The Tastes For the Type of Tuscan Homes Are Changing
If the recent economic crisis has not scared you and you are full of energy and optimism, then buying a home in sunny Tuscany could be just right for you. Even though Tuscany is often described as a top-notch destination both beauty-wise and price-wise, there are many places and affordable Tuscan homes to consider.
At the moment, the prices for Tuscan homes in rural areas range from EUR 4,500 to EUR 5,000 per square meter and are, on average, 15-20% higher in two artistic capitals of Italy – Siena and Florence. Over the last decade, Tuscany went through a significant urban development filled by the interest from the Italian developers. Such projects attracted a large number of foreign investors as well as locals, who were mainly driven by the promises of stable rental returns guaranteed to be 6%. The Italian market was not very familiar with the type of buy-to-let concept at the time and, at the initial stage, a large number of foreign sophisticated investors flooded the Tuscan homes market. The main target group for the buy-to-let investments in Tuscan holiday homes remains tourists, 30 million of which visit Italy each year. This remains a great motivation for the buyers.
Tuscan Real Estate Trends
If in the90ss, a significant share of foreign buyers were looking for the tranquility of Tuscany, beautiful landscape, and cheapcozyy Tuscan homes that required some restoration, nowadays, foreign investors are more interested in the properties in the very center of the old cities with the view on the roofs, narrow streets and little shops with local production. With such a change in tastes, many new buyers of Tuscan homes can get attracted to the renovated old Renaissance building which was converted from the old Palazzo Bardi. This place attracts not only lovers of comfort but also those who admire the history of the arts or are big fans of chamber music. It is believed that the Bardi family, who originally owned the building, were the first ones to bring the concept of chamber music to Europe.
The flats in the historical parts of Tuscan cities sell for a more or less similar price as the excellent villas in the prime location of the Tuscan countryside (circa. EUR 6,000 per square meter). So if you are more interested in tranquil and secondary locations in Tuscany, you can expect roughly a price of EUR 4,500 per square meter. However, if you are attracted to fewer tourists.