We all want to economize these days. And that doesn’t stop when it comes to buying a home abroad. Value-for-money is all-important, and Italy is a great place to find it. Properties in places like Spain or Turkey might come at smaller cost, but a lower price isn’t always the same thing as good value. In short, a ‘bargain’ isn’t always a good deal. Unlike some other warm-weather countries, Italy has a famously safe and stable property market, largely immune to booms and busts. A different attitude to property holds sway in Italy (quite different to that of the UK especially), and the upshot is that money spent on property here is particularly secure.
So how can you get the very best value for your money? For buyers on a small budget especially, the key lies in precisely identifying what for you counts as good value. What do you want from your property? How and when are you going to use it? The questions might sound obvious, but you’ll do well to consider them very thoroughly. What kind of surroundings do you most want – sophisticated urban, quiet countryside, cosy village, sparkling sea, tranquil lakeside, majestic mountains? Do you hope to secure rental income on your property from holidaymakers? All these things will strongly affect where in Italy you should look to buy.
If you long for a country idyll, the good news is that rural Italy is generally the cheaper sector of the country. (Except for the gilded countryside in places such as Tuscany and Umbria, of course.) Seaside homes can be expensive in some areas, but if you go just a few miles inland prices drop dramatically. Italian buyers prize being right on the beach, which drives up prices there, while foreign buyers are often happy to be a few minutes’ drive or bike-ride from the water. Italian geography being what it is, a home slightly inland often also gives the added bonus of expansive views over the sea. If you’re keen on mountains and higher-altitude living generally, then Italy is a superb place to buy cheaply. Except for the glitzier ski resort areas of the far north, Italian property prices generally sink in inverse proportion to altitude. Go up, and prices come down.
If you don’t fancy the isolation of being out in the sticks, note that small towns and villages are among the very best places for budget buyers in Italy. The country teems with beautiful, friendly settlements where you can enjoy a true Italian lifestyle, relishing the relaxed pace of life and the strong sense of community. Italians themselves are often keen to live in new-build properties on the edge of towns, leaving many charming historical homes in the centre of town affordable and ripe for beautiful restoration.
If a bigger urban whirl is more your thing, forget astronomically expensive cities like Venice, Rome and Florence, but note that Italy can offer you good-value apartments in wonderful places like Turin, Genoa, Verona, Perugia, Urbino, Lecce and so on. The good news for city-lovers is that that urban properties generally appreciate in value above the national average, plus they have a longer holiday rentals season, since many people take city-breaks in non-summer months. If you’re thinking of relocating to Italy, an Italian city makes a clever first base. You can more quickly figure out how Italian shops and services operate while they’re on your doorstep, and you’re more likely to find fellow English-speakers when you tire of speaking italiano.
Italy can be divided into three main parts: the north, the centre and the south – a fact underscored by the country’s flag, which represents the three areas respectively as green, white and red. It’s a big generalization, but Italy’s north is usually the priciest part of the country. Wages and employment rates are higher here, the infrastructure is slick and well-maintained, the standard of living is sky-high, and property prices reflect all this. That said, it is still possible to get property on a small budget in the north – you just have to look more carefully. Try smaller cities, or country homes set a little distance from big attractions like the famous lakes or biggest ski resorts.
As a sample northern region, let’s look at the beautiful Veneto – home to Venice, Verona and Lake Garda, as well as to delightful lesser-known small cities, leafy hills, expansive beaches and high mountains. Andrea Redivo Zaglia of Properties in Italy says that only homes in extremely remote areas of the Veneto might be had for less than €100,000, including restoration costs. “Budgets up to €150,000 or €200,000 are more realistic,” he says. “With up to €150,000, you have a wide choice of one- and two-bedroom apartments on the coast or in the smaller cities. With €200,000, you could look at semi-detached houses.” Andrea recommends budget-buyers consider the lovely Euganean Hills area south of Padua, coastal resorts such as Jesolo, Bibione and Lignano, and even Lake Garda – where €200,000 could get you a holiday apartment.
For foreign buyers especially, Italy’s central swathe is overall the most desired part of the country. It strikes a wonderful balance between the sophisticated, artistic north and the languid, elemental south. As a buyer on a small budget, you might have to forget super-pricy Tuscany and Umbria – although there are some inexpensive properties on the fringes of both regions. Let’s look at three other central Italian regions you might consider for good-value property: Le Marche, Abruzzo, and the luscious northern tip of Lazio.
Le Marche is a wonderful region of handsome hilltop towns and garden-like countryside which has proven very popular with foreign buyers over the last decade or so – initially because it was a much cheaper alternative to Tuscany or Umbria. Kevin L. Gibney of Marche Homes Direct says that “In the aftermath of the economic crisis we’ve recognized that there’s a ‘budget buyer’ category out there. To give such clients dedicated attention we’ve introduced a ‘budget solutions’ category on our website.” Kevin advises that from about €20,000 you might get a tiny studio apartment in Le Marche needing full restoration, but for up to around €200,000 you could get a really nice townhouse in a lovely hilltop town or a small rural house – including restoration costs.
Other than its one big city Rome, Lazio is a region often unfairly overlooked by foreign buyers. The ‘la Tuscia’ area of Lazio’s far north, bordering Umbria and Tuscany, is particularly attractive, and well-priced. It’s dominated by three crystal-clear lakes (Bolsena, Vico and Bracciano), contains glorious rolling countryside, and bristles with Etruscan and Roman relics. Manuel Panzera of Italian Heartland says that €100,000-€200,000 would get you coastal or lakeside property here – an apartment, small village house or townhouse. If you move a few miles from the waterside into some of the area’s charming little towns, you can find similar properties for under €100,000.
Rugged Abruzzo, home to high mountains, wide open spaces and golden beaches, has drawn many budget buyers in recent years and the market here is still developing. Barbara Baldaccini of Absolutely Abruzzo says you could buy a small home in virtually any village half an hour from the coast for less than €100,000 – in some cases considerably less. For €160,000, you might get a new two-bedroom apartment with a pool just 3km from the sea. Barbara gives some good general advice for budget buyers looking to restore a property: “Buy the most habitable property you can get, needing the least amount of work. Choose one with a roof in a good state, and sewage and mains connected. Look for the right amount of accommodation within the building already habitable; forget about cantinas and outbuildings as these cost a fortune to convert.”
Southern Italy is generally the least expensive part of the country. There are big exceptions like the Amalfi Coast, Taormina, Sardinia’s Costa Smeralda and so on, but usually the south is an excellent place for the budget buyer. Let’s look at Puglia, Sicily and Calabria as examples. The high heel of the Italian boot, Puglia is a warm, well-run place with a wonderful coastline. It swiftly became a hit with foreign buyers when budget airlines began serving the region in 2004. Nick Carlucci of The Puglia Property Company says there are many two-bedroom villas needing a little renovation in Puglia available from €60,000 to €100,000. At around €150,000, such properties come finished to a high standard and are often sold fully furnished. Go up to €200,000 and you’re likely to get three bedrooms and a swimming pool.
Calabria, the toe of Italy, is a sleepy, slow-paced region that’s still fairly new to foreign buyers. It’s especially good for low-priced seaside homes. Elspeth Rodwell of Calabrian Apartments says that for just €50,000, you might get “a one-bed seaside apartment needing some modernization, a restored one-bedroom house, or a house needing restoration in a hill village.” €50,000 to €100,000 would get you a modern two-bedroom beachside apartment, while €100,000 to €200,000 would get you a wide choice of very nice apartments and restored houses on the coast or out in the countryside.
Finally, how about a slice of island life? Jeremy Smith of Sicily Property Company highly recommends that buyers seeking good value look at the big island’s west coast, around Marsala. “Unrenovated townhouses in Marsala are excellent buys,” Jeremy says. “These are easily done up with cheap local materials like tufa sandstone readily available from nearby quarries.” Small one-bedroom apartments in the centro storico can be had for as little as €20,000. A renovated two-bedroom townhouse might ask €100,000, while €200,000 would get you a lovely country villa near the sea.
Got some good ideas now on what a small budget might get you in Italy? Happy hunting!
Stewart and Penny Waddell bought a rural home in Puglia this year, and now live there full-time. What drew them to Italy? “We’ve lived abroad in various places,” Stewart says. “We spent six years together in the Middle East, three years in Australia, and three years in Cyprus. When we retired from business in the UK, we went back to Cyprus, but found that it wasn’t what we were looking for. It now has 60,000 Brits amidst the 600,000 Greek Cypriots, so the population is about ten percent British ex-pats. Everywhere you go you see egg-and-bacon breakfasts and Sunday roasts.
“We knew Italy a little bit, but we didn’t know the south. We first came to Puglia last October, loved the region, and swiftly found a property project we liked. To buy the home and restore it cost us a little more than €200,000 in total. Our agents were excellent – Antonio Maggi of Progetto Immobiliare and Vincent Carlucci of the Puglia Property Company. They were both extremely helpful, above and beyond what you’d expect from an agent.
“The building is about thirty years old. It was a family home, a good-sized house with two acres of land. The structure was fine, we had a well and electricity. We’ve made it into a lovely three-bedroom home. We had built a house in Australia and in Cyprus, so we knew roughly what we were going to face. We’ve lived here from day one, with all the mess and dirt and half a bathroom and so on. The builders were terrific – usually here at 5:30 in the morning and pushing right through all day. They put in new plumbing, new electrics, a new pump for the water supply. We did a lot of the lighter work ourselves – putting in new doors and windows, new floors and tiling.
“The best thing about being in Puglia? We love the quiet and the space. We’ve got about fifty olive trees and fifty fruit trees – figs, peaches, plums, lemons. We love the outdoor life. The people in this region are particularly friendly. Our neighbours have been lovely – every so often they drop off a big basket of fruit or pizza or something else for us.”
Any advice for anyone thinking of buying in Italy? “You’ve got to be prepared to be patient,” Stewart says. “But the actual buying process is very straightforward and easy. And getting planning permissions doesn’t take any longer than it would anywhere else. Choose your agent carefully; make sure you get one who’s reputable and properly registered. The agents here do most of the work for you. And when it comes to building materials, shop around. You can save a lot of money this way.”
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