Italian property offers refurb opportunities in rural areas, otherwise investment opportunities are centred on a few key cities, mostly in the north, with Milan the dominant location.

Weak economy, but Italian second homes will have perennial appeal for overseas buyers because of Italy's unique cultural magnetism: think Siena, Florence, Venice, Lucca . Blue chip areas include Tuscany, Umbria, increasingly Le Marche and Puglia .

Italy property offers very strong rental yields on holiday homes, but a short peak season of around 20 weeks in the northern areas. There is much off plan holiday home development in the south, but, apart from Sicily , still not a popular market with non-Italians.

Refurb opportunities can net excellent profits, but probably best left to the experienced.

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