Monday 19 May

Paolo Del Chicca writes about Tuscany

An overview of the Tuscan market

Tuscany is considered the top world-wide destination and probably due to several reasons: the art, (Tuscany has the largest number of art works in the world per square meter) the culture, the gastronomy and the climate. Moreover, there is always a feeling of living in a “manageable” place, with good infrastructure like roads, airports, and hospitals.

Tuscany has a territorial extension of 22.997 km which are distributed as follows: 25,1% are mountains, 66,5% are hills, and 8,4% is flat land with a coastal extension of over 300 km on the Tirreno Sea and with many islands (Gorgona, Capraia, Elba, Pianosa, Montecristo, Giglio and Giannutri). The Tirreno sea is considered one of the most beautiful and cleanest of the last few years (see the number of blue flags that it has been assigned). In the south, in Volterra, the Etruscan civilization flourished during the 11th century, of which archaeological evidence remains. In this region we find cities of rare beauty like Pisa, Arezzo, Florence, Siena, Lucca and Pistoia where there are over than 100 castles and fortifications and 5.000 aristocratic villas (built between 1500 and 1830), middle-class dwellings of 1920, and an indefinite numbers of ancient villages, wine-producing firms and cottages.

Foreigners looking buy property in Tuscany are demanding clients who come from all over the world and they know the area very well. We have requests from clients who want to buy a property on the sea and also clients who want a property in the countryside. English clients prefer to buy in villages or in small towns close to Garfagnana, an area of high hills in the north of Tuscany, while the most affluent concentrate in the Chianti hills between Florence and Siena buying cottages with a minimum surface of 300m² and with at least one hectare of land (prices range from €1.000.000 to €2.500.000).

Everyone is attracted by ancient villas with gardens (prices range from €1.400.000 to €4.000.000) and there is an area in Chianti that has been renamed affectively with “Chianti shire”.
Clients that come from Austria, Belgium, Luxemburg, Netherland, Denmark, Sweden, USA and Canada do not have a favourite area and in the past have purchased property in the region between the hills surrounding Firenze and Siena, among the Brunello of Montalcino vineyard, to those of Pisa and Lucca (Valdera, Casciana Terme, Terricciola, Palaia, till Lari and Crespina). At present, they seek after properties in medieval villages which are half an hour by car to the cities of Pisa, Lucca, Firenze and the Versilia sea. These clients are interested both in ancient villas (prices range from €1.200.000 to €2.000.000) and in cottages (prices range from €800.000 to €1.500.000).

Clients that come from Switzerland and Germany prefer cottages in the mid-southern regions with a maximum distance from the sea of 15 km, and in all medieval villages where the climate is more favourable – Montescudaio , Casale Marittimo, Guardistallo, Castagneto Carducci, Bolgheri, Suvereto and Massa Marittima – (prices range from €1.000.000 to €2.000.000). This area, especially among Castagneto Carducci and Bolgheri, is highly sought after due to its closeness to the sea, its beautiful countryside and due to the high numbers of noble families established there. This part of the countryside is famous for its wine, which is one of the best in the world; The Sassicaia and Ornellaia. Further south you can find a place called Populonia, which was the heart of the Etruscan civilization, and where cottages in a good position are rare and difficult to find (prices range from €2.500.000 to €3.000.000).

In the southern area of Grosseto province, in medieval villages such as Magliano, Manciano and Scansano, there is a strong presence of Germans and Swiss (price ranges for restored cottages are between € 800.000 and € 1.200.000).

Another area that attracts foreign buyers is Lucca and its hills, where you can find beautiful farmhouses (prices starting at € 1.000.000) and important ancient villas with valuable frescoes (prices range from €2.500.000 to €4.000.000).

Foreign buyers that are interested in purchasing a property by the sea and in a very exclusive and highly sought after area will choose Forte dei Marmi, and especially the Roma Imperiale district (where prices range from €6.000.000 to €10.000.000). At present, the area is very popular among Russian buyers.

In Castiglioncello, 20 km from Livorno, an enchanting villa with swimming pool and private access to the sea (close to Marcello Mastroianni’s property) has an asking price of €6.500.000.

Another popular sea location is Punta Ala, with a marina and a golf course. There are many nationalities established here and villa prices start at 2 million euros.
In the area between Roccamare and Argentario, you can find more privacy and security. To purchase a villa by the sea in this area, one must first find out who is willing to sell.

The island of Elba is the largest and most sought after by Swiss and German clients who purchase apartments from €300.000 and villas with prices between €500/600.000 and €2.000.000.

Germans (together with Swiss) have been the pioneers in foreign property purchase in the south of Tuscany, since they have been buying cottages in need of renovation to restore them and transform them into enchanting farm houses, for over 30 years.
At present those reformed farm houses are being offered at very high prices, too high in some cases, and sellers are looking to reinvest part of the proceeds of the sale.

In the last years, the asking prices of properties have increased. This is due to several reasons; firstly, the increasing cost of life; secondly, in Tuscany there is very little supply of cottages in a good position and in need of renovation; thirdly, it is almost impossible to obtain the permission to build a new home.
As for the high demand, at present it could be advisable to renovate and divide up an ancient village or a cottage with a surface up to 600 m². The restored properties with surface areas of 80/100 sq mts could be sold at a price of 3.000 €/sq mt. Another trend which has been observed recently is the transformation of these villages into luxurious resorts.

The most available properties for sale are the enchanting cottages with surface areas of 300/400 sq mts, with Tuscan bent tiling on roofs, beamed ceilings and made of stone, with baked brick floors, wooden doors and windows in red or green colour. Besides a fireplace to warm up the Tuscan winter nights, the owner can enjoy beautiful views of the surrounding hills and vineyards or of the sea.

courtesy of Paolo Del Chicca Immobiliare
info@paolodelchicca.it