes (Iseo, Lecco and Como) as well as ski stations in the Bergamasco Alps. The medieval upper town, home families like Trussardi and a university, it is a place to seriously consider investing in, the Upper Town has strong investment potential as property prices are expected to continue rising for up to another 10 years, being very popular with the Italians, who are pushing the market upwards: strongly recommended.


Oltrepò Pavese
Oltrepò Pavese is an undiscovered wine growing area below Pavia, described by Italians as ‘Little Tuscany’. This is a genuinely unknown area of rolling hills and vineyards where property can cost 50% less than the equivalent in Tuscany. Annual growth was around 10% but has currently leveled off and is stable. The area is a very attractive proposition for buyers as it is definitely ‘off the radar’ as far as foreign buyers are concerned, offering rolling hills and vines for a lot less than more famous regions in Italy, at the same time avoiding the crowds of foreign tourists that can often take away the ‘authentic’ atmosphere from an area. The location means it’s accessible from the Milan airports and being close to the A21 provides a good base to visit Italy - the Ligurian coast is an hour away, for example.


The Italian Alps and Pre-Alps
Lombardy is home to well-known ski resorts like Ponte di Legno – Adamello, with its brand new cable car the resort now gives you 100 kilometers of skiing without taking your skis off, as well as the ski slopes in ‘undiscovered’ Valtellina, just below Switzerland in the heart of the Italian Alps. Bormio, a beautiful spa town with outdoor hot pools used even in the winter, offers a Liberty style spa and roman baths, shops and restaurants, close to Livigno for tax-free shopping, positioned on the edge of Lombardy and Trentino alto Adige, within easy reach of the slopes. Santa Caterina Valfurva, just 13 km from Bormio, and 220km from Milan, boasts 60km of slopes. In 2005 it hosted the World Alpine Ski competitions, so good facilities can be found here, as the new ski lifts reach 2800 m and new slopes have been opened. The ski resort also offers cross-country skiing; one route taking you through the beautiful pine forests the other being rather more demanding. In summer hiking in Parco Nazionale dello Stelvio, a protected nature reserve, is very popular. Apart form all of this the town is a very attractive place to invest in as the boom has not yet arrived but market watchers feel it’s definitely a place to keep an eye on. To illustrate, the most well-known estate agency in Bormio has recently opened an office in Santa Caterina as predominantly the Milanese are buying due to its proximity to Milan, as well as the fact it isn’t chaotic or crowded - a feature the local authorities aim to preserve.

Moving across into Trento, Madonna di Campiglio offers slopes to suit all levels as well as being home to the annual 3-Tre world cup race.


The northern lakes
Thanks to George Clooney and friends, Lake Como has become a popular spot to buy. British buyers make up 15% of the market in this area. Resale values are good, and property prices have risen along the lake, not just because of the Hollywood neighbours, but because the area is popular with the Italians and close to the Alps. The area doesn’t really allow huge property development so demand is always high. Take a look at the lesser know Lake Iseo, situated between Como and Garda, which offers all the beauty of Como, but is less crowded and property prices are lower. Going eastwards, Lake Garda, close to Verona (Sirmione is just 45kms away) remains a perennial favourite..


Tuscany
Florence is one of the top destinations in Italy; in 2005 it attracted 10 million visitors. Following a steep rise in prices between 2001 and 2003, the Florence market is currently stationary and some sources have shown a slight decrease in property prices during 2007, with buyers adopting more of a wait and see attitude. However properties in the city centre are attracting attention as a form of investment, one and two-room apartments to rent to tourists, students and visitors to fairs being targeted in particular. Average prices in the centre are around euro3000-6000/m2 but can easily double in historic palazzi around Santa Croce or Duomo, depending on the view. Sought after, but hard to find, are apartments in these palazzi with lifts and terraces. Other towns to consider include Viareggio, with its long, sandy beaches, and a popular place for sailing, and Grosseto, set in a beautiful area, the Maremma, a natural park, close to the sea, with investors again targeting the centro storico or historic centre.