Affordable homes in Tuscany

Monday, January 24, 2011

Affordable homes in Tuscany

New luxurious holiday homes in Tuscany, Italy have been made available to buy through a newly introduced private residence club which enables purchasers to buy a one-tenth interest in a particular home and then to have unlimited use of all the residences in that category, subject to reservation policies.

The Italian property scheme is being aimed at people who cannot justify the cost of purchasing a holiday property in Tuscany when they will only use it for a few weeks each year.

This month the final touches are being put to a group of former farm buildings which have been given a new lease of life as luxurious holiday homes set in an archetypal Tuscan rolling landscape of vineyards, olive groves and cypress trees.

The development, Villa Bossi Pucci, takes its name from the last family to have owned the property over four generations. It comprises six buildings arranged around a central piazza and converted to create 21 one, two and three-bedroom residences.

The private residence club concept has been pioneered in Europe by Peter Kempf of Peter Kempf International which is handling sales for the Milan-based developer, Il Sasso srl.

Kempf: “This is not fractional ownership, whereby an owner's use of the property is limited to a fixed number of days each year; neither is it timeshare which may not have ownership in bricks and mortar.

“Members of a private residence club are joint owners of the actual building and yet have access to all residences in their category. Like the members of an equity golf country club wishing to book tee times, their use of the accommodation is limited only by the club's reservation policies.

Current prices of a one-tenth interest range start from €50,000 (£42,500) rising to €100,000 (£85,000) for a three-bedroom residence. Purchasers can buy more than one interest if they wish to do so.

To read our guide to buying a property in Italy, click here


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