The Best Buy in Italy Right NowYou can get great returns on cheap real estate in Italy right now in this region that's set to boom.
www.internationalliving.com/publications/free_e_letters/il_postcards/06_14_08_bestbuy - 43k - Cached - Similar pages

I'm afraid to say that there is no such thing as cheap real estate in Italy. The numbers in the article do not really stack up, especially renovation costs. Most lower priced properties tend to be located in remote areas with poor access, no water and no electricity, all things that make them costly to renovate.

What the article fails to mention is that the majority of derelict properties have legal snags that need to be resolved. A lot of buyers get carried away by the dream and don't carry out any form of due diligence.

Moreover, in my experience, most foreign buyers who have never undertaken a renovation project end up underestimating this cost and have unrealistic budgets. The ratios of renovation costs to purchase costs are usually in the region of 2:1.

Caveat Emptor.

CJ, I sure you're right. This was just something
I received in my junk mail to tell you the truth.

Villa you have be careful of some of these sites and articles. Last year I did some conveyancing for some foreign buyers in Abruzzo. The property was large with a lot of derelict buildings and it wasn't cheap. There was a lot of land and right in the middle of the plot, which no one had bothered telling the client, despite the glossy presentation, there were at least 30 smaller plots of land belonging to at least 12 different people.

I won't go into the details, but in the end the hassle was much more than the property ws worth, not forgetting the massive renovation costs involved.

Well I agree with CJ - Renovation costs are extremely high in Italy -
Abruzzo is way cheaper than Tuscany and Umbria ( areas that reached their top prices I think ) but not as cheap as the article would make you believe- I only know center Italy and I picked the Alta Tuscia area as an investment / retirement place - I am almost sure it will go up in value because it is as beautiful as Tuscany / Umbria ( which are only 12 and 4 miles away ) and it will have soon the European International airpoir build nearby in Viterbo.

Anyway there are probably many areas that could be a good investment when the dollar will gain some strenght - I do not think that Tuscany is one of them - Le Marche - Abruzzo - Alta Tuscia could be ... but forget getting a house in Abruzzo for the cost of a car like that article would like to suggest.
Better have money if you move to Italy.

Well I could write an article on Alta Tuscia ( Bolsena) as an investment and why - Maybe CJ who deals with real Estate in Le Marche could do the same about an area he knows -

Paolo

Villa you have be careful of some of these sites and articles. Last year I did some conveyancing for some foreign buyers in Abruzzo. The property was large with a lot of derelict buildings and it wasn't cheap. There was a lot of land and right in the middle of the plot, which no one had bothered telling the client, despite the glossy presentation, there were at least 30 smaller plots of land belonging to at least 12 different people.

I won't go into the details, but in the end the hassle was much more than the property ws worth, not forgetting the massive renovation costs involved.

Villa
Good article and CJ is also correct with his assumption about the region of Abruzzi. Although every area will one day have its moment of prosperity in the real estate market. The key as an investor or buyer is to know when that day will be.
Europe editor, Steenie Harvey ..Yes, is correct there are Excellent prices for property purchases in Abruzzi (my wife is from Molise). Abruzzi has great potential, although the movement at this time in real estate is still in Calabria for short term goals and long term goals. If you are thinking about a long term investment then yes ..buy now in Abruzzi. (Especially land) In the next two years, I also predict there will be a property land purchase increase in Basilicata Abruzzi and Molise.
Foreign buyers, please note in today’s world market trend and economy, if you can purchase a property in Italy, purchase a property that offers as much land as possible! Even if it is in a remote area …Land is a solid investment, and great future investment due to “cultivation factor” increasing food costs all around the world. Ex: Wheat, vegetables etc...
Interesting note * there are still many local Italians who shop around asking land owners to rent them their land for cultivating, so they can save on today’s increasing food costs, most land cultivators or renters make (50% /50%)deal and split profits of the crop sales. Not surprising today, is the fact that many owners of apartments are presently going around asking land owners to rent small sections of farm land, even the size of a standard backyard just to grow their own vegetables. This is very common in my region of Calabria and is becoming more evident in other regions across Italy.
I agree, those abandon inexpensive farm houses are worth looking at and not just in Calabria. One can always rent the land and pay for the renovations on that run down farm house from the income the land potentially generates. A very good sitting investment for your senior years!
Foreign Buyers, Renovators & Builders things to consider before purchasing what looks to be a cheap asking price for a large land property.
Please... always confirm the uses for the land or property, Check the “indice” on the “Certificato di Destinazione Urbanistica” with the local comune, lawyer , or architect, as these provisions and uses “Indice di fabbricabilita” “Indice di Fabricabilita Fondiaria” Indice di Copertura” Piani & Altezza and Distanze will vary and change from one property to the other. Of course its no good to an investor, developer or buyer builder who purchased 10 hectors of land but is only allowed to build one house on the property or the renovator who can not build or expand on the existing home situated on the land property.

The editors building costs are a bit off from my experience and costs in Calabria. I suggest foreigners stick with these numbers below and you won’t go over budget, like I have done on several occasions in the past. Ouch!
Building Costs & Guidelines for Southern Regions of Italy (Rome south)
1. Budget yourself to pay 1200 Euros/sqm 180.00 US/ sqft for a home with quality finishing décor.
2. 1000 Euros/sqm (155.00 US/sqft) for an average home with standard finishing décor.
3. 800 Euros/sqm or 125.00 US/sqft if you build it yourself.
The investor who is looking to use the property for rental income from travelers & tourism market is wiser to invest at this time in Calabria. ;) “Weather factor all year round being the major reason” in other words your shop stays opened for longer periods!

Salve
Frank Tarsitano
www.italysouth.org