Properties are still available at Castelfalfi, a unique development project from European based tourist company TUI.
Based in the municipality of Montaione, an hour from Florence, the project is the company's attempt to restore a largely unpopulated medieval hamlet to become a working community, as well as making it a unique and investable destination in its own right by increasing the infrastructure and adding more modern touches to the area.
Extensive work has taken place to restore the medieval properties to their former glory, and the Castello (castle) and medieval borgo (village centre) will be artfully re-developed to incorporate leisure, retail and residential components. In addition three new villaggi (smaller villages) will be built on the site to incorporate apartments, townhouses and villas. The hamlet will eventually include hotels, restaurants, bars, golf courses and a public swimming pool.
Entry level prices for the development start at €230,000, rising to €1.2 million for a luxury golf villa. The company estimates that those in a one bed apartment could rent this out in peak season for around €500 – €1,000 per week, while those who purchase a luxury property could generate an income of between €1,750 – €6,000 per week.
Read our guide to buying a property in Italy