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Friday, October 4th, 2013

Italian real estate and economy given boost by new influx of well-off migrant families from developing countries

Italian real estate and economy given boost by new influx of well-off migrant families from developing countriesAccording to reliable sources such as the Wall Street Journal and the Financial Times, the world economy is experiencing a third cycle of growth thanks to the improvement of the market economy of developing countries. China, India, Asia, the Middle East and the Far East, as well as Brazil and Russia have all contributed to this never-before-seen process of economic growth which has given rise to huge wealth and a class of well-off families.

Through new media such as the internet and satellite TV, new wealthy families can easily compare the various lifestyles that exist around the world.  As these families start to see the different ways of life in other countries such as Great Britain, France, the USA and Canada, they are able to find points of reference which guarantee them and their children a high quality of living, a culture and education.

Studies reveal that Italy is ranked third after the UK and France in the hierarchy of countries chosen by investors from developing countries, as they see it as a “treasure” of Europe; a symbol of well-being and good quality of life.

These ‘investors’ do not only include companies and institutions, but also hundreds of thousands of well-off families who will bring with them huge benefits by purchasing a property in Italy.

Furthermore, every property is not just a home in isolation, but is also related to the area surrounding it, providing several economic advantages to every productive entities with which it interacts.  However the resources that these investors bring to Italy will not just be limited to the real estate sector but also will boost other activities, stimulating both social and urban living.

Italian real estate and economy given boost by new influx of well-off migrant families from developing countriesWealthy foreigners are looking for a home or a property with superb living spaces, an exclusive location in a prestigious area of the city and first-class services to match. This implies an improvement of the entire city: a sort of ‘permanent revolution’ of urban life, transforming significantly the urban patchwork and triggering an expansion of the centre and a receding of the city’s periphery.

In light of these implications, the mission of the Italian government should be to create laws which promote the flow of this capital into the country, following the example of England, the USA and Spain, where the process of buying a property has been facilitated and doors have been opened to interested investors.  A legislation of this kind should also be in place in Italy combined with tax exemptions, visa concessions and residence permits to help boost the real estate sector and the economy.

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