Abruzzo property draws foreign investors

February 28th, 2009 | by Ainsley |

Tuscany may still be the most popular region for foreign investors looking to buy Italian property.

But now Abruzzo is running it mightily close, according to new figures.

Although not a scientific study, research by one Italian property website would seem to suggest that while Tuscany currently attracts 19.8 per cent of foreign buyers, just behind it in second place is Abruzzo, with 19.1 per cent.

Far lower prices of real estate in Abruzzo would seem to be the reason behind its huge surge in popularity in the Italian property stakes.

Consider that the average price foreigners are asked to pay for a house in Tuscany is around €840,000 – which gets you a restored countryside villa, a large apartment, a chic townhouse the medieval heart of an art city such as Lucca or Florence or a sprawling farmhouse needing renovation.

In contrast, the average price of a similar property in Abruzzo is just over €225,000. Calabria and Puglia in the south of Italy also boast highly affordable prices, but unlike these two regions, Abruzzo also boasts a ruggedly beautiful landscape in many ways redolent of Tuscany’s rolling hills and meadows.

No3 in the table is Le Marche at 9.9 per cent with Umbria, perhaps surprisingly, trailing in at No4. Fifth is Puglia, attracting 7.5 per cent of foreign interest.

Undoubtedly, one key reason regions such as Le Marche and Puglia are increasingly finding favour with foreign investors buying Italian property is price, especially in these economically uncertain times.

At www.homesandvillasabroad.com our prices for Abruzzo property start at just €10,000, while €25,000 is comfortably enough to get you a 40-50sq m townhouse or apartment to restore.

And for Le Marche property our prices start at €50,000, enough to cover a 60sq m, three-bedroom apartment in need of some renovation.

For real bargains, the region to head to is Basilicata, where rock-bottom average prices of just over €140,000 and a sprawling 10-acre countryside estate can be picked up for around €800,000, less that the price of a typical Tuscan home.

Yet for any of you multi-millionaire tycoons out there with cash to splash, try Capri, where a villa with stunning views – and a landing pad for your helicopter – won’t leave you with much change from €35million.

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