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British Property Investors Return to Italy’s Shores - 24 May 2010

The coasts of Spain and France aren’t the only popular destinations for Brits this summer. Interest in Italian waterfront property has more than doubled from last year, according to real estate experts.

U.K.-based property sites are reporting that last month’s search numbers for the islands of Sicily and Sardinia were well over 100 percent higher than they were in April the year prior. Nearby coastal regions Lazio and Campania are also in high demand, and so are properties along the lakes of Como, Maggiore and Garda, according to realtors.

Unlike more popular sunny Italian destinations like Tuscany, where the property market took a hit, the three lakes, near Milan, were practically untouched by the recession. Instead, prices have continued to rise at a steady five percent over the last few years.

Until now, most overseas interest in the lakes came from investors from Germany, Scandinavia and Russia, not from the U.K. or the U.S. But the lake’s seaside amenities and newly developed resorts are creating a stir among Brits and Americans, especially the rich and famous. Both George Clooney and Richard Branson own homes on Lake Como.

While villas that sit right on Como and its neighbor Maggiore may run in the millions, several streets away from the lakeshores, properties start at about £160,000.

Overall, interest in Italy seems to be up among British investors, as some property sites are reporting 70 percent increases in searches from a year ago. Four Italian cities also made TripAdvisor’s list of ten top destinations chosen by travelers. Florence, Venice, Siena and Rome all received the site’s Travelers’ Choice Destination Awards.

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