HAVING Rome on your doorstep is prize enough, but what makes Lazio, the
province that rings the capital, so enticing is its surprising beauty.
Volcanic lakes and rolling farmland lie to the north near ancient Etruscan
Viterbo; on the other side of the A1 highway to Florence sprawl the blissful
Sabine hills. The Sabine melts into wilder stretches of olive-dappled hills
towards Tivoli and then down again southwest of Rome, where the Roman plain
stretches out towards Frascati, with its outstanding vistas, volcanic ridges
and shimmering lakes.
Charming as it is, the area is comparatively undiscovered by foreign buyers
and relative bargains proliferate. But certain areas of Lazio have been
rising on a par with Rome – up 3.5 per cent in the past year – while places
such as Frascati, with its views over Rome, have always been expensive: on
average about €3,000 (£2,000) a square metre. But in general prices are
still 50 per cent lower than in Tuscany.
If prices have been rising, it has little to do with any surge of foreign
interest. As Rome prices have risen, the city’s workers have been moving out
to commuterland. The happy coincidence, and what should make UK investors
smile, is that what the Romans are after is not exactly top of northern
Europeans’ shopping lists. For example, the gentle landscape that takes you
west towards the coast and back to Rome is very handy for the city and can
be bucolic, but in many parts it is grim: pockmarked with hyperstores,
used-car lots and ugly modern buildings. A little farther away, 60 miles to
the north of Rome, and less convenient for commuting, is Viterbo: prices
here fell 2 per cent last year. However, prices near the lakes to the north
of Rome are stable.
“There are so few foreigners living outside Rome in Lazio, which is why most
of my clients come here,” says Pietro Giella, of the estate agency Case In
Italia. “They want to be in an Italian environment and, unlike in Tuscany or
Umbria, which have become a little, shall we say, internationalised, they
can get it.” He recommends looking around the string of lakes, Bolsena, Vico
and Bracciano, where prices are much lower than sought-after Sabina on the
other side of the A1.
Lazio is blessed with many medieval hilltop towns and villages. Even more
compelling is that many such hilltop gems are so close to Rome – some only a
30 to 60-minute drive away, such as those in Tivoli’s hills. Others are
deeper into the Roman province; some of the best value to be found is around
Subiaco, where prices average €1,000 a square metre.
Lazio may have several national parks, but watch out for areas, often just
outside ravishing stone-built villages, that are scarred by the
butterscotch-tinged, new-build villas favoured by some locals. Past the
hilltop settlements, deep into green valleys, stretches a landscape
decidedly more rugged than Tuscany and which is studded with attractive
homes. The trouble is getting hold of them. “It’s all word of mouth around
here,” says Barbara Mutsaers, who has lived near Rome for 35 years. “It’s
not like Tuscany, where there are lots of agents used to working with
foreigners, so it’s difficult to find what you want, although there is
fantastic potential.”
Paul and Louise Shapcott overcame the problems of buying in Lazio thanks to
their ability to speak Italian, as well as their luck in finding the right
agent. They now live in a restored casale (farmhouse) near Itri, in
southern Lazio. It’s an area still largely undiscovered by foreign tourists.
The Shapcotts fell in love with the region while on holiday, sold their home
in Bristol and moved there two years ago.
“There’s a lot to learn when relocating to Italy, lots of little problems and
hurdles to surmount,” says Louise. “We got to know plenty of the local
estate agents, but in the end we settled with buying a property with Michele
of the La Rocca Agency in Itri.” Their small casale, with its
nine acres of land, cost them €138,000, with another €16,000 going to their
agent, the notary and in taxes. About €140,000 went on renovating the
property and to add an extension for paying guests. “We were thinking of
living nearer the coast, but the cost of property around the sea near here
is very expensive,” says Louise. Michele, the Shapcotts’ agent, suggests
that buyers looking for a bargain should hunt inland, where there are plenty
of farmhouses and rural properties to renovate, still at “very interesting”
prices. His agency has on its books a casale for complete
reconstruction with 4.2 hectares (10 acres) at €170,000. Prices outside the
towns are increasing at about 5 per cent a year, he says.
In the medieval centre of Itri, where prices have risen by 10 per cent over
the past year, a 75 sq m flat to renovate with terrace and sea view is on
offer for €120,000.
“This is still ‘real Italy’, says Louise, “unlike ‘Chiantishire’ (Tuscany and
Umbria), which is inundated with British expats. Our neighbours are all
Italians, and we have found the locals generally to be very friendly and
helpful. We absolutely love it here.”
Next week in Bricks and Mortar: the top 50 overseas property websites timesonline.co.uk/overseasproperty
HOW TO FUND YOUR BOLTHOLE
Local currency mortgage: Martin Kemp, a mortgage adviser at Hamptons
International, says that other countries’ mortgage systems are slower, and
that foreign lenders have a more cautious attitude towards debt. He adds:
“That’s particularly the case where foreign borrowers are concerned, because
if they default the repossession system can take years. You won’t be able to
borrow more than 80 per cent of the property value.”
Simon Conn, of the mortgage specialist Conti Financial Services, says: “If
your income is in one currency, you shouldn’t generally borrow in another
because of exchange-rate fluctuations.” But a mortgage in the local currency
may make sense if you will receive rental income in that currency. Conn
says: “Perhaps the biggest advantage is that the local lender will check and
value the property.”
Remortgage or “drawdown”: UK lenders will not let you take
out a new mortgage on a foreign home, but “drawing down” the capital in a UK
home is very common. In countries such as Turkey and Bulgaria, it is also
the cheapest option.
Part and part mortgages: Conn espouses the benefits of splitting the
mortgage between a UK drawdown and a local currency mortgage: “You don’t
have to be mortgaged to the hilt in the UK, and the local lender will carry
out checks.”
Cash: Many buyers sell their UK home to fund a life abroad, but Conn
warns that this type of buyer can get into difficulty: “Because they don’t
need a mortgage they don’t take independent advice, so legal problems aren’t
spotted, and they pay over the odds because they don’t get the property
valued.” FAITH GLASGOW
HIDDENITALY
Property prices have increased by an average of about 50 per cent in Lazio
over the past decade.
Four million of Lazio’s population of five million people live in Rome.
The estate agent www.caseinitalia.net
deals with the whole of Lazio and Rome; www.grimaldi.net
covers south Lazio; La Rocca is at www.immobiliare-itri.com
I , too, have a small, antique house in Lazio: in the village of Celleno, ten minutes to the north of Viterbo. The report suggests property prices dropped in 2007 but I think this is incorrect. The prices close to Viterbo have risen in anticipation of Viterbo's military airport being transfered to civilian use. A few weeks ago it was announced that the airport there would become Rome's third airport and my real estate agent friends tell me prices are rising. Still, they are lower than Tuscany or Umbria -- and the area is not full of expats. It is a lovely place and convenient for the sea and the lakes and for Rome. The best agent in Viterbo is Massimo Proietti -- he speaks English.
Jamie Dettmer, Edgewater, USA
We have also bought a fantastic property very near Paul and Louise who have become our great friends. My husband is Italian (I'm British) and he's from the nearby town of Formia where prices are high. We've got land and a 4 bed detached property just 10 mins from the coast and the cost was less than a small flat in London - a lot less. We've lived in UK for most of our lives and its now time to enjoy la dolce vita. People expect Italy to be expensive; its not. OK Rome, Florence, Venice are expensive as London is expensive but food generally costs less, the sun often shines and life is leisurely. Family is important and stress levels lower. I'm enjoying my new life. Come and visit!!
Pauline Esposito, Sheffield, UK