Italian tourism initiative helps couple invest in rural village

Tuesday February 24th , 2009

A tourism initiative has helped a British couple buy a 1920s two-bedroom house in rural southern Italy for under £50,000.

The Sunday Mail reports that Alison and John Quinn have taken advantage of the Low Cost Italy project, in which foreign buyers are encouraged to invest in affordable period properties in picturesque villages.

Included in the Quinns' purchase price of £38,000 for the property in the centre of Terre D'Irsina are the costs of renovation, restoration and furniture, meaning the property will be ready to move into on completion.

Mrs Quinn said: "It's exactly what we were looking for, and it all came about by accident.

"It's beautiful, with a gorgeous living area, original marble floors, and a fantastic roof terrace. We can't wait to see it when it is finished."

She added that they had had a "fantastic" reception from locals when visiting the area.

According to a study by Banco Halifax Hispania, the vast majority of people looking to buy property in Spain are under retirement age, while 50 per cent of people who already own property in the country are under the age of 35.
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