In certain areas of Italy, Brits should expect to rub shoulders with Americans during viewing trips. This is because buyers from across the Atlantic are taking advantage of the stronger dollar, remote working opportunities and low tax rates to relocate or own a second home in to enjoy la dolce vita, according to property agencies including Sotheby International Realty.

Expats and property-buyers from the US, whose source funds and income are in dollars, have seen their buying power in Italy rocket in recent months, thanks purely to the exchange rate. Equally attractive to Americans is that both high-net-worth-individuals and retirees with more average incomes can benefit from favourable flat tax rates in Italy. This is thanks to Italy's 'Special Tax Regime', a collection of tax breaks introduced in recent years and targeted at inbound foreigners. Visa options in Italy include a Golden Visa for wealthy foreigners who wish to work or the Elective Residence Visa (ERV), or Visto per Residenza Elettiva, for retirees with average incomes.

American buyers tend to favour Lombardy and Piedmont, especially around Milan, Lake Como and Lake Garda, although the wine estates in this region are increasingly popular too.

The latest figures point to an 8% increase in property prices this year, although some parts of Spain have seen much higher rises. For example, on the Costa del Sol, they went up by 11% in the year to Q3, with resale prices experiencing a 13.5% uptick.

While experts agree that house prices will fall in Spain in 2023, they differ in the amount. Pisos.com predicts that prices will be 1 to 3% lower, although with the caveat that they will see negligible changes in the busiest markets in Spain. ING forecasts a 1% rise in 2023, and BBVA Research expects the increase to be around 2%.

Nevertheless, prices look certain to rise below inflation, resulting in lower prices all round.