Italian Property

The Euro has performed very strongly against Sterling and the US dollar over the past 6 months or more. This has had the effect of increasing the price of property all over Europe, not just Italy by over 15% to buyers from the United States and the UK.

But how does this affect the plans of many from the UK who have planned to buy property in Italy in 2008? Houses and land for sale in Le Marche have increased dramatically in price over the last five years but they started out from a very low base, often the properties were virtually worthless to the owners and they had let them fall into disrepair.

Property in Le Marche is now more fully valued by the Italian owners and they have a much more realistic idea of their worth to foreign buyers, so real bargains have all but disappeared.

It is important to remember that the rest of Europe is in the Euro zone and is not affected by the strength of the Euro to Sterling or the Dollar when it comes to purchasing Property in Le Marche.

The Dutch, Germans and increasingly the Swiss are finding Le Marche a great place to buy holiday property and will only be constrained by the actual effect that a strong Euro is having on their economies.

The European central bank is also under enormous pressure to reduce interest rates so as to allow the strong Euro to fall in value against other currencies. European exporters and businesses dealing with countries outside the Euro zone are being heavily hit by the strength of the Euro and a lot of the real rise in the Euro is down to "hot money" chasing higher rates and this can easily reverse if the speculators decide to place their money elsewhere.

There are still thousands of Houses for sale in Le Marche even after all the properties that have been sold to foreign buyers over the past five or six years, so even if Continental Europeans continue to purchase property in Le Marche this year, there will still be plenty left for buyers from the UK.

Another positive factor to remember is that if you are starting a large restoration project in the next few months then the relative costs of the rebuilding work should fall as Sterling strengthens over the next year. But the days of relatively cheap labour costs have also passed so buyers should realise that building costs will often be the same as in the UK and allow for this in their forward planning.

It must be remembered that in many villages in Le Marche you can still buy a historic three bedroom village house and restore it to its former glory for around £130,000 so prices are still very reasonable compared to the UK and other Continental countries such as France and Spain. Houses for sale in Le Marche are still cheap when compared to other parts of central and northern Italy and the area has so much more to offer than many of the underdeveloped southern Italian regions.

Le Marche is within easy reach of Rome to the east, Bologna just two hours to the north and Umbria and Toscana less than three hours away across the Apennine Mountains. Together with the wonderful landscape and beautiful seaside resorts, this too makes another good reason for owning a property in Le Marche, whether it be a small village house or a large farmhouse with many acres of land.

As with property purchases anywhere the key to finding good value is local knowledge to make sure the location you are choosing is the right one. For this I would always recommend contacting a specialist estate agent in Le Marche.

Dermott Sales is a UK based expert in property sales and renovation in and is the person to contact for houses for sale in Le Marche. Please contact him on +44 (0)7885 773 433 (UK), 0039 3343256597 (Italy)

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Property in Italy Heats Up
By Pauline Felward

A few years ago, writing about buying property in Italy would have been limited to some run-down farmhouses in Tuscany and a few apartments on the seafront in Liguria. Over the past couple of years there has not only been a huge increase in the areas in which you can buy, but there has been a massive rise in the types of property available. In many ways, some people now look upon Tuscany as the preserve of those who are particularly set on buying property in that one region for particular socio-economic reasons, and it has been dubbed (somewhat cruelly) Chiantishire. The volume of homes and properties available to buy there has decreased significantly, and the market has moved on to feature increasing numbers of properties that have now been restored by British buyers.

As a result, regions of Italy such as Veneto, Marche, Lazio and Calabria are becoming more popular with British property buyers as the search for good value widens across the country. In part, this is due to the typical British desire to renovate old and neglected properties, but a large number of British buyers are becoming more adventurous because of the ease and relatively low cost with which they can reach parts of Italy that were previously inaccessible. Much of the publicity recently surrounding the budget airlines flying to Italy has been focussed on the fact that many airports are some distance from the cities they serve. Notwithstanding this fact, the routes operated by the low cost carriers have done a huge amount to open up other parts of the country both to tourists and overseas property buyers alike.

Viva Italia Show Manager Gianfranco Caputo has been particularly well placed to see this shift in property buying in Italy. "Owning a home in Italy has been a dream of many people for years, starting with a 'casale' in Tuscany or Umbria or a 'villa' on the lakes or Portofino. Over the last three years, due to the convenience offered by the low cost airlines, and the desire for an affordable property in an unspoiled territory, regions such as Marche, Puglia, Sardinia, Abruzzo, and lately Calabria and Sicily are taking a significant share of the market of countries such as Spain and France. Italy is not only a land of dreams but a much more solid investment than many other parts of the world, where capital growth as well as cultural and artistic values are unique and invaluable."

In truth, there have always been opportunities to buy property in Italy's more authentic regions, but the lack of easy access to them made it a real effort for potential property purchasers to find their way into 'Italia profonda'. Improved transport links have made it far easier for renovation junkies to find a stock of run-down properties to plan, rebuild and enjoy, but the last couple of years have also brought a real extension of the kinds of property available to overseas buyers.

For example, those Italophiles who dream of owning a renovation property (but don't have the time or desire to carry out the work themselves) are now able to buy in one of a number of professionally-restored groups of original properties. A number of Italian-based developers are now concentrating on providing properties in small hamlets that have become deserted and have fallen into some disrepair. The properties are restored, have discreet leisure facilities added as modernisation, and once again a community inhabits the previously-derelict area.

The advantage with these properties is that they are a good bet for those looking to rent their property out when they are not using it themselves. The combination of authentic properties, on-site leisure facilities and an air of exclusivity attract visitors who will come back year after year.

Even within the old, narrow streets of traditional villages in rural Italy, there are properties which have been renovated to a high standard but which remain in keeping with the local surroundings. Just minutes from the coast in Liguria, Italian property company Taylor Made are marketing the redevelopment of a village property in Stellanello. The property is within the century-old village walls, and will comprise eight luxury apartments, though keeping the exterior of the building historically 'correct'. A garden or terrace (or both) is standard with all of the apartments and with prices starting at £203,300; it is unlikely they will stay on the market for long.

Should you have designs on reviving your very own corner of Italy, Viva Italia exhibitor Landscape Properties have listed for sale an entire village in the heart of Tuscany. Though pricing details are kept for people who are interested in buying the whole domain, the property in Tuscany includes vineyards, buildings, a palazzo and over 1,700 acres of land. Although there is some infrastructure in the form of sewage and electricity already in place, the amount of restoration work to be carried out should not be underestimated.

The next logical step in the market was for property companies to examine the possibilities of building new developments to market as second homes, either domestically, or to overseas property buyers. Thus, the most recent extension of the property market in Italy has been the appearance of new-build developments in the south of the country, specifically designed to make use of local airport facilities. Calabria has seen a huge increase in interest from agents and buyers alike as developers have begun to open up the region.

This is the most significant development in the property market in Italy in many years, and signals something of a change in direction. Buying property in Italy has now moved into the realms of direct competition with other southern European destinations in providing resort-style developments.

This is where many observers see the major investment growth in Italy coming, as prices are just a fraction of what you will pay for an equivalent property in Spain or Portugal. For example, Landscape Properties are offering front-line sea view apartments in Calabria in association with developer VFI Overseas Property. With two bedroom apartments for as little as £80,741, it is hardly surprising that Italy is starting to give the Spanish Costas a run for their money.

Find out more about buying property in Italy and general information on how to buy property abroad, via our free buying guides, fact sheets and podcasts at Buyassociation.co.uk

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