Umbria: real estate marvels in the green heart of Italy
Verdant, lovely, and unspoiled. Boasting sweeping hills, lush meadows, and manicured ancient villages, Umbria is a region where time-honored traditions live on, preserving local identity and culture to perfection. It comes as no surprise that so many families, and young couples, seek houses for sale in Umbria.
Should you buy real estate in Umbria, Italy in 2023 – 2024?
Italian farms and traditional country dwellings have forever attracted foreign buyers. Especially houses for sale in Tuscany and Umbria, the two regions renowned for their gorgeous countryside and authentic ambiance, whose character corresponds to many travelers’ idea of quintessential Italian splendor. But is real estate in Umbria, Italy worth your while? That’s the question wise prospective investors ask themselves, and the dilemma that families looking to relocate, possibly to verdant areas of Italy, need to solve.
Country houses in Umbria are all the rage
Choosing to buy a country house in Umbria, or a traditional Umbrian mountain house is indeed the answer to the lifetime dreams of many. Case in point: stars and celebrities, such as Colin Firth and Ed Sheeren have bought houses in Umbria, lured by “better value homes, chestnuts, vineyards, and oak forests” as journalist Cathy Hawker puts it in the Evening Standard.
The article actually nails Umbria’s strong point: its postcard-perfect Medieval villages and pristine landscapes offer cost-effective housing solutions, at least compared to neighboring Tuscany.
Umbria: properties for sale and reasons to relocate
There are plenty of good reasons for a family or young couple looking to re-build their lives away from their country of origin to pick Umbria. The region’s genuine character, excellent quality of life, and tranquil lifestyle, alongside the competitive prices of houses for sale in Umbria Italy, make it particularly appealing. Moreover, Perugia, the capital, is a lively, safe city, with an important university and thriving businesses.
Houses for sale in Umbria Italy
Farmsteads, i.e. the local “case coloniche” or “cascine” are definitely the most popular types of houses for sale in Umbria Italy. Built in local stone and featuring charming period architectural features such as ancient wells, paved farmyards, or courtyards, country houses in Umbria generally comprise a private park or garden. The region’s cities and towns also offer more contemporary housing solutions such as apartments, lofts, and studio flats. Wherever one chooses to live, the atmosphere is welcoming, serene, and pleasant.
Buying real estate in Umbria, Italy, means investing in a region that is on the move
The Umbrian economy is not simply recovering, it is racing fast, and beating the Italian average. That’s what the CNA (the Italian Confederation of Craft Trades and SMEs) research recently published by the local journal Terni Today reveals.
The data, referred to 2021, is illuminating, and way beyond the experts’ expectations: the region’s GDP grew by +6.1%, export by 21.8%, and consumption expenditure by 5.5%. Figures also show an increase in investments, + 15.2%, and tourism, +26%.
“Tourism is Umbria’s gold”
The above-mentioned rise in tourism is definitely a promising factor and one that a prospective investor will want to keep in mind when considering whether to purchase real estate in Umbria, Italy, or elsewhere. “Tourism is Umbria’s gold” states journalist Elvira Picchioni on Perugia Today, reporting striking data on the region’s hospitality sector. Specifically, August 2021 set a record for tourist flows compared to all eight previous years, both in terms of total arrivals (813,528) and total stays (456,082). What these figures reveal, said researcher Giuseppe Coco, is that “Umbria’s overall growth in tourism rates is at once substantial and consistent”.
Umbria properties for sale and the hospitality industry
It goes without saying that deciding to purchase real estate in Umbria, Italy, allows the buyer to participate in the area’s economic development and reap the benefits of the existing, and increasing tourism flows. Buying an Umbrian mountain house, or a countryside property, or to set up a hospitality business, or even just rent it out as a vacation home, holds a lot of potential.
Major tourist attractions in Umbria
Medieval vestiges, extraordinary churches and basilicas, and the natural environment are Umbria’s forte. Hundreds of travelers roam through colorful, picturesque Perugia to discover its historic center, the eerie Rocca Paolina, San Lorenzo Cathedral, and Basilica di Domenico, before hitting the enoteche for some luscious local fare and wine. The myriad of smaller towns and cities – including Norcia, Gubbio, Spello, Spoleto, and Todi – are iconically Italian, and timelessly fascinating; as is Orvieto, with its hilltop magnificence and Gothic Cathedral. Assisi’s UNESCO-listed spirituality lures thousands of yearly pilgrims and tourists to its cobble-paved streets and frescoed Cathedral.
Summer and wintertime favorites
Umbria’s plains, hills, valleys, and mountains boast such a variety of natural attractions that travelers are spoiled for choice both in summer and winter. The Marmore Falls, the highest man-crafted waterfalls in the whole world, and Funivia Colle Eletto attract numerous families and groups both in spring, summer, and autumn. Likewise, hikers, bikers, and climbers can take their pick among countless trails, paths, and mountainsides, and adventurers enjoy thrilling rafting extravaganzas on the Nera and Corno rivers. Swimmers, windsurfers, and those who love boating enjoy Lake Trasimeno’s silvery water.
Real estate in Umbria Italy: the region’s festivals
Tourism attractions aside, Umbria also stands out for its unique, and immensely popular festivals. Their notoriety is such that, from an investor’s point of view, they add value to buying real estate in Umbria Italy. Umbria Jazz, one of the most important jazz fêtes in the world, held in Perugia in July and in other Umbrian cities in November and December, welcomes millions of music fans from everywhere in the world. The same is true for the Festival Dei Due Mondi in Spoleto, which runs for circa 20 days between June and July.
Festival attendees are always on the lookout for property for rent in Umbria Italy
These two festivals are extensive date-wise, frequented by all types of audiences - from artists and connoisseurs to fans, and very much sought-after. Hence, they both provide a valuable income opportunity for anyone that owns a country house in Umbria, or an apartment in Perugia or Spoleto: housing can be rented out very profitably when the events are taking place.
Umbria real estate listings: current prices
Having a clear idea of what kind of financial enterprise one is getting into when choosing whether to purchase real estate in Umbria, Italy is key. So, let’s take a look at the Umbria real estate listings on the leading Italian real estate portal, Immobiliare.it. As of March 2022, the average price for residential properties in Umbria stood at €1.140 per square meter, showing an increase of 0.35% compared to March 2021, when it was €1.136 per square meter.
The market trend of houses for sale in Umbria, Italy: what happened over the last few years
Checking the market trend over the last two years provides great insight too: housing prices in the region peaked in May 2020, when houses for sale in Umbria, Italy sold for an average of €1.144 per square meter, and were lowest in February 2022, when they went for €1.130 on average.
Why purchase property for sale in Umbria in 2023-2024: the Next Generation EU funds factor
In February 2022, the President of the Umbria region gave clear and definite details on what the National Recovery and Resilience Plan (the funds provided for by the Next Generation EU program) will entail. Specifically, 1.57 billion euros will be used to finance a total of 39 different projects designed to accelerate the region’s economic growth and overcome the shortcomings in terms of mobility, development, and employment. A welcome investment, that is bound to create the necessary prerequisites for enhanced public transport, both regional and national, and better quality of life.
To further your research on where to buy a property in Umbria, Italy, follow this link. You will find prices in the Umbria real estate market and tips for your investment.
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