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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

Can you still buy Italy’s one-euro homes in 2024?

A lot has changed since Italy's 'one-euro' home offers first made international headlines, so are they still available - or worth considering?

Published: 14 May 2024 10:27 CEST
Can you still buy Italy’s one-euro homes in 2024?

The prospect of buying a house in Italy for less than the price of a caffè normale at the local bar caused a sensation back in 2019, when news of one-euro home schemes hit the international headlines.

There was a property stampede in Sicilian towns in particular, with local mayors reporting being overwhelmed with enquiries in English and other languages.

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

Even sceptics couldn’t contain their curiosity: Was it a joke? What condition were these houses in? And how much was this really going to cost?

Several years later, we know that these schemes are legitimate attempts to breathe new life into depopulated areas and unburden local authorities of old, unwanted properties that would otherwise be left to fall apart. And in some cases, at least, it has worked – and proved very lucrative for the towns involved.

We know most of these houses are in a very poor state of repair, requiring major investments from their new owners. And we know the costs can be high, with reports of some international buyers spending hundreds of thousands of euros on renovations – many times more than the property’s potential market value.

READ ALSO: Six things to know about Italy’s one-euro homes

But we’ve also heard from some readers who tell us that, while these homes do of course cost more than one euro, for a sensible buyer they can be a worthwhile investment.

Not only are Italy’s one-euro home offers still going strong in 2024, but new towns are joining the scheme, while others continue to announce similar ‘cheap home’ projects such as the rental programme in Ollolai, Sardinia aimed at remote workers – one scheme that’s expected to take off following the introduction of Italy’s new digital nomad visa in 2024.

So what do you need to know if you’re curious about these Italian property bargains?

As ever, if you’re interested in buying a one-euro home you’ll need to meet certain requirements which vary depending on the local authority. After all, this is not a nationwide scheme but a series of small initiatives run by local councils in each town or village, so you’ll need to carefully check the terms and conditions of every offer you consider.

Generally though, the following will apply:

  • Foreign nationals can buy one-euro houses, whether they’re EU or non-EU citizens – but remember owning one will not give you any residency rights in Italy, and visa rules will still apply to non-EU nationals.
  • The prospective buyer can’t just make vague promises about doing the place up: you’ll need to present a renovation plan within 2, 3 or 6 months depending on the village.
  • Buying a one-euro home to turn into a tourist rental business is generally allowed, but you’ll need to let the local authority know your plans when you apply.
  • The cost of the house, all renovation costs, and all notary, legal, transfer and other fees are the responsibility of the buyer.

Some things have however changed in the past few years which make buying and renovating a one-euro home less affordable than it once was.

Many buyers in recent years were further tempted by generous state subsidies available to cover the cost of renovation work – most famously the ‘superbonus 110’ which covered up to 110 per cent of qualifying expenditures.

READ ALSO: What taxes do you need to pay if you own a second home in Italy?

Though the superbonus is now winding down and is no longer open to new applications, it has had a knock-on effect which means renovations in Italy generally take longer and cost more than they used to.

The superbonus scheme’s enormous popularity led to an ongoing shortage of building contractors in Italy, who were booked up months, or even years, in advance.

And as the popularity of these offers has exploded, the most viable properties in some areas now often become the subject of a bidding war, with the sale price rising from one euro to tens of thousands.

Find a map of the towns currently offering one-euro homes in Italy here.

Have you bought a property through a one-euro home scheme in Italy? We’d love to hear from you. Please get in touch by email or in the comments section below to let us know about your experience.

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