Grab Yourself Some Bargain Real Estate In Venice, Italy Article

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Grab yourself some bargain real estate in Venice, Italy

An Italian property expert offers advice on where to look for affordable property in Venice, Italy. This article also covers nearby areas that also represent excellent investment value.

Author: Adriana

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With the timeless magic of St Mark's Square and Basilica, the Doge’s Palace, the Bridge of Sighs and gondoliers weaving their way along the Grand Canal, it is little surprise that real estate in the heart of Venice is among the most expensive in Italy.

Prestigious apartments in St Mark's Square routinely change hands for Euro 7million and prices are so high that Venice’s current 60,000 population is two thirds less than in the 1950s because residents have been priced out of the heart of the city.

Yet barely a mile away, in the district of Dorsoduro, it is possible to buy a splendid apartment for just Euro 250,000. Welcome to affordable Venice.

Venice is made up of six districts: San Marco, Santa Croce, Canareggio, Castello, San Polo and Dorsoduro. And it is to Dorsoduro, the most southern of the six, where foreign investors are heading.

This popular area exudes a youthful, exuberant feel. The Ca' Foscari University is here and the area has more late-night bars than anywhere else in Venice. Yet there are also obvious signs of Dorsoduro’s growing affluence, especially in the eastern end of the district.

A growing number of wealthy foreigners and Italian artists and media types now live here. Also based in Dorsoduro are the Peggy Guggenheim Museum, housed in an unusual palazzo on the Grand Canal, and the Accademia, the city’s premier art gallery.

Property investors of all budgets can find superb opportunities in Dorsoduro. Typical is a development of nearly 30 new apartments near the Accademia that came on the market in 2008, with prices ranging from Euro 260,000 to Euro 1.5million.

Elsewhere in Dorsoduro, around Euro 280,000 should buy a cosy pied-a-terre close to the popular Zattere promenade, which faces the area of Giudecca across the water.

Another affordable part of Venice is up-and-coming Castello, which is just east of St Mark’s Square yet is refreshingly free of masses of tourists. Here, Euro 300,000 will get you a two-bedroom 80sq m apartment, although some renovation work may be required. Castello, Venice’s largest district, takes its name from a massive castle that once stood here as a watchtower against invaders.

There are real estate opportunities also in the nearly 120 islands scattered around Venice but within easy reach of the city. In Burano, some six miles away, Euro 450,000 should cover a house rather than just an apartment. Also worth a look are Torcello, just to the north of Burano, and Tellestrina Chioggia.

Venice attracts some 14 million visitors a year, drawn not just by its architectural marvels but also by events such as the Venice Film Festival, the Biennale and the Carnevale.

So buying a home here ensures great rental returns almost all year round. A two-bedroom apartment can be rented out for up to Euro 1,200 in high season while a prestigious apartment can go for five times that amount.

Another possibility is to look farther afield, to towns and cities within about 30-45 minutes by train of Venice. They include Vicenza, a Unesco World Heritage Site; Verona, nestled between the hills and the River Adige; the lively university town of Padova; and Treviso, a well-preserved medieval city renowned for its wine and cuisine.

Padova is possibly the most expensive of them and for an 80sq m two-bedroom property, budget around Euro 400,000. But in areas such as Abano Terme spa resort in the surrounding countryside, Euro 250,000 can buy a three-bedroom property. A similar sum should be enough for a roomy two-bedroom apartment in the heart of Vicenza or Treviso.

About Author

Adriana Giglioli is a property expert with Homes and Villas Abroad.com, which offers more than 2,500 types of property in Italy for sale. She specialises in Puglia property and has 21 years’ experience in real estate.

Article Source: http://www.1888articles.com/author-adriana-22973.html

Grab yourself some bargain real estate in Venice, Italy