The dream of owning a tuscan farmhouse is growing

Will Riparbella, an up-and-coming area for investing in vineyards and farmhouses, be the new Bolgheri? In conversation with the CEO of the Tenute del Leone Alato winery (Generali Group), Igor Boccardo
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Countryside still largely unspoilt by human intervention, well-kept, authentic and spontaneous. Its proximity to the sea. These are just two of the reasons why Riparbella is rapidly attracting interest and investment. A growing town also driven by the established success story of Bolgheri, a niche area just half an hour down the road where important families like Marchesi Antinori and Marchesi Incisa della Rocchetta, as well as other members of the aristocracy, attract a wealthy clientele. Riparbella may not yet be as well-known as other nearby towns and villages like Casale Marittimo, Castagneto Carducci and Bolgheri that are already well-established, but the countryside has always drawn tourists and buyers of second homes from far and wide, with interest in investing in wine skyrocketing over the last twenty years. Investments by large national and international players are on the rise and those who have invested believe that in less than twenty years it will become more prestigious than Bolgheri, because it is growing so much. Last May, Tenute del Leone Alato - the wine branch of Genagricola, the agricultural asset of the Generali Group that includes Italian companies with their identity and roots firmly planted in renowned wine-growing regions - has concluded its full acquisition of Duemani. Duemani, a winery that owns vineyards in Riparbella and Castellina Marittima, was founded by Elena Celli and Luca D’Attoma, an internationally renowned winemaker, who believed in this unspoilt land where they planted vineyards in the year 2000, opting for biodynamic agriculture from the very beginning to respect the ecosystem. Today, the estate spans thirteen hectares and boasts a production capacity of sixty thousand bottles. Its acquisition represents a significant step in the expansion strategy of the estates owned by Italy’s biggest, and one of Europe’s largest, insurance groups. “There are certainly better-known regions than this in both the north and south of Italy, with prestigious DOCs and Crus, but what the consumer holds in their hand is a product whose story is firmly embedded in the region and linked to how the wine is produced. We felt that the story behind this wine was unique and so important that it was worth investing in Riparbella”, Igor Boccardo, CEO of Leone Alato, tells Ville&Casali. “It is a niche region outside the mainstream, and I see this as a positive because excellence can also be developed away from the important denominations as long as a certain rigour is maintained, which is exactly what Luca D’Attoma has always done with his wine production. So we are talking about a product that has everything to rival its more famous counterparts. The Duemani winery is ideally situated and boasts fifteen hectares of vineyards and a renowned winemaker, not to mention the as yet untapped potential of the region; all ingredients that make for a perfect recipe and a real gem for wine lovers. I believe that Riparbella has enormous potential, but it must stay true to the region as anything less would be counterproductive. A key part of agriculture and viticulture is respecting the soil and the land, so a common sense approach is required”. Until recently, the Ferragamo family also had their two hundred-hectare estate - Prima Pietra - in Riparbella, with vineyards planted 450 metres above sea level, the highest in the whole of Tuscany, in a beautiful location overlooking the surrounding countryside. This was just sold to an international investment fund. 

The second-home market for German, Swiss, French and Belgian buyers has been buoyant for a long time because it has always been a very popular place: we have the sea just a few kilometres away, Cecina, a thirty thousand-population town with all the amenities you need, Pisa with its airport forty minutes away and Volterra on the doorstep. Interest in wine came later, perhaps in part thanks to the saturated Bolgheri market, where stock is low and prices are much higher. In Bolgheri, you can spend up to €800,000 for a hectare of vineyard, while here in Riparbella it would cost between €150,000 and €180,000, although these valuations would vary depending on whether or not the winery is already up and running and fully renovated”, Cristiano Meini, owner of Meini Immobiliare , explains to Ville&Casali. “Those who invested here got a bargain because they spent less and achieved a notable capital gain. The only problem is that supply is very low. As soon as something comes up for sale at a reasonable price, it sells within six months, in part because we have a portfolio of clients to inform, primarily foreign investors, who are motivated to make a quick purchase. Thirty years ago, it was mostly Germans who exploited the value of the Deutsche Mark over the lira. However, this advantage disappeared with the introduction of the euro and they started going elsewhere. Many sold their estates on to Italians, triggering the arrival of the Milanese, Venetians and others from northern Italy, who purchased much of the countryside of this region. Milan is just a three-hour drive away, making it a very convenient destination even for the weekend”, Meini concludes. Those who dream of owning their own farmhouse are looking for a 150-180-square metre property in the country made of exposed stone, with swimming pool and sea views. If it needs to be renovated, an additional spend of €3,500 per square metre must be budgeted for, which is significantly higher than the €2,000 per square metre required before COVID. Everyone interviewed agreed that the pandemic led to a boom in demand. “Our clients are from Northern and Central Italy and are looking for a traditional farmhouse and a farm or vineyards. Demand is very high, which we are unfortunately not currently able to meet because there are so few properties on the market”, explains Maurizio Galligani from Eden Immobiliare, responsible for the Etruscan Coast. “The perfect property for our buyers is a farmhouse on the first hill benefitting from panoramic views. Properties near the sea are worth more, particularly if they are close to San Vincenzo. A 50-square metre seafront apartment would cost around €200,000 and provide a good rental income”. Maurizio Taddei from Faber Immobiliare also agrees that those looking to buy in this area ideally want a property with sea views within thirty minutes of the beach. He adds that: “We have two kinds of client: those who only care about location and those looking for a panoramic farmhouse. Prospective buyers are typically searching for a three-bed property with one hectare of land and swimming pool, for which they are willing to spend around €1 million. Anyone who bought in 2020-2021 undoubtedly got themselves a bargain.” Taddei is convinced that “anyone who buys into the Tuscan dream, an international Made in Italy brand, cannot go wrong.

 

Published on Ville&Casali january 2023
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