New luxury homes set to launch in Italian hotspot

22 July 2020 | Investment

Palazzo Ricci, a new private residence club located in Abruzzo, Italy, is launching sales this summer.

Approximately two hours from Rome and Naples, the 220-year-old palazzo, built in 1799 for the Ricci Family of Italian nobility, is currently undergoing a full restoration and will have 14 luxury residences (1-3 bed), with five-star amenities ‘equivalent to the finest resorts in the world’. 

The grounds include private gardens complete with old-world water features, swimming pool and spa, 24/7 staff and concierge services (featuring cookery classes, local tours, etc).

Prices will range from $100,000-$340,000 and includes a 5.5 week stay per year, in partnership with the Elite Alliance Exchange Group – a global network of 135 private residence clubs which provide exchange privileges with owners at other prestigious properties in top international destinations.

Fully renovated and ready for use from 2022, the palazzo is currently available to visit, with ‘Experience Tours’ taking place for potential buyers to have an opportunity to see and understand the destination.

The tours include viewing the Palazzo Ricci footprint and construction, exploration of Abruzzo from the mountains to the beaches, as well as enjoying a variety of other excursions in the area whilst ‘staying at a beautiful farmhouse nearby’.

Why own a piece of Palazzo Ricci? 

The team behind the renovation say there are a number of reasons why investors should be considering investing in the area. One being location, with CNN Travel recently naming Abruzzo as ‘Italy’s #1 hot new destination….the new Tuscany without the high prices’.

The area is world-famous for its wildlife parks (with 38 protected areas), coupled with ‘amazing beaches’ like Punta Aderci, which recently featured in Condé Nast as one of the best hidden beaches in Italy.

Palazzo Ricci also sits only 30 minutes from the mountains and 10 minutes from the sea, making it an ideal year-round location, with hiking, biking, paragliding, climbing, skiing and the Trabocchi Coast for summer sun all on offer to buyers.

The team also says it represents excellent value for money, with a world-class holiday home at a price point that will surprise (from just over £79,000). Steve Dering, the creator of the first residence club concept (the prestigious Deer Valley Resort in Park City, Utah), is part of the experienced team behind this latest transformation.

Accessibility is another big plus. To reach Casoli, visitors can fly in to either Rome or Naples international airports, followed by a ‘spectacularly scenic’ two-hour drive east to Casoli. The Abruzzo region also has its own smaller international airport in Pescara, just 45 minutes from Casoli.

In late 2019, it received Italian government clearance for an extension of the runways, which will mean the addition of many more international flights into Abruzzo and Casoli.

Foodies and wine enthusiasts will be catered for, too, with the team describing the area as a ‘food and wine connoisseur’s dream come true’, just 20 minutes from the 600-year-old, world-famous Villa Santa Maria chefs academy, located in the ‘green heart of Italy’ known for the most coveted Italian food, wine and ingredients.

What’s more, Palazzo Ricci and the Ricci family have a rich history of serving the community of Casoli, partnering with La Cooperativa Sociale di Casoli to offer programmes for local disadvantaged and disabled persons. Many of the supplies and textiles used in each Palace residence are handmade in Abruzzain tradition and sourced from the cooperative. Palace owners also have the opportunity to visit this community programme and participate in its rewarding efforts.

Then there is the design of Palazzo Ricci, which has been completely renovated ‘following the highest standards of historical conservation’. The palace’s exterior will aim to recapture the original grandeur of this 18th century palace, whilst the interiors will aim to meet the highest standards of modern architecture, energy efficiency, engineering, and ‘seismic stability’. A commitment ‘to the preservation of its original Italian design’ will also be maintained. 

Lastly, the team says its appeal to a wide range of demographics will help it to thrive – including families, groups and multi-generational parties. “A flexible ownership model means you are not restricted to using a specific residence each stay. Palazzo Ricci allows owners to host family reunions, a gathering of friends, or corporate retreats via stays in multi-residences at the same time. This is a ‘legacy buy’ opportunity to have a slice of Italy in your family for years to come.”

Why now?

With lockdown easing throughout the world, the team behind Palazzo Ricci says now is the ideal time to purchase a holiday home.

“This is an opportunity to own a piece of real Italy; a noble Italian palace in the most authentic Italian village of Casoli,” it says.

“Get ahead of the crowd and buy into a slice of Italy’s rising star. Abruzzo is commonly cited as the new Tuscany and is rated in the top 10 best places in the world to retire, to invest in real estate, and in affordability. In spite of the recent attention, it still remains one of the most authentic and untouched regions in all of Italy.”

Offering the ultimate home office/working remotely base, with fast WiFi combining with all the amenities of home, the team end by saying that Palazzo Ricci is a stunning and inspiring setting for people to extend their work/life balance.

This post has originally been featured in Property Investor Today.