Time to say ciao to skiing in Tuscany
Did you know the home of
the Renaissance offers
cheap ski homes as well
as chianti wine?
Helen Gregory reveals all B
UYING a ski chalet is not for the
financially faint-hearted. Prices in
the fashionable resorts in France,
Austria and Italy are in the same
league as London or Leeds for a
property of any sort.
In the Alps, you’ll struggle to find a studio apartment for under £100,000, and the average price for a two or three-bedroom flat is £280,000. Detached chalets kick off at £400,000.
So why such high prices? Demand is outstripping supply as a finite number of properties are chased by an army of skiers keen to own a status symbol.
Faced with such astronomical prices, British buyers are looking elsewhere for a ski property and previously unheard of resorts are being bought up, and built up, by intrepid investors. A typical example is the picturesque ski resort of Abetone in the Apennines, near the border between Tuscany and EmiliaRomagna. It’s a couple of hours north of Pisa airport and a quick hop from the UK on BA or easyJet — as are other Tuscan ski resorts including Cerreto Laghi, Monte Amiata, Frassinoro and Zum Zeri.
Abetone has been on the skiing map since the Fifties, with 80km of ski runs that open from early December until Easter. Its ski lifts are being modernised, while 40km of runs have snow machines to ensure uninterrupted skiing.
There’s certainly enough to keep you on the mountains with peaks up to 2,000m above sea level. You can even glimpse the sea as you ski — the coast is only an hour and a half away.
This means visitors can hit the slopes and then soak up the Renaissance art and culture in nearby Florence, Lucca or San Gimignano in the evening.
The locals have cottoned on to the British demand for affordable property and in the valley of Valdiluce, developer RDM is starting work on a £ 20 million residential development. This is no small- scale affair.
It already owns the ski resort along with its facilities and lifts, and has finally got the go-ahead for building from bureaucratic Italian authorities after planning the scheme for more than a decade. Homes are being built in the valley just a short snow- plough away from the lifts, and in true E. M. Forster style, buyers will have ‘rooms with a view’ of the slopes.
The first 80 freehold apartments will be ready in December 2007 — studios start at £ 89,300, onebedroom flats at £111,400 and twobedroom units at £ 143,300 — furnished in mountain style,
complete with kitchenette,
balcony and fireplace.
This is cheap compared to
most other ski resorts, but
remember that legal fees
usually rack up to between
£1,300 and £2,000, and VAT
is 10 per cent.
Underground storage
lockers will also add an
extra £5,400.
The second phase will contain 53 apartments and a hotel, spa centre and shops, and should be ready by winter 2008/9.
These apartments will be sold on a fractional ownership basis. This means that as members of a private residence club, owners will get a pre- determined number of weeks’ use of the property each year. A further 40 to 50 freehold apartments are planned for the winter of 2009/10.
‘ There isn’t much property available round here like this, so whatever comes up is sought after,’ says Joanna Yellowlees- Bound, chief executive of Erna Low, which is selling the development in the UK.
She says the development is unlikely to appeal to ski fanatics, but will suit families and those who want the Tuscan experience for a fraction of the cost.
She also points to the apartments’ good rental potential year-round, while their rarity value should mean any investment will hold up well.
But if you don’t want to wait for these properties to be built, what else is on offer in the valley? T
HE SMALL number of
properties for sale in
the valley are mainly
apartments costing
between £ 87,700 and £169,000, according to estate agent Claudia Ciacci at Immobiliare Libro in Abetone.
However, these are likely to be about half the size of those being built by RDM.
So, is it worth the risk to buy a ski property in this little- known Italian backwater?
At the moment, the main buyers are wealthy Italian retirees, but there is a healthy rental market, again mostly Italian.
‘I think the property market will pick up when the new development is finished,’ says Claudia. ‘ I’m convinced the British are going to discover this corner of Italy, whether it’s for a Tuscan retreat or an Apennine skiing base.’
Abetone is predominantly an Italian- speaking resort, but it’s likely to take on a more international flavour as the development takes shape. Many Tuscan families spend their weekends on the slopes, which means the Monday to Friday business is quiet, which should be good for British buyers looking for more space on the slopes.
RDM’s investment manager Enrico Cristiani is adamant that the concept of skiing in Tuscany will take off in Britain.
‘ It is not a gimmick. This is a unique product for this part of Italy — there’s nothing to compare it to.’
There are other ski resorts in Italy, notably in the Alps and the Dolomites, as well as Mount Etna in Sicily, but the region has more to offer, says Mr Cristiani.
‘ It might be better skiing in the Alps, but the advantage of Tuscany is its year- round appeal — in the summer there’s hiking, canoeing, biking and fishing in the mountains.’
Erna Low Savills: 020 7590 1624.