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Garden-like countryside, snowy pistes, wooded hills and golden sands – Le Marche manages to squeeze an awful lot of geographical loveliness into one small region. The gentle Adriatic licks its long coastline, which features more Blue Flag beaches than any other part of Italy (so clean, safe swimming is assured). Step back from the waterside and the beguiling landscape buckles into verdant hills, sprinkled with charming old towns and villages. And then the wooded Apennines appear, slowly climbing to skiable heights. Few small areas of the world can offer so much variety.
But it’s not just geography that makes Le Marche such a blessed place. Like its neighbours Tuscany and Umbria, Le Marche enjoys a distinctive central Italian feel and culture. This means it’s rural yet prosperous, orderly yet relaxed. It also has an illustrious history in terms of art and architecture. Its small, well-maintained settlements are stuffed with attractive buildings and remain thoroughly pleasant places to be. The region’s population is low, and the sense of community very strong. Local festivals abound and, naturally, the food and wine are fabulous.
Le Marche became an increasingly firm fixture on the overseas-buyers’ map about a decade ago, when word got out that the region had much of Tuscany and Umbria’s charm but much smaller prices. Today, properties here are certainly not as cheap as they were, but Le Marche still offers good value for money – especially when you consider the region’s excellent holiday rental prospects. [Time of writing is 2010.] Small, restored apartments start at around €60,000, and country ruins at around €70,000. A standing house to restore in the countryside might ask between €100,000 and €220,000. Habitable three-bedroom townhouses in popular villages ask about €180,000 – less if they’re closer to the mountains and more if they’re closer to the coast. And beautifully restored country homes with three or four bedrooms and a pool might ask €350,000-€600,000 (expensive, but almost half the cost of central Tuscany).
As you’d expect, Le Marche’s property market slowed considerably during the recent recession, with far fewer foreign buyers splashing out on homes here (especially we Marche-loving Brits, doubly blighted as we were by an unfavourable exchange rate). However, apart from some healthy ‘corrections’ at the very highest end of the range, actual property prices across Le Marche stayed pretty stable throughout the global financial wobbles. Kevin L. Gibney of Marche Homes Direct makes a crucial point: “The key thing for people from the UK or elsewhere to understand is that in Italy there was no property bubble, hence there was no bubble to burst. So prices have not taken the dive seen in the UK or in resort areas in places like Spain.”
So, as can be said for much of Italy, Le Marche has a good track record for holding its property values in tough times. All well and good; this place isn’t a risky investment. But despite the largely undiminished prices, can you nonetheless exploit recent economic uncertainties to your advantage? Many agents say yes. Even though foreign-buyer numbers are beginning to rise again in Le Marche, there are still many vendors who were unnerved by the recent tail-off in buyers and who are secretly more open to offers below their asking price in order to expediate a sale. Note that vendors who were themselves foreign buyers are the most open to offers. Italians are less likely to view a home as a cash cow, to be sold quickly in order to liquidate assets.
Jane Smith of Magic Marche advises buyers, “Negotiate hard. Big discounts are available on asking prices from many owners.” In particular, British owners, of whom there are quite a few in Le Marche. British vendors are likely to be converting a buyer’s euros into Sterling, so they will still be getting a good price for their home even at 20% below the asking price. Generally, you could consider making any vendor an offer of 10-15% below their asking price, and see what happens. Be aware that properties within 10km of the seaside are currently holding their prices better than those further inland, and that your haggling should be most modest here.
As we noted above, the coast and its immediate hinterland are currently Le Marche’s hottest property areas. Prior to the recession, pioneering buyers were exploiting the low prices of the region’s deep interior – in particular, lovely areas such as the Sibillini Mountains. Now, the more cautious financial climate means buyers are tending to keep to more tried-and-tested coastal areas with rock-solid rental prospects and unquestionable re-sale value. The choice is yours. The coast is more expensive, but possibly a safer bet for the time being. It all depends what you want from your property.
Many agents recommend seeking property not more than 30km from the sea, in the lovely hills behind the coast – where you and/or your rental clients can easily travel down to the beach or up into the mountains. Buy here and you can exploit Le Marche’s wonderfully varied landscapes to the max. Note that the northern part of Le Marche’s coast/hinterland is generally more expensive than its central and southern stretches. Dermott Sales of Living in Le Marche particularly recommends southern hinterland villages Carassai, Massignano and Monterubbiano, and central hinterland villages Ostra Vetere, Serra de Conti and Monterado.
Giuliano Gnagnatti of the Marche-specialist agency Paradise Possible advises that “The best bargains can be found in habitable properties restored in the late 20th century, in farmhouses more than 30km from the sea in need of restoration, and in period village houses. The latter represent a longer-term investment but a sensible one, especially ones within the walls of historic centres. As they are generally underpriced, they also offer the opportunity of a temporary residence while searching for your ultimate dream house or while another property is being restored.”
Giuliano also points out that “New opportunities come increasingly from larger projects in the farming sector with potential for partial conversion into country holiday resorts, and in the restoration of entire abandoned hamlets. Paradise Possible offers several opportunities of that type, including a large farming estate with a former castle in need of restoration, a restored ‘casa padronale’ and eight more rural buildings, land, pastures and woods. People can buy the whole or each of the buildings, with prices as low as €50,000.”
An abundance of old country properties to restore was one of the many things that drew buyers to Le Marche over the last decade. The region offered particularly good scope for realizing the quintessential foreign-buyer dream of creating a perfect country idyll from an old ruin. But is there scope here still, and is property restoration to be recommended right now? Yes, there are still plenty of ramshackle rural properties available for transformation in Le Marche, but whether restoration is the most economical route to your dream home is debatable.
For many buyers, the delight of designing and perfecting their final property overrides any concerns about whether they might eventually recoup all their costs in re-sale, and this is a healthy attitude . You should perhaps be motivated more by love than by money when it comes to buying a foreign home! Remember, price is not the same thing as value. As Kevin L. Gibney of Marche Homes Direct explains, “Value is not measured solely in financial terms. It also has to do with personal satisfaction. When you design and restore you get to design the house to your spec, the way you want it. When you buy a ready-restored house you have to accept somebody else’s version of the Italian dream.”
Fair enough. But you’ll probably want to make sure your restoration and building costs don’t spiral out of control. Look into establishing a fixed-price contract on all building work when you buy. (Marche Homes Direct, for example, is hot on these.) Guaranteed timetables on building work will also ease some of the headaches typically associated with restoration projects. The good news is that with so many restorations having been done in Le Marche, the system here tends to run pretty smoothly. The agents know their stuff, the builders are used to it all, and there’s enough competition to ensure everyone strives to give good service.
A final important note on restoration work – and no apologies for the fact that it’s been said in these property articles many times before. If you’re restoring an old property of any kind, make absolutely sure that your end-product meets the legal standard for earthquake-proofing. Italy is an earthquake zone; don’t ignore the fact. Your builders should be incorporating strengthening materials as standard. Be sure to raise the topic with them.
Particularly if you’re thinking in terms of investment, you’d probably like some thoughts on the likely future of Le Marche’s property market. It’s hard not to be optimistic about a region like this one. Its many plusses seem certain to keep the place in a strong position. Kevin L. Gibney expresses it well. He says, “Le Marche’s property market will continue to grow despite the lingering effects of the world economic crisis. If one talks year-on-year, there will always be swings and volatility. But if one takes the long view, Le Marche is about as close as there is to a sure thing. Where else in the world can you find all that you have here? Italians say Le Marche is ‘all of Italy in just one region’. You cannot create that; it either exists or it doesn’t. And here, it exists. Therefore Le Marche will continue to be highly desirable. The outlook is very positive.”
www.propertyinitaly.co.uk
www.casatravella.com
Le Marche’s regional capital Urbino is a UNESCO World Heritage Site, a magnificent jumble of medieval and Renaissance buildings nestled together in the midst of attractive countryside. It has a hugely illustrious past – rivalling Florence in terms of cultural significance during the Renaissance. Which means there are delights aplenty here today for the lover of art and architecture. But modern-day Urbino isn’t just a museum piece. It’s a bustling little city with a large student population and no shortage of stylish eateries and buzzy watering holes. Property prices in the city are among the highest in Le Marche, but the holiday rental returns are good and very reliable. A two-bed townhouse might cost you €250,000; a two-bed apartment about €180,000 and bring in €800 a week in the summer. The countryside around Urbino is extremely green, with lots of woods and high hills. It’s a recommended area in which to consider buying, and property prices are quite reasonable. In addition to restoration projects and ready-restored homes, look out for good-value new-builds in traditional style. A new three-bedroom home in brick and stone, with a garden, might ask around €275,000. Northern Le Marche provides easy access to some of the Adriatic’s liveliest beach resorts, situated between Ravenna and Ancona. Le Marche’s short border with Tuscany is up in this northern part, too.
Le Marche enjoys more than a hundred miles of Adriatic coastline, with long stretches of fine sand meeting warm, clean seawater. Despite its manifold charms, and excellent travel links, Le Marche’s seaside remains relatively under-exploited. Resorts tend to be small-sized and family-friendly, but not without vibrant nightlife. Many of the coastal towns have ancient origins and venerable buildings, especially north of Ancona. Italians make up by far the greatest number of holidaymakers, but Le Marche’s seaside has been increasingly visited by Northern Europeans over the last decade. It’s still the most popular part of the region for second-home-owners (mostly Italians), which makes its property prices Le Marche’s highest. Most apartments fall within a range of just under €100,000 to just over €350,000. Prices start dropping at about three miles from the water, and you could pay ten to twenty percent less by putting the sea twenty minutes away. Obviously the best holiday rental returns are found closest to the sand. Ancona is a major port with a lot of industry on its outskirts, and you might prefer a smaller settlement. Pésaro in the north is the largest resort, followed by San Benedetto del Tronto in the south. Between the two, smaller resorts are dotted at regular intervals. Recommended spots in the north include Pésaro, Fano, and Sénigallia. For many visitors the Cónero promontory near the middle of Le Marche’s coastline is its most spectacular part – with steep white cliffs brooding above tiny, picturesque beaches. South of here, the seaside grows humbler and sleepier, offering many pleasant, low-key resorts.
As you move inland from any part of Le Marche’s coast, the landscape quickly buckles into pretty hills. This charming, long central stretch is dominated by small farms and open fields, with unspoilt medieval towns and villages cropping up at regular intervals. It’s here in the rolling green countryside where most Britons have chosen to buy their home in Le Marche. They benefit not only from the attractive landscape and delightful towns, but also from easy access to both beach and mountains. In southern Le Marche especially, many locations offer simultaneous views of blue sea in one direction and high peaks in the other. Property prices have risen considerably in central Le Marche over recent years, but there are still plenty of good-value properties to be had here – both restored and unrestored. Prices are highest if you’re within about fifteen kilometres of the sea, and drop pretty steadily the further you go inland. Between forty and seventy kilometres from the water seems to be an optimum distance in terms of price – although obviously some towns and areas are slightly costlier than others. A rough guide to prices might run thus: Country ruins needing full restoration generally ask €90,000-€150,000; rural houses requiring moderate work €100,000-€250,000; and good-sized, fully-restored homes €350,000-€750,000. If such properties were in central Tuscany, these figures would be more than doubled.
Derbyshire-based Chris and Judith Thorp bought and restored a large 19th-century farmhouse in the hills of southern Le Marche, about twenty miles from the sea. Set amidst sunflowers, vines, olives and wheatfields, the house enjoys wonderful views across the valley. The Thorps visit their home several times a year and also offer holiday rentals.
“Judith and I had each been to Italy as children,” Chris explains, “and when we had our twin daughters, we took them on holidays to Italy too. Gradually we just fell more and more in love with the country. We’d always dreamt of buying a property somewhere in the sunshine. France called for a while, but despite having little knowledge of the language, we just kept coming back to Italy time and time again. In 2000, we took a holiday in Umbria, and had our first peek at Le Marche. When we saw how it had landscapes like Tuscany, but felt very much off the beaten track, we were hooked.
“The farmhouse had been vacant for fifty years and was fairly ruinous. It was full of cracks, probably from occasional earth tremors. The restoration was a major job, but went very smoothly thanks to our architect Alessandra. We had to underpin all the walls, put in new beams and a completely new roof. The structure was heavily reinforced to meet the modern requirements for earthquake-proofing. In fact we were staying at the house during the L’Aquila earthquake last year. We were 90km north of the epicentre, and were woken up in the night with the bed gently swaying. The earthquake-proofing was excellent, because there weren’t even any hairline cracks left in the walls.”
“Our biggest job since restoration has been creating a garden from scratch. We’ve got some very good gardeners in now – a British couple whose business is gardening and pool maintenance. They’ve worked wonders. It’s lovely to have our own olive trees and vines. We produce olive oil, and this year we’re going to make our own wine. I have to pinch myself sometimes – it seems too idyllic to be real. The whole thing hasn’t been without anguish and anxieties. Building bureaucracy in Italy is never straightforward and we’ve had a few sleepless nights, but it’s all been well worth it.”
And what’s the very best thing about owning a home in Le Marche? “We’ve started to feel part of the local community. We’re recognized by the locals and are enjoying what we’ve always referred to as ‘the real Italy’, without any mass tourism. We love the local culture and traditions, the food and regional specialities. When we retire we hope to live there for a few years, or at least spend much more time out there.”
www.marchevilla.co.uk
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