Credit crunch, what credit crunch?

News on Italy

The global financial turmoil doesn't seem to be worrying Italy too much, at least that's the message from the Italian government.

Unlike in Britain or the USA, there are no reports in the Italian news of national banks that are in imminent danger of subsiding. And due to strict planning laws in Italy, new builds are not the norm, hence there are no visible problems with oversupply – an issue that has ravaged the Spanish market for example.

Paul Belcher, managing director of Ultissimo Ltd says: " There is no property price bubble to burst. Prices have grown steadily and seem to be continuing to grow – although perhaps a little less rapidly than they might otherwise – and show every sign of continuing to make steady progress."

He adds: "In terms of international image and attraction, Italy has probably never fared better. It is not possible to create new renaissance cities and medieval hill towns, so the unique historic attractions ensure that Italy’s lure will remain strong."

Ultissimo are developing The Rancale area which comprises eight newly restored properties, all with private gardens. Three of the eight properties remain on sale with prices ranging from around £241,000.

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