Buying property in Abruzzo
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Articles on Italy
In one day in Abruzzo you can experience warm sunshine and snow blizzards, fierce heat and refreshing winds. That’s because this beautiful area, on Italy’s eastern flank, has coastal lowlands that benefit from the Adriatic climate and high mountains.
Around a third of the region has been turned into protected national park, which means the only inland property developments in Abruzzo you tend to see are Roman ruins and medieval villages that cling to the dramatic hillsides. Newer property for sale in Abruzzo is proliferating along the coast, however, where a string of popular resorts allow visitors to take advantage of the area’s long beaches.
It seems that Abruzzo has the best of both worlds, so why has it remained ‘undiscovered’? This is mainly because it has only recently opened up to travellers via budget flights to Pescara. Neither holiday or property markets have yet received the same level of interest as Tuscany and Umbria. The upside is less Brits and cheaper property prices, with some astounding bargains to be found.
Many Italian agents are baffled by the way in which buyers are scrambling to pick up cheap property in areas such as Calabria, which has fewer transport connections and a less-established market, when Abruzzo offers so much. Around £100,000 will get you a perfectly attractive, habitable farmhouse in Abruzzo with land around 30 minutes from the coast, while £120,000 could buy a beautiful, historic property in Abruzzo.
If you have the stomach for renovation you can easily pick up ruined village or country houses in Abruzzo from £10,000 and large country properties in Abruzzo in need of total restoration from around £50,000. If you just want to do some remodelling or updating rather than full-on building work, perfectly habitable property in Abruzzo can be found from £30,000 and newer apartments from £70,000.
You will need to be prepared to pay a reasonable amount more for anything near the beach, as this is the most sought-after accommodation. Apartments in coastal locations also tend to be newer and start at around £100,000 for two bedrooms, while villas in Abruzzo near the sea cost from around £600,000.
According to Marco Terra of Abruzzo Houses, the market is seeing a growth of interest with more Brits moving into the area. “Not many people know about this region but we have noticed a lot more interest from the UK recently,” he says. “This is due to better access now that budget airlines are flying here and the fact that it is more affordable with respect to many other places in Italy.”
Terra says that most buyers are looking for country property, possibly with some land, and people from the UK are far more likely to be prepared to drive up to 40 minutes from the coast in order to get more for their money. He also claims many people are seeking more traditional property than can be found in seaside resorts. “Buyers try to find a good location but also something with character. It isn’t always easy but there are a lot of traditional properties that need restoration.”
Terra says some local and overseas investors have cottoned onto the fact that UK buyers want character in their homes and have bought and restored houses for sale. This doesn’t mean there is much commercial development going on as most buyers are really looking for a pretty second home they can use themselves with rental being less common than elsewhere in Europe.
As a result of the lack of investment market, prices have remained pretty low and, according to Terra, are not creeping up by much each year. However, Graham Clist of Gascoignes International thinks there is a lot more potential in the market, especially over the next few years.
He sees prices increasing by 12 to 15 per cent per annum and says that the market will expand as it becomes better known. “Buyers are discovering more of Italy and the Abruzzo tourist board is keen to market the area and encourage tourism there,” he says.
The company is currently selling Borgo di Gualdo, a small collection of apartments and townhouses in a hilltop location quite close to the coast. The development is adjacent to a small historic town called San Vito Chietino and overlooks the sea, which is a 15-minute walk away. Pescara airport is around a 30-minute drive and as a result of the great connections and locations Clist says the company has had as many enquiries from Italian buyers as British.
Prices start at £110,714 for an 80-square metre, two-bedroom apartment, with larger townhouses costing from £238,000. Clist says this is “good value compared with other areas of Italy”, but admits that elsewhere in the region that kind of price will buy you a detached villa. However, he adds that such a property will almost certainly need renovation and that most people these days aren’t prepared for the extra cost, time and hassle.
“People want to be able to relax on holiday rather than have to worry about working on a house – there are better ways of enjoying Italy than doing DIY.” He points out that Gascoignes’ properties are secure when left empty for long periods and benefit from after-sales services, such as grounds and building maintenance.
Clist says Gascoignes is seeing interest from those who plan to rent out their property and are offering buyers a “conservative estimate” of £300 to £400 per week for average two-bedroom units. This would mainly be the summer, which lasts from June to September, though there is the possibility of less dependable, year-round rental due to the attractions of the national parks for walkers and cyclists, as well as for skiing in the winter months.
Like Marco Terra, Clist feels that the type of buyer who is interested in Italy isn’t buying for investment as such but for personal use. “If you want the sun and beach, go to Spain – Italy is more than that. It appeals to people who love the countryside, lifestyle and history.”
Nowhere is this truer than at an amazing development – or, rather, restoration project – in the middle of the Gran Sasso national park. Perched high on a mountain, with astounding views of the surrounding landscape, is the medieval village of Santo Stefano de Sessanio.
The ancient fortified town was abandoned over the years as inhabitants moved away in search of work. However, over the past two decades people have bought and renovated properties here into homes and small businesses. One of these is Sextanto, a company that has renovated apartments as hotel accommodation and now has turned its attention to restoring houses for sale.
The company is taking its mission seriously. All properties are being restored to what they would once have looked and felt like almost 1,000 years ago, from the ancient stonework to the doors and window frames.
Original stone fireplaces have been cleaned and opened up for use, floorboarding has been carefully lifted and replaced in order to install water and electrical systems and all the quirks and novelties of an old building have been exposed and worked around, rather than hidden away. “We think it’s important to preserve how people used to live,” says project manager Daniele Kihlgren.
Kihlgren is passionate about the redevelopment and says the company hasn’t really considered how much property prices will be or who might buy them. He has handed sales to local agency RealItalia and is simply immersed in the rejuvenation of what he sees as an important historic project.
Properties will be sold fully furnished and, such is the drive to recreate the genuine article, furniture and fittings have been sourced from local homes, markets and rubbish tips. Fabulous artefacts include tables and chairs dating back over 100 years, original 17th-century painted ceilings, fabulous stone carvings and heavy wooden doors.
Even the textiles and linens are either woven in the village craft centre to beautiful authentic designs or sourced from antique shops.
Where the company has given in to contemporary style, however, is in the bathrooms and kitchens. Understanding that 21st-century buyers won’t want to cook over open fires or bath in cold water, they have installed high-quality, stylish fittings designed by the likes of Philippe Starck. It gives a pleasing blend of ancient and highly modern.
In addition to the apartments, there is a pretty, vaulted restaurant, several small local shops and bars, and, eventually, a spa. Overseeing it all is an imposing stone tower giving views over the surrounding mountains of the national park.
At £242,000 for a one-bedroom apartment with no outside space and £345,000 for two bedrooms, prices are definitely not cheap for the region, though it is a unique property. So, who will want to own in such an awe-inspiring eyrie steeped in medieval history? Kihlgren is clear on that. “Buyers will be people with experience of this country’s historic centres, who are trying to find the real Italy not a tourist cliché.”
First published in Homes Overseas Magazine February 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.