Emigration and Retirement in Italy

Since the days of the Grand Tour, and the establishment of towns along the Riviera, Tuscany has been one of the favoured destinations of the expat. However, we look at how not just investors, but retirees are looking at different parts of Italy.

The credit crunch has seen the emphasis of the overseas property market shift from investment to emigration and retirement. Once seen as the archetypal middle-class destination, Italy has stepped away from the clichés and stood up to its detractors to bring a fresh face to the overseas property market. Finally, buyers are being offered the opportunity to explore the far south of the country, and are able to live in the agricultural heartland that gives Italy its culture, spirit and colour.

Since the days of the Grand Tour, and the establishment of towns along the French Riviera as a haven for the British aristocracy, Tuscany has been one of the favoured destinations of the well-heeled expat. With tumbledown farmhouses and villas, warm weather and a plentiful supply of great local food and wine, this part of the northwest of Italy attracted all manner of British society, from artists and bohemians to the most respectable suburban families looking for an escape to another country for the summer. Prices rose, the supply of cheap renovation projects dried up, and suddenly 'Chiantishire' became a place where properties regularly change hands for upwards of €500,000.

So, as with many of the other established overseas property destinations, British buyers soon started to head into other parts of the country in order to find the ideal property, location and degree of isolation from towns, communications or other Brits. While Tuscany was developing a thriving expat community, many more people keen on moving to Italy were looking to get away from the British way of life, and began seeking out other opportunities away from the popular areas.

Staying in the northern half of the country, there has been significant development of the overseas property market in the regions of Le Marche, Abruzzo and even towards the Lazio area near to Rome.

But what of those buyers looking for a different kind of property in Italy? Where do you look to buy if you are not keen on renovating your own property? Italy is notoriously short of new-build properties on the kind of developments that attract foreign buyers. However, the most traditional part of the country, and the area that is often derided by other Italians as being backward, is leading the way in allowing developers to create coastal projects and build the kind of properties that attract people who are not necessarily Italophiles from the outset.

Calabria, along with the other southern provinces of Italy, has been leading the way in these new developments, aiming at a market sector that has previously been left to other countries in Europe to service. Rather than trying to sell the Italian culture or lifestyle, these new developments are aimed at those buyers who are looking for a property in a warmer climate, near the sea, and with good rental potential. Many of these buyers are not concerned by buying in any particular country, and are prepared to be flexible to get the best deal.

These new developments are not on the same scale as what can be found elsewhere in southern Europe, but are smaller, more intimate developments of a few villas or apartments set around communal leisure facilities. They are mostly low-rise in nature in order to protect the coast from excessive overbuilding, and being the first into the area, are mostly very close to the beaches. Some properties have been available for as little as €122,355 (£96,650) for a one bedroom apartment.

Elsewhere in the south of Italy, there are opportunities to buy the more traditional properties as well, with the Trulli of the Puglia region providing distinctive stone-built and conically-roofed accommodation for buyers looking for the hot sunshine of this part of Italy.

Finally, there are also some fantastic bargains to be found in the south of the country. One town in western Sicily is offering investors the chance to buy property for as little as €1. The town of Salemi has been increasingly deserted since an earthquake some forty years ago damaged many of the villas and houses, and local mayor Vittorio Sgarbi is convinced this is the best way to regenerate the crumbling town centre.

Buyers will be committing themselves to renovating the properties in the style of the original town, with the close supervision of the local authorities, and within a timescale of two years. While this sounds daunting, should you have the time, money and stomach for a serious renovation, you will never find a project for less.