Tuscany: falling out of favour?

Rural Tuscany has always seemed the Italian dream - rolling countryside, rustic farmhouses, olive groves - and has been topping the list for those seeking second homes in Italy for years, but now, buyers are turning their attentions towards city living instead...

The majority of those who want a second home in Italy seek the rustic fantasy - a dilapidated farmhouse set in acres of rolling countryside, surrounded by olive groves, vineyards and sun dappled vegetable patches.

For many, (especially Brits) the backdrop to this fantasy was the wild beauty of Tuscany. But now, it's the cities that are starting to overtake the top spot and the Tuscan property scene is very different to how it was in recent years.

According to the latest research by Knight Frank, the market in the region has shifted away from old farmhouses in the country to apartments in cities such as Florence.

So, you may wonder why the city mice are starting to hanker after the homes of the country mice.

Since Tuscany is such a well-established market, it's now more difficult than ever to find a ruined property on which to work your restoration magic than it was five or ten years ago.

Head of Knight Frank's Italian desk, Rupert Fawcett, says, "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 or lock up and leave townhouses, which give foreign owners the ability to come and go at ease with the peace of mind that comes with buying a managed, secure property," he added.

Some cities to consider...

Florence is often called the ‘birthplace of the Renaissance,' and the whole city is full to the brim with art. Those who aren't such culture vultures will adore the city's huge leather market and wonderful fresh food, purported to be the best in Italy. Rupert Fawcett said, "Florence is a delightful city."

Another city option is the massively popular tourist destination Venice. A floating wonderland, Venice offers much to see, including the Byzantine masterpiece St. Mark's Basilica, Leonardo da Vinci's ‘Vitruvian Man,' and a vast array of modern art in the Peggy Guggenheim Museum.

Rome - Italy's capital - is a living museum. Known as the ‘Eternal City,' Rome's ruins are some of the most famous in the world and attract millions of tourists each year. The Forum and Colosseum are amongst the most well known and there is also a dramatic display of fountains, art and sculpture dotting the city.

The Vatican Museum and St Peter's Basilica in Vatican City, which is completely surrounded by Rome, are both well worth a look. (Don't forget your long trousers or skirts-bare legs are not allowed inside the Basilica).

Industrial and business centres such as Turin and Milan lack the ancient charm of other Italian urban centres but there is no doubt that the professional and academic populations create demand for rental property.

Those who are considering buying a holiday home or investment property in Italy should always be able to achieve strong rental yield for their property, as the tourist market in Italy is likely to always remain popular.

Foreign nationals have similar rights to Italian citizens when it comes to property buying except for one thing. Italians pay four per cent property purchase registration tax and foreign nationals pay 11 per cent property purchase registration tax.

Picture by fdecomite