Buying property in Le Marche
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On Italy's eastern side, the region lies between the Adriatic Sea and the high Apennine mountains and much of it remains unspoilt by the ravages of mass tourism. Its 180 kilometres of Adriatic coastline boast 26 resorts with a choice of sandy coves or pebbly beaches and the glorious soaring peaks of the Sibilini Mountains are also a draw. Much of the region is sprinkled with gorgeous medieval hilltop towns and villages and properties within the 'golden triangle' of San Ginesio, Sarnano and Gualdo are popular with buyers looking for a base where they can ski and be near the coast.
Magic Marche's Jane Smith is a clear fan and says that Le Marche's special position is giving the region a boost: "I've had lunch in the mountains near the ski resorts and then that same evening I've been at dinner on the beach. How many places are there in the world where you can do that?" Smith started the company with her husband in and they now concentrate on southern Le Marche, which Smith says is the most picturesque. "It really is beautiful - rolling hills and vineyards, it's very agricultural and there are still plenty of opportunities to buy country houses."
Opportunities may be plentiful but prices are shooting up. Smith estimates that, over the last few years, they have risen by between 15 and 20 per cent and she sees no reason why this will not continue: "It's very dependent on Ryanair flights but, as long as they keep going, and the UK economy stays stable, I see no reason why it won't continue."
Ryanair can take partial credit for the growing popularity of the region - it flies from Stansted to Ancona and Pescara airports - but the Italian tourist department has also played a major part. In recent years, they've marketed the region heavily with the strap line 'Italy all in one region' and the many Brits buying there seem to agree. Prices are on the up but Smith says that, unlike most of Tuscany and Umbria, you can still find bargains, if you look hard enough: "It's still possible to find a small unrenovated house for as little as £40,000 but I admit that these are like gold dust!" Typical budgets are around €200,000 (£136,000) although some clients are seeking to spend €550,000 (£374,000), which buys you a large four-bedroom fully restored farmhouse with pool.
There are many examples of beautiful properties for sale in Le Marche, especially traditional farmhouses, but Smith has noticed a move away from these in favour of the townhouse. Around 90 per cent of clients are buying for their own use and with the great accessibility that Le Marche brings, many like to visit for weekends and want the perfect 'lock up and leave' property with little maintenance worries when they aren't there. The region abounds with stunning towns and villages and, although the most popular ones are becoming expensive, property buyers enjoy having access to both the surrounding countryside and all the cultural benefits that come with buying in an urban environment. The large town of Ascoli Piceno, said to be older than Rome, has to be the favourite in the south with its beautiful palazzos and huge number of restaurants serving local delicacies. Prices in this town are heftier, a townhouse would set you back at least €300,000 (£204,000) but growing numbers of retired property buyers are flocking to the town.
Wolf Toussaint of Immobiliare Puzielli agrees that the shift is now toward townhouses: "People seem to want to base themselves in towns and villages where they can easily integrate with the local community and speak Italian. Fewer of them seem to want the remote farmhouses that used to be popular." Toussaint thinks that in part this may be linked to budget, buyers typically now spend around €250,000 (£170,000), and towns within striking distance of the coast such as the hilltop town of Petritole are growing in popularity.
Along with the increasing trend for townhouses, Le Marche is also seeing an increase in new-build and the refurbishment of large period properties, which are being turned into smart apartments. In the north of the region, in the province of Pesaro and Urbino, Colliers CRE are selling Casa Serafini. Formerly belonging to an important Italian family, the ancestral home is being transformed into an interesting blend of new-build and refurbished apartments with amenities such as pool, 24-hour caretaker and tennis courts set within its beautiful gardens. Around 60 per cent of the first phase has already sold and, with prices at around €2,000 to €2,500 (£1,300 to £1,700) per square metre compared with Tuscany's €5,000 to €5,500 (£3,400 to £3,700), it's no wonder that the development is selling fast, says agent Tim Marsh: "These are the perfect 'lock-up and leave' properties, with all the character of period homes yet with modern advantages such as 24-hour security. Most buyers are keeping them for their own use but everyone appreciates what the market will do as it catches up with Tuscany and Umbria."
However, for some buyers, renovating their own home is a part of Italy's appeal. Homes in Italy has a range of renovated and unrestored property throughout the region and agent Eliano Andolfo has noticed standards of homes improving as growing numbers of people restore and sell on. She sees clear differences between British and Italian renovations: "Italian homes are much more practical rather than aesthetically pleasing, for instance an Italian will put down floor tiles which are easy to keep clean rather than use wooden boards or carpet." Fireplaces are also treated differently, while British buyers restore them for use as a cosy focal point for a room, Italians use them for cooking.
For anyone nervously considering renovation, Andolfo advises being as 'hands on as possible'. Homes in Italy will handle the entire renovation process, working closely with an English-speaking architect, but even with a mass of help available she still advises buyers to visit regularly throughout the process: "All of our clients have so far been very happy with the quality and level of service provided. We know that it can be frustrating when you don't get a response or feel that there are communication problems or delays so we can step in to help speed the process along."
With its great accessibility, Le Marche's tourism is booming. Along with flights to Pescara and Ancona, it is also possible to fly to Rimini and Rome and drive there. Increased tourism equals great rental potential and many clients are now finding themselves making good returns. "One of our clients has restored a house and turned it into apartments and he's now finding he's doing very well," says Andolfo. The region is perfect for rentals as, with its beaches, mountains, countryside, cultural cities and towns, it really is a region for all seasons and looks especially lovely in spring when trees are full of blossom. Andolfo finds that Le Marche rentals often have the edge over Tuscany and Umbria, which she personally believes to be overrated: "People have so much to choose from so there's a lot of competition for owners. We have far fewer rentals in Le Marche and, as the area is really taking off, owners are finding they can make a nice rental income."
For a townhouse in mid-winter, Andolfo says that you can expect to charge around €500 (£340) per week which rises to €800 (£544) in summer months. A large farmhouse with pool could expect up to €1,600 (£1,100) in peak season. Currently the company is selling a wide range of property including a three-bedroom farmhouse in the flat countryside of Urbisaglia, which needs complete renovation and is on sale for £93,000. A townhouse in the village of Garulla Superiore in the Sibillini National Park needs restoration but is available for just £24,000. And a two-bedroom, semi-detached house and several outbuildings, which could be turned into apartments, is currently on the market for £75,500, and lies just ten minutes from Sarnano.
Casa Travella also has a wide range of property in Le Marche, including a detached villa near historical Monterubbiano, just ten kilometres from the sea, which is priced at £158,000. Linda Travella is this year celebrating twenty years of selling in Italy and over the years has watched Le Marche's popularity soar thanks to its green and diverse landscape, wonderful mountains and great coastline: "It's never going to have the status of Tuscany but it's certainly going that way."
Read our other articles about buying property in Italy:
well as our overseas news stories affecting the property market in Italy, the Homes Overseas Guide to Buying Property in Italy or view our range of property for sale in Italy.
First published in Homes Overseas Magazine May 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.
