Indian buyers targeting Italian property market

Wealthy Indians are increasingly purchasing properties in Italy, it has been revealed.
Vice-president of credit risk management at Deutsche Bank Gulzar Malhotra told Business Standard that locations such as Sicily and Tuscany are proving popular among Indian investors.
He explained that the decline in property prices experienced across Europe is attracting more foreign buyers to the marketplace, with perennial favourites like Italy among the top locations for those seeking second homes or investment opportunities.
However, Indians are restricted in terms of what they can purchase because the Reserve Bank of India has capped the amount that can be spent on foreign property annually to $200,000 (£125,517) per person.
In May, DTZ published its Money into Property Europe 2011 report, which noted that transaction volumes across the continent increased by 64 per cent in 2010 compared with the previous year.
The organisation went on to predict this to rise by a further 20 per cent by the end of 2011.