Though Spain and Greece remain attractive destinations for Italians looking for property abroad, Southern Europe also emerged as a possible market.

Spain and Greece still offer good price to quality ratio, La Stampa newspaper reported.

Bulgaria and Romania were to see yet another property market boom, predictions of research institute Scenari Immobiliari showed.

Bulgaria, Croatia and Slovenia are the newly emerging markets for Italian property investors, La Stampa reported.

More experienced property investors preferred to explore these markets rather than the ones that already established themselves as hotspots.

Investors purchase smaller property at low prices. The real estate undergoes re-construction and is re-sold. Annual returns of such deals could reach up to 10 per cent.