Live la dolce vita in 2014 as Appassionata launch new medieval fractional holiday homes

by Georgina

Italy has long been a popular choice with second home owners looking for a dream holiday home in the sunshine. Now the Rightmove Overseas 2013 Consumer Survey has reconfirmed Italy’s popularity, placing it third in the overall list of second home destinations chosen by respondents. Notably, for American and Australian buyers, Italy was top of the list.

  • Italian commercial real estate cross-border transactions at highest level since 2007 (Real Capital Analytics)
  • Fall in Italian house prices finally slowing (Banca D’Italia)
  • Italy in top three overseas destinations for second home buyers (Rightmove Overseas)

With sunshine, incredible architecture, beautiful coastal areas, delightful mountain scenery and incredible gastronomy, the attractions of Italy are plain to see. For Dawn Cavanagh-Hobbs, founder of fractional ownership company Appassionata, Italy had a place in her heart from the moment she first visited the country. After moving there in 2007, Dawn and her husband Michael Hobbs began restoring a collection of tumbledown farm buildings, lovingly coaxing them back to life as two luxury fractional ownership holiday homes. Dawn comments on Italy’s continuing popularity,

“We have several owners from the UK and they adore the Italian culture and way of life. The pace of things is so different here than it is in the UK. While that can be frustrating when it comes to restoring property, it’s perfect for our owners!

“Michael and I have learned a lot from the first two properties we developed here and they have been a hit with owners from as far afield as South Africa and the US. Now we’ve turned our sights to our next challenge – two urban properties in the fabulous, medieval town of Petritoli.”

With Italian cross-border transactions reported as totalling €2.75 billion from January to early October 2013 – the largest recorded level of overseas investment in Italian commercial real estate since 2007, according to Real Capital Analytics Inc – it seems that Appassionata could not have picked a better time to take on their new projects.

The Banca D’Italia Italian Housing Market Survey (October 2013) also reported positive indications in terms of Italian real estate, with “signs that the fall in prices was slowing in the regions of the North and Centre.” Though still cautionary, the report did observe great optimism across the sector than in previous periods.

For Appassionata, the shift in the housing market has inspired work on their next two renovation projects to begin. The first property, a three bedroom townhouse known as Tre Archi and built into the ancient town walls of Petritoli, offers some fascinating and unique touches, such as the town’s turret wall forming part of the lounge. Unusually for an Italian urban property of this nature, it enjoys outside space in the form of a small rear garden, a terrace off one of the bedrooms and a spectacular roof terrace, with views of the town and the surrounding countryside.

Meanwhile, Palazzo Scarsini is a five bedroom, four bathroom urban manor located in Petritoli’s bustling Piazza Giacomo Leopardi. Delightful features abound, such as a fresco ceiling and an upstairs salon. Parts of the property date back to the 14th century.

Thanks to their central locations, both properties are located close to shops, bars, cafes, restaurants and churches, allowing those staying in them to immerse themselves fully into authentic Italian urban life. Yet the properties also benefit from being just a 20 minute drive from a blue flag beach and only 45 minutes from the Sibillini Mountains and national park.

Appassionata are planning to offer both homes as fractional ownership properties – a wise move in light of the news from Rightmove Overseas that 51% of those buying abroad are doing so in order to have a second home. Owners of Tre Archi and Palazzo Scarsini will be able to enjoy their new home for five weeks’ exclusive use per year.

The renovation projects are due for completion in the spring and summer of 2014 respectively. The first two shares of Tre Archi will be available at the special price of £55,000 each, while the first two shares of Palazzo Scarsini will be £100,000 each.

With two new properties for the New Year, and the Italian real estate market showing signs of a positive shift, it looks like 2014 will be an exciting year for the Appassionata team!

For more information contact Appassionata on 0039 073 465 8775 or visit www.appassionata.com.