The economic global downturn has affected housing costs dramatically. Prices in Italy fell by 11.4 % within the past four years and the housing market has been stagnant with few people looking to buy a new home. This means that many people who are selling homes are more likely to negotiate than before, and this is good news for people who wish to buy in the Bel Paese.
Location is the key
According to Gate-Away.com, the Italian property portal, budget properties are not found throughout the entire country, however there are many regions where the homes can be very low. This may include such areas as Molise, Abruzzo, Basilicata or Calabria that provides a beautiful backdrop to a home and for instance two bedroom and modern built apartments just in front of the sea may only be £32,000 or less.
If you don't mind moving away from the most popular cities such as Florence and Rome, there are incredible opportunities. The less well known regions and towns may be off the beaten track but they're still close to the main attractions and services. You can find some incredible deals for as low as £20,000. Where exactly? In the hill towns of the Calabrian hinterland or in Molise region of Italy, which is located in the southern part of the country, halfway between the Adriatic Sea and the Apennine Ridge, and is known for its gorgeous backdrops, but it isn't a popular tourist destination. As such, homes and apartments can be considerably more affordable than in Tuscany.
But Tuscany can still surprise you if you look carefully. Try the far north of Tuscany, in the Lunigiana area.
If you are willing to take on a project, it is possible to get a detached home for a budget price. For instance homes in Basilicata can be purchased for around £28,000. But even in areas that are increasingly more popular, such as Apulia, good deals can be obtained. Typical and small habitable trullos can be found for £50,000.
Also the countryside can offer you very affordable options, particularly if someone is willing to renovate. In the Barolo area in Piedmont, known for its exquisite wine, you can buy a farmhouse for £ 290 /m2.
Plenty of opportunities exist for those who wish to live year round in Italy as well as those who would like to purchase and then rent the space for parts of the year. Just search carefully... and happy hunting!