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19 July 2007

Tuscany dominated by British investors

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by Gill Montia

Tuscany dominated by British investors

Tuscany is located in central Italy and is one of the most beautiful and popular tourist destinations in Italy. It is a gently hilly region, famous for its vineyards and olive groves, with large houses or small settlements scattered around the low hills. Its rolling landscape is complemented by towns overflowing with Renaissance art and architecture.

Savills International has established that over one third of Britons are leading the inward flow into the property market in Tuscany. Demand is high and house prices have been significant. The supply of a holiday home is limited which is keeping the price of a quality home buoyant. Turnover of the holiday homes market is slowing recently due to the lack of housing but a new development called The Cignella Estate is the answer according to Savills.

The development is an 18 unit farmhouse conversion of an 18th Century Tuscan Borgo. The estate is located just 20 miles south-east of Siena and comprises 14 2-4 bedroom houses. The development is due to be completed in 2008 and prices range from £218,000 to £517,000.

Savills believe that the properties will be a sound investment. They have been constructed using traditional craftsmanship and materials and boast the latest energy efficient geothermic heating systems (significantly reducing running costs). In addition, the properties include terraces and large private gardens, access to 2 swimming pools, woodlands, caretaker and full concierge service is available.

Montefollonico is the nearest town to the development and just a few minutes away. It is a picturesque town with excellent shopping facilities, restaurants and bars.

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