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PROPERTY

Property: What can you buy for 500K around Italy?

Whether you're looking for a chic city apartment or a villa in the countryside, here are the Italian properties you could buy for less than 500K.

Published: 28 May 2019 13:47 CEST
Updated: 13 June 2019 09:36 CEST
Property: What can you buy for 500K around Italy?
Room with a view: the four-bedroomed Casa Tranquilla in Marche could be yours for €449,000

Italy's diverse regions offer a very wide range of options for would-be property buyers. And of course, prices vary greatly, too.

While some of the highest prices are commanded in big cities like Rome or Milan, it may come as a surprise to find that some sought-after northern rural areas are just as expensive.

A map created by home search website Immobiliare.it shows how prices per square metre vary across Italy's regions. Screenshot: Immobiliare.it

The average price per square metre in the Val d'Aosta region is €2,993. At the other end of the scale, property in Molise sells for an average of €1,017 per square metre, according to the latest figures from home search website immobiliare.it.

To get an idea of what these variations look like in real terms, we've rounded up some of the best properties on the market across Italy for a budget of €500,000.

While you can find a wide variety of homes for sale in most regions, here are just a few examples of the most typical properties you could buy in different Italian regions for around the same price as the average one-bedroomed London flat.

Which would you choose?

Tuscany

Renovated farmhouse in Cortona, Tuscany: €450,000, 120sqm.

Photo: Romolini Immobiliare

Tuscany is famously pricier than many other regions due to its fame and desirability among second-home owners. But there are still sensible prices to be found – particularly in areas further from Florence, like Cortona in eastern Tuscany. The area is an expat favourite thanks to the “Under the Tuscan Sun” effect – Frances Meyes' legendary book was set in Cortona. But this also means there are now plenty of comfortable, characterful and well-renovated homes on the market.

This renovated five-bedroom stone farmhouse comes with five hectares of land. It also has a garden, pool, and even its own tiny chapel, along with views over the Val di Chiana. See the listing here.

Lake Como

Casa Linda apartment in Menaggio, Lake Como: €480.000, 60 sqm.

Photo: Gate-away.com

These enviable lakefront views are yours if you don't mind downsizing. Lake Como is unsurprisingly a very expensive area, but on the upside, properties here are stylish and usually kept in excellent condition.

Casa Linda is a one-bedroom lakeside holiday apartment with balcony and air conditoning. There's a sofa bed in the living room and a shared garden with direct access to the lake. See the listing here

Le Marche

Casa Tranquila, Loro Piceno, Marche. €449,000, 250 sqm.

Photo: Magic Marche

With its incredible rolling landscapes, proximity to both sea and mountains, and refreshing lack of mass tourism, Marche is a popular destination for foreign buyers looking for a slice of “authentic” Italian life. The region has a large number of characteristic properties for sale, both in need of renovation or being sold on by owners who have lovingly restored them. And many are incredibly good value for money.

One example is this 19th-century farmhouse, renovated to a high standard and with stunning views of the surrounding countryside. It has been converted into two apartments and includes a pool, summer house, and even a piece of land with 25 olive trees. See the listing here

Puglia

Beach villa in Capitolo, Puglia: €480.000, 125sqm.

Photo: Gate-away.com

Puglia has a large number of luxury properties for sale. Lower-priced housing stock in this popular summer holiday region is often bought up by developers and turned into accomodation, leaving those looking for a low- to mid-priced property with fewer appealing options than you might find in other rural regions.

One interesting option is this modern, three-bedroomed villa. Located in the Monopoli area, it has a large, shaded outdoor area with jacuzzi and wooden decking, and an open-plan living area with plenty of natural light. See the listing here.

Rome

Apartment near Piazza del Grillo, Rome: €495.000. 113 sqm.

Photo: immobiliare.it

Can you imagine living right next to the Roman Forum? You could, for a price. This furnished, renovated one-bedroom apartment on the first floor of a period building is for sale.

The agent suggests it as an investment or holiday let – the proliferation of which is one major reason why tiny apartments in the capital are so expensive. It should be noted that for apartments like these condominium fees usually apply – this time of €150.00 per month. See the listing here.

Milan

Studio apartment on Via San Gallo, Milan. € 495.000, 80 sqm.

Photo: immobiliare.it

Central Milan is one of the most expensive places to buy property in Italy. If you're looking for a chic city-centre apartment here, you can't get more central than this studio loft apartment in the old town, near the Duomo.

Made up of a main kitchen/living/bedroom, small hallway and bathroom, it has been recently renovated, with exposed beams and, importantly in an Italian apartment building, independently-controlled heating. The location and public transport links make even a small space like this hghly sought after. See the listing here.

Val D'Aosta

Apartment in Pré-Saint-Didier. €475.000, 60 sqm.

Photo: immobiliare.it

In Italy's most expensive region for property buyers, one option is this small but luxurious mountain retreat with priceless views. Part of a mountain cottage, the two-bedroom ground floor apartment has panoramic views and a small private lawn and terrace with views of Mont Blanc. See the full listing here.

Sicily

Villa in the Egadi Islands, Sicily. €500,000. 320 sqm.

Photo: Gate-away.com

Property in sunny Sicily is on the cheaper end of the scale and there are some real bargains to be had, often right by the sea. House prices in the south of Italy tend to be heavily negotiable and this property is no exception.

This vast, stately villa on the sun-soaked Egadi islands is four kilometres from the beach. It has five bedrooms, a large pool, several terraces, and 2000 square metres of garden filled with exotic fruit trees. There's a a gazebo, a pizza oven, and even a bowling green, because who doesn't need one of those? See the listing here.

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PROPERTY

Five pitfalls to watch out for when buying an old house in Italy

Tempted to snap up a little slice of Italy at a bargain price? The older the house, the more potential issues you'll need to be aware of.

Published: 29 March 2024 10:17 CET
Updated: 29 March 2024 12:03 CET
Five pitfalls to watch out for when buying an old house in Italy

Italians themselves may have very little interest in buying or fixing up Italy’s many unwanted old houses, but international visitors are often swept away by the charm of these rustic buildings in romantic settings.

It’s easy to see why. The quirky structures, period details, and picturesque surroundings – not to mention low asking prices – inspire countless people worldwide every year to investigate buying an Italian home of their own, often as an investment or retirement property.

MAP: Where in Italy can you buy homes for one euro?

International interest in cheap Italian property has only intensified in recent years, with dozens of idyllic villages advertising ‘one euro’ homes and other low-cost property offers aimed specifically at foreigners.

Savvy buyers are aware that non è tutto oro quel che luccica (all that glitters is not gold), and quickly realise that these long-neglected buildings really cost somewhat more than one euro to buy and renovate. Still, some of The Local’s readers tell us these offers are worth taking advantage of.

But whether you’re looking at spending a couple of thousand euros or much more on your dream Italian property, there’s always a lot to consider – including some issues that you’re unlikely to experience when buying a home in your home country.

These unexpected issues can turn the Italian dream into a bit of a nightmare, and sometimes lead to buyers having to abandon a purchase, losing money in the process.

But if you’re aware of potential pitfalls in advance, you’re far more likely to be able to complete the purchase process with no major problems at all.

Property taxes and fees

Of course you’ll be expecting tax as part of the property purchase process, but Italian property taxes are particularly steep.

Experts say the total cost of buying in Italy will add approximately ten percent to the purchase price, and advise prospective buyers to budget accordingly.

There’s stamp duty, which is between two and nine percent of the cadastral value (valore catastale) of the property, with a minimum threshold of €1,000 even on the cheapest homes. Plus VAT at four or ten percent, land registry tax, and, if applicable, mortgage tax.

You can also expect to pay between one and five percent of the purchase price as a fee to the estate agent. In Italy agents work for both the buyer and seller – and collect compensation from both parties once the deal is done.

Then you’ll likely need a couple of thousand euros for the notary, plus a similar fee for any other agents you use, such as a mortgage broker, plus legal fees if a lawyer is involved.

See more about the ‘hidden’ costs of buying property as a foreigner in Italy.

Bickering relatives

It may sound unbelievable to non-Italians, but it’s not unusual to find that even the smallest old properties, or parts of them, are legally divided up between dozens of family members due to Italy’s inheritance rules.

One buyer The Local spoke to found herself having to deal with 22 people, all relatives, who each turned out to own a share of a small property she was buying in Mussomeli, Sicily; one of the first places in the country to sell off old properties for a euro.

Toti Nigrelli, the mayor of Mussomeli, said “having to negotiate the sale with multiple owners” was normal.

While this buyer impressively managed to negotiate the deal with all 22 parties, in many cases similar sales fall through because relatives – distant cousins, great-aunts, long-lost nephews – are often not on good terms, disagree over the sale, or can’t be traced.

At the very least, you will need to check the property’s records carefully to make sure there are no surprises in store – such as long-lost relatives who might turn up to claim the property back after you’ve bought it.

A trullo house before renovation in Cisternino, Puglia. AFP PHOTO / GIUSEPPE CACACE

Illegal builds

Another thing that often astounds foreigners who buy property in Italy is the enormous number of illegal builds – homes that were built entirely without permits – on the market as well as the even greater number of houses featuring modifications which were never officially approved or recorded.

Illegal housebuilding in Italy is often thought of as a decades-old issue, but recent data shows that, in 2021, 15 houses were built illegally for ever 100 authorised. Illegal building is twice as common in the south of the country as in the north, and thousands of cases are detected every year – though few people are ever prosecuted.

If you buy a house with undeclared modifications, the buyer is usually held responsible for paying to regularise the paperwork with the town hall. If you catch this issue early enough – and not all sellers or estate agents will inform you about them – you may be able to negotiate for the seller to cover these costs before you make an agreement.

If however you end up unknowingly buying a house built without the correct permissions, or if you never regularise any unauthorised changes, the property will likely prove very difficult to sell on.

This is one of many reasons why buyers need to carefully check the catasto (land registry or cadastral records) of a property themselves, and have a notary check everything is in order.

Conservation rules

When you initially view and fall in love with that charming stone house in the historic centre of a gorgeous Italian hilltop town, rules and regulations are probably not the first thing on your mind.

But it pays to know that old homes featuring frescoes, loggias or ancient stone cellars, as appealing as they are, are often protected by Italy’s cultural heritage authority – meaning more red tape for their owners.

One reader was forced to give up her dream of buying a portion of a two-floor 1700s building in the village of Civita Castellana, Lazio, because it needed renovation work to make it livable – but the frescoed walls, decorated fireplaces and elegant stonework entrance were vincolati (under restrictions) due to Italy’s historic conservation rules.

READ ALSO: Tuscany or Basilicata? How Italy’s international property market is changing

In many cases, this means renovation work can’t be carried out at all, or will be subject to reams of paperwork and close monitoring from authorities known as the sovraintendenza belle arti. To make things trickier, rules can also vary by local authority.

If you think a property you’re interested in might be subject to these rules, it’s always wise to consult the local sovraintendenza at an early stage. And of course, you’ll want to get hold of the records of the property from the catasto (land registry).

Resale prices

The high taxes and costs involved in buying and selling a property in Italy are often said to be one reason why, for most Italians, the concept of climbing the property ladder doesn’t really exist in the way it does in some countries.

Italy’s property market is unusual in Europe in that house prices on average are relatively stagnant. With the exception of some types of property – such as new-build apartments and luxury homes – overall prices have risen little over the past decade.

This is partly because the Italian market is weighed down by a large volume of old, neglected properties in need of major work – hence schemes like the one-euro sales and the (formerly popular but now-unavailable) 110 percent ‘superbonus’ for renovations.

But overall, if your main motivation for buying an old Italian home and renovating it is profit, you’ll need to consider that the resale potential may not be what you’d hope. The exceptions to this are at the pricier end of the market, in most major city centres, and in tourist hotspots.

See more in The Local’s Italian property section.

Do you have any more tips on buying a property in Italy? We’d love to hear from you in the comments section below.

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