Italian Lakes: Why Iseo Is Attracting The Bargain-Hunters

The better-known Lake Como, Maggiore, Garda and Orta may attract the international jetset. But growing numbers of foreigners investing in Italian Lakes real estate are disregarding the hordes of tourists and instead choosing the peaceful banks of Lake Iseo nearby, almost unheard of beyond the country’s borders but one that is just as alluring as Italy’s more famous waters.

Lake Iseo features equally attractive properties for sale, especially if they have majestic views looking over  the lake’s banks. However, they are far more affordable, often costing barely 50% of those in Lake Garda, some 20 miles away. As an example, 180,000 Pounds Sterling will typically be enough for a three-bedroom property near the lake. But if you are happy with fewer bedrooms, half of that should get you an apartment with panoramic lake views.

And four international airports lie less than 1hr 30mins away by road – one in Brescia, one in Bergamo and two in Milan. One indicator to the soaring allure of this hidden gem can be seen in the inexorably rising number of vehicles with number plates from France, Belgium, the Netherlands and Germany on Iseo’s charming streets in the holiday season.

An expert at The Property Organiser, a firm of Italian property finders, said: “We’re advising our clients who are considering buying in lakes such as Maggiore, Como and Garda to certainly consider Iseo. It’s an area that is comparatively unknown, untainted by mass tourism and within easy reach of several airports as well as the Swiss border. We believe the market here will rise in the coming years.”

To buttress the point, Italy real estate prices throughout the country’s Lakes region slipped by 4.2% – reaching nearly 9% in some parts of Lake Maggiore, a report last year by Italian property group Tecnocasa revealed. Lake Iseo weathered the storm best, showing a less-than 2% contraction.

The lake is found between Lakes Como and Garda and a few kilometres from the cities of Bergamo and Brescia. Milan is 80km away, or 90 minutes by road and 60 by rail.

It is Italy’s seventh largest lake, some 24km by 5km , runs north to south and is sheltered by mountains. It is an idyllic retreat for people who like to swim, dive, sail, windsurf, water-ski or fish.

Iseo’s waters enclose Mount Isola, home to 2,000 people and Southern Europe’s largest inhabited lake island. The two-mile isle is linked to the shore by regular ferry services. Devoid of cars and buses, Mt Isola is idyllic and serene and is tailor-made to be explored  by walking or cycling, in particular the paths to a church at the top of the island. The isle is also renowned for its net-making industry, which started with fishermen’s nets but has since expanded to include hammocks and tennis and volleyball nets.

Returning to the lake’s shores, the most picturesque towns are on the eastern side, such as Iseo, Marone and Sulzano. Iseo is home to the greatest number of visitor attractions, including an uncompleted church dating back to the 1100s.

The surrounding countryside is dotted with monasteries, abbeys and castles that can be discovered on foot, bicycle or horseback. And in winter, Montecampione is famous for its skiing.

These are just some of our properties for sale in Lake Iseo:

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The appeal of property to restore in Italy

Vast numbers of people buying Italy are increasingly opting for a property needing restoration – and for a multitude of reasons.

One is the sheer delight in taking over a ramshackle countryside ruin that may be little more than a pile of stones and watching as it is turned into your perfect Italian holiday home – with every last brick and tile matching your precise specifications. A new generation of buyers has been inspired along this path since the runaway success of Frances’ Mayes bestseller-turned-film Under The Tuscan Sun, in which she renovates an old farmhouse near Cortona.

Another advantage is that it is much cheaper. One can buy a rundown property for sale in Italy for as little as Euro 30,000 with renovation costs of Euro 1,000 - 1,500 per sq m, depending on the area of Italy and the amount of restoration required. That could work out at Euro 180,000 for a 150sq m farmhouse, a fraction of what you would pay for one already completed.

In addition, you spread out your costs over the duration of the work rather than having to find the entire sum up front. Some buyers even choose to renovate only part of the house to begin with, which they then live in, and then complete the rest of the work some months or even years later at their leisure.

Italy’s long, rich history means it is full of charming, abandoned buildings in scenic locations just waiting for some tender love and care to restore them to their original glory. For instance, a 2009 study found there were around 5,000 churches and chapels scattered across the country ideal to be converted into homes.

Another popular option is a characteristic townhouse in the heart of a medieval town or village that just oozes centuries of history. However, many English buyers interested in renovations are drawn to farmhouses set in acres of scenic countryside in regions such as Tuscany, Umbria, and Le Marche.

Professionals that might need to be hired include an architect to design the property, a surveyor (geometra) to find and liaise with workmen and obtain the necessary planning permission from local authorities; and a project manager to oversee the construction if you the buyer will not be in Italy for the duration of the work. The geometra can also act as your project manager.

Abruzzo and Puglia are where the cheapest properties to restore are to be found, with prices from Euro 20,000 depending on size and location. Restoration costs are low too, at around Euro 800-1,000 for structurally sound properties. In comparison, a property of the same size in Tuscany could cost around Euro 120,000-Euro 150,000, with restoration costs of up to Euro 1,500 per sq m.

Stefania Russo of Italian property finders The Property Organiser summed up the appeal of the Italian restoration market as she explained: “Rustic buildings have always been an attraction to foreign buyers, possibly even more so than Italians. However, it is important to remember that restoration cannot take place without professionals such as geometras. Also, planning permission must be applied for before work is started to ensure that you avoid a financial penalty or – even worse – a demolition order.”

These are just some of the properties to restore that we have available at Homes and Villas Abroad:

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Britons top Italy overseas investors’ league

Britons remain the most enthusiastic foreign investors in the property in Italy market, new research shows. They make up nearly one in four (24 per cent) of overseas requests for Italian property, with Germans accounting for 21 per cent.

UK buyers are still drawn by the age-old appeal of a farmhouse in Tuscany, which forms nearly 30 per cent of their inquiries. And they overwhelmingly likely to buy a property costing €300,000-€500,000, with just over 75 per cent of their Italy real estate purchases falling within this price range.

The typical German investor, on the other hand, is most likely to buy in Emilia-Romagna property of between €200,000 and €300,000. And the French, who make up 17 per cent of requests from abroad, are most likely to buy in Liguria, the research from an Italian property group suggests. However, other regions are increasingly proving popular.

Chief executive Carlo Giordano explains: “Historically it has been Tuscany that has attracted foreign buyers’ interest, but in recent years we have seen increasing attention also for other parts of our country, in particular Puglia (31 per cent), Sicily (16 per cent) and Umbria (8 per cent).”

One notable trend has been from Russian buyers, who overwhelmingly opt for high-end luxury properties. The typical Russian investor loves Rome but is drawn to Sardinia for its tourist appeal and tends to go for Sardinian villas starting at around €900,000.

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Italians warm to a real fireplace

Perhaps it’s down to the big freeze - or the enduring appeal of coming home to some good, old-fashioned warmth… but it appears more Italians than ever want a traditional fireplace in their dream homes.

The growing trend comes despite the supposed obsolescence of old-fashioned firesides and hearths in the face of modern central heating. In fact the presence of a fireplace in a lounge can raise the value of a property in Italy by as much as 20 per cent, as well as lend it a certain air of traditional charm, research by a leading real estate conglomerate reveals.

The rising demand for old-fashioned fireplaces means around 12 per cent of newly constructed detached properties in Italy are now being built with at least one.

Turin is the city where houses are most likely to have a hearth and chimney – and 7 per cent of homes in the city do. Florence and Milan (6 per cent of homes) follow closely by, and then comes Rome, where 5 per cent of domestic properties are equipped with fireplaces.

Carlo Giordano, head of immobiliare.it, the Italy real estate company behind the figures, explained: “Notwithstanding the many technical and administrative difficulties that installing a fireplace brings, more Italians than ever still dream of having one.

“Their penetration across Italian homes is truly uniform and our fascination with them appears to have found a new lease of life. Now there are fireplaces of every type and many companies specialise in their production, including that of models that eliminate the soot that for so long spelt disaster for walls and household furniture.”

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Slowdown slows down in the Italy real estate sector

The property for sale in Italy market may be experiencing the same challenging times – albeit with less volatility – as property markets across the Western world.

However, there are some green shoots/encouraging signs that the housing slowdown is in fact slowing down.

The three months to the end of September showed a little over 132,750 Italy real estate transactions – a drop of 11.3 per cent compared to the same period in 2008, Italian Land Registry figures show. However, that decline was a slight improvement on the 12.3 per cent fall seen in the second quarter of 2009.

Northern regions saw the steepest drop, with the 14.7 per cent fall in homes sales almost double that seen in Central regions (8.2 per cent) and the South (6.6 per cent).

The regional divide is even more marked in commercial property in Italy. Whereas northern Italy has been hit by a 19 per cent fall in the office sector and a 22 per cent fall in warehouse real estate transactions, the South has experienced an 8.6 per cent surge.

In the residential market, although capital and non-capital cities fare equally well (or badly), there is a wide gap between cities and smaller towns.

Although regional capitals Milan (Lombardy) and Bologna (Emilia-Romagna) showed positive figures in the second quarter of 2009, they experienced a downturn in the third quarter (a 14 per cent drop in Milan and a 4 per cent fall in Bologna.

Other large cities also recorded minus figures, varying from -27 per cent (Florence) to the -3 to -4 per cent seen in Palermo (Sicily) and Naples (Campania)

The Land Registry estimates that 2009 will see around 600,000 property transactions, around 25 per cent down on the 815,000 registered two years ago.

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