29 October 2024 Campagna

Monferrato, second homes are increasingly becoming... first homes

The buoyancy of the tourist property market shows no signs of stopping. Luxury hotels are opening and prices are still more affordable than neighbouring Langhe

“What we have been predicting for years is starting to come true. Luxury hotels have started opening in Monferrato (like Le Cattedrali in Valleandona), and we have sold a castle in Serralunga di Crea (Alessandria) to a well-known hospitality entrepreneur who has businesses in Piazza della Signoria in Florence and Mikonos in Greece.” So began Ville&Casali’s interview with Alessandro Matarozzo and Stefania Emanuel, license partners of the prestigious international estate agents Engel&Völkers, with offices in Asti for Monferrato and in Alba for Langhe. There has been talk for some time now about the untapped tourism and property potential of this important corner of Piedmont in order to compete with nearby Langhe. “We have sold a number of farmhouses to companies looking to renovate and sell them on, a common practice in a thriving property market,” the two experts continue. “There is a real buzz of excitement and prices are still reasonable for a market that shows all the signs of continuing its upward trend. For example, villas currently offer the best value for money in terms of quality and area because they are still under €3,000 per square metre. There are also renovated farmhouses on the market for €1,800 per square metre, which is practically the cost of construction. If they are in a great location, well-furnished and with a few extras, such as a large pool or vineyard, they might go for €2,500-€2,800 per square metre... but that really is the cream of the crop.” A buzz that therefore brings together entrepreneurial spirit, culture, tourism and hospitality, as also confirmed by Mariano Rabino, President of the Langhe Monferrato Roero Tourist Board: “The Langhe remains as popular as ever, but there are clearly areas that have already reached a certain level of saturation. This is in stark contrast to Monferrato, which still has plenty of room to grow and expand. During the last Food&Wine Tourism Forum, which our tourist board organised in June at the Castle of Grinzane Cavour, we presented part of a research report commissioned to Professor Guido Guerzoni, CEO of the strategic consultancy company Formules, on the economic impact of ten years of UNESCO World Heritage status. One of the findings of the report was that the Asti property market has seen greater growth than its Langhe counterpart. Looking at the data on residential sales, Monferrato saw the largest increase of the 6 ‘core zones’: +239% for ‘Monferrato degli Infernot’ and +106% for ‘Nizza Monferrato e il Barbera’, between 2014 and 2022, compared to a regional average of 94% over the same period.” Stefano Oberti, from Piedmonthouses agrees, arguing that “Monferrato is slowly fulfilling its true potential thanks to property prices that remain affordable.”

THE DREAM PROPERTY IS A COUNTRY FARMHOUSE

What is the most sought-after holiday home? “A traditional Piedmontese farmhouse, close to local amenities but away from busy roads and with a beautiful view of the hills,” replies Emanuele Mondo, owner of Emmeffe immobiliare. “If it has already been renovated, a swimming pool is a must.” Where are the most popular areas? “Costigliole d’Asti, Agliano Terme, Calosso, Castagnole delle Lanze; villages which, in recent years, have successfully revamped their small centres with shops, wine bars, artisan businesses, restaurants and a whole host of amenities reachable on foot or by bike, meeting the needs of tourists/buyers looking for a second home.” According to Rosalba Vallarino Gancia, from Internau Monferrato, “Thanks to the high quality of life of these areas, people are buying tourism properties with a long-term vision: with a view to making it their first property. Most buyers are from northern Europe or the USA, although Turin locals are also returning. They are all looking for a renovated farmhouse, or for a house with a garden close to local amenities, including properties in need of renovation. Cocconato, Moncalvo, Scurzolengo and Vignale, between the provinces of Asti and Alessandria, are the most sought-after lo cations.” According to Marco Pusceddu, president of the Piedmont branch of the Italian Federation of Professional Estate Agents (FIAIP), “Small towns are really suffering, because apartments or small houses in the suburbs are struggling to find buyers. In contrast, a detached house immersed in nature and with views over the surrounding hills does not take long to sell. Prices are stable and have slightly increased by around 2% over the last year, tending to partially absorb inflation, consistent with Italy’s domestic property market in 2023.” “Increased demand for isolated properties is a new and emerging trend,” adds Roberto Coppola, President of the Asti branch of the Italian Federation of Professional Estate Agents (FIAIP). “People are looking for properties set on large plots (at least a hectare), with large gardens or generous courtyards, primarily to establish a hospitality business, holiday home or B&B, or to open an educational farm. Many establishments of this type have sprung up in Maretto d’Asti, a town in Monferrato, which benefits from great transport links to Turin. Canelli, Nizza Monferrato, Cocconato and Costigliole d’Asti are also attractive areas: all very popular places among food and wine enthusiasts, e-bike owners and for those who love the hill views and visiting the famous Barbera wineries.” In short, “in these areas, tourists who decide to buy look for detached properties with land, to be used partly by them and partly to rent out to other tourists. An almost 200-square metre property ripe for renovation with one hectare of land could cost less than €300,000, rising to around €450,000 if it is liveable but requires modernising and light cosmetic work, peaking at €600,000 to €800,000 if fully renovated.” Monferrato is becoming increasingly popular among celebrities. “Rapper J-Ax and actor Giovanni Baglio, from the trio ‘Aldo, Giovanni e Giacomo’, have already bought here, while other singers are looking for a house in the Nizza Monferrato area; the ‘Ferragnez’ themselves came to see an estate after having been in Neive, in Langhe,” concludes Francesca Annecchini, from Francimmobiliare. “I believe that Monferrato is still poorly organised and has a lot of work to do to create greater incentives and cultured events that enhance the region’s visibility. But I am sure that it won’t be long.”

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