Where to Find Cheap Abruzzo Property

Country: Italy

With its sandy beaches, mountains like the Gran Sasso providing exhilarating skiing opportunities, rolling countryside dotted with villages and vineyards, and locals who are friendly and helpful, it is not difficult to let Abruzzo tempt you into submission. Add the fact that it’s largely undiscovered by property buyers and, as such, offers some super bargains, not to mention that it’s only around an hour or so driving time from the outskirts of Rome, and you wonder why you hadn’t invested your hard-earned cash in Abruzzo property and upped sticks a long time ago.

Of course, there are issues other than its beauty and relaxed lifestyle to take into consideration. Anyone thinking of buying Abruzzo property will need to consider such things as whether it is suited to and has the necessary infrastructure for relocation or retirement, or whether it is a popular tourist destination and therefore likely to have a buoyant rentals market if, as a property buyer, you plan to spend only part of the year there. Investors will also need to address how much property they will get for their money and whether the region has the potential for significant capital growth.

“The region has been tipped as the next big thing for many years and although there was quite a lot of media coverage and interest back in 2004 and 2005, it has never seemed to quite make it in the same league as buying Umbria property and Le Marche property,” says Mark Slaviero, director of Specialist Company Homes in Italy. The result, he says, is that you can still find a farmhouse for less than £100,000, albeit in need of some care; good news in the current climate when credit is difficult to obtain, the euro is strong and sterling budgets smaller than they once were.

Abruzzo lies on the eastern side of Italy between Molise and Le Marche, hugging the Adriatic coastline. There are four provinces, Chieti, Pescara, Teramo and L’Aquila. Unlike its near neighbours Umbria and Tuscany and despite being outstandingly beautiful and easily accessible via its two developing airports at Pescara and Ancona, it has largely escaped the overseas property buying boom.

Property for sale on the coast with sea views tends to be higher in price than inland rural properties, but all represent good value for money when compared to regions like Tuscany. Property prices can be anything up to 70 per cent lower, says international property consultant Philippa Pignat of Chesterton International. According to the Italian Federation of Professional Estate Agents (FIAIP), she says, prices of Abruzzo property are around €2,500 (£1,985) per square metre, while in property in Florence can be anything up to €5,000 (£3,970) per square metre and more.

“Abruzzo offers a great alternative to the more expensive Tuscany,” comments Pignat. “The region has a similar, dizzyingly beautiful landscape with numerous vineyards and small villages, but as it is relatively undiscovered and a lot more affordable. This also means there is a lot more room for capital growth.” Pignat is currently marketing a large rural farmhouse in Tocco da Casauria at £273,000; and apartments nearby that have been created within a renovated townhouse, from £102,000. The renovation of older properties is a growing trend in Abruzzo, says Pignat, as it becomes more popular with property buyers and investors.

The region, which has nature reserves and national parks covering around a third of its area, including the Parco Nazionale della Majella, Parco Nazionale Sirente Velino, Parco Nazionale del Gran Sasso and Parco Nazionale d' Abruzzo, is characterised by historic properties: from sprawling country houses through smaller village homes to town centre boltholes. Until recently there were few brand new developments in the region - developers tended to buy older derelict buildings and convert them into high-specification apartments or villas; now, however, there are new developments emerging, particularly in ski resorts and for when Pescara hosts the Mediterranean Games next year.

“A brand new village is being built at Chieti for the Mediterranean Games,” says Linda Travella of Casa Travella, who has been selling property in Italy for over 20 years. “At present you can find quite a lot of new-build properties in the area because of the games and if you buy off-plan you should see your investment rise.” Prices of property in Chieti start from around £80,000 for studios or one-bedroom apartments with on-site amenities; and indications are that capital invested in these properties can only grow as the region becomes more and more popular.

Travella feels the market is changing. Villas and farmhouses remain popular, she says, but more people are looking at apartments as a possible rental property investment. “You need to remember that this is not an area that has historically had a rental market so property prices will not be as high as some other parts of Italy,” Travella warns, but she adds the rental market has enormous potential. “The rental market has not really taken off yet but I am seeing property by the coast beginning to command high property prices.”

Philip Barker, of Overseas Homesearch, who is currently offering brand new apartments near Lake Scanno, Abruzzo’s largest natural basin, agrees, but finds a good percentage of his Abruzzo property buyers are simply looking for an affordable holiday home. He says: “For anyone looking for a holiday home abroad that provides beautiful surroundings, absorbing historic towns and great food, all combined with easy access and affordable prices, then few locations have as much to offer as Abruzzo.”

First published in October 2008.
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.

Carole French

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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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