The regions of Umbria and Le Marche have become increasingly popular for foreign investors in Italy. They have enjoyed strong growth in their residential markets in recent years and, although they are unlikely to escape the effects of the global financial crisis, buyers will probably continue to find them attractive.
Tuscany has been the most popular destination for foreign buyers of Italian property for more than 20 years. But first Umbria and then Le Marche, in central Italy to the east of Tuscanny, enjoyed a spillover from the region. Although less well-known than Tuscany, both regions have enormous attractions. Umbria was the first to attract attention from buyers looking to avoid the high prices of it's neighbouring region.
Umbria is often called the 'green heart' of Italy and is mostly made up of rolling mountains. It includes Perugia, one of the best-preserved medieval cities in Italy, Assisi, home of Saint Francis, and Lake Trasimene, the largest lake in the peninsula. Although it has no coastline to provide relaxing beaches, all these attractions have helped make Umbria a growing hit with foreign investors.
Attention has more recently increasingly shifted to Le Marche, which covers the region between Umbria and Italy's eastern coast. Relatively unspoiled in the interior and with many beaches on the coast, Le Marche used to attract much less interest from foreign buyers, but today it is sought out by more adventurous buyers or those with smaller budgets.
The market for foreign buyers is already well developed in Umbria. Gemma Knowles, of GK Italian Property, said: 'Umbria boasts many of the same charms as Tuscany, but with lower property prices, generally about 20 per cent cheaper.'
According to Roger Coombes, managing director of Cluttons Italy, while prices in Le Marche were distinctly lower than Umbria 10 years ago, sellers' expectations have risen over time and now the difference has been reduced.