Dream of Buying a Historic Property in Italy? Read This.
In the 2003 movie “Under the Tuscan Sun”, Diane Lane’s character buys a villa in Tuscany on a whim, hoping it will lead to a change in her life. (Spoiler alert: It did!)
Since buying a property in Italy isn’t something most people do on a whim, we sat down with with Cameron Avery of Prestige Properties Italy to discuss what the process is actually like, and the unique opportunities that exist right now in Italy’s “buyers market”.
“For the price of a New York apartment or a house in LA you can pick up a castle or villa in Italy!”
FY: Your brokerage acts more like a boutique consultancy specializing in the sale and management of luxury real estate in Italy, as opposed to a basic agency model. Why should this matter to foreign buyers?
CA: The real estate market in Italy has its uniqueness, and slow, Italian charm. It can be very different to what foreign buyers are used to. We try to bridge the gap between high international standards and the often fragmented market conditions in Italy, providing a level of service they would expect to receive in the luxury market in the US, for example.
We also pride ourselves on taking care of the things that can become headaches for foreign buyers. From management, to putting them in contact with lawyers, notaries, and architects, if required for the restoration of historic properties.
FY: What’s something buyers should know when considering the purchase of historic properties in Italy?
Historic properties can require technical and legal due diligence around property titles, restrictions, and compliance. Some properties require the assistance of structural engineers to understand what work is required to update the property.
The biggest barrier for most buyers is the language barrier, so we deal with local agencies on behalf of our clients. And, as a native English speaker, we’re able to align culturally with the thought processes of our clients. Since we know how to deal with the bureaucracy in Italy, we make everything easier by breaking it down in a way foreign buyers can actually understand.
FY: I think that’s probably the biggest fear for many foreign buyers, purchasing a property in Italy and being stuck in red tape.
CA: I believe the key is to not get too hung up on these things early on. Buying in another country, especially one with a foreign language, can be daunting at times, but it doesn’t have to be. It is actually really straightforward. The key is to have quality consultants that speak the same language. That’s where we provide assistance, we help our clients every step of the way.
Many of these properties are heritage listed which means there is a particular process to follow, especially in regards to the renovation project. Buyers however should not be put off by this. We always try to reiterate to our clients that in Italy everything is possible, but the key is to have good consultants appointed.
FY: The real estate market is frustratingly fragmented in Italy, with no single go-to website or listings portal to find properties. What can buyers expect with their property search?
CA: Because there is no “MLS”, realtors typically only work in their territory and only show properties they represent.
Typically buyers have to work with a myriad of different agencies if they want to see a good selection of properties, and especially if they’re considering properties in different areas (Tuscany, Umbria, Lake Como).
This is why we work with our clients as buyers agents, to remove that stress and present different options from around the country that meet their criteria, and we arrange all of the logistics and viewings with all of the agencies on behalf of our clients.
The first step is for us to carefully understand the buyers exact requirements i.e. location, style of property, use of property, size etc. This is crucial to be able to then send the most suitable suggestions.
Leading up to a buying trip, we review the entire market and send properties that we feel most closely match the buyers search requirements. The buyer sends us feedback and we create a shortlist of properties. Just prior to arrival we finalise the shortlist of viewings.
FY: What can I expect on a buying trip?
CA: All logistics associated with viewing properties are taken care of. We arrange the viewings, the timings and every single detail associated with undertaking viewings. We will pick the client up and drop them off at the end of the day, accompanying them and advising throughout.
FY: Forbes recently reported Italy is one of the top markets in the world to purchase property under market value. How does this translate to the luxury market in Italy?
CA: This is particularly relevant for the luxury market in Italy. It is in this segment of the market where the highest discounts can be achieved. Many of these properties are generational properties that have been for sale for many years. The current generation is just not connected with them in the way that their parents or grandparents were which often means they are keen to sell and would prefer to sell at a lower price in a shorter time frame in order to free up equity to allow them to invest in other, more preferable areas. This presents buyers with the opportunity to acquire some incredible properties at very lucrative prices.
FY: What’s the biggest opportunity right now for foreign buyers?
CA: The chance to purchase incredible, historic properties in breathtaking settings at heavily discounted prices. The prices are incredibly favorable compared to other international markets. For the price of a New York apartment or a house in LA you can pick up a castle or villa in Italy!
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