When it comes to buying a property in a country like Italy, your potential return should never be overlooked. So where the property market is most active? Never heard of a masseria or the investment potential one could yield? Given the huge interest in Puglia’s so-called masserie market in recent times, there can be few better options at the moment.
Also due to air fares from all over Europe and America to the area being so favourably priced, there can be little wonder why these romantic and charming older-style buildings are being snapped up as permanent dwellings and for the buy to let market.
What is a masseria?
According to most dictionary definitions, a large farm or farmhouse is what masseria translates into English. They date back to the period between the 14th and the 18th centuries when they were built as fortified farmhouses with high stone walls to protect its inhabitants (usually farmers’ families) against enemies. They are usually positioned in secluded places immersed in olive groves, in the typical Puglia countryside, just a few kms away from the sea.
Masserie come in many forms and are strewn all over the fertile land of Puglia – even if you also can find them in Basilicata and Sicily. Some have towers and courtyards, others will have features like drawbridges and even sentry boxes – it all depends on the exact type. A fortified masseria will often be shaped like a medieval castle and have four defensive turrets at each corner. Other masserie include ones referred to as ‘di pecora e da campo’ which often have double-pitched roofs and rooms surrounding a courtyard. ‘Masserie compatte’ are commonly made up of only a single building arranged over two storeys with a chapel on the ground floor.
Masseria che passione!
Masserie are being bought up in ever-increasing numbers both by Italian and international purchasers after being abandoned after the World War II. Of course, buying one might be entirely for your own use, but the market is currently being boosted also by investors who are looking to rent them out as holiday homes, close the Adriatic. Yet many masserie are also turned into B&B, agritourisms, restaurants or luxury hotels.
As a matter of fact, according to the Financial Times, they are commonly sold in an exceptional standard of upkeep with marble bathrooms and kitchens with contemporary designs being the norm. Many also have features such as pizza ovens and even outdoor swimming pools, making them ideal for attracting the discerning holidaymaker and meaning that, when let out, they can demand attractive rental rates. Of course, not all masserie are in such good condition, but that only means that some bargains are still to be had which only need a degree cosmetic works to bring them up to a lettable standard.
Whether the search is for a second home or a holiday let, the growth in the market for masserie has been enviable, even by the standards of southern Europe’s best areas. No wonder the likes of Zayn Malik of One Direction, the actor Gerard Depardieu have other celebrities have invested in them.
These historic buildings offer owners a great deal of character which is something that you just don’t find in other parts of southern Europe. There can be little doubt that the market will continue to boom, not least as older and less well maintained masserie are renovated and brought onto the market at the very attractive prices.
A masseria that needs some work to bring it up to a decent level of living accommodation could set you back as little as 80,000 euros depending on the exact location. Around Gargano area and the municipality of Fasano prices are a bit higher, especially for a masseria which has been kitted out to a luxurious standard of course. For instance a finely restored masseria situated in an exclusive location in Fasano, close to a wonderful golf club and just 500 m away from the sea, equipped with every comforts and immersed in a beautiful park can cost you about €5,400/m².
You could expect to pay anything between 2,800 and 5,400 euros per square metre for a high-quality masseria here. However, the southern part of the region, nearer to the heel of the Italian boot, affords more choice in the lower price brackets. In the stunning and sought-after Salento area, for example, it is possible to pay in the region 1,200 euros per square metre and still buy a masseria that is ready to move into.
[Feature image by Giulio Bianco]
