Renowned globally for its Made in Italy, in addition to luxury brands in fashion, cars and boats, Italy also offers a vast range of investment opportunities in other strategically important sectors such as tourism, hotels and agribusiness. Italy is also first among wine producers, who produce some of the world’s best wines. Among the different types of investment, we shouldn’t forget the real estate sector, which has always attracted foreign investment for its splendid villas and historical palazzo’s that are to be found in every corner of Italy.
According to a study by Barclays Bank, around 10 per cent of the 660,000 potential buyers surveyed, rank Italy as their choice of destination. The Italian market is certainly starting to have undoubted appeal for many. The global economic slowdown has also helped make some subtle changes in the Italian property market. According to a latest report issued by the Agenzia del Territorio—Italy’s equivalent of the Land Registry—the credit crunch has had a moderate impact on Italy. The news is that buyers are still keen on Italy, although they have become choosier.
Why Tuscany? Culturally as well as agriculturally wealthy, Tuscany never fails to amaze visitors from near and far with her incomparable beauty. This wonderful region is best known for her art, architecture, culture and fine cuisine. Florence, Pisa, Arezzo and Siena certainly play a major role in this recognition, providing world famous sights of such familiar icons as the Ponte Vecchio, the leaning tower, Chianti, the Palio, cypress trees, olive groves and vineyards. But this is not the sum total of what Tuscany has to offer. With ten provinces to choose from, each containing a cache of hidden and inexhaustible treasures just waiting to be unlocked, there’s more to Tuscany that meets the eye.
Much has been written about Tuscany. In fact, the Michelin Tuscany in-your pocket guide describes this part of Italy as “much a state of mind as a physical place.” We agree with this description. But you really have to experience the real Tuscany to understand. Apart from the proud cities and towns with buildings steeped in tradition and ancient history, the landscape provides a feast of many splendid and vibrant colours just waiting to be discovered. Resonant noises echo throughout the countryside and bustling piazzas, and mysterious fragrances, each evoking special images and memories, gracefully allure you. If Tuscany is as much a state of mind as a physical place, then all these amazing things deserve to be experienced.
Tuscany was in fact (and still is), the very first Italian region to appeal to the foreign buyer. The love affair with Tuscan property has spanned over many decades and today, the continued popularity of the region, as well as its easy access via Pisa and Florence airports, means that it remains a relatively safe place to buy. The Italian property market has not been affected by the same devaluation problems that have hit America and Britain and house prices have remained relatively stable, so Italy has remained one of the firm favourites among foreign buyers.
Demand for upmarket and more expensive properties in the more exclusive areas of Tuscany, such as Forte dei Marmi and Viareggio (in the Province of Lucca) for example, has been high because they have held on to their value. Some buyers also want to be close to cities like Florence and Siena, although there are still a number of buyers who want to be in the countryside, especially in the Chianti region, and so demand has been fairly strong.
Known as the Tuscan Riviera due to the many important beach resorts that are located here, Versilia includes Viareggio with its port and famous winter carnival, Torre del Lago, Lido di Camaiore, Pietrasanta and the affluent Forte di Marmi. The area also includes a variety of historical inland attractions and culturally prestigious events such as the Puccini Opera season at Torre del Lago.
For example, a 3-bed apartment enjoying sea views in a stylish palazzo located in a fashionable district of Viareggio will start from around € 800,000. A detached villa with a garden in Viareggio will start at around € 1.500.000. The Versilia also offers good by-to-let investment opportunities, where holiday rents range between € 1,500 and € 5,000 a week during July and August.
Graced by the towering presence of the Apennines to the north east and Apuan Alps to the south west, the province of Lucca is not only a centre of art and antiquity with its many historic towns and villages, but also an area of outstanding natural beauty. The capoluogo - or regional capital - is the ancient and city of Lucca. Once an Etruscan frontier settlement and flourishing Roman colony in 180 BC, Lucca later became the Longobard Duchy of Tuscany. During the centuries that followed the city reached its greatest flowering when enterprising and energetic citizens forged their city into a centre of commercial, financial, architectural, musical, and artistic importance (Giacomo Puccini and Luigi Boccherini were among the virtuosi and composers of great stature who lived in Lucca).
The city is affable, charming, and easygoing with a magical feel about it, especially during the period leading up to Christmas when festive lights illuminate the deep gullies of the narrow streets. But you cannot rush Lucca. Surrounded by antiquity everywhere you go with many abundant historical, architectural and artistic treasures just waiting to be discovered, the city has to be explored bit by bit.
One of the most remarkable monuments of Lucca’s glorious past is the circle of Renaissance walls that were constructed between 1504 and 1645 and formed the protective ramparts around the city, replacing the old city walls. The project was a massive undertaking at the time and many resources were needed to complete it. You can still see evidence of the guard-posts, gun outposts, and underground chambers. One of the best ways to see Lucca is to walk along the tree-lined promenade (Passeggiata delle Mura) that sits on top of the walls.
Heading east towards Florence we come to Pescia. Distinctly medieval is the character of this delightful town located on the banks of the River Pescia from where it gets its name. Pescia is an important rural centre in the Valdinievole region (the town is famous for its flower market reputed to be the largest in Tuscany). Once also known as the Manchester of Tuscany due to amount of industrialisation that took place here, providing much firmer foundations than that of the earlier traditional manufacturing, nothing was to be quite the same for Pescia. Citizens later added tourism to their town thereby precipitating a new wave of renovation work on many of Pescia’s fine and historic buildings.
The village of Collodi, perhaps more famous for its commemoration of Carlo Lorenzini, the creator of Pinocchio, is located near Pescia. Lorenzini (whose pen name was Carlo Collodi) was born in Florence in 1826 but spent most of his childhood here. He came to prominence as an author after he produced the Adventures of Pinocchio. In 1951 the Mayor of Collodi commissioned a group of artists to design a series of sculptures telling the story of Pinocchio.
Situated in the Valdinievole to the east of Lucca, Montecatini Terme is a very popular retreat as well as an important Spa resort. The town is elegant and comfortable. It is also convenient being within easy commuting distance from Florence and strategically well placed to reach other parts of the region.
Montecatini Terme comes alive throughout most of the year as visitors flock to the town. Although relatively modern by Tuscan historical standards, there is still much to do in and around Montecatini. The fine boutiques scattered along the main streets of Corso Matteotti and Corso Roma are like magnets enticing you to a broad range of beautiful things. There are scores of bars and cafés stuffed with delicious things to eat
There are nine main Spa establishments in Montecatini and two in nearby Monsummano Terme where people come each year to take the waters with curative powers; the water contains minerals that is apparently good for various ailments. The most impressive of these establishments is the Tettuccio with its fascinating architecture and colourful gardens. Pretty floral displays also decorate Via Verdi during spring and summer, and the lush oasis of the Parco Termale offers a much-needed respite from the hot summer sun.
Perched high above town is the medieval village of Montecatini Alto. It was almost totally destroyed as a result of the battles that waged between Guelphs and Ghibellines. The most enjoyable way to get there is by the funicular railway (open April to October only). Inaugurated in 1898 the railway has stood the test of time and the ride to the top inside “Gigio” or “Gigia” as the bright red cars are called, is recommended.
Wine has been an important part of the Tuscan way of life for over 3,000 years. From the time the ancient Etruscans settled in the gentle rolling hills of Tuscany, viticulture and wine production have been an important element of everyday life. The Chianti region covers a large area of Tuscany with the wine being produced in seven distinct zones around a core area where Chianti Classico is produced. The individuality and quality of Chianti wine stems from variations in the soil and climate throughout the rolling terrain from where it is produced. Although production of Chianti began in the central hills around Florence and Siena, it has now spread to other areas to include, Pisa, Arezzo, and Pistoia.
The area south of Florence must rank as some of the most beautiful wine country in the world and viticulturally, the area surrounding Montalcino is highly prestigious. The vineyards here produce what is arguably, Italy’s most prestigious and finest wine, Brunello di Montalcino DOCG. Montepulciano is famous for Vino Nobile di Montepulciano DOCG, a deep granite red coloured wine with a spicy, fruity and full bodied flavour. It is one of the top three denominated wines in Tuscany (apparently amongst the first to receive the prestigious Denominazione di Origine Controllato e Garantita branding.
So how easy is it to buy a property in Italy? Foreign buyers have the same rights as those enjoyed by Italian nationals, although you can expect some differences compared to the UK for example. Providing you take your time and don’t allow yourself to be rushed into making hasty decisions, buying a property in Italy can be a very rewarding experience. The process generally involves the following stages:
- Proposta d’acquisto
- Contratto preliminare (commonly known as the compromesso)
- Rogito Notarile
Each stage has its own set of formalities and that is why the specialist advice of a professional with intimate knowledge of real estate property and contract law should be sought.
Whether you are buying a house in the country, or by the sea, an apartment in one of Tuscany’s cities, or whether you are interested in entering into the wine sector by investing in a vineyard with fully operational winery, by combining our experience with that of local specialists like Luchetti and Partners, we can offer you a range of one to one services and help you structure your investment to suit you and your lifestyle.
