Cheap Property in Italy
♫ Monday, October 25th, 2010Foreign investors seeking to buy property in Italy have traditionally headed for Tuscany — and in particular hotspots such as Cortona, Florence, Lucca, Pisa and the Chianti region. This has led to a surge in prices that has put large swathes of Tuscany beyond the reach of the typical buyer and driven them to look for property cheaper regions of Italy such as Calabria and Abruzzo. However, there are still undiscovered parts of Tuscany where real estate prices remain surprisingly affordable. Principal among them is an area called the Maremma. The Maremma is at the southern end of Tuscany and has a striking, rugged landscape very different to the rest of Tuscany.
And the Maremma is proving just as popular with investors seeking cheap Italian property. In picturesque towns such as Manciano, it is possible to find an apartment for just EUR50,000. In nearby Sorvana, a three-bedroom semi-detached villa can be yours for just EUR200,000 while you can expect to pay just EUR250,000 for a detached house. In comparison, if you head for Siena just two hours away, prices rocket to two or even three times these figures.
Monte Argentario, for instance, is an island attached to the mainland by three narrow fingers of land and is also home to some of Tuscany’s most attractive beaches. This is among the Maremma’s most highly prized areas among holidaymakers and real estate investors, who are drawn by the high rental returns. This has led to it having a much slower turnover of properties, with owners understandably keen to stay put for as long as possible.
Other beautiful medieval towns and villages in the region popular with visitors and worth considering for property investment include Abbadia San Salvatore, Bagni San Filippo, Castel del Piano and Scansano, famous for its Morellino di Scansano wine. But no-one visiting the Maremma should leave without attending one of its palios — its unique medieval racing contests. While Siena’s renowned event features horses, in Roccastrada they use donkeys. And the townsfolk of Paganico gather every September to cheer on…racing frogs.
