Owning a Property in Italy Really is the Ultimate Fantasy

Country:  Italy

It's probably safe to say that in the collective British imagination, Italy rates pretty highly. Property aside - for the moment - the Italians are a rather suave bunch. Sophia Loren and Carla Bruni aren't bad eye candy, then there's an exquisite variety of food and wine on offer, the geographical epicenter of fashion, history at the bat of an eyelid, and roman ruins galore. Throw in a bit of da Vinci and Versace, and a sprinkling of parmesan, and you're sorted. So it's little wonder that many of us, seduced by the Italian lifestyle, are drawn to buying property in Italy. But Italy is a diverse country, and where exactly you decide to have your Italy property will depend on a number of factors. Read on to discover which region is best suited to become your very own little Italy.

Tuscany Property

In Tuscany, prices vary according to popularity of area and proximity to Florence, Siena and coast. The Italians buy in the coastal resorts of Forte dei Marmi, Versilia and the Monte Argentario archipelago - villas in these locations can fetch several million euros each. Chiantishire - the corridor between Florence and Siena - apartments start at approximately £311,000 but an equivalent apartment in southern Tuscany near Grosseto would cost around £204,000. 

Italian property expert Gemma Knowles says: "Each region has a different view on the current climate - Tuscany property for example is feeling the strain with many of the British owners trying to sell up, whereas the ski region of Aosta in the north is seemingly unaffected. The Italians by nature are more positive and are not as scared about the recession as the British - they are therefore not as hesitant and are still buying property."

However, David Burden, founder and CEO of Timbers Resorts, believes that although times are tough 'the ability to seek the escapism afforded by a luxurious holiday home in the Tuscan hillside becomes an ever more treasured aspiration'. He adds that owning a property in Tuscany 'brings you closer to the simplicity of the good things in life - a rural setting, inspiring locals, old world wine, hearty, unassuming food and the peace and tranquility of rural Italy'. For these reasons his American company has launched the five-star resort and luxury residence, Castello di Casole. Featuring fractional ownership and whole ownership in restored farmhouses, the property itself is centrally managed and serviced by restaurants, spa, concierge and other high-end hotel amenities. Prices at this exceptional development are by no means cheap, with a farmhouse costing over £6 million. But fear not, you can pick up a one-twelfth share from £228,354 for an annual four-week stay.

Luca Catalano, director of Realitalia, recommends the Chianti Pisano area. He says:
"Prices tend to be lower than in other parts of Tuscany and the beauty of the valleys of Lajatico and Chianni compare exceedingly well with the more well known parts of the region."

Abruzzo Property

Only an hour or so driving time from Rome, the region of Abruzzo was tipped as the next 'big thing' a while back, but has taken time to get into the same league as its neighbours, Le Marche and Umbria. Abruzzo has nature reserves and national parks covering around a third of its area and is characterized by historic properties: from sprawling country houses to smaller village homes, or town centre bolt holes. There are also a few new developments emerging, particularly in the ever-popular ski resorts, and for when Pescara hosts the Mediterranean Games this June. 

Nikki di Girolamo, director of HouseAroundItaly, specialises in property here. She says that her most popular sellers are old stone houses with beautiful views for buyers to restore, and has 350 properties under £44,000 on her books. She adds that although mortgages are not easy to obtain, people are drawn to this region for the lakes and beaches and choice of 22 ski resorts in winter.

Gemma Knowles says that the strong euro has made a big difference in the past few months: "There are much fewer enquiries now and those that do come through are very hesitant. The few sales that are going through are difficult with demanding buyers expecting hefty discounts. We have noticed that a considerable number of Abruzzo properties have come onto the market with British and American vendors trying to cash in on the exchange rate while the euro is so strong. Those that are more desperate to sell, and recognise that their property would appeal to a British buyer, have brought the price of the property down in line with the changes that have taken place in the exchange rate."

As always, when purchasing a property in Italy carrying out due diligence is paramount. Ensure you purchase through reputable agents and developers, preferably those registered with the Association of International Property Professionals (AIPP). Also, bear in mind that renovating an old house can be a hard slog, with a lot of bureaucracy, which can be made harder if you don't speak the language.

Lombardy Property

Home to one sixth of the Italian population, the fashion capital of the world, and Italy's beautiful northern lakes, in this part of Italy, Italian Lakes property doesn't come cheap but, as they say, you get what you pay for. For example, the popularity of Lake Como as a holiday destination dates to the Roman era and prices of property in Lake Como reflect the history, beauty and fame of the region - plus, you could have George Clooney as a neighbour!
However, look over to Lake Maggiore and prices are far more reasonable than Como or Garda, with apartments in traditional fisherman's houses going for around £250,000. 

Rupert Fawcett, head of the Italian desk, Knight Frank, comments: "Those buying property in Italy are nearly always buying a lifestyle purchase foremost, with any investment choices being secondary. No other country embraces culture, literature, romance, architecture, scenery and cuisine in such a complete package, and very few who seek to buy in Italy are looking anywhere else. Easy access, a well-established infrastructure, long-term and historic price stability and an array of different locations and building types, make Italy a very attractive proposition."

Of the Lakes, he adds: "This region has a romance of its own, being not just a tourist destination, but a desirable place to be, given the limited availability around the lakes themselves. Excellent air an rail links, with good access to the ski regions other parts of Europe, and a stable housing market." However, he warns that this area is seasonal, so most restaurants and hotels close between November and February.

The Lakes are hot favourites with all nationalities - British, Germans, Scandivians and many Italians retire to the region, so from a rental and resale point of view you're not restricted to promoting the property in one country. Around Maggiore and Como, apartments on/near lake front start from £267,000, whilst in the hills they are around £178,000. If you're looking to spend big bucks: lakefront villas start from £888,000.

Ultissimo has recently acquired a derelict 1,400-square-metre villa on a private spot overlooking Lake Como. It will be available fully restored as four, four-bedroom apartments (one on each floor) measuring 300 square metres each, and costing over £1,000,000. According to Italian property portal, Immobiliare.it, Como is bucking the falling trend prices and recorded an increase in property prices of 3.7 per cent in January 2009.

Le Marche Property

Pronounced Le Mar-kay, this region is bordered by the Adriatic and hemmed in by the Apennine Mountains, and offers rolling hills, medieval towns and bustling coastal resorts. With capital appreciation of around five per cent per annum in the past few years, prices here have stayed reasonable, attracting those buyers who have been priced out of Tuscany or Umbria. 

Recently earmarked as the new Tuscany, the stretch around Grottamare and San Benedetto del Tronto holds particular charm. This area has affordable property ranging from seaside apartments to country villas and farmhouses. Experts say the British like to buy the properties inland rather than by the sea and there is a large choice with properties to restore for under around £88,000 or a little more.

Linda Travella has sold property in Italy for 22 years, and says: "If you want a farmhouse investing in Le Marche is a great idea. You will find a good choice and for £178,000 not far from Amandola you can find a Marche property set in an acre of land that could be used as two apartments, each providing two bedrooms. This could make a good investment as one could be used for personal use and the other for rental."

She adds: "Le Marche is an area where people decide to go and live as well as buy a second home. Families with children are the most likely buyers, as well as clients that want a change of lifestyle and perhaps to open a B&B."

Umbria Property

This 'Green Heart' of Italy is famed for renaissance cities and medieval towns, and in many ways Umbria is similar to neighbouring Tuscany: a less developed and traditional option for those who love Italy, as well as prices that are some 30 per cent cheaper. It is ideally placed for days out in Rome, Florence, and Assisi and Umbria property is good value for money. 

Paul Belcher, restoration specialist and managing director of Ultissimo, says: "Umbria has remained a popular destination for Brits buying a second home. In this region, farming remains an important way of life and fresh produce always available. Locally grown asparagus, cured meats and excellent wines produced from local vineyards all serve to define the flavor of Umbria and makes it a popular region for food lovers.
 
"With the relatively recent opening of Perugia airport to international flights, Umbria is now more easily accessible for spending long weekends in a second home. And without a huge influx of tourists Umbria retains its charm throughout the summer months, thus making it a firm favourite with British buyers."

Calabria Property

Calabria is the toe on the boot of Italy. Its southerly latitude makes for warmer winters than the north and a pleasant summer in which to enjoy the numerous beaches. The rugged landscape and natural beauty seems to have largely escaped the attention of the international property buyer until quite recently, which means prices of are lower. This region is accessed via either Reggio Calabria or Lamezia airport, both of which offer direct flights from the UK. 

Pizzo Beach Club is a five-star resort, situated on the shore of the Tyrrhenian Sea and within a short 15-minute drive of Lamezia. The new-build resort (an unusual find in Italy) comprises studios, apartments, penthouses and villas (sold out), each designed over two levels.  Expected rental yield is ten to 15 per cent and the resort is scheduled for completion in December 2009.

Harrison D'Onofrio, of Hamptons International says: "Calabria is the new darling of southern Italy, especially the area around Tropea, and it has recently been credited as having the most picturesque beach in Europe. This region has undergone a tremendous infrastructure transformation in the past four years, so we expect Calabria property, and neighbouring Puglia property, to be the best choice for investors looking for property that is very competitively priced in comparison to other Mediterranean holiday getaway spots. Even with the current economic conditions, we are still getting many requests for these and other regions, not only from the UK, but from Russia and Northern Europe also."

Venice Property

Venice is the capital city of Veneto, and many say its beauty literally defies description. Perhaps words will not suffice, but one look at the property pictures - and prices - from this enchanted water world, and jaws will be dropping. 

Lucy Russell, managing director of Quintessentially Estates, says "Venice continues to be a popular destination with prices rising around 12.5 per cent per year. It is also a popular tourist destination for 365 days a year, and therefore offers a good buy-to-let investment. However, Venice is still considered to be one of the most expensive cities in Europe, so while clients with bigger budgets can purchase a Venice property with a view of the canal, at the lower end you are more likely to be tucked down a side street. And, if you are purchasing property to renovate, it is essential to take into account the extra time needed for properties in Venice."

Property in Sicily and Sardinia

Sicily is the largest island in the Mediterranean, delighting sun seekers and foodies alike, but it also appeals to those in search of culture and marvellous architecture. Some may argue that Sicily has never really had a property market to speak of, but the sales and rental market are starting to overcome their negative image, thanks largely to tourism, which has been buoyed by the introduction of some low-cost airlines. Property prices across the island vary enormously, with the most expensive Sicily property typically found along the sea front in places like Taormina. The buying process is not entirely straightforward, and issues with ownership can sometimes arise, so employ a decent notary to stamp out any uncertainties. 

The smaller, but perhaps more alluring, Sardinia, benefits from a startlingly diverse landscape: from verdant inland mountain terrains, to pristine white sandy beaches. In the northeast of the island lies the famous Costa Smerelda (the emerald coast), the Aga Khan's eco-friendly idyll since the 1960's, and playground of the rich and famous. Sardinia property in the coastal regions are among the more expensive but have the added benefit of being a fairly certain rental investment - especially as RyanAir flights to the island bring in ever more tourists. There are also rural bargains to be found inland.

First published in April 2009.
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.

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