One of the things the Irish have in common with the Italians is a high rate of property ownership, which is very high compared with many other continental countries.

According to the census of 2001, around 71% of all Italian householders live in their own house or apartment and dwellings account for almost 60% of their net wealth.

Moreover, many of its citizens also strive to live the Italian dream of owning their own pied-a-terre by the sea.

The most recent property boom in Italy started around 1999/2000, when house-price inflation was galloping at rates of between 15 and 20%.

The sharp upward trend continued for the next seven years or so, with average yearly growth at around 8% per annum, fuelled by the low interest rates we know so well here in Ireland, as well as the liberal economic policies of Berlusconi's government.

For the last 18 months, however, prices have been in stagnation, with a return to a more 'normal' atmosphere.

Only a small minority of people have the stomach for buying in a Dutch auction, so now perhaps is a wise time to invest; it's hardly a coincidence, then, that foreign buyers have shown an increasing amount of interest in the Italian market, with many Irish speculators and those looking for holiday homes turning to Italy over the last year or so.

The province of Lazio . . .

which includes the capital Rome . . . hasn't been focused on to any great degree yet by Irish investors, many of whom have, so far, tended to cherry-pick good-value, countryside fixer-uppers in more northern areas such as Tuscany and Genoa. The preconception of Lazio seems to be that of an area overcrowded and overly built-up . . . little more than an overburdened weekend playground for wellheeled Romans in search of a bit of their own dolce vita.

While much of the above is true, what many may not realise is that it is an area of great beauty with an abundance of Blue Flag beaches, great food and friendly people . . . in short, everything we've come to expect of Italy. Moreover, it also has a truly excellent road and rail network, making it very accessible from the nearby airports of Da Vinci and Fiumicino.

Situated just 50km south of Rome along the 'Roman Riviera' is the port town of Anzio.

Its strategic position means it is within easy reach of Rome, as well as enjoying the benefits of the warm southern Italian climate. It's a port town, where you can count as many fishing boats as pleasure craft tied up on its bustling quays, which are flanked on either side by some splendid beaches.

Local estate agent Bruno Lucantoni estimates that "between 30 and 35%" of all properties here are second homes, the majority of them owned by Rome-based clients. Although he deals with an increasing amount of foreign investors, including some Irish, the area is still fairly foreign to the foreigner, so to speak.

"We hope that in the future, this situation will improve, " says Lucantoni, who has been working in the Lazio property market for the last quarter of a century. His offices overlook Anzio's harbour and form part of the Grimaldi chain of estate agents.

According to him, most of the foreign buyers coming to the area are hunting for property close to the sea. And, typically of this strip of coastline, it offers good value in a place where there is strong growth potential.

A large two-bed flat of 60sq m in the centre of Anzio can be bought for about 150,000.

Right on your doorstep, there are great facilities. Furthermore, there is a large marina project in the pipeline, which is due to come to fruition in the next couple of years.

There are no restrictions for Irish citizens when it comes to buying a property in Italy. Their version of stamp duty is 10% for a second home. That might sound a bit steep but this percentage is based on an official government valuation, which is considerably lower than the price you pay for the property. The valuation is based on the value registered with the state agency catasto. "For example, even if you were to buy a property for 400,000, the catasto valuation can be as low as 100,000, " says Lucantoni. Local property taxes are paid on an annual basis but they're not high . . .

around 5 for every 1,000 of your property's value (again, based on the catasto rates).

The other cost associated with the purchase is the stateappointed solicitor . . . the notario. The conveyance work for any property transaction in Italy must be carried out by one of these. They charge a state-set fee based on a sliding scale according to the purchase price: eg for a property price of up to 100,000, you pay 2,500; for a property purchased for 300,000, the fee is 3,000.

From the point of view of Lazio-based auctioneers such as Bruno Lucantoni, the wish is to see larger-scale development and an equally large increase in the number of foreign investors . . . "similar to Spain".

There's no doubt the area certainly holds the potential for such an evolution but, for the time being, it is overwhelmingly Italian . . . a fact which in itself holds a rare attraction for Irish buyers.

Getting there Aer Lingus runs daily flights from Dublin and three times a week from Cork to RomeLenoardo da Vinci. Ryanair runs regular flights from Shannon and Dublin to Rome-Ciampino.

Grimaldi Immobiliare: 00396984 7430; www. grimaldi. net