According to the BBC and Sky News we’re all dying here in Italy. I read a story of a poor guy in Lodi, near Milano, who died whilst painting a pedestrian crossing. Whenever I pass these men working on the roads (and there are a lot at the moment) I always comment to my wife that they don’t seem the healthiest people.. so it’s kind of not surprising but still sad.
Is it hotter in Piedmont than normal? Maybe one or two degrees more so we aren’t all dying. Always in the summer, you have to be sensible. I get up early (around 5 am) and work in the office - like I’m doing right now! Avoid being outside when possible in the daytime, especially around midday, stay off alcohol and drink lots of water. I try to take a siesta in the afternoon so I have plenty of energy up to midnight and beyond when it’s cooler. Are people dying? Ah, no.
It’s been a busy year so far. How’s the real estate market doing? It’s super busy with new buyers but there’s some frustration for them. Here’s a bullet list so you easily avoid these buying pitfalls.
- Expectations can be way off. Do your research first so you know the value of things.
- Ensure you get your finances in place first. Better to save your time and avoid disappointment by ensuring you can buy what you want before you start looking.
- Listen to the advice of the agent, if the agent is trustworthy.
What has changed is a much greater demand for ‘luxury’ property. Bigger money is moving into the area as people with the spending power have woken to the value of the region. We had a property come in for around €2.5m and it sold within 5 hours.
There’s a shift of who’s buying - I see no Brits here now. I guess they do buy but not many from what I can see. Americans, yes. Scandinavians and northern Europeans make up the most part of buyers. It seems that in some areas every fourth car is from The Netherlands!
Are prices down? It’s a question I often get asked. Hmmm, kind of. It’s really difficult to tell as houses and areas differ so much. I think what has changed is sellers who thought their houses were worth much more than market value are getting into reality and dropping their prices. Is that a decrease in prices? Not really, as the price was far too high before. So, I’d say a little down and good negotiation should get you a good deal.
Local Italian agents are now trying to offer services to foreign buyers. It may seem something I would have to say but please be cautious. They won’t always understand your needs - I’ll say no more than that. We ‘foreign’ agents are tailor-made for giving the service that you will need. Don’t underestimate this.
What Langhe Property is doing
You need videos, so (as I always promise), I’m working on that. I’ve just spent, and continue to spend, a fortune on equipment for home tours and informative videos and I built a studio in my home. My video on ‘Piedmont explained’ was a big hit and so I hope to continue on that. If there’s anything you want covered or explained in a video - get in touch!
The next video to come is - a guide to buying a home in Italy. It will be long, informative with no waffle (talking about other unrelated things). It will be what you need to hear if you’re buying a home in Italy. Subscribe to my channel so you know when it’s ready! It will be 19 years of experience shared for free. Don't miss it!
I plan to make some changes in my work too, they’ll be subtle but carefully thought through to make buying here much easier for you. The tax system in Italy is brutal so I need to find the equilibrium so as to not be killing myself just to pay even more in taxes.
I just walked the dog in the Roero hills, called La Rocche, they resemble forests after so much rain. A bowl of fruit (I’m trying to lose weight) then I’m going to photograph a wonderful 4-room B&B close to Asti. It will sell immediately. I’ll link it here when it’s on the Website.
Thanks for reading this far!
Richard Edwards - Langhe Property
18 July 2023
