Italy Property for Under £80,000

Country: Abruzzo, Italy

If you've ever looked at the price tag on your dream home in Tuscany or the like, you'll have realised that only those with mega-bucks are in with a chance. But that's certainly not the case if you know where to look. We all know that bargains in Umbria and Tuscany are harder to find than a Mafia Don holed-up in Sicily, but this doesn't mean you should write off the whole of Italy when it comes to buying affordable holiday homes in the country. There are still areas of the country where the property is still relatively affordable and you'll find lots to buy for under £80,000 - the regions of Le Marche, Abruzzo and Calabria, for example.

Le Marche (pronounced Mar-kay), next door to Umbria, on the central eastern coast, is unanimously considered an "up-and-coming area" within Italy. Northern Italians - mainly from Turin and Milan - are now starting to flock to the region, as well as Britons and, to a lesser extent, some Scandinavian and Dutch buyers.

Part of the reason for this interest is the fact that the area is far cheaper than its well-heeled neighbours: according to property agents in the area, Le Marche is 40 per cent cheaper than Tuscany, and 30 per cent cheaper than Umbria. Additionally - unlike Tuscany - it is easily accessible with its own airport, Ancona, serviced by Ryanair and - unlike Umbria - it has a coast offering fabulous beaches.

The scenery is picture-postcard Italian: panoramic views of undulating hills and valleys, a landscape dotted with sun-soaked Cypress trees and medieval hilltop villages.

"Le Marche borders Tuscany on one side, and it shares many of the charFacteristics with its more prosperous neighbour but has not enjoyed the same level of interest from foreign investors" says Justin Figgins, head of Rightmove Overseas. "However, the market has undergone many changes in the last few years - the region was catapulted into the spotlight after Ryanair began flying there and property prices have risen by 15 to 20 per cent in the last two years. Though early-bird investors reaped the greatest rewards, Le Marche is still a relatively unknown region and a great market to buy in as investors with anything between £30,000 and £160,000 can purchase some phenomenal properties."

"Le Marche was, until recently, unknown by tourists, but thanks to lots of press coverage in the UK, it has become increasingly popular," adds Emma Holifield of Property Frontiers. "The region boasts the elegant towns of Urbino and Macerata. In Le Marche, it is possible to buy an enormous 15-bedroom farmhouse in need of extensive restoration for £300,000, while family sized farmhouses in need of restoration go for around £50,000.
"Le Marche has the highest density of museums in Italy, its inhabitants live the longest in Italy and it is also blessed with endless rolling green countryside, fabulous beaches and amazing local gourmet food that varies from village to village," she explains. "The region is well connected with the rest of Italy. Le Marche is considered to be a prime growth region, roughly 25 per cent undervalued in comparison with Tuscany and as such has great investment potential".
Just below Le Marche lies Abruzzo, also in central Italy, found just 110 kilometres from Rome and bordering Marche to the north, Lazio to the west and south-west, Molise to the south-east and the Adriatic Sea to the east. Although geographically a central region, Abruzzo is generally considered part of southern Italy. It is one of the least populated areas in the whole of the country and one of the best to find an affordable holiday home: in Abruzzo, prices for a two-bedroom farmhouse start at £80,000 and two-bedroom apartments close to ski resorts and just an hour from the beach are available for around £35,000, according to figures from Rightmove Overseas. For those keen on renovating, you can buy very large three-bedroom properties under £10,000, which would require another £10,000 to restore and refurbish. You'll be hard pressed to find such bargains anywhere in Spain or France.

"We think Abruzzo is particularly beautiful," says Philip Barker, of Overseas Homesearch. "It's slightly undiscovered which keeps prices down. It offers great value and long-term capital growth prospects. Even with a budget of £80,000, there are lots of properties available to buyers."

Two developments Overseas Homesearch is selling in Abruzzo both start at just under £80,000. One is a golf development called San Donato Golf, found in a town called Santi, near L'Aquila, the capital of Abruzzo . Golf developments, while ten a penny in Spain, are relatively rare in Italy, and prices here start at £76,000 for a studio flat. Another development, which also starts at £76,000 for a studio flat, is Tassido Coda - luxury flats situated near a lake and also close to the ski resort of Scanno. Both developments are available off-plan.

Another region well worth considering is Calabria, in southern Italy, found in the "toe" of the boot, south of Naples. It is currently experiencing a boom in development and UK interest, and this is not by coincidence: the Italian government is pushing money into the region to encourage regeneration and tourism, road links have been improved, and there is an international airport at Lamezia Terme that has flights from Germany, Holland, Switzerland and the UK. It is also benefits greatly from natural beauty, with sandy beaches, mountains, forests, picturesque small towns and attractive villages. A considerable number of development projects are currently underway.

Michael Moodie, sales director for MRI Overseas Property in Italy, considers Calabria one of the best-kept secrets in the Mediterranean. "It offers a relatively low cost of living and property prices compared with other parts of the Italian coast are affordable," he says. "Although Calabria's traditional Italian charm and stunning beaches already make it a popular destination with European tourists, the area looks set to become increasingly popular with UK and Irish tourists following new flights being introduced to the region from the UK and Ireland."

"Calabria property is still relatively cheap in comparison to the more established regions of Italy," adds Robin Barrasford of Barrasford and Bird, specialists in up-and-coming property destinations. "Prices for off-plan apartments starting at just £45,000. A variety of property is available, from villa apartments on a new-build development to apartments in converted buildings offering a touch of original character. And £80,000 can get you a delightful apartment in the Isca Marina development on the Calabria coast, with the beach just five-minutes way, and the airport a mere 30 minutes' drive, making it easily accessible for the weekend".

According to Rightmove Overseas, in Calabria , £80,000 will get you a two-bedroom townhouse, three-bedroom flat in the centre or a four-bedroom semi-detached house in a more remote village. Two-bedroom flats in holiday complexes start at around £33,000 - leaving you with plenty of change from your £80,000 budget.

When buying property in Italy, as with property investments in any country, carrying out due diligence is paramount. Make sure you purchase through reputable agents and developers, preferably those registered with the AIPP (Association of International Property Professionals). Also, do your research, read up about the local property market and check there aren't any scare stories about the estate agent or developer lurking on the Internet.

Renovating an old house in Italy can be notoriously hard work. One local property developer in Le Marche, Renato Tagliaferro, explains, "You can buy a farmhouse for between £50,000 and £60,000 in Le Marche , but it will need a lot of work, and unless you speak very good Italian and have good connections, it's can be a nightmare," he promises. "The bureaucracy makes it hard to get things done and everything moves slowly here. I've heard stories over the past few years of people buying their dream home in Le Marche and, after three years of having to deal with the authorities and spending every weekend visiting the property, losing all interest."

One couple that decided to brave it and build their own home in Italy is Ian and Orietta Shirlan. The couple, who live outside of Manchester and who have a four-month-old baby son, bought a plot of land in Sabotino, an hour south of Rome for €75,000 (£51,000), using Currencies Direct to exchange the money. The land is close to the family home of Orietta, who is Italian. Their plan is to build a three-bedroom house on the land, which they bought with planning permission; this should cost an extra €100,000 (£68,000).

"In the area, £80,000 would buy you a one-bedroom flat," says Ian. "We bought our land so, when it is built, we can rent it out for holiday lets when we're not using it. We love Italy for its lifestyle: for the scenery, the architecture, the food, the weather, and the fact that we can get there cheaply and easily thanks to Ryanair and easyJet, who both fly direct from the north of England."

"Also, house prices are going up tremendously - around ten to 20 per cent a year in this region - so we see it as a good prospect for the future. It's just like the price boom in the UK, and I can see the same thing happening in Italy. In my opinion, Italy has a better quality of life - you can take your child out for ice cream on the beach at ten o'clock at night, enjoy barbecues in the evening and eat outside in a restaurant from April to the end of September. Children are very much the focus of attention in Italy and it's easier to go out with them. Plus the cost of living is a lot less."

br />

First published in November 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.

Jessie Hewitson

There's also a range of articles for you to read about buying property in Italy:

As well as our overseas news stories affecting the property market in Italy .

Or view our range of property for sale in Abruzzo.

<< Previous Article

Within Abruzzo

NextArticle >>

Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.