The property market in Puglia is interesting at the moment. Due to the economic climate, Italians aren’t buying, but demand from foreign buyers is keeping prices steady in popular areas. Even in those areas you get the occasional bargain, with a vendor needing to sell quickly, but these are snapped up almost immediately.
There are still many ‘undiscovered’ areas and here prices are dramatically lower. All of the properties in this article tick all the usual boxes – amenities within walking distance, within 25 minutes drive or less, in most cases, from the sea and within an hour’s drive from an airport. They are also all near better-known towns, making them a good buy for anyone wanting to rent out to holidaymakers.
Generally speaking, the best buys need renovation – the usual rule of thumb is that your property value will go up by 20%, possibly more, over the cost of any renovation work plus purchase price. Two exceptions to this rule are a three bedroom apartment in beautiful, but relatively unknown Ugento – 10 minutes from some of the best beaches in Puglia, and a recently restored stone built house with land (and planning permission for an extension and a pool) near San Michele Salentino ( 8 km from Ostuni). The villa is on the market at 150,000 € ) and the apartment at 123,000€
The villa, of 75m², has two bedrooms, a bathroom, a living room and kitchen, with wood-fired central heating. There is a large paved terrace and 3 hectares of olive groves ( which the previous owner is happy to look after in return for most of the oil ) There is planning permission for a 12x6m pool and an extension of 15m². Although the setting is very rural and secluded, the nearest town is an easy walk away (around 2km).
The apartment, covering 100m², has period features such as vaulted ceilings, balconies and the original floors and benefits from a large roof terrace with wooden dining pergola, barbecue and sunbathing area. There are two double and one single bedrooms, two bathrooms a large living room and a kitchen. There is air conditioning and heating.
In the same area there is another two (possibly 3) bedroomed villa of 100m², with a large terrace and 3000m² of orchards and olive trees. The main villa is modern, but there is an older, attached, property, with a separate entrance, to restore (four rooms giving a further 70m²). The asking price is 150,000€.
In a pretty little town called Tuglie, 10 km from the popular Gallipoli (and the sea) and 30 minutes from Lecce, we found some really good buys. The first of these is one of the oldest houses in the town, presented in very good structural condition, though it would need a new kitchen and bathroom. This little house is full of character and, unusually has a back garden (long and thin with a citrus grove at the back) as well as a large roof terrace. The accommodation includes two rooms with fireplaces on the ground floor, and a bedroom on the first floor. In addition there is a stone built wood store and a storage room adjacent to the garden, which it may be possible to convert into a single bedroom. The asking price is an incredible 52,000 € which, given that local bed and breakfasts cost at least 80€a night, more in high season, makes it a very good buy to let prospect. This one will go quickly.
Also needing renovation, but structurally very sound is a little townhouse with a roof terrace, vaulted ceilings, original floors and shutters and a large cellar with natural light and good access steps . Covering 210m² this is an excellent buy at 70,000€
Another fixer upper at a good price has four large, light rooms with vaulted ceilings as well as two bathrooms and a kitchen. There is an extensive roof terrace and the possibility, if desired, to add an extra storey. The asking price is 85,000€
They say ‘location, location, location’ and the right setting certainly helps. To see a selction of photos of Tuglie, click here and Ugento click here For further details on any of the above properties email email@example.com or telephone 0039 3337911030