My scout, Ciaran Madden, has just returned from his second scouting trip to Italy this year…
Back in April, I asked Ciaran to put boots on the ground in Sicily and dig into the incredible-value real estate in the Italian island’s spectacular hill towns.
This month, we continued this mission on the Italian mainland.
Last week, Ciaran flew into Rome and set off to scout towns and villages right across central Italy.
He began in Ronciglione, a village north of Rome that was named the most beautiful in the country for 2023, but where you’ll find real estate for jaw-droppingly low prices like €49,000. (You’ll find his article on Ronciglione here.)
After Ronciglione, Ciaran drove southeast into the mountainous region of Abruzzo. There, he scouted a little-known hillside village called Casoli, which he found even more charming and upmarket than Ronciglione.
He sent me this report…
Ronan McMahon, Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. Have a question for Ciaran about his scouting in Italy? A comment or recommendation? A more general question about owning overseas? We’d love to hear it. Send us an email here.
Italy’s “Hidden” Upmarket Hill Town
By Ciaran Madden
David is convinced that Casoli has a big future. And he’s putting his money where his mouth is…
I met David, a local rental manager, not long after arriving in this charming village of around 6,000 people, set on a foothill of Italy’s Central Apennines mountains, about three hours east of Rome.
The attractive hillside community of Casoli sits in the foothills of Central Apennines mountains, about three hours’ drive east of Rome and 30 minutes from Italy’s Adriatic coast.
David is originally from Naples, but now lives in the region around Casoli. In addition to managing rentals in the village, he’s developing his own project here and he offered to give me a tour.
At one end of Casoli’s cobblestoned main street, David’s turning a large, four-story building into four short-term rental units that he plans to list individually on Airbnb. As we toured the 3,800-square-foot home, he explained where new walls will be erected to create additional bathrooms…how the large main terrace overlooking the village will become a breakfast bar for guests…how the first-floor garage will be a mini-café with three or four tables…
The house needs some modernization and redecorating, but it appears in good condition and the interior is attractive, with a wide, winding staircase and high ceilings.
It’s a big project, but it feels achievable and David’s enthusiasm for it is apparent.
After my tour, I’m a believer…even before he tells me the price he paid for the building—just €100,000 (about $108,000).
I paid €65 per night for my Airbnb in Casoli. Say David charges the same rate, and achieves just a 30% occupancy level (Casoli attracts a good amount of tourists, mostly Italians, during the summer season, though much fewer offseason), that would be gross annual income of €28,470.
Ciaran sent a short video from Casoli. His new contact there bought a sprawling old home in town for less than $110,000 and is doing it up as an Airbnb. Finding out stuff like this and making contacts can only be done with boots on the ground.
I understand why David is investing in Casoli. This is unlike any other hill town I’ve scouted to date.
Casoli is one of I Borghi piu belli d’Italia, “the most beautiful villages in Italy.” While my previous stop on this trip, Ronciglione, was named the most beautiful village in the country last year, Casoli finished sixth overall. Far be it from me to disagree with the good people of Italy, but I found Casoli more appealing.
Like other hill towns, Casoli is divided between its historic center and a more modern section that now houses the commercial district.
In Casoli, both felt better maintained and more upmarket than Ronciglione and other hill towns I’ve explored.
At the highest point of Casoli’s historic center sits an 11th-century Norman castle, its stone walls polished and well-preserved. The steep lanes and alleys winding up to it are lined with attractive historic homes featuring brightly colored doors and windows shutters, and vibrant flower boxes.
Casoli often appears like an idyllic image of an Italian hill town. But you’ll also find all modern conveniences here.
Below the historic center, on the flat commercial street and surrounding roads, there are jewelers, boutiques, art stores, and nice restaurants. There’s also a cinema, gym, swimming pool, and a supermarket with gourmet produce… There are even new residential communities with modern, well-appointed apartments. I stayed in one during my visit and rank it among the nicer Airbnbs I’ve stayed in.
Casoli, then, is different than your average Italian hill community…more upscale, better maintained and more alive.
Clearly, other investors have cottoned onto this…
The well-maintained streets in Casoli’s commercial area lead into the village’s historic center, where a 11th century Norman castle sits at the highest point in town.
Just up the street from David’s project, a developer is restoring an 18th-century mansion and turning it into a fractional ownership community called Palazzo Ricci.
A massive crane currently sits in the heart of the village to aid with construction, as the developer pushes to finish the project…which is now some months behind schedule according to timelines in initial media reports.
When I was in town, the site was busy with workers. David said construction had moved to the interiors and community amenities. (He was partly inspired to pursue his own project by this big investment in the local community.) Once completed, Palazzo Ricci will have a garden area with gazebos and an outdoor pool. Inside, the owner’s common area includes a games room, Roman bath, owners’ bar, fitness center, and more.
Investors can buy a one-ninth share of one of the 14 residences in Palazzo Ricci, entitling them to 5.5 weeks’ use of the property per year. Prices start at €89,500 for a small one-bed, and go up to €332,500 for a penthouse. Sizes range from 628 to 2,224 square feet.
Those prices feel crazy high when you consider the cost of real estate in this town, but the fact that the project exists at all speaks to Casoli’s desirability.
In the street that leads from Casoli’s commercial center to the castle, a developer is turning an 18th century mansion into a fractional ownership community.
At a time when most Italian hill towns are struggling with depopulation and underinvestment, Casoli is an outlier…attracting tourists and new residential developments.
That said, the village still flies under the radar internationally. So, despite its upmarket flavor for a hill town, and despite people seemingly paying big sums for a one-ninth share of a condo here, prices in the village remain very affordable.
On the market right now in the center of Casoli is a partially restored traditional home spanning around 1,100 square feet.
It has two bedrooms, two bathrooms and a balcony with lovely views out over the surrounding valley. The list price: €65,000. Listing here.
In addition to this sensational view, this restored home in the center of Casoli has nice exposed stone walls in the interior and multiple entrances.
You’ll find homes on the market here for even less than this…
This small one-bed fixer-upper, spanning 620 square feet, is in the main commercial area and is listed for just €38,000.
For something bigger, there’s a large house on the market in the historic center near the castle. It has three bedrooms and two bathrooms across 1,700 square feet. And like many of the homes here, it appears well maintained. It’s for sale at €140,000. Listing here.
Set in the historic center, this property has multiple balconies with stunning, panoramic views of the village.
When I was in town, I couldn’t find any of the modern residential units, like the Airbnb I stayed in, on the market.
Those are along Via Montaniera. If you wanted the benefits of living in a hill town, without having to deal with the maintenance of owning a historic property, it would be worth keeping an eye open in case one of those becomes available.
Ronan says: Yesterday, I wrapped up my time in Las Vegas. I’d been in Vegas for the past week or so speaking at a couple of conferences—the Stansberry Conference and Alliance Meeting and the International Living Ultimate Go Overseas Bootcamp.
On Sunday night at Bootcamp, I hosted a special cocktail party exclusively for members of my Real Estate Trend Alert group. It was wonderful to have this opportunity to meet with so many RETA members, both at this reception and over the past four days.
In the coming days, I’ll be sitting down with Ciaran to discuss everything he’s seen in Italy and to compile a special report on all the best opportunities he uncovered. More details on that coming very soon…
Your Daily Dream Home
Sommieres-du-Clain, Vienne, France
On the first floor of this charming two-bedroom detached stone cottage there’s a kitchen/diner, sitting room with log burner, bedroom, and shower room.
Upstairs there’s a master suite with dressing area and en-suite. An attached cottage could provide additional living space or a separate dwelling, and has space for an upstairs bedroom.
Also included is a garden and a separate 15,500 square feet woodland lot, located a two minute walk away. Recent work done on the cottage includes new drainage and replaced roofs.
The cottage is in Sommieres-du-Clain, a picturesque village in western France. This beautiful region is home to rolling hills, sunflower fields, and limestone cliffs. The countryside is a patchwork of agricultural land, woods, and traditional French farmhouses.
The nearby River Clain is a popular spot for fishing and riverside walks and there are numerous hiking and cycling trails which run through the surrounding woodland.
