Venice emerges as a long term but less risky property investment
15 July 2008
According to a leading estate agent high rental yields are just one of the attractions of buy-to-let investments in Venice.
With more and more investors seeking less risky options, those with the available finance could benefit from the huge number of people that visit the city all year round. While Venice is one of the most expensive cities in Europe, it is also one of the cultural hotspots, attracting thousands of wealthy tourists every year and making it an excellent option for investment, says Linda Travella of Casa Travella.
There is also a wide variety of property types. Some are ready to move into but others may require renovations which can take longer than in other places due to the listed status of many buildings.
“In Venice a property to restore can be a good option but be aware that it will take longer than normal to obtain permissions as buildings are mostly listed. As a company we have some very good architects and surveyors to project manage restoration and refurbishment but I always advise clients to make personal regular trips to see how work is progressing,” said Travella.
The most expensive properties are around St Marks Square but there are cheaper properties in quieter areas like Castello where many Venetians choose to live. Although a two bedroom property might cost €300,000 to buy it can expect rent of around €1000 a week in areas popular with tourists.