Would You Like a Townhouse in “Affordable Italy” for $26,000?
Date: 02/26/2008
February in Italy’s deep south.
Wednesday, Feb. 27, 2008
Abruzzo, Italy
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Two hours east of Rome, the Abruzzo region is where southern Italy starts. Fringed by Adriatic beaches, it’s a tapestry of mountains, olive groves, vineyards, and pine forests. Picturesque hill towns come with cobbled streets, small churches, and medieval watchtowers.
One town is Introdacqua, an official I Borghi Più Belli d'Italia, the name given to Italy’s most beautiful villages. You might imagine dining here is expensive. Well, in Ristorante La Trota, the bill is €70 ($104)…for seven people. We’ve been tucking into wood-oven pizzas and carafes of Montepulciano d’Abruzzo wine, but everything on the menu is inexpensive.
“I don’t believe in paying more than €15 for a meal,” says Clive McCombe of property agency Prossima Casa. (Me neither, Clive.)
Dinner isn’t all that’s affordable. One 50-square-meter Introdacqua townhouse is €17,500 ($26,000). Yes, it’s a fixer-upper…you’d spend around $50,000 on renovations. Even so, $76,000 for a home in Italy is remarkable.
I spent today with Clive viewing houses. An English guy from Liverpool, he works with Toni Silvestri, a local geometra who joined us for dinner. Toni is the Mr. Fixit who oversees property restorations.
There are no standard prices. Much depends on an owner’s keenness to sell. (Always make an offer!) However, throughout Abruzzo’s more remote parts, habitable properties surface for less than $80,000. In equally historic Bugnara, Clive has a two-story restored house for €52,000 ($77,000).
Renovation costs depend on size and condition. For example, one 160-square-meter Introdacqua house is €40,000 ($59,000). Along with work to the roof, it needs new electrical and plumbing installations—but for an additional €120,000 ($178,000) it could be transformed into three vacation rentals. Properties here rent for $600 to $800 per week in summer.
One of Clive’s favorite phrases is, “It’s a bobby dazzler!” (Northern English lingo for "something special.") One “bobby dazzler” is a house on three floors—four including the roof terrace. It overlooks Introdacqua to the mountains beyond. The price is €38,000 ($56,000) plus a restoration budget of around $120,000.
Or how about €65,000 ($97,000) for a half-acre vineyard? Planted with Montepulciano vines (red) on one side and Trebbiano vines (white) on the other, the land comes with a single-story dwelling. Although in need of refurbishment, its roof and walls are sound.
What’s the catch? Well, decades of emigration have taken their toll. Although Introdacqua is lively, some Abruzzo villages are ghost settlements. And while this is southern Italy, winters are chilly. Skies are blue, almond trees are blossoming, but daytime February temperatures rarely rise above 54° Fahrenheit. When spring gets fully underway, it will be glorious—but winter does have some benefits.
The Apennine mountains soar as high as 6,000 feet and Roccarasso ski resort (30 minutes away) draws enthusiasts from Rome and Naples. As snow lingers into April, you can ski in the morning and go to the beach in the afternoon.
Introdacqua is pricier than some other villages, but a wonderful location. Lake Scanno for summer boating is just over the hill and it’s only a 10-minute drive (or bus ride) from medieval Sulmona’s array of shops, supermarkets, and entertainment options (25,000 people live in Sulmona).
With most bargain-hunters seeking summer vacation homes, Introdacqua has only a few full-time foreign residents. Another dinner companion was Linda, who teaches English in Sulmona. What attracted Linda (and her horse) were the riding trails: around a third of Abruzzo is national park. Although it’s still a fledgling market, visit soon. Budget U.K. flights to Pescara mean these villages won’t remain secret for much longer.
I could go on and on about habitable properties in Abruzzo for less than $130,000 and restoration projects for $30,000 (or less)…but I’ll save that for my next Postcard.
Steenie Harvey
Roving Europe Editor, International Living
Editor’s note: Italy has a staggering amount to offer travelers...and residents. Romantic cities. Timeless hill towns. Snowy mountains, idyllic islands, and a rivetingly beautiful coastline. Cheap vacation homes…and investment properties. Get all the information you need in Italy: The Owner's Manual.
Read related articles:
- An Italian Home for Less Than $50,000
- A Fixer-upper for Less Than $60,000 in Italy? Look in the Wild Heights of Abruzzo
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