Prices in Puglia continue to rise and, in some areas, like Nardò where I live, there is now significantly less for sale, and a lot of what is left either has planning issues or is huge. Nardò is in huge demand, and it does have a lot to offer – a beautiful town centre, proximity to the sea and a large and growing expat population of all nationalities. However, 9 years ago, when I moved here, there was very little going on – lots of unrestored buildings and shabby, though beautiful, streets, only a couple of restaurants and very few non Italians. There are lots of towns which have the same potential and where there is a better selection of affordable property. Prices in Galatina, for example, are rising fast but are still lower than Nardò, with a better selection of properties. It is larger than Nardò, just as lively and has a beautiful historic centre, better restaurants, a good mix of foreigners and Italians and is still within easy reach of the sea (10 minutes further by car than from Nardò but still only 20 minutes). Copertino is less developed but also close to the sea and will get there. Leverano also has potential though it has a much smaller historic centre.
Similarly there are areas with good potential in the Valle D’Itria and Bari area which are more affordable then the well known towns – I am always happy to discuss your requirements and make suggestions.
Now, if you are looking in Nardò, a small, unrestored one bedroom property will cost at least 70,000, a two bedroomed property 140,000 and three bedrooms over 200,000. Any less than this and there are almost certainly planning issues, structural issues or no outside space. Bear in mind you will have to spend at least 50% on top of this on renovating the property – more likely the same again. So around 120,000 – 140,000 for a one bedroom with two other rooms, 240,000 +for two bedrooms, 350,000 + for three. An indication of price increases is a piece I wrote exactly four years ago. Then I was saying a restored two bedroom was costing what a one bedroom costs now in Nardò and also in Monopoli where I was quoting 220,000 for a two bed which now will get you a small one bed. All prices are based on character properties with no structural problems or planning issues and some outside space with at least two other rooms. There are obviously some exceptions to these rules and occasionally bargains to be had – for a current ‘good buy’ in Nardò see here
I always get quotes for necessary work before my clients even make an offer and this applies wherever you are buying. Do not take an estate agents word for how much it will cost – it is not their area of expertise and, more cynically, they want you to buy. I did a video on working out costs here. Bear in mind that a property may look in good condition but rewiring or replumbing means cutting walls and floors and, particularly if the property is bigger, it soon adds up. Some clients recently made an offer on a property in Nardò costing 340,000. It has been lived in recently and is in good structural condition. The bathrooms are dated, the owners, as is normally the case, are taking the kitchen with them, the roof terrace needs cleaning and regrouting, it has gas central heating (fantastically expensive to run now) no aircon and needs rewiring and re plumbing. As all work is by the square metre, and the property is large, the work will come to around 200,000.
Another client bought a 2 bedroom property in Cutrofiano for 36,000. Cutrofiano is pretty, reasonably lively and has a population under 20,000 so the7% tax rate for people retiring there applies. Were she to do all the necessary work at once it would cost 80,000+ but by limiting the work (leaving the façade till later, only running electricity and plumbing tubes to the second floor bedroom but otherwise leaving it unrestored for the moment) the work will cost around 50,000 – less if she does the painting herself (very high ceilings means lots of square metres of paint!) Bear in mind that the initial quotes were much higher – she is a client for whom I am doing consultancy and I helped her find better, more economical solutions to achieve the effect she desired and also haggled with the tradesmen to get her the best possible price. The engineer she is working with was one I had introduced her to which helped. If you would like help in your property journey, either finding a property, planning due diligence or help with finding tradesmen and getting quotes do drop me a line on personalpuglia@gmail.com – I am always happy to have a free introductory call to see how/if I can help. I work all over Puglia.
I previously wrote an article about how to buy property on a strict budget, see here and there are also two videos which might help on my you tube channel.
