Umbria

• Benefits from archetypal Italian climate, countryside and food
• Renovation properties exist at affordable prices
• Tourism offers rental potential when you're not there

Umbria used to be considered Tuscany's poor neighbour, with property prices substantially lower and far fewer visitors to the area. That has changed in recent years, however; the region is now nearly on a par with Tuscany in terms of property values and more people are making the journey to this part of Italy. Estate agents quote annual appreciation of anywhere between 5% and 15%, though there are local variations.

Umbria is only 90 minutes drive from Rome (the nearest major airport) and a recently opened Ryanair route direct to capital Perugia has brought the heart of the region within two and a half hours of Stansted airport.

For those with the time and skills to do the job, there are many renovation opportunities in Umbria. For as little as £53,500 (€80,000) you can purchase a house in need of repair around the picturesque northern town of Citta di Castello.

Prices differ considerably across Umbria. Inevitably, some areas are more popular, and therefore more expensive, than others. There's usually a premium to pay in the historic towns and cities (for example, Assisi and Todi in central Umbria), and around beautiful Lake Tresimeno in the north-west of the region. You may have to spend over £133,500 (€200,000) here on a house requiring restoration.

Bear in mind that your renovation costs might easily double your budget in order to bring the property to a good habitable standard. And remember to check planning permissions too.

There is some habitable property under about £83,500 (€125,000), small rural townhouses and farmhouses around Orvieto in the south-west corner of the region for example, and some larger, partially restored property ready for modernisation or decoration. Increase your budget to around £106,500 (€160,000) and you can choose between a small, well-restored country home in an idyllic hamlet and a town centre apartment in good condition, both with two bedrooms.

Over and above £133,500 (€200,000) you could find a two-bedroom property close to Lake Tresimeno, or alternatively a three-bedroom stone-built farmhouse or villa in a less popular spot. Three-bedroom homes finished to a higher specification, or in a particularly sought-after location, are priced towards £200,000 (€300,000).

Habitable homes are not far behind those in Tuscany in price terms but Umbria benefits from a stock of properties which are ripe for renovation and much more affordable. This stock is not inexhaustible, however, and increasing demand will continue to fuel appreciation of house prices in the area. Umbria offers a realistic opportunity to fulfil that Italian property dream.