Increased interest in Puglia by international investors came with the arrival of the Euro. Once the lira ceased to be legal tender in Italy, in 2002, the market rose steadily, peaking in 2008 only to stagnate, overnight in line with the global economic banking crisis. The dampened market by investors caused house prices to drop by 20 – 30 percent in some areas over the course of the next few years. Initially, the market was stubborn. It was hard for vendors to accept that the golden years had come to an abrupt end.
Puglia has since, begun its slow climb out of the bruised economy. Even, in its glory years, Puglia was never a match for its northern sister, Tuscany, in terms of numbers of investors attracted to the area.
However, in the last two years, since 2016, Puglia has started to compete directly with Tuscany. We have all heard Lecce spoken as the ‘Florence of the South’; ‘Gourmet Heaven’ is how Abigail Blasi of The Lonely Planet refers to Puglia; and when the New York Times says that Puglia is ‘blissfully isolated from the 21st century’, you’d have to be living in paradise, if you did not want to put it on your wish list!
We, natives of Puglia, are equally and duly thankful to Justin Timberlake for taking his vows with Jessica Biel at the now infamous Borgo Egnazia in 2016, putting Puglia in the blazing spotlight. A culmination of events and visitors from the VIP world have highlighted what the heel of Italy has to offer for investors and holidaymakers alike, should there ever have been any doubt in any investor’s mind.
At a time of uncertainty, investors have turned to our southern belle, for an alternative to leaving their cash in the bank or investing in the run of the mill hotspots of Italy.
With less money, investors are able to buy into the Puglia lifestyle, a slower pace of life and all things Italian in a concentrated melting pot of historical sites & treasures; antique history written by the Romans, Byzantines, Saracens, Normans and the Aragonese; phenomenal natural parks, grottoes, dunes and 865 kms of coastline; folklore, festivals, rituals & vibrant musical spectacles and oh yes….. gastronomic goodness.
A modest yet rich life. A number of options are available for investors; baroque palazzo, villa by the beach, country farmhouse (masseria) with olive and fruit orchards, new build traditional styled structure with land, stable (lamia) restoration, casale or casolare renovation, trulli constructions between modern and antique.
Location is critical to the choice of property in which to invest in and most investors concentrate around the towns between the major airports that serve the region; Aeroporto Internazionale di Bari Karol-Wojtyla and Brindisi Aeroporto del Salento. Principally, those areas are all year-round destinations and are also tourist and visitor havens.
Business growth generally has increased by 12% since the crisis of 2008, alongside the real estate economic recovery. In an area of unexploited opportunities, Puglia offers not only favourable real estate circumstances but also an abundance of qualified people in handicrafts, construction, agriculture, transport; talented locals who have created singular and growing family businesses in supporting industries; building, services, tourism and manufacturing.
A promising horizon for current and future investors.