Italy excels in its cities. However much you love the Italian countryside, you can’t ignore the fact that Italy’s cities are among the country’s greatest charms. Where would we italophiles be without Florence, Venice, Rome et al? But almost every Italian city is appealing. There’s always a well-preserved historic centre, often pedestrianized, and peppered with stunning buildings. There are abundant independent shops rather than endless streets of chainstores. The locals are bursting with civic pride, genuinely enthusiastic about their home metropolis. There’s always a strong local identity, local dishes and festivals. Best of all, the city is almost always rather small – built on a human scale rather than sprawling on for many miles. Only three Italian cities have a population of more than one million. And Rome, by far the country’s biggest city, is only a third as big as London.
 |
|
Farmhouses in the countryside are by far the most popular property-type coveted by British buyers in Italy. But for the investor and the relocater, an apartment in one of Italy’s bigger cities has a lot to recommend it. We privacy-loving Brits shudder at the very word ‘apartment’, but all over continental Europe apartment-living is the norm. Italian flats are built with comfortable, long-term living in mind. If you’re thinking of buying property in Italy, a city apartment should definitely be an option you consider. |
City apartments are a good investment. They retain their value very well, and offer very good rental prospects – especially in a city loved by tourists, or by business people, or international students. If you plan to buy as an investment but also to make short visits to enjoy your apartment, you’ll find its urban location makes for maximum visiting time – i.e., you can fly into the city and soon be at your flat rather than spending two hours driving to a farmhouse in the countryside. You need not worry about a car at all. If you’re not looking for a second home but want instead to relocate to Italy, an urban apartment can be a wise first step. It’s harder to feel isolated in a city, and it’s easier to learn the Italian way of doing things with shops and services all on your doorstep. You’re forced to practise your Italian more often, and at the same time you’re more likely to meet English-speakers and fellow ex-pats in an Italian city than in most places in the countryside. You might also be able to send your kids to an international school, and keep them up with the British curriculum.
| Obviously, owning a city apartment puts all that city’s many distractions on your doorstep. It means more social opportunities than being in the countryside. But it also means a lower-maintenance kind of property. If your apartment building has a communal pool or garden, someone will maintain them for you. Although not, of course, free of charge. |
|
|
 |
|
The spese del condominio, or communal charges annually payable by all apartment-owners in the same building, are meant to cover the cleaning and maintenance of shared spaces such as corridors and lifts, as well as pay for the upkeep of drains, boiler room, roof and so on. One of the cons of apartment-owning in Italy (as anywhere else) is that these charges can seem high. Furthermore, disputes can sometimes arise between owners in the same building on how the charges are divided and utilized. Make sure you have a clear idea of what you’re likely to be paying in maintenance fees before you buy. |
Other cons of city-life are easily imagined, and apply regardless of the type of property you own. In a nutshell, cities can be stressful because of noise, traffic, pollution, crowding, expense and lack of space. Be thankful then, that Italian cities rarely sprawl on and on, and that the country’s excellent rail services allow you to get out into fresh air and quiet countryside relatively painlessly. As for that other dreaded stress, noisy neighbours, take comfort from Italy’s robust building standards. City-central buildings tend to be centuries-old, and built with thick stone walls that keep neighbourly sounds at bay. Further from the centre, modern apartment buildings in concrete might be less beautiful on the outside, but they’re not necessarily less sound-proof on the inside. Italians don’t consider apartments a second-class property option, and builders do consider tranquillity in their construction.
If you’re planning on renting out your apartment, you can save yourself a lot of time and effort by buying a place that’s ready-furnished – and there are plenty of these on the market. If you go for an unfurnished place, bear in mind that what we consider fixed kitchen furniture in the UK is very often considered ‘un-fixed’ in Italy. You might find your flat’s kitchen has a sink and very little else! Fridges, cookers, counters and cupboards are likely to have been moved on by the previous owners along with his or her tables and chairs. Be sure to confirm exactly what your unfurnished apartment’s kitchen will contain before you buy. Another thing you ought to be clear on is whether you have an automatic parking space or not. Many apartments (especially in Florence, for some reason), do not include a free carpark or garage, and you must buy one separately if you plan to keep a car at your place. Where sold, garages and parking spaces can cost €12,000-€25,000 [2007 prices].
In terms of value and price, you should know that an apartment with an outdoor space of any kind – patio, terrace or balcony – is hugely more desirable in Italy than one without. You’ll have much greater rentability and resale price with a bit of outdoor space. Note also that ground floor apartments are usually the lowest-priced and least desired – because there’s thought to be more street noise, less light, and less security from burglary down on the ground. If you’re restoring or refurbishing a city apartment, be aware that this will hugely increase its value and that you shouldn’t scrimp on materials or labour. Every penny you spend improving your flat is a good investment on rental returns and resale price. Finally, be very careful about buying-to-let if your budget is tight. The international rentals market is prone to highs and lows as fluctuating exchange rates make travel more or less costly for different nationalities. Don’t spend your entire budget if buying-to-let. Keep some back as a buffer against sudden changes.
| Of Italy’s many cities, four form a ‘super-league’ whose popularity drives their prices highest of all. You’d have to invest a lot to buy in these, but rental prospects are excellent. Venice, Florence and Rome are three such super-cities – each annually visited by several million tourists, and not just in the summer. Milan completes the quartet, being Italy’s business capital and fairly awash with cash. Milanese property is very highly priced and highly coveted by international professionals looking to rent while here on mid-to-long-term contracts. |
|
|
Venice has a seller’s market. Property prices have risen for many years, and they’re still climbing, if a little more slowly. Ann-Marie Doyle of the estate agency Venice Estates says that “There is no doubt that Venice is maintaining its position as one of the world’s top property locations, with prices to match.” She notes that properties at the very top end of the market have been particularly in demand during 2007, and by this she means homes asking seven-figure sums. The least you could expect to pay for a one-bedroom apartment in Venice is about €300,000, but most apartments will ask much more than this. The price of flats in converted palazzi in central Venice can be astronomical, but new developments in places like Giudecca or even as far out across the lagoon as Lido di Jesolo can also ask considerable sums (€500,000 for a one-bedroom apartment is common). These modern developments are often gorgeously designed and super-sleek inside. Venice excels in its architecture, whether ancient or modern.
Even if you’re no millionaire, it’s still worth looking for an apartment in Venice. John Dillon of Real Point properties says that “By going a little off the main tourist routes, you can still find reasonably priced property.” So, vigorous hunting is the key. Venice continues to offer superb holiday rental opportunities, with nine million visitors managing to squeeze themselves into this small island city every year. The 1990s have seen a big increase in the number of apartments to rent, but the market is still there and the rental rates are still going up. You could reasonably expect €650 a week for a one-bedroom apartment, twenty-five weeks of the year. Venice has a long and complicated visitor season, with peak periods being Carnevale-time (in February), April to June, September, October, and Christmas.
Florence is another city beloved by tourists, and by ex-pat settlers. Suzanne Pitcher of Florence-specialist estate agency Pitcher and Flaccomio notes that the city’s property market is booming at the moment [2007], despite the unfavourable dollar-euro exchange rate that you would imagine might deter American buyers. But most buyers are after a villa in the hills surrounding Florence rather than an apartment in the city centre. Suzanne advises that “if you’re buying as an investment, go for an apartment with two bedrooms and two bathrooms, because this covers a lot of different types of rental clients.” Depending on the area, a one-bedroom apartment in central Florence might ask €230,000, and a two-bed €350,000. Rima Stubbs of Knight Frank notes that “one of the difficulties of buying in central Florence is finding a property with an outdoor space like a garden or terrace. But of course in the centre you’ve got the convenience of being close to everything and not having to drive everywhere.” Florence draws visitors on an almost year-round basis, with week-long holidaymakers coming in the summer and long-weekenders arriving in the winter. It also has a large student population.
Venice and Florence may be huge in popularity with foreigners, but in terms of actual population they are only Italy’s eleventh and eighth biggest cities, respectively. The country’s two population heavyweights are Rome and Milan. With more than 2,600,000 inhabitants, Rome is twice as populous as Milan, and its numbers are ever-growing, making an apartment here an invaluable asset. No surprise then, that prices in Rome are amongst Italy’s very highest. You’re unlikely to get a remotely central one-bedroom apartment for less than €300,000, but you could probably rent it out for €750 per week.
John Dillon of Real Point Properties points out that “It is often more economically feasible to purchase on the outskirts of Rome or within reasonable driving distance of the city if you’re seeking affordable property.” Certainly the more central your property, the greater its rentability, but many holidaymakers (and students) are happy to stay a bit further out for a lower rental rate. John Dillon wisely advises would-be buyers in Rome to spend a good spell of time in the city before starting their property hunt. “Rome is a huge city and it’s hard to get a real feel for it without being there. Take the time to explore the city and its outer regions. The Roman real estate market is alive with possibilities, but even the smallest of flats can set you back several hundred thousand pounds.”
Milan, Italy’s hard-working capital of business and industry (not to mention fashion, design and media), generates a whopping 40% of the country’s entire GDP. It may not be high on many tourists’ must-visit list, but the city is a magnet for go-getting professionals – both Italian and foreign. Milan has the highest proportion of foreign residents of all Italy’s cities, and around 10% of all property sales here are to non-Italians. Prices are very high. A one-bedroom apartment would ask at least €300,000, unless it was miles out of town. Top-quality residential apartments in popular areas are particularly sought-after and pricy. Large numbers of professionals (and students) rent apartments in Milan, and rates can be even higher than in London. You might get €800 a week on a central one-bedroom apartment.
But you need not aim for the dizzy heights of Italy’s ‘Big Four’ to make a sound investment in an Italian city apartment, or indeed to give yourself a regular bolthole in an exciting metropolis. After Rome and Milan, Italy’s most populous cities are Naples, Turin, Palermo, Genoa, and Bologna – and each offers plenty of good reasons to buy a local apartment. Much further down the list in terms of population, but highly recommended in terms of appeal and investment potential, is Perugia, the regional capital of beautiful Umbria. You’ll find more details on the property markets in these six cities in the ‘Ten Major Cities’ section of this article.
Whichever city you choose to buy in, you can be certain you’ll come to adore the place over time. Each Italian city has a strong, unique character, and before long you’re sure to find yourself nodding along with the locals as they express their fierce loyalty to their home metropolis. For the sake of investment, and quality of life, more British buyers should think about coming in from the wilderness and basking in the bright city lights.
[All prices and populations accurate in 2007.]
– pop. 2,650,000
Italy’s brash, loud, vibrant capital is almost oppressively rich in history – from Classical treasures to medieval alleyways to Baroque fountains to Fascist-era monoliths. It’s a confident, thick-skinned place, secure in its achievements and unsurprised to receive 12 million visitors a year. For all Rome’s expense and congestion, a high proportion of ex-pats who settle down here ‘for a while’ never go home again. Property prices are very high. Apartments range from €2,500-€5,000 per m², with one-bedroom places asking about €300,000 on average; two-beds about €400,000. Holiday rental prospects are excellent, as are long-term lets to students or professionals.
– pop. 1,300,000
Milan is Italy’s wealthiest and probably best-dressed city. Capital of finance, fashion, design and media, this is a business-minded metropolis driven by cool-headed workaholics in razor-sharp suits. Sleek, fast-paced Milan might not be physically beautiful (beyond its dazzling duomo), but it offers assured comfort and quality at every turn. Shopping, nightlife, and the arts scene are all world-class. And the lovely northern lakes are never too far away. Milan’s property is pricy, with one-bedroom apartments asking around €200,000, and two-beds about €320,000. Lots of old palazzi have been converted into stylish flats.
– pop. 1,050,000
Magnificently set on a breathtaking bay beside a totemic volcano, Naples is an exuberant and thoroughly beguiling city. Its cheerful, free-spirited populace smile in the face of poverty and laugh at the rules of the road. Ex-pats generally steer clear of Naples, fearing its petty crime and traffic chaos. But it’s an intensely colourful spot, and handily close to Capri and the Amalfi coast. The food is glorious, and the cost of living low. Lots of people want to live here, and property is more expensive than you might expect. One-bedroom apartments in nice areas ask around €190,000 on average, two-beds about €260,000. Investors should consider long-term lets to locals.
– pop. 920,000
Enjoying relatively fresh urban air at the foot of the Alps, industrious Turin has elegant boulevards, Baroque palaces, sleek boutiques and French-influenced cuisine. It’s an appealing and under-rated place, with a lively café scene and access to great skiing in the winter. The city outskirts are dominated by characterless apartment blocks, but the centre is very attractive. Property prices are quite reasonable. One-bedroom apartments go for about €120,000 on average; two-beds for about €200,000. Long-term rentals to southern Italian migrant workers or students are a better bet than short-term lets to tourists.
– pop. 690,000
Noisy, bustling Palermo is Sicily’s capital and the island’s biggest city – superbly set on a wide bay. Formerly a mafia stronghold, it’s a much improved and revitalized place these days. The city’s architecture is full of exotic elements – testament to Sicily’s colourful past – and there are lots of attractive old properties to be restored. (Government grants can cover your restoration costs, but applications can take years to be approved.) Apartments are inexpensive, starting at about €1,000 per m² and rarely going above €2,500 per m². One-beds ask less than €100,000.
– 655,000
Zesty, colourful Genoa has thrived on seaborne trade for 1,500 years and it’s still Italy’s largest port. Eclectic in food and architecture, this cosmopolitan city stretches for miles along its cluttered shoreline, with the mouth-watering resorts of coastal Liguria never too far away. For property, Genoa can be one of the cheapest spots in Liguria, with larger properties offering particularly good value. One-bedroom apartments ask about €150,000 on average; two-beds about €230,000. Buyers hoping to let might consider long-term tenants, as well as the modest holiday rental market here.
.
– pop. 385,000
Inexplicably overlooked by foreign tourists, Bologna is a lively and prosperous city with a striking red-brick medieval centre. Home to Italy’s best restaurants and Europe’s oldest university, Bologna is genial, cultured, well-paced and easy-going. It offers a very high quality of life, but living costs can be substantial. Property prices have risen steadily, and the city is considered a good investment. Long-term rental prospects from students are very good. One-bedroom apartments ask about €170,000 on average, two-beds about €250,000.
– pop. 381,000
Stuffed full of exquisite paintings, sculptures and churches, Renaissance Florence is a magnet for lovers of art and architecture. The British have long adored this capital of Tuscany, and there’s no shortage of them here along with other ex-pats. Property prices in Florence are high, having long shown stable, steady growth, but the city is considered a good investment. Tourists visit at all times of the year, and there are also innumerable students to rent to. A one-bedroom apartment might ask €230,000; a two-bed €350,000. For all its loveliness, note that Florence can be crowded and traffic-choked.
– pop. 295,000
Often deemed the world’s most romantic city, Venice is a uniquely beautiful place that never leaves your imagination once you’ve visited. Crumbling, flood-prone and difficult to live in, it nonetheless draws thousands of rapturous ex-pats and millions of dazzled visitors every year. Property prices are sky-high, but holiday rental prospects superb. Prices are astronomical on the Grand Canal, and lowest near the train and bus stations, in Cannaregio, and in other less-touristy areas. Note that lovely old buildings are generally very high-maintenance and prone to damp. Newer developments on the city’s periphery can be very sleek and well-designed. Expect most one-bed apartments to ask at least €300,000.
– pop. 152,000
Umbria’s bewitching capital city is a small place – beftting this region of tiny settlements filled to the brim with history and elegant architecture. Population-wise, Perugia is only Italy’s 24th-biggest city, but it deserves inclusion here because it offers such good investment. It’s not overpriced, it has lots of tourists, lots of students (both giving good rental prospects), and it gives easy access to glorious surrounding countryside (where property is more expensive than in the city itself). One-beds average around €100,000, two-beds €180,000.
Wimbledon-based Chris Larkman and his wife Clare Gummett bought an apartment in Rome as an investment in 2001. “I lived in Rome in the sixties while training to be a Catholic priest,” Chris explains. “I subsequently left, but my love of Rome continued. Then I got married and had a family, and Clare and I often went back to Rome. I had this dream of buying somewhere to let out, making it pay for itself and giving us the opportunity to go there often.
“It’s a basement apartment, open-plan, in the most delightful courtyard right in the centre of Rome near the Campo de’ Fiori. The courtyard is so picturesque you see it pictured on tourist postcards as a view of quintessential Rome. We bought the apartment for just £72,000 and spent another £13,000 on renovation and furnishing. The price was low because it required renovation and is situated below ground, but it’s a lovely cool retreat from the heat of the city. We bought at the right time; prices in Rome have gone up hugely since then. We bought it as a business – the rentals pay the mortgage costs. In 2016 it’ll be ours completely. We visit every couple of months. In the wintertime when we don’t get so many bookings, we’ll be there for a week at a time. Other times we may be there for a few days.
“With the rentals, we’ve had tremendous success. We have at least 40 weeks booked every year, which is more than we ever dreamt of. Because of that success, we’ve also started managing the lets on apartments owned by friends we’ve made – several apartments in Rome, and one in Venice. We’re a small company with a personal touch and we spend a lot of time making sure all the properties are up to scratch.
“The best thing about owning somewhere in a city is it’s more or less a year-round rental opportunity. If you’ve got a farmhouse in Tuscany, it’s difficult to let it out beyond May to September. And a lot of that time you want to be there yourself anyway. We bought our apartment as somewhere to let out, but over the years it has increasingly become our second home. There’s a village atmosphere round that part of Rome, with bars where local people meet for their morning coffee – Angelo welcomes us knowing exactly what each of us wants, as if we were there the previous day. Then there’s Stefano at the shop where we buy our parmesan and prosciutto, and Anna at the dairies, and the bakers… The area is a really lively friendly village, and offers a beautiful life which is so different from ours here.”
www.aplaceinrome.com |
)
)
)
)
){kind=link}
){kind=link}
