Those in search of a property ‘bargain’ in Italy have long been priced out of the hugely popular ‘Chiantishire’ markets in Tuscany or Umbria.
In these areas property gains have hit upwards of 40% and have been on the increase for many years. If you are looking for affordable property in Italy chances are you’ll be giving these areas a miss!
But that doesn’t mean that Italy has nothing left to offer those in search of affordable real estate in a stunning location. No sireee - in fact Italy still has an awful lot to offer the astute property investor.
In this article we turn our attentions to the area of Italy known as Le Marche - which translates to “The Marches” in English.
With Tuscany and Umbria, Le Marche is the third region making up central Italy.
It lies on the eastern side of central Italy between the Adriatic Sea and the Apennine mountains and was described as Italy’s best kept secret up until a few years ago thanks to the fact that much of the region remains totally unspoilt by tourism and property development.
It can no longer be considered a secret however, as the region is opening up to many more visitors year on year thanks to successful tourism marketing and also thanks in part to certain budget airlines like Ryanair who have made the region accessible to British tourists and investment property hunters alike.
In terms of what the region offers visitors: it has the Adriatic coast which plays host to typical beach resort holidays of course - but if you trek inland a little way you will be struck by a region which has stood still for generations, a region of Italy unspoilt by mass development and a place where culture, natural beauty and history combine to offer one of the most attractive parts of Italy in my opinion.
You will find everything from nature parks to the famous Frasassi caves - and the region has the most stunning mountain views which are truly not to be missed!
From Monti Sibillini to Monte Catria - you have snow capped peaks, lush meadows and a plethora of alpine flowers all on your doorstep!
And if all this sounds appealing to you, you may be pleased to hear that the traditional stone farmhouses and village properties typical to Italy and about which many of us have dreamt are available from around £50,000!
Yes, you heard me right, genuinely affordable properties!
But beware, as this region increases in popularity so the prices will increase in line with demand - this year the already well known areas have seen property prices increase by an average of 25%.
So, apart from the attractive real estate prices, what else is there to attract the property investor to Le Marche?
The landscape is beautiful; you can enjoy rural isolation yet be within 20 minutes drive of a popular seaside resort, you can live in a romantic medieval village surrounded by stunning countryside and yet reach Rome within two and a half hours! Could you want for more?
When it comes to buying property in this region of Italy here is some practical advice to help you on your way.
Firstly, as the region has so much to offer in terms of geographical and property diversity it is essential you spend some time in Le Marche getting to know the different areas and finding a place where you feel you will best fit in with life.
May, June and September are probably the best months to visit - they are quieter, the heat is less intense and you get a feeling of either late spring or early autumn without much rain to spoil your visit. Also, accommodation is cheaper during these months than during peak season.
Unlike certain parts of Spain and the more popular regions of Italy where you are almost assured of British or German neighbours, Le Marche is very traditional and - well - Italian! In fact Italians - who are generally very faithful to the region of Italy they come from - but who have been priced out of Tuscany and Umbria for example - are relocating to this part of Italy.
The Italians of the Le Marche area are very proud of their region and rightly so, and on the whole they remain welcoming to the idea of people moving into their communities, renovating run down properties and generally bringing new life to quieter corners. Learning to speak some Italian is going to be a priority though!
Now when it comes to actually buying a property you are interested in, remember the old adage - ‘buyer beware’. Don’t be rash, don’t lose your head and don’t appear too enthusiastic! Otherwise you’ll never be able to negotiate!
And don’t forget to ask the practical questions that your dad would ask such as “does the water supply dry up in summer”, “how reliable is the power in winter”. And if your Italian doesn’t yet stretch this far - or you’re not sure you’ll be able to understand the answers to you off pat phrase book questions - take someone along to help translate!
If you find an investment property that catches your heart (and you probably will!) the first step on the road to becoming the legal owner is to sign the compromesso and hand over your deposit. The compromesso is a private contract between you and the vendor and it is legally binding.
Which means that if you sign it, hand over your deposit and then change your mind you will lose your deposit and most likely be faced with an additional financial penalty for being a time waster!
Be certain that what you think you’re buying is actually what you are buying - the details about the property will be in the contract - so if necessary, appoint a solicitor to act on your behalf and look out for your interests in the purchase process.
In the contract there will be a date for completion - completion is when you sign the final atto, or contract, in front of a public notary and when the final monies are due.
If you are a citizen of an EU member state you should be able to purchase unrestricted - if you are a national of another country you may have to jump a few more bureaucratic hurdles but it doesn’t mean that you won’t ultimately be able to purchase your dream home in Italy.
Simply seek legal advice before you begin the purchase process and make sure you are fully informed of any restrictions or guidelines you have to adhere to.
One final point to be aware of - as with most EU countries, paperwork is the key in Italy! There is so much of it and so much you have to complete and sign, and it is a total myth that “anything goes” in Italy or that “rules are made to be broken”. Paperwork and the bureaucracy surrounding the purchase of real estate, taxes, residency etc., are all legal requirements and if you try to ignore them you will get into trouble!
A good real estate agent should set you on the right path, alternatively seek the guidance of a relocation company. Don’t necessarily rely simply on local or fellow expat advice and make sure you have plenty of passport sized photos with you at all times - you always seem to need them!
For more practical advice and assistance Shelter Offshore can recommend the following: -
Buying a House in Italy: Where and How to Do It
C. Gordon Neale
Aimed at anyone looking for property in Italy, this guide provides information on property prices, housing regulations and taxation, as well as essentials such as raising finance and dealing with estate agents and arranging removals.
A 70-page section gives details on up-and-coming areas.
Here’s a typical customer review of the book:-
If you only buy one book on the house-buying-in-Italy process, make sure it is this one.
I bought this one and the one by the Sunday Times (Larner& Howell) and Mr Neale’s is by far & away the superior. It has excellent sections on the various regions in Italy (to help you choose your house) plus info on Italian taxes, fees, contracts and conveyancing procedures AND an extremely helpful English translation of the standard preliminary sale contract (compresso), plus detailed notations, so that you can make sure your compresso contains all the right clauses etc before you sign it.
In my opinion, that is the best thing in the book.
Very helpful sections on DIY & building tools and methods too, including pictures of trowels etc with the Italian words beside them (how cool is that?!). Also sections about gas supplies, electricity & other useful stuff you need to know after you have bought your house (or, in my case, ruin).
A truly fabulous, independent, godsend of a book by a very knowledgeable man indeed. I cannot recommend it highly enough.
Click here to order a copy directly from Amazon!
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