Rising from the ruins
One sign of an improving market is that buyers are prepared to take on a rundown property and embark on a long-distance, foreign-language restoration project. Provence and Umbria are where the action is, finds Arabella Youens
When times are tough and confidence in the market is low, the eagerness of buyers to tackle expensive and lengthy renovations anywhere, but especially overseas, tends to wane. With no prospect that the effort and investment will be recovered when it comes to selling the property on, people prefer to take on something that requires little restoration.
In the past 12 months, however, there has been a significant uptake in interest from those actively looking for fixer-uppers throughout coveted second-home areas of Provence and Umbria. ‘The trend to buy and renovate historical properties in places such as Gascony has been long-standing, because there are a large number of
châteaux at relatively good prices,’ says Jack harris of Knight Frank’s French desk (020–7861 1139). ‘however, Provence is a different story. here, we’ve only recently seen much more interest in houses that require considerable work.’
he believes this is because prices have now been fairly stable in the area for some time and buying a property in need of renovation is a good way to buy a larger house than what would otherwise fall within the budget.
Buyers are tending to look at properties below €2 million, which will then need several hundreds of thousands spent on renovation. ‘This marks confidence in the market and shows that buyers don’t believe that prices are going to fall. They’re creating the homes they want by buying at a relatively lower cost, spending money on the renovations and then likely selling at a profit. however, it’s worth noting that these are really purchases of passion rather than investment.’
That’s particularly true these days, with sterling being weak, argues Jelena Cvjetkovic of Savills (020–7016 3754): ‘The drive to take on a project has to come from wanting to create the house of your dreams.’ She’s seen a new trend emerging, a stylistic shift
‘It
has to come from wanting to create the house of your dreams’
away from traditional Provençal or Tuscan interiors towards more contemporary and minimalist styles —even in rural properties. ‘This look can only be achieved by starting from scratch or undertaking a major renovation.’
‘However,’ she continues, ‘the ability to do something contemporary depends on the area in question. In Chianti, for example, where planning is tightly governed, it’s next to impossible, except perhaps if the house is on the edge of a village.’
She’s currently marketing a newly built house in the heart of the popular village of Eygalières, near St Rémy de Provence, where the owners have created an La-inspired look.
Juxtaposing the historic architectural features of an old house with crisp finishes and contemporary colours is another emerging trend, particularly among younger buyers. According to Amy Redfern of Knight Frank’s Italian desk (020–7861 1057), this demographic tends to have the energy and drive to take on a project, as well as a preference for developing their own vision rather than buying someone else’s design.
It’s possible to buy a classic stonebuilt country house with panoramic views—including one currently available through Knight Frank that overlooks the medieval city of Todi— for €485,000.
Crucially, the outcome of the restoration will depend on the local restrictions laid out by the commune (local council).
‘If the ruin is a listed building, there may be some tax benefits for the buyer, but you need to have an experienced and locally based architect on side,’ adds Amy.
With that in mind, it might be worth choosing an area that has a track record of allowing more contemporary alterations to older properties. ‘Things aren’t always straightforward, so don’t become trapped in your vision,’ advises Jelena.
‘Before you start, it’s worth doing some research locally to make sure that, whatever your plans involve, the property is marketable—whether for rental or a later sales market.’