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The farmhouse market is growing. The top location is Piedmont
01 October, Il Sole 24 Ore
Investors are interested again in traditional farmhouses. Besides Tuscany, the demand focuses on Piedmont, especially on the provinces of Cuneo and Asti. These figures are taken from Idealista on behalf of Il Sole 24 Ore, and they show that the interest in the segment has increased from last year by approximately 48%.
The lower prices created new opportunities for buying. In the case of Piedmont, it’s possible to purchase a traditional property in the wine region at convenient prices. “Prices vary according to the prestige of the property, the position and the surrounding area”, says Vincenzo de Tommaso, from the Idealista research centre.
Prices tend to rise if the house is located in the vineyards of the Chianti region, in the Langhe or in Valdobbiadene (Conegliano), whose hills will become Unesco heritage in 2019.
“In Franciacorta, the offer for farmhouses with panoramic view and in good condition has deceased”, says Fabiana Megliola from Tecnocasa. There’s an increasing interest for the Iseo Lake, both as main dwelling and as holiday house. The property values in Franciacorta are set around 1,800 euro/Sq m for a house in good conditions and at 2,000 euro/Sq m for new properties (2,500 euro/Sq m for properties in the prestigious town of Gussago). The demand for farmhouses in the whole region is very high, especially from buyers from Milan. In Gussago, prices generally start from one million, while Paratico is the town with the highest concentration of investors from Lombardy.
Concerning Langhe, the market in the towns of Grinzane Cavour, Barolo, Monforte d’Alba, Verduno, La Morra, Castiglione Falletto e Serralunga d’Alba is characterised by the presence of buyers from Northern Europe. The Barolo region is very popular, and prices here start from 200 thousand euro for houses to be renovated and over one million for renovated ones. Buyers tend to look for large-sized properties, from 150 Sq m upwards, with an external space, a garden and the necessary space to build a swimming pool. A 200-250 Sq m farmhouse in good conditions can cost around 350-380 thousand euro.
The architect Elda Magna from the Ri-Urban studio remarks the restrictions due to the paperwork and the location (in the case the house is located inside a national park), and that costs may vary depending on the region.
Castiglione d’Asti is very appreciated because of its proximity to several Unesco heritage sites and lower prices in comparison with Langhe. The region registers the presence of investors mostly from Norway, Denmark, the Netherlands and Belgium. A farmhouse to renovate with five rooms and a small plot of land costs between 80 and 100 thousand euro. There are many requests also from those intending to start a business in hazelnut farming.
The province of Pavia, in Stradella, on the hills of Santa Maria della Versa, Montù Beccaria and San Damiani al Colle, offers plenty of old houses, farmhouses and courtyard houses from the 20th century or even earlier. The demand for such properties as a holiday house is rather low. Prices for houses to renovate start from 35-40 thousand euro. The renovation costs are between 800 and 1,000 euro/Sq m.
Tuscany has reported a decrease in the demand from the UK in the last few years. Pisa and Lucca are still very popular. Prices have increased in Pisa, while they’ve decreased in Grosseto by 10%.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi