Gate-away: A Good Time to Buy a Property in Italy

It the last months we have seen a lot of articles talking about the price decrease of property markets all over the world. Also the prices of homes in Italy have decreased in the last months, after decades of slow but steady growth. This might sound as a bad news but actually is not!

According to a report of the Italian estate agent group Tecnocasa there has been a fall of property prices in Italy also in the second half of 2008, it says that prices have fallen more in regional capitals than in big cities and that Rome and Milan have better held the price fallen. But the report says also that a coming back of property investors is expected. A loss of trust in financial investment and a much bigger availability of real property bargains are boosting a return of interest in buying a home in Italy and, as we all know, an increase in demand will certainly lead to a price increase.

So, is there a better time to buy a home in Italy? Well, the answer is no!

Despite the prices of homes in Italy haven’t fallen as much as in other countries such as the UK and the US, is possible to find very good bargains from motivated buyers who are keen of selling their homes. However, despite the perception of Italy as one of the most exclusive and expensive property market in Europe which is in part true, Italy has always offered areas where properties have very cheap prices, especially to foreign investors who are interested in properties in more isolated areas or in other areas where the majority of the locals wouldn’t live.

Let’s start from the best known Italian region, Tuscany. Properties in Tuscany are likely to be the most exclusive in Italy, but if we consider the northern parts of Tuscany, such as Lunigiana and Garfagnana, we would be surprised of the number of beautiful stone houses and farmhouses that are for sale for less than €100,000. But also in the worldwide known Chianti shire, the area between the provinces of Pisa and Siena, can be found properties with a reasonable price.
Many developers bought old farmhouses to be restored and converted them into smaller apartments which can be bought with prices starting from €200,000 or small properties to be restored, maybe just outside Chianti’s border, for less than €100,000.

But also in Le Marche and Umbria (view properties in Le Marche and properties in Umbria), which are considered as the second Tuscany for the growth of interest they have experienced, can be found homes for sale for less than €100,000.
Great bargains can be found also in other exclusive areas such as Lake Como (view properties in Lake Como), in Lombardy, and in beautiful areas of Piedmont (view properties in Piedmont) such as Lake Maggiore and Langhe, where the worldwide known prestigious wine Barolo is produced.

Then we have Abruzzo, known to be the fastest growing region property wise, where prices can start from as little as €20,000 for a house to be restored and €50,000 for a small restored house (view properties in Abruzzo), Calabria, where big developers have built new cheap developments by the coast (view properties in Calabria), Puglia with its stunning trullis, very characteristic ancient houses with cone-shaped roofs (view properties in Puglia), and other less known but emerging regions as Molise and Balsilicata, where prices can start for as little as €20,000 for a country house to be restored (view properties in Molise and properties in Basilicata).

Another region ,known to be as one of the most exclusive and beautiful holiday resort in Europe (maybe in the world), which offer areas with surprisingly low prices is Sardinia, where is possible to buy a small restored house or a bigger house to be restored for as little as, hold tight, €50,000, and if you are lucky you can find one at a few Km by a stunning beach (view properties in Sardinia).

In conclusion, if you are considering to buy a property in Italy then this definitely a good time!