Vacationing in Tuscany is great – but why not buy a house? The British newspaper Times has a very interesting article about real estate buying in that beautiful region of Italy. Here is what I learned:
- Despite the pressure of property prices that have doubled in a decade, Tuscany remains the preferred choice in Italy for overseas investors.
- A decent farmhouse costs at least 1 million US dollars
- Fully restored and decorated, a typical farmhouse costs 6 million US dollars, with an annual management charge of $60,000 that covers bills, taxes, furnishings and a maid service.
- San Gimignano is the favorite destination of UK’s ex prime minister Tony Blair and his family
- Since one can have great AND crappy experiences with Italian villa rental companies and real estate is expensive, a couple of American businessmen launched a club called the Hideaways Club where members collectively own the properties (from villas in Croatia to chalets in Chamonix), so they benefit as they gain in value. Initial membership fee: $400,000.
