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Nestled between Tuscany and Le Marche, majestic Umbria rightly calls itself ‘the green heart of Italy’. Famed for its exquisite medieval hilltowns and its verdant rolling countryside, the region somehow pulls off the impossible trick of being adored by visitors yet remaining remarkably unspoilt. Deep tranquility and a sense of space are its abiding features. |
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Thinly-populated, with fewer than a million inhabitants, Umbria is a serene, timeless region which seems naturally to incline the mind to higher things. Historically this is a land of saints and mystics – the birthplace of many of Italy’s most revered divines (St. Francis, St.Clare, St. Benedict, etc.). It’s also home to some of the country’s loveliest religious buildings, such as Orvieto’s show-stopping cathedral and Assisi’s delicious basilica.
As their ancestors have done for millennia, most modern Umbrians live on the region’s innumerable hilltops, where the ancient settlements are treasure troves of art and architecture. Here pedestrian-friendly old alleys and cobbled streets open onto perfect piazzas lined with gorgeous historical buildings. The wide vistas of landscape seen from balconies, roof terraces and ramparts elegantly contrast with the snug intimacy of the resident community. |
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Umbria’s natural landscape is undeniably inspiring – cloaked in vineyards and olive groves, woodlands and open fields, and all of it forever opening onto wide views. Central parts of the region see fertile valleys spreading between rounded hills, while northern, eastern and southern extremes climb high – covered in forest or fractured into crags. Umbria is one of the very few Italian regions to have no coastline, but it makes up for this with a few splendid lakes – chief of these being Lake Trasimeno, a warm, shallow playground ringed by pretty fields and small towns. The Mediterranean is about ninety minutes to the east or the west of the region. And Rome and Florence are both within easy day-tripping distance, thanks to Umbria’s excellent road and rail connections.
Of course Umbria’s charms have not gone unnoticed. Foreign buyers began trickling in about twenty-five years ago – initially because Umbria offered much lower property prices than neighbouring Tuscany. Over the years, those prices have gone up and up, and Umbrian property is now almost on a par with Tuscany’s. The region remains an excellent investment, however, as well as an unspoilt delight. The property market here is exceptionally safe and stable, with no inclination toward sudden booms or crashes. There has only ever been steady growth in good times and modest reduction in bad times. Umbria remains a very safe place to put your money.
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Property prices in Umbria have come down slightly over the last two years, but they’ve certainly not been slashed. [Time of writing is 2011.] Linda Lane of the Umbrian specialist agency La Porta Verde says, “House prices have not fallen a great deal here in Umbria. The slight lowering of prices is due to the fact that there are fewer people buying and owners have to wait longer to sell. Lowering the price does not always guarantee a quick sale and in many cases the owners are quite prepared to wait a year or so until the market picks up and they can get what they believe is the right price for their property. There is no frenzy to flood the market with houses at slashed prices.” |
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Prices might not have gone down by much, but ‘silly prices’ have made a welcome exit from the scene. Paul Cleary of the estate agency Abode says that sellers in Umbria are only asking sensible and realistic prices these days, and that they’re likely to continue doing so for the foreseeable future. He says, “Even vendors who are sitting on a prime piece of property (beautifully finished, in the right area and with stunning views) know they have to price correctly now. Gone are the days when vendors could put a ‘prezzo da amatore’ on a house (i.e. a price so high that only someone who falls in love with it would pay it). So vendors on the whole are more realistic in their expectations and are pricing to sell, while always bearing in mind that buyers will make an initial offer of at least 20% below the asking price.”
All well and good. But what actual figures might you expect to pay in Umbria these days? Stew Vreeland of SeeYouInItaly.com notes that “Sometimes, with luck, a person who isn’t expecting luxury can find something acceptable for €100,000, sometimes not. €300,000 gives you a much better range to choose from.” In many of Umbria’s charming little medieval towns, you can find three-bedroom apartments asking only €150,000, or even less. If, like so many buyers, it’s a farmhouse you’re looking for, you’ll find it hard to get an unrestored one for under €250,000 in Umbria these days. Large, fully-restored farmhouses with pools generally ask anything from €800,000 to €1 million or more.
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Can you still save money in Umbria by restoring a property yourself? Many buyers over the last decade or two indulged their property-designing fantasies and saved money in the long run, ending up with a beautiful, bespoke home that was worth much more than the total they’d invested in it. The consensus view is that these days are now gone. With restoration costs across central Italy much higher than they were, it’s generally agreed that whether you buy-and-restore or buy ready-restored, you’re going to end up paying roughly the same in the end. In some cases, a ready-restored home might even offer better value – especially if it’s been gorgeously done, and the vendor is looking for a quick sale, as some foreign vendors are.
Another option, of course, is a new-build. British buyers are keen on history and often turn their noses up at properties which haven’t been standing around for a few centuries. But strict planning laws mean that most new-builds in Umbria – especially rural Umbria – will have been built using all the traditional style and materials employed by their more elderly counterparts. They have the added advantage of including various modern efficiency measures, better environmental friendliness, and state-of-the-art earthquake-proofing as standard. In a nutshell, they look lovely, and everything works.
Essentially, the restore/ready-restored/new-build decision comes down to nothing more these days than personal preference. Do you love the idea of planning and materials-buying, of watching your dream home slowly take shape, of knowing you’ve brought an ancient property back from the dead? If so, by all means buy yourself a tumbledown place to restore. But if the mess, waiting and all-round uncertainty terrifies you, then don’t do it – buy ready-restored or new-built. Restoring a property in a foreign country is a major commitment, and you must really want to do it. In the end, the emotional rewards are high, but the process of getting there can be long and occasionally difficult.
Linda Lane of La Porta Verde offers some good questions to consider if you’re pondering the restoration route. She says, ask yourself this: “Can you do any of the work yourselves? Do you speak any Italian or might it be better to employ a property manager who does? Will you have to compromise on size or location to buy new? Are you prepared to have continuing maintenance in the case of buying old? Will you forfeit character for convenience? How long are you prepared to wait before moving in? Do you want just to be handed the key and have no stress? The difference in price between new and restoring is often negligible; it depends on other factors which you feel is the best way to go.”
One of the biggest factors influencing price in Umbria is, of course, location. Medieval hilltowns are among the region’s chief attractions, and the most popular towns are naturally the most expensive – Orvieto, Spoleto, Todi, Perugia and Assisi. You could save money by going for one of Umbria’s lesser-known medieval gems, such as Montefalco, Spello, Trevi or Bevagna. For buyers hoping to offer holiday rentals, proximity to one of the more famous hilltowns will of course mean greater returns. Note that Assisi and Perugia offer especially abundant rental prospects, Assisi being a major pilgrimage site which draws the faithful year-round, and Perugia having short-term tourist and medium-term business and student populations to accommodate.
Lake Trasimeno is now also one of Umbria’s priciest areas, and you could save money here by seeking property a few miles away from the shore (expect to find restored, three-bedroom homes for about €250,000). Some of Umbria’s very cheapest property can be found in and around towns such as Gubbio, Amelia, Narni, Fabro, Foligno and Montegabbione. Several of these places sit in the steeper and more remote-feeling parts of Umbria, near the region’s borders. Places of wild beauty that might appeal to you.
While holiday rental prospects are obviously lower in Umbria’s lesser-known areas than in its better-known parts, Umbria remains one of Italy’s overall best bets for rental interest. You might reasonably expect to garner more than €1,000 per week in high season for a country house with a pool, and about €300 per week for a restored apartment in a hilltown. You can generally anticipate a May to October rentals calendar in the countryside, and a longer one in some of the medieval hilltowns. Umbria’s visitors come almost year-round, being drawn by the region’s cultural and artistic offerings as much as by its warm weather.
And Umbria shows little sign of waning in visitor appeal. Holiday bookings have remained largely unaffected since the onset of the recession. People still want to come here as much as ever. Like Venice or Rome, what Umbria has to offer is unique. You can’t readily find its precise combination of geographical beauty, unsullied space, spiritual atmosphere, dazzling history, exquisite buildings and kind-hearted people anywhere else. Umbria’s particular mix of magic remains distinct.
www.umbriarealestate.co.uk
www.propertyinitaly.co.uk
www.italianpropertygallery.com
www.laportaverde.comwww.welcomeservice.it
www.propertyinumbria.com
www.propertiesarounditaly.com
The fourth largest lake in Italy, Lake Trasimeno is a warm, shallow expanse of tranquil water ringed by reedy shores. It’s a popular place with foreign buyers, who go for farmhouses in the low surrounding hills – lush with vines and olives – or for village homes in the pleasant shoreline settlements. Prices are slightly lower here than in Umbria’s other property hotspots, with 2-bed apartments averaging about €130,000, and 3-bedroom houses about €320,000. Restoration projects are also available, with smaller initial pricetags. Northeast of Lake Trasimeno, the countryside grows wilder and steeper. The upper Tiber Valley between Umbertide and Sansepolcro in Tuscany has seen a lot of foreign buyer interest over the last decade, pushing up prices in this otherwise sleepy area. A 2-bed villa near Umbertide would ask €200,000+. East of here, the landscape grows increasingly mountainous. Gubbio is a steep, perfectly-preserved medieval hilltown with increasing numbers of visitors. You could get a 5-bed villa near here for €330,000, or, for a similar amount, a 6-bed house in the nearby medieval mountain town of Gualdo Tadino.
Umbria’s lively and atmospheric capital city Perugia takes the form of a large medieval hilltop town with modern suburbs sprawling around its base. Up on the top, 3,000-year-old streets sport Etruscan and Roman relics as well as superb medieval palaces and piazzas. Perugia has a booming economy, lots of visitors, and it was recently included on the network of budget flights from the UK – making it a great place to buy property. The rentals scene is perhaps the best in Umbria, after Assisi. As well as short-term lets to holidaymakers, investors should consider offering longer-term lets to students and visiting businesspeople. The city has an august academic university, and another devoted solely to teaching the Italian language to foreigners. (You might expect €700 a month on a long-term let of a 2-bed apartment.) 1-bed apartments in the old centre start at about €90,000; 2-beds at about €160,000. Apartment prices are lower in the plentiful modern condos at Perugia’s foot. As in other Umbrian towns, there are apartments and townhouses to restore in the old centre. Homes in the surrounding countryside are quite popular and good value. Recent listings included a refurbished 2-bed house asking €180,000, and a 6-bed villa asking €450,000.
Southeast of Perugia, a long, table-flat plain snakes for many miles between soft hills and steeper mountains, forming perhaps Umbria’s most enticing area. Breathtaking medieval hilltowns are sprinkled liberally here, viz. Assisi, Spello, Bettona, Montefalco, Trevi, Spoleto – each offering awesome views-from-on-high of glorious surrounding landscapes. Picturesque Assisi, clinging to the side of Mount Subasio, is the priciest spot in Umbria – drawing innumerable tourists as well as hordes of religious pilgrims come to honour local-boy St. Francis. 1-bed apartments in Assisi get going at about €170,000, with 2-beds starting around €200,000. (Lower prices can be found on Assisi’s outskirts, in nearby mountain hamlets or in a handsome satellite town like Santa Maria degli Angeli). Assisi’s visitor season is almost year-round, and you could expect €500 a week rental on a 2-bed apartment. Country homes near Assisi and other lovely towns around the Vale of Spoleto are very appealing. Recent listings include a 3-bed house to restore near Assisi for €185,000, a 2-bed to restore near Bettona for €200,000, a 3-bed villa near Assisi for €230,000, and a 4-bed villa near Bettona for €340,000. At the southern end of the vale sits the ancient and impressively scenic town of Spoleto – hugely popular with foreign buyers over recent years. Within the city walls you might get an unrestored 2-bed apartment for €150,000-€200,000, or a fully restored one for €250,000-€350,000. Villages nearby are in various states of repair and can offer some good restoration bargains. Or try the 10th-century village of San Marmiliano, allegedly the oldest in Umbria, which has been conscientiously restored throughout.
In Umbria’s southwest, two classic medieval hilltowns are much loved by foreign buyers. Orvieto sits on a column of ginger rock rising from an immensely fertile valley floor, and is home to arguably the most beautiful cathedral in Italy. It’s a lively and cultured place with excellent road and rail connections. Todi is more remote and less easily accessed, with a magnificent central piazza and an expanding community of ex-pat artists and writers. Both towns offer a very high quality of life and can be pricy for property. 1-bedroom apartments in Orvieto start at about €80,000; in Todi, €120,000. 2-bedroom apartments in Orvieto start at €150,000, while in Todi they go for between €170,000 and €290,000. Holiday rental prospects in both towns are good. Bargains and restoration projects on small townhouses sometimes crop up, particularly in Todi. Farmhouses in the countryside around Todi, however, can often go for Chianti-style prices.
Umbria’s least-visited – and lowest-priced – areas are its southern and southeastern extremes. Mountainous and thinly-populated, with green valleys, plunging waterfalls and high flower-meadows, the south and southeast are great places for a second home or a retirement retreat but not so great for holiday rentals. Terni is an inexpensive but industrial place whose historical buildings are sadly depleted thanks to wartime bombing. Nearby Narni is rather more charming, with its medieval centre intact, but the nicest medieval hilltowns in this southern area are probably Amélia and Otricoli. Town and countryside property round here can be about half the price of the same around Spoleto. Umbria’s southeast corner, the ‘Valnerina’, is especially wild, remote and beautiful – with long-abandoned farmhouses testament to the area’s mass emigration early last century. Norcia is the largest of the many tiny settlements here – an elegant little town that happens to make the best salami in all Italy. Again, this is an area of comparatively cheap property.
BBC broadcaster Peter Hobday and his wife Victoria bought and restored an old farmhouse in Umbria more than twenty years ago, when the region was still little-known to non-Italians. Ringed with olive and cypress trees, Casa del Lauro sits in five private acres near Lake Trasimeno. The Hobdays enjoy a few months at the house every year, and offer holiday rentals when they’re not there. Peter turned his colourful experience of restoring the property – and of discovering Umbria – into a 1995 book, In the Valley of the Fireflies.
“I didn’t know Italy at all,” Peter admits. “It was back in the 1980s when I was presenting the Today programme on Radio 4. I read an article in The Telegraph saying that you could buy ruined farmhouses in Umbria for £15,000 and do them up for £15,000. So we went out and had a look. This lovely old house just about had a roof but no windows or anything. We got it for about £20,000, and we now have a place that we couldn’t possibly afford.
“Our restoration was ongoing. The house was habitable after a year, but then we were always adding something – planting olives and doing bits and pieces. After about ten years it was absolutely finished. Then we acquired more land and put in a swimming pool. And then we decided to offer holiday rentals to pay the upkeep. We’ve been doing that for about six or seven years now and it’s going well. We have lots of returning guests.
“We were among the first English people in the area. Now it’s relatively cosmopolitan. You bump into surprising people here sometimes. One day Victoria and I bumped into Neil Kinnock! We were always told by older Italians that Umbria was traditionally a very poor part of Italy. Now we’ve noticed a lot of development – new houses being built for Italians. And the local communes are gearing up more for tourism.
“We have very good local friends. I used to live in France and I have to say that the French aren’t quite as warm to foreigners and strangers as the Italians are. I’d advise anyone buying a house here to learn Italian, as you get so much more out of the place and the wonderful people. Don’t just buy because you think there’s going to be sun, or you think it’s going to be cheaper! Throw yourself into the place. The poet Horace said ‘there are two types of people – those who travel to change the climate and those who travel to change their mind’. Italy has things that will annoy you, like the bureaucracy and the driving, but you’ll never be disappointed with the food or the friendship, and the climate and culture are great.”
www.casa-del-lauro.com
Oxfordshire-based Patricia and Keith Dugdale own a three-bedroom house on a vine-clad hill in central Umbria. They enjoy spectacular views across olive groves and the rolling countryside beyond, and benefit from easy access to a friendly village two miles away.
“I started out thinking of buying a holiday home in France,” Patricia says, “because I can speak reasonable French and we could drive there. But Keith has always loved Italy – its art and architecture, food and wine. At a leisurely pace, we spent a couple of years looking for a home in France then switched to Italy, much to Keith’s delight. One thing we discovered was that the parts of France we were looking at were a bit dead out of season, whereas in Italy the little towns always still have plenty going on.
“As for where in Italy we should buy, we thought halfway between Florence and Rome. We preferred Umbria to Tuscany – we found it more Italian, less populated by English people, more mountainous and more beautiful. We started with the usual fantasy of buying an old ruin and doing it up. But once we seriously looked into it, we realized that unless you speak the language and have a lot of money, the price of renovating can be too much. It can be an open-chequebook situation.
“We nearly bought a property north of Perugia, but it had various planning problems. Then in 2008 Keith found a good company, Itili.com, who were advertising rural new-builds. We looked round two of them but didn’t like the view, and then our agent Marc Wisbey said ‘Well if it’s a view you want, there is one little house...’ He drove us down a tiny strada bianca to reach it and the view was simply spectacular. We had found our home. It’s called Il Vigneto. We have unbroken vistas across to another hill, with a little village of twinkling lights at night. The house is built in stone, in a traditional style, with lovely materials throughout – travertine tiles, cotto floors, and so on. We added a swimming pool.
“We go out at Christmas and New Year – which is wonderful, with firework displays going off on all the hillsides around us. We go out in March, and then in May for two months. From late July until September, we let the property to holidaymakers. It’s very successful and pays the running costs of the house. This year we have every week booked except one – so much for the recession! We’re lucky to have a local English couple who look after the house and manage the lettings for us. If I had any advice to give, it would be to find someone like this. All over Italy there are ex-pats who would love a sideline like managing a holiday home.”
www.holiday-rentals.co.uk/p412460
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