Italian real estate market in 2020: Puglia again at the top of the ranking
- 4 January 2020
- Investing in Puglia
Trulli are traditional Apulian stone dwellings characterized by a conical roof. This kind of traditional architecture is found only in Puglia and its greatest concentration is in Valle d’Itria (also called the Trulli Valley). Trulli were originally used as field shelters or warehouses. Later, mainly in the 19th century, they became permanent houses.
There are fewer Trulli near the sea, but they become more frequent as you go inland, in some cases the Trulli in countryside assemble a small farming village around a small square or a church.
The crisis in the real estate market in Puglia, as in most of Italy, has been very deep and prices and numbers of sales have dropped significantly over the last 10 years. In this landscape, there are categories of properties that have not seen crises, on the contrary, they have found a new charm and an enviable market. It is for example what happens to the Trulli in Puglia that over the last few years have captured the interest of buyers and those who choose to move to live or to invest in Italy.
The uniqueness of Trulli, the fact they are a kind of property found exclusively in one place in the world, the materials with which they are built, the cultural heritage they represent, all these elements make sure that Trulli have not lost value and they definitely won’t lose it over the years.
If it is true that tourism is experiencing a growth stage in the whole Puglia, it should be pointed out that the Trulli Valley is absolutely one of the most sought after tourist destination. In fact, besides the unique sight offered by the presence of the Trulli, besides the experience of sleeping and staying for a few days in a Trullo is one of the most requested and appreciated, beside all this, the Trulli Valley has a rich cultural, environmental, economic and social heritage made of centuries-old traditions, notable wines, precious oil, a very rich gastronomic culture, charming villages among the most beautiful in Italy.
Investing in a Trullo does not only mean to invest in a unique property but in one of the trendiest brand and high-level tourist destination.
There are Trulli for sale for all tastes and all budgets.
Depending on the area (there are areas in the Trulli Valley with a higher value than others) on the number of cones and on the building conditions, it is possible to find properties with very different prices and therefore suitable for all budgets. There are different types of Trulli for sale in Puglia, some as new, while others require some renovations to make them habitable.
Thus, it is also possible to buy a Trullo at a very affordable price. If you are interested in a Trullo that requires a complete renovation, the general price for a property of 40-50 square meters including some land starts from around € 30,000. The price for a larger Trullo ranges from € 50,000 to € 70,000
It is also possible to purchase a habitable Trullo of the same size between € 100,000 and € 130,000. However, the property may require some work to make it completely habitable.
If you are interested in buying a Trullo that does not need any intervention, you can get one of 50 square meters starting from about € 80,000. The cost for a bigger renovated Trullo is starting from € 150,000 depending on the location of the property and its finishes.
Of course, also the proximity of the property from the sea will significantly affect its price, just like in most other places.
If you want to buy a rustic Trullo, which needs a complete renovation, it is possible to request – where possible – an extension normally about 20% of the property’s surface. Restructuring the Trulli is a quite onerous but also exciting operation. It is very satisfying to see how a stone heap, with work and creativity, can become a fascinating home. Starting from scratch, surely, the introduction of the property in the villa rental market will be delayed, and therefore the investment income. However, on the other hand, you will able to create the environment you like more and probably save some money compared to buying a ready-made property.