The birthplace of opera, Dante and da Vinci,
Italy epitomises artistic elegance and cultural prowess. Home to
magnificent beaches, unspoilt countryside, ancient cities, an
enviable climate and a vibrant history, Italy is one of the world’s
favourite holiday destinations. Over 45 million tourists visited
Italy in 2007, helping the country retain its position in the top
five most visited countries in the world, a ranking it has enjoyed
for over fifty years. The cost of living is comparatively low, the
health service and transport infrastructure are excellent, and the
pace of life is refreshingly easy-going. Also, due to more
stringent planning regulations than in Spain and other countries,
Italy has kept its charm and remained largely unspoilt. It is also
home to the greatest number of UNESCO World Heritage sites in the
world. For lovers of the outdoors, there is climbing, skiing and
snowboarding in the mountains, while the more gentle hilly areas of
Tuscany and Umbria are ideal for hiking and mountain biking.
Numerous beach resorts dotted along Italy’s coastline also provide
excellent opportunities for watersports including sailing,
windsurfing and scuba diving.
Economically, Italy is moving fairly slowly
although it still produces the one of the world’s highest GDPs.
Over the last decade the government has pursued a tight fiscal
policy in order to meet the requirements of the Economic and
Monetary Unions, and has benefited from lower interest and
inflation rates. Numerous short-term reforms have been implemented,
aimed at improving competitiveness and long-term growth, but other
improvements, such as lightening the high tax burden and
overhauling the rigid labour market, have not yet been put into
practice. This is partly due to the economic constraints placed on
the leadership by the budget deficit, which has breached the EU
ceiling. Having said that, the economy performed well in 2007, with
a 1.9% GDP growth rate, higher than the 2001-2006 average of 0.7%.
The rate of unemployment has also declined steadily from 7.8% in
2005 to 6.9% in 2006 to 6.7% in 2007, whilst inflation at 1.7%
remains below the average euro rate of 2%.
Still in this Chapter
Is this is good place to Buy?
Which type of Property should you go for?
Hotspots
The Purchase Process
Mortgages
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