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Tucked up in the far northeast of Italy, the Veneto is one of Italy’s most romantic and prosperous regions. Its outline on the map offers clues to its culture and atmosphere, with one arm reaching north to touch Germanic lands, another arm held in a graceful arabesque toward the exotic east, and two feet firmly planted in the richly fertile soil of Italy’s mighty Po Valley. |
Venice, the Veneto’s peerless capital, historically acted as a bridge between the Eastern and Western worlds, and it still unites the globe by mingling more than fourteen million international visitors on its heady streets each year. Venice’s entrepreneurial dynamism – as well as its ideas on gorgeous architecture – have long influenced the rest of the Veneto. The region’s four and a half million inhabitants are a creative and hard-working bunch. They keep the Veneto a region of thriving business and industry, yet one which remains remarkably unspoilt by the unsightly side of manufacturing. As well as beautifully preserved historic city centres, the Veneto is also a place of rural peace and agricultural bounty. Thus the region maintains an elegant balance, wholly in keeping with the orderly sensibility of its people.
| The word ‘Veneto’ is often unfamiliar to non-Italians, yet we know some of the region’s localities extremely well. Venice, Verona, the eastern half of Lake Garda, the ski resort of Cortina d’Ampezzo. The Veneto is certainly no stranger to visitors, and tourism significantly swells its already substantial coffers. Always a region at the crossroads – East and West, Germanic and Mediterranean – the Veneto is an open-minded and outward-looking place. So you’ll always meet a warm welcome here. |
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Popularly misconceived as a low-lying region with few landscapes of interest, the Veneto contains exceptionally diverse terrain - from the pancake-flat Po Valley to the craggy golden needles of the Dolomites. Wide fields of maize and meticulous orchards reach toward the corduroy of vineyards arcing across rounded, pretty hills. Sunlight glitters off the inland sea of Lake Garda, while an intricate coastline loops and splinters from golden beach to warm lagoon to reedy river delta.
Spaced at regular intervals in all this geographical loveliness lie the Veneto’s exquisite cities – breathtaking Venice, romantic Verona, artistic Padua, Palladian Vicenza. Highly decorated architecture is a distinctive feature of the Veneto. Slender arched windows underscored by stone balconies, pastel facades, long porticoes, loggias, frescoed walls, warm pink sandstone... And beautiful buildings aren’t restricted to urban environments. Stately historical villas built by Venetian gentry are scattered throughout the region’s countryside. Famously, about a hundred sit beside rural stretches of the Brenta River.
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Naturally there are also traditional farmhouses to be had in the Veneto. The region offers some very good-value country homes in attractive areas, and you might pay as little as €150,000 for a fully restored farmhouse in the hills less than an hour from a dazzling little city. Well-situated apartments in one of these small cities themselves generally start at about €200,000, and rental prospects are good – |
especially in Verona. Venice is in a different league, of course, with the average two-bed apartment asking around €500,000 and attracting very high holiday rental returns for about ten months solid every year. If stylish modern buildings are your bag, the Veneto has some excellent examples of these too on the outskirts of its cities and waterside resorts. New building developments are subject to very strict guidelines in many places, preserving the region’s beauty and desirability.
As you doubtlessly know, over the last decade Italy’s property market experienced an unprecedented boom, with prices steadily rising all over the country. It’s a story we recognize from our own experiences here in Britain and elsewhere in the Western world. The Italian property boom, however, never saw prices rising with anything like the madness witnessed in the UK. Nor did Italian lenders ever loan recklessly to homebuyers, unlike in the US. The recent slowing of the Italian market, therefore, has been far less traumatic to the country’s economy than the respective slowing elsewhere. Not having climbed so high, Italian prices have been better protected from falling.
Italian property prices increased only a small amount in the first half of 2008, and essentially became static in the second half. This applies to prices in the Veneto, too. The recently strong euro and comparatively weak British pound means that Italian property can cost up to 25% more to the British buyer than it did two years ago. [Time of writing is 2009.] So the number of British buyers across Italy has fallen. But buyers from elsewhere in the eurozone are still here in good numbers. And the Italian property market has far from ground to a halt.
The Veneto is a thriving, prosperous place which attracts all sorts of buyers – not just seekers of tumbledown farmhouses. Its property market is likely to weather the current slowdown even better than many other Italian regions. The sensible conclusion to draw is that property in the Veneto will hold its value over the coming year – and this is the consensus of local estate agents. This remains a good part of Italy in which to invest. Venice and the Veneto’s other gorgeous tourist cities aren’t going to lose their eternal appeal, nor is Lake Garda, the Dolomites and so on. Outsider interest in the Veneto is well-established and simply isn’t going to dry up.
One spot in the Veneto has historically always made its own rules, and its property market is doing the same today – by hardly slowing down, unlike most of the rest of Italy. Venice bucks trends, and remains exceptional. “Venice is a market apart,” says Andrea Redivo Zaglia of Properties in Italy. “Demand for property in the city is still high, even if it is lower than five years ago. Prices here will keep rising for the most desirable property – well-located, with a terrace or courtyard, and charming views – even if the growth rate will not be as big as in the past.”
Venice remains the very priciest place in the Veneto, and one of the most expensive locales in all of Italy. It has long been the wealthy who have bought property here, and the upper end of the market is still going strong. Ann-Marie Doyle of Venice Sothebys Realty says “Venice is currently attracting property investors at the highest level. Artistic foundations as well as private individuals are purchasing properties in glorious historical palaces. While the market may be slowing down at the middle level due to the general economic climate and the effect of the euro exchange rate, this has not impacted at the top level – which is very active.”
For all its expense, Venice remains an excellent investment. Property values and visitor numbers are unlikely ever to drop in this unique and astonishing island-city. Holiday rental returns are superb, and you could reasonably expect to fill 80% of the calendar with bookings. Two-bedroom apartments in Venice currently average about €500,000. You might pay €350,000 in one of the cheapest parts of the city, and certainly more than €1 million in a prime site. A two-bedroom apartment can be rented to visitors for about €900-€1,300 per week, or for as much as €6,000 if it’s a luxury place in a breathtaking location. (See 'The Region in Bite-Sized Chunks' section for more location information.)
There’s more to the Veneto than Venice, of course. The region has some of Italy’s loveliest small cities, whose fame has been rather overshadowed their incomparable lagoon-girt neighbour. Verona, Treviso, Padua, Vicenza – each is a refined and comfortable place stuffed with historical buildings and offering an excellent quality of life. They draw discerning visitors, especially Verona – a magnet for romantics and weekending couples.
Two-bedroom apartments in these cities range from €200,000-€400,000 – roughly half the cost of the same in Venice. Verona is the priciest of the four (and it has by far the best holiday rental prospects), followed in cost by Treviso and Padua. Exquisite Vicenza, bristling with Palladian architecture, currently represents very good value for money. Lorena Giglioni of Italian Property (www.homesandvillasabroad.com) says “For anyone looking to buy outside Venice, I would recommend Vicenza and Treviso. €250,000 will get you a roomy, central apartment in either. The cities are worth visiting in their own right but there are also good train links to Venice, 30-40 minutes away.”
Lorena adds that “The countryside around Padua is particularly beautiful. And €250,000 should get you a two- or three-bedroom apartment here.” Stefania Russo of The Property Organiser, meanwhile, recommends the countryside round Vicenza. “It is possibly one of the few parts of northern Italy where you can still find restoration projects for €30,000,” she says. “There’s a good infrastructure here, nice countryside, and you are not far from Verona and Lake Garda – which can be half an hour to an hour away.”
Which brings us to the subject of country homes. Most British buyers in Italy are seeking a rural bolthole, and the Veneto has some surprisingly enticing prospects for this kind of buyer. I say ‘surprisingly’ because the Veneto is famed for its exquisite cities rather than its countryside. Many Brits have the idea that the Veneto is an entirely flat and low-lying region. But several ranges of pretty hills explode this myth, each offering a lovely – and inexpensive – setting for a country home.
Chiefly recommended are the Euganean Hills south of Padua, which have become a popular weekend retreat for Italian city-dwellers but which are as yet barely known to British buyers. Famous for the numerous spas which exploit the therapeutic mud and volcanic hot springs of the area, the Colli Euganei are restful and unspoilt, lined with vineyards and dotted with picturesque hilltowns. Unrestored country houses here start at about €80,000, and restored ones at about €150,000. This is an area likely to grow in popularity, both with tourists and home-buyers, and ought to prove a good investment.
But Padua isn’t the only attractive Veneto city with nearby hills offering good-value property. There are also the Berici Hills near Vicenza, the Lessini Hills near Verona and the Asolo Hills near Treviso. Like the Euganean Hills, there are old farmers’ houses here which are becoming increasingly desirable to city-folk. Prices are fairly similar in all four places.
Of course, if you head into the Veneto’s far north, there are abundant hills as the terrain inches into the Dolomites. There are lots of inexpensive rural properties up here. As there are too if you go into the Veneto’s extreme east, to the charming Portogruaro valley near the border with Friuli-Venezia Giulia. If you’re not especially interested in hills and would just like a rural home at a low price, then you might investigate the countryside round Rovigno in the Veneto’s far south – where you could get a large, unrestored farmhouse with land for €100,000-€150,000.
Lake Garda, the largest and most visited lake in Italy, lies half in the Veneto and half in Lombardy. It’s one of the region’s major attractions, with lovely little towns gazing out over shimmering water dotted with sails and speedboats. As with Venice, the property market on Lake Garda remains lively despite the world’s economic woes – although most buyers currently come from within the eurozone rather than from Britain with its languishing pound.
The lake remains a good place to invest, with absolutely no sign of waning visitor interest, and building restrictions safeguarding the area’s character. Note that the lakeside terrain is very different at the northern and southern ends of the water – with steep slopes plunging into the glittery blue up north and a flatter, more expansive landscape holding sway down south. There are charming towns everywhere, some of the better-known being Bardolino, Sirmione and Malcesine.
Bardolino is perhaps the most expensive town on the lake, and Alexander Nathaniel of Lake Garda Exclusively recommends buyers look at nearby Lazise to get more for their money. Or that they try the small towns such as Brenzone or Torre del Benaco. He points out that the further from the water you buy, the lower the price. Alexander also advises that if you’re buying with holiday rentals in mind you should aim for a two- or three-bedroomed place with a swimming pool. “We would suggest that clients consider buying in Lazise, Bardolino or Sirmione,” he says, “simply because they are excellent towns with plenty in the area, and all with great rental potential.”
The Veneto’s coastline is attractively fractured, its various golden beaches and mud flats broken up by sheltered lagoons and river deltas. The water is warm and shallow – ideal for summer bathing. Expect to spend about €200,000 for a detached seaside house, depending on size and location. Recommended resorts include Lido di Jesolo, Caorle, Bibione, Sottomarina, Rosalina and Lignano Sabbiedoro. Summer rental prospects are good.
And finally, a quick word on skiing in the Veneto. (So much for this being a flat region!) The Dolomites that climb in the region’s northernmost parts are an especially beautiful range of mountains. There are various ski resorts up here, with snow from November to May. Cortina d’Ampezzo is a ruinously expensive spot with Venice-style property prices and great rental returns. More affordable are Alleghe and other resorts.
[All quoted prices accurate in 2008]
Fantastical, incomparable Venice is a ragged old siren who seduces millions of visitors every year. Crowded, flood-prone, expensive – ah, who cares when you’re in a living museum stuffed with luminous art and architecture? Not for nothing is Venice deemed the world’s most romantic city. And it’s a much cleaner, better organized place these days. Forget the dated tales of smelly canals. Very many non-Venetians have snapped up homes in Venice, and there’s concern that the city could become an outpost of second homes – all owned by wealthy northern Italians and foreigners. Over the last sixty years, the permanent local population has shrunk by nearly two thirds, and it’s the young who are most likely to leave – usually decamping to the nearby Mestre-Marghera conurbation. Venice has some of the highest property prices in Italy, but it also has some of the country’s best holiday rental returns. A two-bedroom apartment here asks about €500,000 on average, although you could pay €350,000 in a cheaper part of town and over €1 million in a prime site. The most expensive areas are The Grand Canal, St. Mark and St. Polo, while the cheapest are Dorsoduro, St. Croce, Cannaregio and Castello. Holiday rentals are almost year-round. A two-bedroom apartment should yield about €900-€1,300 per week, or up to €6,000 for a really prestigious property.
Venice is just one of the Veneto’s exquisite cities. Vicenza, Verona, Treviso and Padua are all delightful and prosperous places brimming with history and exquisite buildings. Each offers a tremendously high quality of life, and property prices far below those of Venice. Vicenza is a sleek, wealthy and sophisticated place famed for its connections with the 16th-century architectural guru Palladio. Neighbouring Verona is a beautiful, romantic city full of rose-tinted buildings – the perfect setting for Romeo and Juliet. A gigantic Roman amphitheatre stands serenely in its centre, while innumerable fine churches filled with beguiling artworks line its atmospheric piazzas. Treviso is a charming, often overlooked spot half an hour from Venice. Its appealing townhouses meet swan-dotted canals flanked by willow trees and water-wheels. Padua, with its 800-year-old university, is a venerable and lively place with abundant entertainments and cultural treasures. Two-bedroom apartments in these four cities currently range from €200,000 to €400,000 – with Vicenza tending to be the lowest-priced. Centrally-located apartments always attract the best holiday rental prospects.
The northern spur of the Veneto sees rural hills steadily climbing toward the high drama of the Dolomites – frequently deemed the world’s most beautiful mountains. In these parts, there are vineyards, fairytale castles, and poignant memorials to the massive loss of life incurred in the early 20th century when Europe went to war with itself. Attractive towns include Conegliano, Vittorio Veneto, Feltre and Belluno – variously featuring steep cobbled streets, proud old townhouses, and magnificent views. The northern Veneto is not a costly area, and there is plenty of affordable property here. The one staggeringly egregious exception is the ever-chic ski resort of Cortina d’Ampezzo – located near the Austrian border. This is one of the top ten costliest locales for property in all of Italy, with many properties above €1 million. Winter holiday rental returns in Cortina are excellent. Note that the nearby resort of Alleghe is far quieter and cheaper.
East of Venice, the Veneto offers up a scattering of very pleasant seaside resorts with lots of golden sand and warm, shallow bathing water. Lido di Jesolo is one of the better known, and there are some pretty stylish and slick developments here. Other likeable resorts include Caorle, Bibione, Sottomarina, Rosalina and Lignano Sabbiedoro. A detached house in the latter might set you back only €200,000. Inland, the eastern Veneto is a largely flat and tranquil place thronged with watercourses and bristling with woodlands. Toward the border with Friuli-Venezia Giulia, the terrain buckles into hills. Here, the Valley of Portogruaro is an attractive spot worth considering, with some low-priced, good-value homes.
The largest and most popular of Italy’s lakes, Lake Garda lies half in Lombardy and half in the Veneto. Its wide, clean water and reliable breezes are much loved by the sailing, windsurfing and speedboat set. Extremely pretty little towns dot the lakeside, the terrain of which grows steeper and more dramatic the further north you go. Much of the eastern shore, in the Veneto, is heavily touristed, but there are still serene settlements such as Malcesine and Torri del Benaco. Holiday homes on Lake Garda have long been prized by Germans, Brits and Italians. Bardolino is generally the most expensive spot, although here as everywhere else prices drop as you move back from the water. Lazise is a recommended locale – accessible, near Bardolino but lower-priced. Holiday rental prospects on Lake Garda are excellent, but visitors only come from Easter to October. Two or more bedrooms plus a pool will considerably improve a property’s rentability.
The terrain of the southern Veneto is generally flat except for the beautiful Euganean Hills – which formed dome-shaped islands when, geological ages ago, much of northeast Italy was underwater. The flat southern landscape features pretty cropfields and the reedy marshes of the Po river delta. The Brenta Canal also lopes through these parts, its banks dotted with Palladian villas. The Euganean Hills are definitely a place to consider buying property. Famous for their spas and restful atmosphere, the hills abound with vineyards and picturesque hilltowns. There are great walking trails, and several golf courses. Urban Italians have taken to buying weekend homes in the Euganean Hills, but the area remains relatively new to us Brits. Prices are still reasonable, with unrestored country homes starting at about €80,000, and fully restored versions starting at around €150,000.
Rebecca Bancroft from Manchester owns a conjoined pair of two-bedroom houses in the Euganean Hills of the southern Veneto. She and her partner Lisa make regular visits to one house and rent the other to a long-term tenant.
“We love everything about Italy – the food, the climate, the people,” she says. “We decided on buying in the Veneto because there were direct flights from Manchester to Venice. I was thinking about Asolo in the north of the region. Then we met Andrea Zaglia from Properties in Italy at the Viva Italia show in London, and he told us ‘Asolo is very nice, but you’re going to love the Euganean Hills.’ So I said let’s have a look. He arranged a weekend for us, drove us around the hills and we just fell in love with them. Asolo is beautiful, but the area around it is very industrial – whereas the Euganean Hills are a large, unspoilt area full of beautiful villages.
“A friend who’d bought a house abroad advised me to make a list of five criteria and stick to them, rather than falling in love with a property and buying it even though it didn’t tick all the boxes. It was good advice, but I ended up buying this wonderful terraced house when I had always said I wanted something detached! It’s split down the middle into two homes. The German couple who had owned it before us had beautifully restored it. It works out brilliantly having a tenant in one half because there’s constantly someone there to keep an eye on things, and we’ve got rental income.
“When I think about our whole experience of buying in Italy, sometimes I have to pinch myself. Nothing went wrong. And to have found an area so beautiful that we’ve never even heard of is incredible. Andrea and his colleague Max have gone above and beyond what you’d expect an estate agent to do for you. If there’s a problem, say with the heating, they’ll find us someone local to deal with it – all for no further expense. We’ve constantly been surprised by how wonderful they’ve been.
“The climate is obviously warmer and sunnier than in England. We went out for Easter this year and were eating lunch outside even then. Humidity’s not a problem because you’re in the hills. It’s sort of a microclimate. The weather’s very different to Venice. The greenness in spring is incredible. It’s nice that we’ve only heard English spoken there once and German once. We tell Andrea ‘you must stop trying to get people to come here!’ We want the hills to remain a secret, but there is a trickle of people coming in. I think the area has as much to offer as any part of Italy.” |
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