With a rich and diverse history from the Etruscans and Romans to the Italian Renaissance, Italy is more than just a country, it is a way of life. And the country’s property market is on the ascendent, with a rise in demand and a shortage of supply.
Milan has recently overtaken Venice as the most expensive city in the country and if you need to finance your purchase, this is becoming more affordable with declining interest rates – and with the Euro weakening against the American dollar, Italian property is becoming increasingly appealing to buyers from the United States.
From its stunning landscapes to its food, wine, art and architecture, Italy offers a tapestry woven from ancient traditions and a real sense of community. But if you are looking to buy in this wonderfully varied country, which region do you focus on?
The main cities of Rome, Milan, Florence and Turin have long been a staple within the Italian property scene with great palazzos and apartments. The region of Tuscany has always been a popular draw with its undulating hills, olive groves and vineyards that make up the Chiantishire ‘golden triangle’. Properties range from village apartments and townhouses to country homes and rusticos, some already renovated while some are ripe for conversion, allowing you to put your own stamp on things. But there are lesser-known areas that have as much to offer this popular hotspot and more competitive prices.
Tuscany’s next-door neighbour of Umbria was hailed as the new Tuscany a few years ago and it’s not surprising. Enjoying the same climate as its neighbour and boasting dozens of stunning medieval hilltop village, Umbria is known as ‘the green heart of Italy’ because of its lush landscapes – but with slightly more reasonable prices. The landlocked area boasts Lake Trasimeno with a myriad of enchanting towns to explore – some even made famous like Cortona in Frances Mayes’ Under the Tuscan Sun.
Le Marche is another region that has become increasingly popular in recent years. Bordered by the Adriatic to the East and with the Sibillini Mountains to the West, you can be skiing in the morning and on the beach in the afternoon. And Puglia in the heel of the Italian ‘boot’ offers yet more options. Few cannot be enchanted by the trulli, iconic conical-shaped homes that look like mini fairytale castles.
The cheapest regions in Italy to buy property generally include areas in the South, particularly Abruzzo, Calabria, Sicily, Molise and Basilicata. But always consider accessibility – are airports nearby, what are road and rail connections like? And how close are the local amenities?
See our Italian Homes For Sale
1 Euro Houses Project
Many people have heard of the 1 Euro initiative that is gradually gaining ground – but is this too good to be true? The 1 Euro Houses Project started with the aim of reversing the abandonment trend by the population of villages and reviving the areas in difficulty. Many young people were leaving villages in search of work and properties were being left to go to wrack and ruin. The aim of this initiative was to try and repopulate gorgeous villages that were being deserted.
It allows you to buy a property for a symbolic price but with the obligation to renovate and secure the property within a certain time frame. For those willing to invest time and money it can offer a good deal – as well as the experience. But renovation costs can often spiral, and the final value of the property may not be as high as expected.
While it is good to narrow down your search online, nothing beats being on the ground and seeing a property in person.
“We were really lucky when we bought our property. We had a good estate agent who was willing to spend a lot of time with us touring the countryside to look at a variety of properties. Once we had found our place in the sun they put us in touch with a project manager who also helped with translating during the purchase. He put us in touch with a geometra, the equivalent of a surveyor and also our builders for the renovation. And he has since become a good friend.” – Jacky Hayler
So, what is the procedure when you have found your dream property? The first step is to get a codice fiscali or Italian tax identification number to enable you to open a bank account. You make an offer to the vendors which, if accepted, becomes a legally binding contract. A compromesso is signed with the addition of a deposit of usually between 10% and 20%. If the buyer then backs out, they forfeit the deposit, while if the seller reneges, they have to return double the deposit.
A notary, similar to a lawyer, will draft the final contract, oversee the sale, and register it, also ensuring the taxes are paid correctly. Remember, as with any purchase, it is important to do your due diligence to make sure there are no hidden surprises further down the line.
Once the sale has gone through you can either sit back and enjoy your new property or get to work on its renovation.
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