Property in Tuscany

Buyers of property in Tuscany are attracted by the climate, landscape and lifestyle. Hindsight is a wonderful thing, but foresight is even better - particularly when it comes to buying property in Tuscany. Adventurous British buyers who snapped up derelict villas for sale in Tuscany for a song back in the late 1960s were condemned by their peers as pazzi - crazy.

Ah, sweet lunacy - who knew?

"The feudal system was late to end in Italy," explains Rupert Fawcett, of estate agents Knight Frank. "Farm workers, who had been living in these farmhouses in return for providing produce to the landowners, found that the land they were given when the system collapsed wasn't enough on which to sustain themselves. Emigration to the city centres followed and the properties fell into ruin." Enter a small but now-to-be-envied group of foreign buyers and the rest, as they say, is history.

And history is a big part of the area's appeal. What makes Tuscany so uniquely spectacular is its inimitable combination of the man-made - Renaissance and medieval art and architecture - with the naturally occurring splendour of the landscape. "With every corner you take as you drive the roads in Tuscany, there's another amazing view," says Lars Christiaanse of Chesterton International, "while the cities and villages are basically open-air museums." Add to this the climate, the lifestyle, the food and the wine, and the only wonder is the fact that more of us didn't make a grab for our slice of la dolce vita back when it was available for loose change.

Casa Caldiola is a 315-square-metre farmhouse dating back to the 11th century and, while we don't know how much it may have cost you back in the 1960s, what we do know is that, today, it will set you back around €3.75 million (£2.6 million) through Knight Frank. Far from being the ruin it may once have been, however, the villa was beautifully restored a mere ten years ago. It now boasts such modern comforts as underfloor heating and a solar-heated swimming pool with hydro-massage system, as well as more traditional features, including arched framed windows, antique stone fireplaces, handmade terracotta floors and a ninth-century stained-glass window.
The property also features a 55-square-metre guesthouse and is located in the hills with, as you'd expect, awe-inspiring views of the surrounding countryside. Cortona, made famous by Frances Mayes' Under the Tuscan Sun, is just 22 kilometres away but other options for amenities include Morra, three kilometres away, and Citta di Castello, with its fantastic farmers' market, within a 25-minute drive.

Cortona may have been put on the map by the writings of the American Mayes but, according to Fawcett, it's Chianti that represents Tuscany's 'core' area - the one that everyone gravitated towards when Tuscany first became an overseas buyer's destination. Today, it's still the best known and most sought after of the region's areas, stretching all the way from Florence to Siena and boasting glorious vineyards, hills and scenery. L'Uccellare, available through Knight Frank for €3.5 million (£2.4 milllion), is set in the Chianti hills and surrounded by three hectares of orchards, mature gardens and fields of wild flowers.

The property has a number of bedrooms, including a master suite with sitting room, as well as a split-level reception room and 80-square-metre music room. Features such as stone arches, wooden ceiling beams and exposed stone work have been retained throughout; there are also a number of outbuildings and storage areas that could be modified to provide further accommodation.



Since Tuscany is such a well-established market, it's now more difficult to find a ruined property on which to work your restoration magic than it was five or ten years ago. In any case, says Rupert Fawcett, the type of buyer that the area attracts these days tends to be cash rich and time poor, so is unwilling to take on the hassle of such a project.

To this end, there's been something of a move towards gated community developments in the region, which give owners the ability to come and go at ease with the peace of mind that comes with buying a managed, secure property. And, lest you get any horrific ideas about the glorious Tuscan countryside being scarred by the sorts of modern monstrosities that 'gated developments' so often entail, think again. Strict regulations are in place to preserve the beauty of the region and 'new' developments are typically only restorations, which preserve the external, historical facades of existing buildings but bring the interiors firmly into the 21st century. Examples include castles converted into apartments or groups of farmhouses forming a community development.

One such project is Borgo di Verardinga in Peccioli, a 19th-century farmhouse and cottage being converted into four two-bedroom luxury apartments and a three-bedroom villa. Surrounded by 100-year-old cypress trees, the complex will have a swimming pool and solarium, while nearby leisure facilities include an 18-hole golf course, fishing lake and hot thermal springs. On the market with Chesterton International, prices start at €550,000 (£375,000) for a unit of 132 square metres.
There are exceptions to the 'restoration' norm, of course. Corte d'Aquis is being marketed through Focus International Property Group as a luxury modern development set to reshape the ancient Tuscan landscape, representing an architectural rival to the traditional property ideal. Located in Casciana Terme, one of Italy's oldest spa towns, the 52-apartment complex is set in landscaped gardens around a communal swimming pool, with prices starting at less than €200,000 (£140,000) for a one-bedroom, one-bathroom property. Each apartment is being sold fully furnished and decorated, and comes complete with a luxury kitchen, private terrace and underground parking. Those craving low-maintenance living will also be drawn to the fact that the development offers on-site amenities, such as a restaurant, bar and spa & treatment centre, plus 24-hour security, a concierge service and management office to take care of rentals.

According to Christiaanse, rental possibilities are a factor for consideration for many buyers in Tuscany, who seek a second home as well as an investment opportunity. "There's a large number of buyers who want to rent their properties out for part of the year and this is definitely a lucrative option," he says. "Tuscany is a popular destination, not only with European holidaymakers but also with those from the US, and returns of five to seven per cent can be expected with very little effort, while more aggressive marketing will see even greater gains."

In terms of capital appreciation, he says, Tuscany can't fail to represent a wise investment - it will never collapse but nor is it a quick-gain option in the way that some of the emerging markets might be. Fawcett agrees: "Tuscan property, and Italian property in general, tends to be a safe purchase as there's not a big investment drive, which helps to keep the market stable." Added to this is the fact that, due to development restrictions, demand will always be greater than supply.
As it covers a relatively large area, one aspect of Tuscany's appeal for buyers is that they have the option of buying inland or in more coastal locations, with popular choices including San Gimignano, Grosseto and Volterra.

"Volterra is about 30 minutes from the sea and this area is what can be described as the traditional part of Tuscany, with the landscape to match," explains Linda Travella, of Casa Travella. "There are quite a few agriturismo, B&B-type properties for sale; you can also still find the 'rustico', which are a popular choice with retirement buyers but the prices are quite high, as are the rental returns. Another reason for the area's popularity is that it's an easy to drive from Pisa, which is serviced by budget airlines."
Casa Travella is marketing a property here, which forms part of a large farmhouse and comprises two apartments: one on the ground floor with an open-plan living area, bathroom and bedroom; and another on the first floor with three bedrooms, two bathrooms and, again, open-plan living. For €360,000 (£249,500), the sale also includes another two-storey stone building, albeit one that is in need of total restoration.

Aside from Pisa, Florence is the other popular point of arrival into Tuscany. This magical city is just 60-odd kilometres from Il Paladino, a 639-square-metre country house occupying seven hectares of land and on the market with Casaitalia International. For €2 million (£1.4 million), you can expect a total of 17 bedrooms and 16 bathrooms in the main house alone, while two separate guest apartments, one needing some work, offer a further four bedrooms. Refinished less than ten years ago, the property retains many of its original features such as sandstone window ledges, cotto floors and wooden beams, while outside, there's a large swimming pool and stunning views in every direction. Arezzo, which officially falls within Umbria, is just 30 minutes away.

With so many property prices in Tuscany being out of the average buyer's league, much has been made of nearby Umbria and its appeal as a 'poor man's Tuscany'. But Rupert Fawcett cautions against falling too hard for this notion, as you're likely to be disappointed. "Umbria is more rugged than but equally attractive to Tuscany," he says. "You will likely get a bit more for your money in this region but while it represents a viable alternative to Tuscany, it's not an especially cheap one."

Even so, it's hard to imagine too many five-bedroom farmhouses available in Tuscany for €890,000 (£617,000), as is the case with one of the Umbrian properties that Knight Frank are marketing. Situated in Piegaro, about 20 kilometres from Perugia, the stone property comprises a two-bedroom property on the first and second floors, while another three bedrooms are housed in the ground floor apartment, which has its own garden and access to the swimming pool, making it an ideal purchase for someone seeking to maximise personal use as well as rental potential.