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Italy is one of the most popular destinations for relocating Expats who want to experience the Dolce Vita for themselves. However, it’s also a great country to find your dream home or invest in property to rent out to tourists and local Italians.
The property market in Italy is fairly stable and has grown on a steady upward trend over the last few decades. There’s a huge variety of property types that you can choose from so you’ll always be able to find something that suits your personal situation and budget.
Different Types Of Property In Italy To Buy Or Rent.
The following are the different types of properties that you can either rent or buy in Italy:
Ruined Property – Restoration Project.
Buying a ruined property that has fallen into disrepair will give you a blank canvas for your renovation project. The cost of a ruined property in Italy is incredibly cheap with prices starting at just 10,000 Euros. Of course, you need to carefully estimate the price of a total renovation which will easily cost upwards of 150,000 Euros.
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If you’re going to renovate a property you will need to obtain permission from the local council as well as stay in compliance with the complex web of municipal legislation. You also need to hire the services of Geometra to oversee the project and manage the paperwork and other legalities on your behalf.
The cost of a restoration project will usually cost between 1,000-2,500 per square meter of the property. This includes all the structural work and interior design, such as replastering, replacing the flooring and installing fixtures, bathrooms and kitchen facilities.
Italian cities have a wonderful range of apartments that you can buy. There are older, traditional apartments in the cities with frescoed walls and antique furniture but there are also ultra-chic modern properties as well. Prices for a city apartment, particularly in the center, are quite steep although there is a lot of variation from one city to another.
A 2 bedroom apartment in central Rome will start at roughly 250,000 Euros while in Sardinia you can buy one for as little as 120,000 Euros. City apartments are always easy to rent on either a long or short-term basis. They are also an ideal choice for young professionals and families who are relocating to live in one of Italy’s urban centers.
Italy has some of the most beautiful mountain chalets in all of Europe which are often surprisingly cheap, considering the spectacular views, nearby skiing resorts and pristine natural environment. A small mountain chalet in the Dolomites or the Italian Alps can cost as little as 100,000 Euros although you can also find amazing luxury chalets that sell for millions of Euros!
If you love the great outdoors, skiing in the winter and hiking in the summer, then buying a mountain chalet will give you a permanent base to operate from. Many Expats buy a second home in Italy and often choose to purchase a mountain chalet as a place to get away from the hectic life in the cities. Once you own a mountain chalet it’s very easy to rent it out to other tourists during both the winter and summer months when the resorts, restaurants and other attractions are all open to the public.
Rural Italian Farmhouse.
The traditional farmhouse is one of the most iconic images of the Italian rural idyll and makes a fantastic investment for Expats who are buying property in the country. Surrounded by spectacular scenery, with a large private garden, a farmhouse can offer you a tranquil rural life with amazing views and lots of nearby hiking trails to explore.
Many Expats choose to buy an old farmhouse to renovate. Farmhouses that require renovation are extremely affordable, even when you take the cost of the renovation project into account. Not only does this create a great opportunity for foreign investors but it also rescues a traditional home that was falling into ruin!
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Renovating a farmhouse will bring up the value of the property and ensure that the interiors are all up to scratch. A traditional Italian farmhouse is a perfect family home and it’s easy to rent out to tourists while you’re out of the country. The cost of a farmhouse in Italy is very varied and will depend on the location, the size of the property and the condition of the building when you buy it.
Farmhouses that require extensive renovations can be extremely cheap, with prices starting as low as 10,000-20,000 Euros. On the other hand, a large farmhouse with high-quality interior design that’s ready to move into straight away can cost anywhere upwards of 250,000 to 500,000 Euros. As a rough guide, land that’s attached to a farmhouse in Italy is valued at between 10,000-50,000 Euros per hectare, depending on its use.
Apartment In The Medieval Part Of The City.
If you really want to immerse yourself in an authentic Italian lifestyle then a medieval townhouse is an ideal choice of property to buy. These old houses are found in hilltop towns and villages as well as in the historic centers of towns and cities.
Usually located within the original walls of the city, these medieval townhouses are often very spacious with as many as 4 or 5 floors in a single property! In recent decades, parts of these buildings, usually the ground floor, have been converted into shops, galleries, cafes and restaurants while the upper floors are still residential.
In some cases, you can buy an entire townhouse but in other cases they are divided up into several partitioned residential properties. These medieval townhouses are very well preserved and make fantastic city center family homes.
Medieval townhouses are a popular option for renovation projects and if you find a townhouse that has fallen into disrepair then you can buy one for as little as 20,000 Euros. If you are considering taking on a renovation project within the historic center of a town or city then you should check what the municipal regulations are in regards to your project. This is because municipalities have very strict rules about renovation projects to ensure that the historic character of the city is preserved.
It’s not always easy to access these townhouses by car and so you might need to use a Vespa or scooter! You can opt to park your car outside of the narrow, cobblestone streets of the historic town center although you can usually obtain a special permit that allows you to drive and park your car outside of your property.
Living in the historic center of a town or city is a wonderful way to experience the Dolce Vita. Historic centers are relatively small so you can easily walk to nearby amenities such as markets, shops, restaurants, cafes, chemists and the bank. You’ll also quickly get to know the locals since the communities tend to be tight-knit and friendly.
Townhouses usually have a balcony and sometimes have their own small private garden. The layout of the rooms in the property can often overlap with their neighbors but the rooms tend to be spacious and airy.
The price of a centrally located 2 bedroom medieval townhouse starts at around 50,000-70,000 Euros. For larger townhouses, you can pay anything from 200,000 Euros right up to several million Euros.
There are thousands of castles in Italy and although many are publicly owned tourist attractions a great deal are still in private ownership. These castles have been renovated and transformed into top-end luxury properties with expansive gardens, stunning architectural features and spacious interiors.
If you want to buy a castle then it will probably set you back several million Euros at the very least, although you will be in possession of a truly unique luxury property in Italy! Of course, not everyone’s budget can stretch to buying a castle but if yours can then it’s something to keep in mind when searching for a dream property in Italy.
Villa With View And Pool.
Italian villas are among the most impressive in the world. Living in a gorgeous villa with a private pool, well-maintained gardens and all the modern conveniences is the dream life for any Expat in Italy. Prices start at around 400,000 Euros for a modest villa although you can spend far more than that to buy a genuinely palatial property.
Living in your own villa will provide you with a great quality of life and if you want to hire extra help, such as gardeners, chefs and cleaners, then you can really live in the lap of luxury.
Living on the Italian coast is truly magical! In the evening you can watch the sun setting over the ocean and in the mornings you can walk on the beach. Beachfront property is a superb investment for Expats and if you ever want to rent it out to tourists you’ll have no problems finding plenty of takers during the summer months.
A modern beachfront apartment or small 2 bedroom house will start at around 150,000 Euros but palatial luxury properties can easily cost several million Euros or more. Beachside towns are very relaxed and you can enjoy a fantastic quality of life with plenty of seafood restaurants and bars to spend your evenings in.
You should expect any beachside town to become much busier and even a little overcrowded in the summer but during the rest of the year it’ll be a beautifully tranquil place to live. There are also family-friendly beaches, natural swimming pools made on the edge of the sea and a lot of hiking trails to further explore the coastline.
Fractional Ownership Home.
A fractional or partial ownership home refers to a property that is owned by a number of co-owners. The co-owners of a property could be members of your family, a group of friends or, most commonly, a number of other investors. This means that you own a share of the property which is equal to the amount of the total price that you paid.
A fractional ownership home is a safe investment and allows you to stay in a property that might otherwise be beyond your budget. The shared ownership of the property is usually managed by a Limited Company. The various co-owners effectively buy shares in the Limited Company, which are called ‘fractions’. There can theoretically be any number of owners although generally there are roughly 10 or 12 separate owners.
As a holder of a share in the property you are entitled to stay in it for part of the year. Generally, you will have about 4 or 5 weeks of the year when the property will be all yours. During the rest of the year, you cannot stay in the property because the other owners will be in residence.
A fractional ownership property is a great way to buy a holiday home in Italy without having to pay the full price. You also won’t need to worry about the property’s management because the Limited Company will handle all of those details on behalf of you and the other co-owners.
Italy Has Some Of The World’s Best Real Estate.
There’s a remarkable variety of properties on the market in Italy which range from chic city center apartments to traditional rural farmhouses, from grand palatial castles to cozy mountain chalets.
Italy is the ideal country to relocate to for families, couples and ambitious young professionals; and with such a fantastic variety of property types to choose from you’re bound to find something that is perfect for your situation.