Buyers 'should take advantage of cheaper Italian property'
Elliott Graham Properties
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Many sellers in Italy have reduced the asking price of their properties in recent months, prompting one local real estate expert to urge buyers to take advantage of the situation.
Linda Travella, of Casa Travella, explained Italian vendors were slower to cut the amount they were asking for their homes than other Europeans.
However, she noted they have recently realised doing so is encouraging investors to look elsewhere for their next purchase and many have therefore started to offer Italian properties for sale at "below market value".
Ms Travella added the strength of sterling against the euro means buyers from the UK can also benefit from the exchange rate.
Buyers may want to bear in mind the reintroduction of a property tax on first homes, announced by the Italian government in December last year.
New prime minister Mario Monti set out his plans to bring back the levy, which was abolished under previous leader Silvio Berlusconi, among other austerity measures aimed at getting Italy's budget deficit under control.
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