Finding affordable property in Italy
Italy’s lifestyle may seem luxurious, typified by wonderful cuisine, outstanding views and high culture, but its property is remarkably affordable.
A two-bedroom apartment in Italy averages €213,000 compared to €350,000 in France and €315,000 in the UK, according to one source.
However, there are plenty that are considerably more affordable than that average, including on YourOverseasHome.com where we have properties for sale in Italy from €50,000 to €15million.
Whether looking for a holiday home, a cheap doer-upper or a nice spot to retire to, there are plenty of properties for sale in Italy at bargain prices.
For overseas buyers, the best news is that often the property they like is what Italians don’t want, including remote village or countryside homes. Hence the famous “one-euro homes” in Sicily.
The simple trick to bagging a bargain in Cyprus is to focus on properties that don’t appeal to most people. That might be down to location, condition or simply lacking kerb appeal.
Money-saving tactics for Italian property
Fixer-uppers
A fixer-upper is a property that requires renovation, and this has become a speciality in Italy, with the famous one-euro homes programme to revive not just individual properties, but whole communities.
However, one-euro homes have become a victim of their own success and it can be hard to find builders today. So this might be a better option for someone who can do at least some elements of the rebuild themselves.
Accounting for renovation costs in your budget, a seemingly affordable fixer-upper can end up costing more than a property in good condition. It’s always smart to engage a qualified surveyor to assess potential renovation costs. Also, a lawyer can help determine if your renovation plans align with local planning laws.
Off-plan developments
While many of us prefer a ready-to-move-into property, if you can wait a year or two while a new property is built you may get a brand-new property at a lower price.
Developers are eager to secure sales early and may offer appealing discounts to early buyers.
However, buying off-plan carries some risks, including construction delays and the potential for the finished property not meeting your expectations. Always research the developer’s history and ensure your payments are protected by a bank guarantee.
Timing your purchase
Like any market, the Italian property market has its ups and downs. The off-season, in winter, is often the best time to buy property. Think about if from the vendor’s point of view: after the tourists leave in October, holiday homeowners may not want to pay for maintenance all winter. The estate agent may be looking for a quick sale before the winter sets in too.
You can also get creative. A surprisingly good tactic is simply to put a note in the door of properties you like the look of and asking if they fancy selling? It’s especially worthwhile for properties that look neglected or abandoned
Negotiating effectively
While haggling over the price might be uncomfortable, it can save you thousands of euros. When inquiring about the market, consider seeking advice from property professionals such as surveyors and property lawyers, not just estate agents.
Searching for prices of similar properties – even recently sold prices – is easy with property portals. Armed with this knowledge, a buyer can more easily determine if a price is fair or if a vendor is overpricing.
Where to find affordable property in Italy
It’s no secret that the more remote a property is, the lower the asking price. If you’re seeking “la dolce vita” but don’t want to be totally cut off, there are many homes for sale within a few minutes’ drive of an Italian town.
There you can benefit from lower property prices and still have all the amenities you need close by.
The regions with the most affordable homes are as follows (average home price, 2024):
- Calabria (€177,800)
- Molise (€176,200)
- Umbria (€210,800)
- Sicily (€204,400)
- Abruzzo (€233,600)
- Piemonte (€253,800)
- Basilicata (€230,000)
However, for those dreaming of a Tuscan home, properties are typically lower in the provinces of Arezzo, Pisa, Pistoria and Siena.
Affordable properties in popular Italian regions
Three of the most popular regions with house buyers are Tuscany, Sicily and Puglia. While each has its fair share of million-euro homes there are areas in each of these regions where you can find much more affordable homes.
Tuscany
You may think a character stone property in Tuscany will be way out of your budget, but fortunately some have been divided into apartments, maisonettes or terrace style houses. Maisonettes are particularly common in towns and villages, where the ground floor might be a shop or café, with the two floors above providing good sized accommodation.
In Tuscany’s beautiful countryside and mountain areas there are still rural buildings, and village houses needing renovation. You just need to be prepared to drive a bit further from the airport to find these little gems surrounded by nature.
Property prices in Tuscany
In August 2024, the average residential property sale price in Tuscany was at €2,315/m². In comparison, the regions of Veneto and Emilia-Romagna both have sale prices under €2,000/m². Even Pisa, with its leaning tower and international airport has an average of €2,581/m².
Sicily
In Sicily it is still possible to find affordable properties not far from the sea, particularly in the north and east of the island. An apartment in Alcamo starts at around €55,000. Even along the coast from popular towns like Taormina, you can find cheaper properties in lesser-known villages.
Drive inland and you’ll find even greater bargains. Such as a villa in Cianciana for just €50,000 or a house in Modica for around €120,000. Just a 30-minute drive from the coast in Sambuca di Sicilia, you’ll find townhouses with asking prices from €60,000.
If Sicily is for you, take a look at the best areas to buy in Sicily.
Property prices in Sicily
The average price of a residential property in Sicily in August 2023 was €1,230/m². Prices have risen very little in the past year. The lowest prices are in the central and southern parts of the island.
The province of Agrigento, home to The Valley of the Temples, has average property prices in the region of €856/m². The municipality of Licata, despite being by the sea, has an average property price of only €688/m². In general, if you go along the coast roughly midway between the well-known resort towns, you will find the cheaper properties.
Puglia
While local Italians in Puglia mainly choose to live in town, to be near work and schools, they sometimes inherit a countryside property that they don’t use. It is often these countryside villas and trulli that come up for sale at good prices. The cheaper ones were probably only used on the odd weekend, so might need a new kitchen, bathroom and renovation work.
If you’re not familiar with trullo (or trulli, plural), it’s a property style unique to southern Italy that was first build in the second half of the 16th century. Today, they are mostly used as temporary shelters and are dotted about the Puglian countryside, Expect to pay around €20,000 for a trullo.
Property prices in Puglia
The average price of a residential property in Puglia is €1,233m². This increase may be because wealthier buyers are now discovering the region and more luxury properties and large Masserie are coming on the market.