Entire Italian estates—including castles or historic mansions and churches—are going up for sale as owners are no longer able to maintain their properties. The trend of Italians selling their family estates is "indicative of Italy's place as a country caught between its past glory and its modern difficulty in producing an innovative climate capable of ensuring its future." The withering of inherited wealth in the country seems from multiple factors, including the increasing costs of living and services, the instability of owners’ finances in the still-present economic troubles, reductions in government subsidies for historic preservation, and rising property taxes.
The buyers of these historic properties are not, in fact, Italians, but people from outside the country. Some fear these foreign buyers will be less attached and less caring to their properties. Read More