Puglia’s Salento Region. Beaches, olives, slow living, food, sun, quiet, sailing, ease.
Compare, for example: Casa Soleto by Studio Andrew Trotter x Frama
Property Nearby
Casa Soleto is blue-starred, near Galatina. Red stars indicate nearby potential purchases, detailed further below.
Numerous smaller homes near Casa Soleto exhibit similar architecture, gorgeous historic towns, local craftsmanship, nearby beaches, and are ripe for similar styling and sale as affordable, boutique vacation properties.
While beautiful single-family homes can be acquired from 50k-100k, the rental markets are robust, as is clear from AirDNA data.
In Puglia’s Salento region vacation rentals have consistent 40%-55% occupancy at $150-$250 nightly rates—both on the coast and further inland.
Gallipoli: 2,700 rentals, $151 nightly, 54% occupancy
Nardó: 1,900 rentals, $171 nightly, 50% occupancy
Racale: : 803 listings, $206 nightly, 54% occupancy
Castrignano (Santa Maria di Leuca): 758 rentals, $222 nightly, 50% occupancy
Gagliano (Santa Maria di Leuca): 279 rentals, $278 nightly, 46% occupancy
*Tricase: 404 rentals, $198 nightly, 47% occupancy
*Galatone: 326 rentals, $173 nightly, 41% occupancy
*Casarano: 234 rentals, $206 nightly, 46% occupancy
*Parabita, 203 rentals, $192 nightly, 44% occupancy
*Andrano, 133 rentals, $240 nightly, 42% occupacy
*Ruffano: 100 rentals, $185 nightly, 43% occupancy
*Tuglie: 151 rentals, $130 nightly, 44% occupancy
*Melissano: 35 rentals, $130 nightly, 41% occupancy
*indicates town with example property listed below for purchase.
Salento Region Photos
Santa Maria di Leuca
Salento
Gallipoli
Off Santa Maria di Leuca
Gallipoli
Gallipoli
Santa Maria di Leuca
Gallipoli
Ostuni
Near Lecce
Available Salento Homes. $30k-65k, simple reno, vaulted ceilings, quality craft.
Towns: Ruffano, Galatone, Parabita, Casarano, Andrano, Tuglie, Melissano, Presicca-Acquarica, Vernole, Miggiano.
Ruffano, 30k. Target international sale as designed, managed vacation home: 125k-150k.
20-30 min to sea at Gallipoli, Leuca, Castro Marina
Via Carlo Del Prete, 120 sq meters, two vaulted living rooms, 3 bedrooms apartment, fireplace, terrace, historic center
Casarano, 36k. Target international sale as designed, managed vacation home: 125k-150k.
20-30 min to sea at Gallipoli, Marina di Mancaversa-Giannelli
Via Pellegrino, 70 sq. meters, terrace
Andrano, 40k. Target international sale as designed, managed vacation home: 150k.
3km from sea at Castro Marina
Via Provinciale, 80 sq. m, four rooms
Presicca-Acquarica, 49k. Target international sale as designed, managed vacation home: 150k.
15 min to sea at Leuca, Torre San Giovanni, Gallipoli
Via Fiume, 90 sq. meters
Melissano, 50k. Target international sale as designed, managed vacation home: 150k.
15-30 min to sea at Torre San Giovanni, Lido Marini, Leuca
4-room house, Via Don Giovanni Minzoni
Galatone, 50k. Target international sale as designed, managed vacation home: 150k.
70 sq. meters single family home, 10-15 minutes to sea, e.g. Gallipoli
Vernole, 51k. Target international sale as designed, managed vacation home: 150k.
10 min to the sea, 77 sq, four room single family home
Miggiano, 60k. Target international sale as designed, managed vacation home: 150k.
10 minutes to sea (Tricase Porto, etc.), 100 sq. m, four room single family home
Parabita, 62k. Target international sale as designed, managed vacation home: 150k.
15 min to sea at Gallipoli
118 sq. m single family home
Tuglie, 63k. Target international sale as designed, managed vacation home: 150k.
15 min to sea at Gallipoli
69 sq. m single family home
Galatone, 65k. 10-15 minutes to sea, e.g. Gallipoli. Target international sale as designed, managed vacation home: 150k.
80 sq. m single family home
Corsano, 65k. Target international sale as designed, managed vacation home: 150k.
10 minutes to the sea
173 sq. m single family home
Pricing Model
Progetto will initially target affordable properties for cash buyers managed, marketed vacation homes—Tiers “3” and “4,” below. The above Salento homes all fall toward the affordable “Tier 4” end of the spectrum.
Consumer mortgage partnerships will allow Progetto to market more luxurious homes. For more information, please see investor materials and business model.
Tier 4 Home Targets
Markets: Americans priced out of urban real estate markets, e.g. millennial business owners and freelancers who work flexibly, enjoy travel, and aspire to homeownership, but may struggle with U.S. mortgage financing; real estate investors seeking to add affordable vacation rental units; U.S. digital nomads, remote workers, retirees.
Acquisition: $50k
Touch-ups: $12.5k
Furnishing: $12.5k (local, IKEA, Frama)
Sale: $150k
Net profit per unit after development and tax on sale: $37.5k
for 100 homes: $3,750,000
Tier 3 Home Targets
Markets: Similar to above at higher-price tier.
Acquisition: $100k
Touch-ups: $25k
Furnishing: $25k (local, IKEA, Frama)
Sale: $300k
Net profit per unit after development and tax on sale: $75k
for 100 homes: $7,500,000
Tier 2 Home Targets
Markets: Families, young professionals, retirees, ‘DINKs’ seeking aspirational first or second homes with rental cash flow.
Acquisition: $200k
Touch-ups: $50k
Furnishing: $50k (local, Frama)
Sale: $600k
Net profit per unit after development and tax on sale: $150k
for 50 homes: $7,500,000
Tier 1 Home Targets
Markets: Buyers seeking European luxury with rental potential.
Acquisition: $400k
Touch-ups: $100k
Furnishing: $100k (local, Frama)
Sale: $1.2 million
Net profit per unit after development and tax on sale: $300k
for 25 homes: $7,500,000
Projected Totals
Homes sold: 275 over three years — 200 Tier 3 & 4, 50 Tier 2, 25 Tier 1
Acquisitions: $45 million
Gross revenue: $105 million
Net homes sales profit—without rentals and management, after taxes and development costs: $26,250,000
Estimated rental revenue: $4 mm (180-day avg. rental period pre-sale at 40% OR/$150 ADR, with 200 homes managed post-sale for 2.5 years)
Projected PropCo Return: $20,267,500
Projected OpCo Return (at 33% fee): $9,982,500