It all started with some idle chat about Italy. Why were so many Northern Europeans attempting – and attempting was often the word – to buy property in certain parts of Italy? Why did so many, after a while, have to give up the dream? And what were the rewards for those who succeeded? Daniele Bonvicini and his father, also an entrepreneur, had asked a question that took them some time to find an answer to. They started to do some research. Many parts of Italy, they discovered, offered plenty of refurbishment opportunities. But too much local red tape often meant projects having to be abandoned.

Slowly, their own business idea developed; “We thought that we would track down buildings that were not only attractive and interesting in their own right, but also had a rich history. Many people in Italy themselves simply don’t have the interest or money to overhaul such properties. Most Italians buy new-build, and re-development, when done well, is often more expensive than starting from scratch.” Bonvicini, with his own connection to Italy and the language, also had an insider’s advantage.

Genuinely different
They targeted potential clients: educated, often with an academic background with a rich appreciation of history and, of course, the Italian way of life. Bonvicini also started to hand-pick locally-sourced artisan specialists, including specialist architectural expertise from architects Studio Architetto Graziano Borghi.

So what and where is a typical Italia Estate property? “We usually take care of one project at a time,” says Bonvicini. “We’re a small player. We’re not competing with much larger firms. Most have a very different market to us. What we do is concentrate on areas that aren’t too close to any airport – or too far. We like the Le Marche region in particular. Good transport connections, it’s central north-east Italy so it’s close to the hills and mountains, yet it’s also a close drive to the sea.”

Bonvicini and his team have currently been busy working on a 300-year wine farm that was previously in the same family for many generations. The farm, Il Castelletto is now being carefully restored not only to its former beauty but also into 10 individual top quality apartments, complete with swimming pool plus an eco-friendly and remote controlled heating and cooling system. Cutting edge technology combined with bucolic Italian tradition – and superb views across the rolling Le Marche countryside.

The key to this property – and for most Italia Estate properties – is working very closely with local municipalities from the start. “There are just so many rules, and many of them local. So it’s never possible to go into a project knowing everything from the start. Just about every building has its own restrictions unique to it. But the key is to have an open conversation at the start with the decision makers to get a sense of what is possibly. Then, we start to make plans – or we decide to look somewhere else if the situation is simply not practical for us.”

As Italia Estate has got bigger, so has the range of properties they have worked on. From alpine chalets to Tuscan country houses. But don’t think it’s all about buying in established areas with high price tags to match. Again, Bonvicini reverts back to Le Marche. “We think this is probably the best value region in Italy currently because prices haven’t reached the massive scale of Tuscany. Nor does it have a touristic established town that would also drive prices higher. But what it does have is astonishing nature, from mountains to sea side, and hundreds of intact medieval villages.”

It’s all possible
There still remains an abundance of older properties – whether they are perched on top of dramatic hill-tops or carved discreetly into the hillside – they make the perfect Italian holiday home. Or even homes for all-year round use. But a shrinking minority carry the kind of historical resonance and potential that makes them stand really out.

The bottom line here is that it’s still possible to buy into a classic piece of Italian heritage and lifestyle for still quite modest sums of money, but you need to choose with care. Take a look at some of the properties and views on Italia Estate’s website: beautiful rolling hills with houses perched on their peaks; heaped pots of geraniums throwing their vivid red and purple across ancient stone troughs; a lone olive tree standing in the heat of a mid-summer afternoon. It’s not hard to see the attraction.

And prices, as mentioned, remain reasonable says Bonvicini. “Typically they start from €3,000 per sq m. That might sound expensive compared to many new-build Italian properties. But we’re talking a completely restored historical house.
Some customers will want to do some of the restoration work themselves. So what we would do is ensure that they are able to move in having restored the house already to a certain standard, leaving them the chance and the space to put their own stamp on the property. It’s a very flexible approach that works for both parties.”

Bonvicini says that though many Northern Europeans have made the leap to purchasing a property, many remain frustrated with the amounts of red tape and paperwork needed, and Italy’s often chaotic planning and building control procedures. Since last year’s earthquake in Abruzzo, some concern has also been expressed about the safety of many older Italian buildings.

“That is something we have always addressed with any renovation,” says Bonvicini. “All our buildings are earthquake-proof. We work very hard early on to ensure that any buildings do meet the highest standards of safety here. It’s also part of the reassurance of buying a property with Italia Estate. We always do a very thorough and safe job.”
Still a buyers market

Although some Britons have been put off buying abroad in the last year because of the falling value of sterling, Daniele Bonvicini is starting to see renewed interest from British buyers, especially as the Euro also has taken a hammering. “The market has been quite slow for many people, so valuations really are very reasonable,” says Bonvicini. For buyers wanting finance, funds are still in modest supply but loan-to-value rates are possible up to 80 percent he says. Freehold and leasehold law is also very straightforward, unlike in the UK. “The rules are not based on individual owners but on the building and the land. Almost 100 percent of properties in Italy are 100 percent freehold,” says Bonvicini. Tempted? We wouldn’t blame you at all.

Italia Estate: web: www.italiaestate.com; email: post@italiaestate.com; tel: +47 32 83 52 80