The bulging calf muscle of the Italian boot, Le Marche enjoys a splendid position not quite halfway down the Italian peninsula, on the right, stretching from the Adriatic sea to the Apennine mountains. It shares borders with Umbria and Tuscany, with Emilia-Romagna and with Abruzzo – putting it within easy reach of attractions of many kinds. It enjoys excellent road, rail and air connections, yet remains a deeply rural and peaceful place. Its appealing coast, with its cliffs and sandy beaches, is rarely crowded, and consists of a string of pleasant, low-key resorts. Inland, rolling hills dominate the landscape, cloaked in pretty cropfields and liberally sprinkled with charming, well-kept medieval hilltowns. In the extreme west, the gentle hills stiffen into more majestic heights, often snow-capped and adding background drama to views from all over the region. Le Marche’s low population (about one and a half million people) is famously friendly. With its unspoilt geography, attractive settlements, welcoming locals and comparatively low property prices, it’s no surprise that Le Marche has met with considerable attention from overseas buyers and visitors.
Le Marche’s property market has seen some radical changes over the last fifteen years, and it still sees the rise of new trends now. We’ll be looking at these in close detail in a moment. What’s important to know at the outset is that Le Marche remains a very good place to buy property, with prices much lower than in neighbouring Tuscany and Umbria – regions with which it has landscapes of similar beauty. Unlike Italy’s cheap southern regions, Le Marche has the advantage of being in central Italy, with all the solid infrastructure and good transport connections that that implies. With so many attractions within easy travelling distance, Le Marche offers arguably better value than regions further south. There may not be as many bargain restoration projects in Le Marche now as there once were, but there are still many properties ripe for restoration, and there’s a new crop of beautifully restored homes coming onto the market. The region is deservedly popular with visitors, and holiday rental prospects here are good.
Le Marche’s property market has undergone some colourful transformations over the last fifteen years – perhaps more so than any other region in Italy. To best understand the current state of the market, let’s look at its recent evolution. Back in the early 1990s, foreign buyers had hardly any interest in Le Marche. All eyes were still gazing hungrily at Tuscany, and increasingly at Umbria next door. In 1995 Ryanair started offering budget flights from Stansted to Ancona in Le Marche, and as so often happens when a no-frills carrier starts serving a new destination, there was a concomitant surge of foreign-buyer interest in local holiday homes. Media folk back in Britain heard that canny investors were buying up dirt-cheap houses in a gorgeous but little-known corner of central Italy, and news of Le Marche began to seep into property articles and ‘new-life-abroad’ television programmes. Naturally this fuelled the interest of investors and relocaters alike. Stock market woes in 2001 further encouraged would-be moneymakers to invest in foreign bricks-and-mortar rather than stocks and shares, and added to the number of buyers in Le Marche. Prices were going up and up…
In 2004, foreign interest in Le Marche began to tail off and level out. ‘Goldmine’ restoration projects didn’t seem so easy to come by anymore (although Le Marche itself remained just as beautiful as it ever had been). Today, foreign-buyer interest in Le Marche can be described as stable or stationary. There has been a slight increase in buyers here over recent months, but whether that’s the beginning of a new trend or just a statistical blip it’s hard to say. In October last year, Ryanair started up a new route from Liverpool to Ancona, which surely bodes well for the region. Prices in Le Marche have quadrupled over the last ten years due to foreign interest, but that doesn’t mean there aren’t still bargains to be had or profit to be made here. (It certainly doesn’t mean, either, that there isn’t huge pleasure to be had from owning a home here!) Latest figures suggest that Le Marche’s property prices have risen by 15-20% per year over the last two years, which is above the Italian average and surely marks the region out as an excellent place to buy.
Back when Le Marche’s market was expanding most rapidly several years ago, the majority of foreign buyers here were looking for a dilapidated farmhouse or country house to do up. Many of these buyers rightfully surmised that they could make a fortune selling on their beautifully renovated property later. Their successes inspired quite a few subsequent buyers to believe they too could make quick profits through property renovation, and dilapidated properties became even more sought-after. Le Marche saw huge levels of emigration following WWII, leaving an abundance of empty rustic homes ripe for purchase and renovation – but an abundance isn’t the same as an unlimited supply. A large proportion of Le Marche’s ruins have now been done up, especially those in the most attractive locations. Of course you can still find homes needing restoration, but they’re unlikely to be dirt-cheap. (For perhaps the best current investment opportunities, look in the vicinities of Urbino, Osimo and Camerino.)
Most of Le Marche’s absolute bargains needing restoration might have now gone, but a first generation of beautifully restored properties is currently coming onto the market – adding to the number of property options here. A ready-restored place is likely to cost you less, at the end of the day, than a place you have to restore yourself. This wasn’t always the case, but it is now. Le Marche’s ruins command far higher prices than they used to, and restoration costs have also leapt up over the last decade. Tumbledown farmhouses are still much coveted by foreign property-seekers in Le Marche. However much the prices of rustic ruins have risen, they’re still cheaper here than in Tuscany or Umbria – but their restoration costs will be about the same. Recently, there’s been increased foreign-buyer interest in homes on Le Marche’s coast, and in townhouses rather than farmhouses. Wherever they buy, a large number of foreign buyers in Le Marche aim to convert their Italian home into a B&B or agriturismo, or at least to rent it out to holidaymakers in their absence.
To summarise, it’s fair to say that Le Marche is no longer the get-rich-quick paradise it once was for investor-restorers. If you want a holiday home or a new permanent home in a geographically stunning part of Italy, this could very well be the region for you. But if you’re thinking in terms of quick profit, have a good look at other Italian locales. By all means buy a place to restore in Le Marche, lovingly tailor it to your exact specifications and make it the home of your dreams, but don’t plan on immediately reselling it. Hang onto it for a while. You’ll probably make a bigger final profit that way. And you’ll have a wonderful place to visit or to live in the meantime.
Ten years ago, the coast and the regional capital Urbino were Le Marche’s most expensive places for property – with prices about three times what they were in the very cheap inland and southern parts. Then US and UK investors grew suddenly keen on the southwest (including the Sibillini Mountains), and now Le Marche’s price-map is more complicated. These days prices are arguably more balanced across the region, with bargains as likely to be in the countryside round Urbino as in the south. The south still sees low prices, but there are isolated spots like Amándola where large numbers of British buyers have significantly pushed up local prices. Le Marche’s coast remains its costliest area for property – one reason being that it isn’t just foreigners who want homes here but the Marchese themselves, and Italians from other regions. Countryside properties within about 15km of the sea are also among Le Marche’s costliest. Much better value can be had by going 40-70km inland, into Le Marche’s beautiful, hilly landscapes. Prices continue to tumble as you climb towards the Apennines. The region’s few major towns are also relatively pricy – Urbino and Ancona being the leaders, but also representing a good investment.
A huge factor in price is a property’s state of repair – a recurrent theme in a region which has seen so many abandoned rustic homes fall into dereliction, and so many of them lovingly restored. Let’s consider for example some average prices in the inland parts of Le Marche. Here a large ruined farmhouse-estate might go for €70,000 to €130,000. If it’s semi-habitable and needs only a little work, it could go for twice as much. And if it’s just been perfectly restored to a state of modern comfort, it might ask six times as much. As we noted earlier, it’s now just as expensive to restore a property in Le Marche as it is in Tuscany, so it’s always worth considering somewhere ready-restored. Restoration costs are likely to continue rising (along with property prices), but for the time being it’s a useful guideline to expect to be spending about €750 per square metre on a building with a sound structure, and about €1,250 per square metre restoring a total ruin.
Le Marche’s decade-long boom in foreign buyers has seen the rise of many specialist estate agents and property professionals across the region. You can find an astonishing number of them on a single internet search. This is good news for the overseas buyer, as all these agents are competing with each other and therefore bending over backwards to offer you the best possible service and the lowest possible prices. Buyer-feedback on the numerous agents catering to the foreigner in Le Marche tends to be excellent. You can expect a very high standard of care and professionalism here. (And of course restorers can expect most agents to be able to put them in touch with good builders and craftsmen.)
So you can feel secure as far as being a client in need of a service, but what about the other way round? What about if and when you want to provide rental accommodation for holidaymakers in your Le Marche property? How viable is it? Well, you certainly wouldn’t be the first foreign buyer to plan on gathering holiday rental returns here, and you’ll find no shortage of competition, but you’ll also find a handy abundance of visitors making their way to the region, and therefore pretty good holiday rental prospects. Le Marche sees only a tenth of the number of visitors who make their way to Tuscany each year. But as Tuscany sees more than half of all foreign visitors to Italy, that’s still good going! One of Le Marche’s huge advantages for holidaymakers (and buyers thinking of relocating to the region) is how many different things it offers over a small distance. There are the beach resorts of the Adriatic, the rolling countryside dotted with tiny medieval towns, the majestic mountains with their ski resorts, and the fascinating capital Urbino. Depending on which part of the region you visit, the attractions of adjacent regions are also on your doorstep – Tuscany, Umbria, Emilia-Romagna, Abruzzo.
In terms of holiday rental returns, the very best places to buy in Le Marche are the coast, Urbino, and the Catholic pilgrimage town Loreto, to which the faithful come year-round. A one-bedroom apartment in Urbino or Loreto might rent for €650 per week in high season; a two-bed for €800. The most popular spots on the coast will yield similar returns, while a two-bed flat in a more average seaside town like Porto Recanati might see €500 or €750 per week in high season. In all these places your clients could be Italians, Germans, Dutch or any other western nationality. Country houses out in the rolling hills are especially popular with Brits and other northern Europeans. They see lower but still respectable rental returns, as do Le Marche’s more mountainous areas. The Sibillini Mountains are, again, much loved by Brits and Americans.
Whether you plan to rent or to relocate, changes are you’ll fall irretrievably in love with Le Marche – as so many buyers seem to do. Many were initially drawn here because they really wanted to be in Tuscany but couldn’t afford it. To their surprise most have come to prefer Le Marche to its more famous neighbour. With its garden-like countryside, its peaceful atmosphere and warm hospitality, it’s a truly beguiling region. Buying a property here represents far more than an investment in foreign bricks-and-mortar, it’s an investment in the health and happiness that comes from time spent in a beautiful, unspoilt place.
[All quoted prices accurate in 2007]
One of Le Marche’s several highlights is its capital city Urbino. Compact and town-sized, Urbino is an appealing jumble of medieval and Renaissance buildings nestled together in the midst of attractive countryside. Its past is illustrious to say the least. During the Italian Renaissance the city equalled Florence in terms of cultural significance. This means there’s plenty here today to delight the lover of art and architecture – enough for the place to have been declared a UNESCO World Heritage Site. Far from being a museum piece, modern-day Urbino is a lively and bustling place. There’s a significant student population, and no shortage of happening places to eat and drink. Property prices in the city are amongst the highest in Le Marche, but the holiday rental returns are excellent. Relocaters could look forward to a very high quality of life. The countryside around Urbino offers some surprisingly good-value properties – both ready-restored and in need of full renovation. This northern tip of Le Marche benefits from close proximity to colourful places like San Marino and Rimini, as well as having the region’s brief border with Tuscany.
Given its manifold charms, Le Marche’s Adriatic coast remains relatively under-exploited. The small-sized and pleasantly old-fashioned resorts typical of this seaside stretch have a half-forgotten feeling to them, which only adds to their appeal. The sparkling blue water is backed by sandy beaches and dramatic cliffs, so there’s every reason for people to be here in huge numbers – and it’s a great mercy that they’re not yet. Most visitors are Italians, but Le Marche’s seaside has grown increasingly popular with Northern Europeans over the last decade. It’s still the most popular part of the region for second-home-owners, which means that prices tend to be the region’s highest. As with Urbino, the holiday rental prospects are great, though. 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 – where a purported 5,000 palm trees wave over 6km of sand. Between the two, smaller resorts are dotted at fairly regular intervals. 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. Le Marche’s coast enjoys a particularly good transport infrastructure. A main rail line serves most of the resorts, while the A14 motorway sits a discreet few miles inland and allows motorists to easily zip up and down between seaside towns. Budget airlines fly into Ancona from the UK, and ferries leave from here to Croatia and other destinations.
As you step back from Le Marche’s beaches, the landscape quickly buckles into pretty hills. This is a land of small farms and open fields, sprinkled with unspoilt medieval towns and villages – many sporting fine churches and monuments. Agriculture is the chief activity for many, many miles, making this a very peaceful and attractive swathe of Le Marche. Perhaps especially as the rolling green hillsides recall the lovely landscapes of Tuscany, this part of Le Marche is popular with British and other foreign buyers. Yet there are still a lot of very good-value properties to be had here – either restored or unrestored. Prices are highest if you’re within about 15km of the sea, and drop pretty steadily the further you go from the coast. Between 40 and 70km from the water seems to be an optimum distance in terms of price. You’ll pay a reasonable amount, yet still be able to tear down to the beach whenever the fancy seizes you. Obviously, some towns and areas are slightly costlier than others in this hilly hinterland which makes up the majority of Le Marche. Of particular interest to the investment buyer might be the small town of Loreto not far from Ancona or the beautiful Cónero promontory. It’s one of Italy’s biggest Catholic pilgrimage sites, and draws the faithful to its holy relics year-round. A property in or near the town could anticipate reliable rental returns. Many of the best local properties have been snapped up, but it’s worth looking for properties needing work a few miles from Loreto. An ruined stone home might ask as little as €50,000, and a dilapidated farmhouse just €150,000.
Mountains run down the centre of the entire Italian peninsula, and in Le Marche they occupy the region’s long western edge. The landscape of rolling hills further east is swapped for majestic heights of 1,500m or more. Up here the population is even lower than it is across the rest of thinly-populated Le Marche. What few settlements there are, however, show the typical Le Marche charm and orderliness, never without a handsome ecclesiastical building or two. Property prices are amongst the lowest in the whole region, and bargain-hunters should certainly consider this section of Le Marche. What’s more, all the delights of Umbria lie within easy travelling distance – Perugia, Assisi, and so on. In the southwest corner of Le Marche the beautiful Sibillini Mountains rise to more than 2,000m. This wooded range of barren peaks and green valleys has been a National Park since 1993 and attracts summer walkers as well as winter skiers. Profoundly peaceful the area may be, but it’s saved from feeling remote by its liberal scattering of tiny medieval towns. Quite a few Brits have settled here or bought second homes over the last decade – pushing up prices in towns like Amándola – but generally the Sibillini Mountains are still a fairly inexpensive place to buy property. €300,000 could get you a fully-restored two-bedroom house with views, while €400,000 might get you a six-bedroom farmhouse needing some work
Marco Ryan from Wiltshire bought a ruined castle near Urbino in 2006 and in early 2007 was about to start restoring it to its former glory.
Why did he and his half-Italian wife Francesca choose to buy in Le Marche? “We wanted somewhere with unspoilt countryside,” he explains. “Somewhere that wasn’t as manicured and international as Tuscany. We wanted to have access both to mountains and the sea, and good airport connections. We have at least five airports within an hour’s drive. And the people from Le Marche are so friendly. When we saw the castle we knew it was the place for us. It sits on the top of a wooded hill in the middle of a valley and looks across to Monte Nerone. The hillside is full of white truffles. We’re only 3km from Acqualagna – one of the world’s two main centres for white truffles.”
The castle enjoys a superb location, less than ten miles from each of Le Marche’s borders with Umbria, Tuscany, and Emilia-Romagna. But its restoration was never going to be a job for the faint-hearted. “We believe it was originally a 9th-century watchtower which over the years evolved into a medieval castle,” Marco says. “In the 1930s it was stripped of most of its materials, which were used to make other buildings. So it is a complete ruin. I suspect it’ll take us three years to restore it. We’re in two minds what to do with it when it’s finished. Maybe we’ll turn it into a luxury hotel and spa, or maybe just a family home. As a hotel, we’d have about 15 to 18 en suite rooms, a restaurant with about 40 to 50 covers, various receptions rooms, a spa… We’d move out there to run it.”
How has Marco found his dealings with local agents and builders? “The whole experience has been unbelievable. We’ve been so fortunate with the relationships we’ve built. We initially went through a company called Paradise Possible, who introduced us to Cesare Belpassi from the agency Pegasus, and he introduced us to all the key people locally.” And how’s the restoration going? “The work we’ve done so far has been like an archaeological dig. We’ve cleared the courtyard and the mound, sorted all the stone, fenced the whole area and put a road in – and all that work has come in under budget and ahead of schedule. The whole project and our website has attracted a huge amount of local interest. The locals couldn’t be more helpful or welcoming, and the team couldn’t be more creative. It’s a real pleasure to be working with them and to be embarking on this journey. I wish builders and architects and agents in the UK were as honest and transparent and helpful!”
Visit www.castellodeipecorari.com
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