This is the first property newsletter in a very long time – mainly because I have been rushed off my feet finding and restoring properties for people! I now have more help, however, and will try and make it at least a bi-monthly feature from now on. I also spend a fair amount of time answering people’s general enquiries about the buying process in Puglia and just can’t answer them all promptly. I am in the process of writing a comprehensive guide book though and will run a series of seminars on the subject – details to follow! We are running two weekends in March and April, where one day is taken up by seminars and practical information, and the other day exploring the area. Extra days can be added on for personalised property viewing sessions. Contact me at email@example.com for details
Puglia Property trends in 2016
What I particularly noticed last year was a huge upswing in people looking for historic centre properties. Historically I always had far more requests for properties in the countryside, whereas last year town requests outnumbered country requests more than ten fold.
These results are borne out by the regional statistics – over the provinces of Bari, Brindisi and Lecce prices on all propertes averaged out were slightly down for Bari, further down for Brindisi and held their own in Lecce, but prices for the ‘casa indipendente’ category, which is a property in town that isn’t an apartment, were up.
In Monopoli for example these prices were up by 6.9% and 12% in Nardò, where I currently live. In reality, though, in the historic centres, rather than in town generally, the price increases are more dramatic. In Monopoli it is almost impossible to find anything in the historic centre now, at least with any outdoor space. I found a large house (4 bedrooms) with panoramic roof terrace for 450,000 for a client last year but there was only one other property which met her brief, and which was more expensive. Bear n mnd she just wanted at least two bedrooms, historic centre, at least a glimpse of the sea from a terrace.
I recently saw a beautiful 3 bedroomed house with period features in the historic centre for 230,000 euros, which is unusual, making it a great investment. It has a roof terrace and needs some refurbishing, but is immediately habitable. My guess is it will sell quickly. See more details here
In Nardò you still find historic centre houses, but prices have gone up by about 20% in the year that I have been here. Property here is an excellent investment though, as prices wlll continue to go up as there are less houses on the market and the area becomes better known.
In all areas prices for unrestored property in the countryside have not gone up as much or have decreased. A good case in point is a gorgeous turn of the century villa with older trulli attached, in the sought after Selva di Fasano area. The price has just been lowered to 480,000. Restored it would have at least 6 bedrooms and, unusually for this area it is on a sizeable plot of land where it would be possible to add a pool. See more details here
Fully modernized countryside properties have at least held their own in all regions – with prices up in Bari and, particularly, Lecce. The best of those I have seen recently is this two bedroomed, two bathroomed villa in the Nardò countryside. It is within walking distance to the sea (and with a sea view from the roof terrace), and has space for a pool. It should also be possible to add an annexe or a small separate guest suite, whch isn’t always the case.. See more details here
Nice modernised town houses are harder to come by, as, up until a few years ago, Italian owners tended to rip out all original features and turn character properties into bland, concreted boxes. It is partly for this reason that fixer uppers are such a good investment as there is a shortage of restored properties on the market. I recently found a restored 1 bedroomed apartment with roof terrace in Nardò for a client who really didn’t want to do any restoration work as he was movng straight in. New on the market, at 55,000, is another restored one bedroomed house, in Nardò whch couldn’t be better sited – in the heart of the historic centre near the cathedral. Unusually it has a small courtyard garden, which at the moment is tiled,with small (and empty) flowerbeds. It could be made stunning though. See here for more details
Left to my own devices though, I would go for a property to restore. Still in Nardò there is a property on the market at 39,000 which is more than twice the size of the restored one. It is in good condition but it does need some work, particularly the large storage room on the roof terrace. You would probably still end up spending 60,000 in the end but you would have a, much larger, two bedroomed apartment. See more details here