It has recently been revealed that many of the properties in Italy are being snapped up by wealthy Indian businessmen and families alike.

According to the vice president of credit risk management at the Deutsche Bank, locations such as Tuscany and Sicily are the most popular amongst the Indian investors.

The surge in interest has come following the steep fall in property prices, not only in Italy, but all across Europe. Not as many locals are purchasing property, which has left a huge gap in the market; a gap which foreigners seem only too keen to fill. Italy is among the top locations for foreigners looking to spend their money abroad, either in investment opportunities or second/holiday homes.

There is however a limit on what the Indians can buy. This is because the Reserve Bank of India caps the amount which people are able to spend on foreign property annually. It is currently at around $200,000, or £125,517 per person.

In May of this year, DTZ published its annual Money into Property Europe report, in which it was noted that the amount of transactions across the continent had increased by a staggering 64% in 2010, compared to 2009. From this figure, they have predicted that number to rise by a further 20% this year.

To understand the full step-by-step process to buying a property in Italy, collect The Overseas Guides Company’s ‘Italy Property Buying Guide’