With the pitiful interest rates for savings accounts and the erratic state of the stock markets, many people are looking to put their money into overseas property. So is building a masseria in Puglia in the current climate inspired or insane? Here are some facts:
1 Although some other countries have an overpriced property market, Italy's remains fairly steady with slow dips and rises and is a much safer option than Spain or Greece, for example.
2 Buying an old property abroad and restoring it is a romantic dream that can soon turn into a financial nightmare. On the other hand, a modern bespoke build that has been fully planned and costed means no brutte sorprese(nasty surprises).
3 The workmanship of Salento builders is among the best in Italy. With expertise passed down over generations, they create intricately vaulted ceilings, cloisters and arches from pale local stone as easily as some other builders put up brick walls. This is a new build like no other, more akin to creating a work of art.
4 Many owners rent out their property to tourists. Puglia has remained a popular holiday destination throughout the crisis, and there is now a big demand for luxury property to rent outstripped by supply, particularly from northern Europeans and northern Italians.
5 Properties within easy access of the sea are always popular. Salento in Puglia is embraced by two seas, the climate is mild and the beaches Blue Flag. For masseria owners they are just a ten-minute drive away.
6 Lecce in Salento, and the ancient city of Matera on the Puglia border (the other place ESSENTIS builds masserie) are two of the six Italian cities shortlisted for European Capital of Culture 2019. Just being on the shortlist has a positive effect on the local economy and tourism, let alone winning. The results will be announced on October 16th.
As far as investing in Puglia is concerned, the facts speak for themselves.