Make beautiful Bologna or captivating Capri the first stop on your search for overseas property says David Redfern…
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Think of Italy and you’re most likely to think of its love affair with fashion and fast cars than a second home in the sun. Outstanding cuisine, delicious wines, stunning countryside and a rich cultural heritage all still figure but the eternally stylish nation has been more often than not a leader not a follower when it comes to property trends. Until now that is.
Casting off its underdog status in the last few years, Italy is rapidly usurping traditional favourites like Spain and France with its eclectic range of state of the art villas and dilapidated country houses ripe for restoration.
The well trodden path from Tuscany is an immediate favourite for first time house hunters eager to enjoy familiar creature comforts. Fulled by a thousand postcard images, it’s already a challenge to find an apartment or villa well matched to a modest investment budget. The canny bargain hunter should instead look to the east and venture into the lush countryside of Umbria. Only an hour or so from Florence by train, Umbria is an area largely unspoilt and un-chartered by foreign buyers.
The only land locked region in Italy, Umbria and its capital Perugia overflows with an abundance of culture and history. Home of the Etruscans and a suffering an embarrassment of riches when it comes to the arts, Umbrian property hunters focusing their search on the regional capital will find apartments and country properties with ease.
Modern builds are few and far between in the rolling valleys of Umbria so expect to invest time and money before renting the property out. This investment is offset by low initial purchase prices – expect to pay around 40,000 euros for farmhouses and casali (old country properties) requiring some degree of restoration.
Another new region worth investigating if you want to invest in property in Italy is Puglia on the boot’s southernmost tip. Property prices in Italy are generally cheaper the further south you venture, making the coastal region ripe for investment. Hemmed by the Adriatic sea, the inner reaches of Puglia are bedecked with olive groves and fruit orchards.
Adding a Puglian property to an investment portfolio is a good bet for rental income – the gentle climate and network of criss crossing cobbled streets, sandy beaches, medieval towers and sun-drenched piazzas make it an up and coming holiday destination. New, two bedroom apartments in the town of Vico del Gargano can currently be found for less than 60,000 pounds.
In nearby Naples, comparable ground or first floor properties with garden and swimming pool are on sale for around 38,000 euros showing just how much it pays to shop around. As Naples is already a name familiar to many, expect summer rental incomes of around 1500 euros per month.
Although the Italian government does not place any restrictions on foreigners buying property in Italy, it is always worth engaging an English-speaking lawyer to guide you through the Italian property market minefield. Without one, would you know what a compromesso is or when it is signed for example? A good lawyer will advise you at every stage of the purchase, from agreeing terms to advising you when to place the deposit and what percentage of the price is required by law.
For more information about property investment in Italy and details of Italian property for sale, email: info@davidstanleyredfern.com
About DSR
DSR is one of Europe's leading overseas property investment specialists. The reasons or this are an incomparable range of international properties spanning 40 destinations worldwide, and unrivalled customer care, which lasts long after the purchase has been completed. Experienced, professional staff offering expert overseas property investment advice, as well as their stringent due diligence procedures gives buyers the confidence that any purchase with DSR is a safe one.