Italy: More to Fiesole than jaw-dropping vistas

Fiesole clings romantically to the top of a verdant hill in Tuscany that gives it a spectacular vantage point from which to view the skyline and sunsets over the Renaissance city.

Florence: Set 5.5 miles from Florence, the Etruscan town of Fiesole clings romantically to the top of a verdant hill in Tuscany that gives it a spectacular vantage point from which to view the skyline and sunsets over the Renaissance city.

But there is more to this Italian town than jaw-dropping vistas. Archaeological sites, such as a 14th-century BC Etruscan temple and Roman amphitheatre, are evidence of its long history, and it has links to a long list of illustrious creative types, including Marcel Proust, Gertrude Stein and Frank Lloyd Wright.

Cool in summer and wonderfully green, the area established itself as a retreat in the 14th century for wealthy Florentines to escape the heat and dust of the city during the summer. They built lavish villas set in luscious gardens that are now lived in year-round.

British buyers wanting to live the Tuscan dream arrived in the town in the 1960s and ’70s, lured by its starry visitors and historical heritage. The 1985 film “A Room with a View,” which has scenes set in the town, further boosted its appeal with foreign visitors.

Fiesole is on the northeast edge of Florence and lies to the west of the SR302 road. The main road into the town and its main square, Piazza Mino di Fiesole, is Via Fra Giovanni da Fiesole Detto L’Angelico.

The northern edge of Fiesole is Via delle Fontanelle, vias del Pelagacci and Peramonda lie on its eastern edge, vias Francesco Ferrucci and Andre Costa are on its northern border and vias Vecchia Fieslana and Fontelucente make up its southern border.

Prices depend on the size and location of the property, but an apartment in the center of Fiesole typically ranges from between €2,000 (US$2,542) per square meter and €3,000 per square meter, said Lodovico Pignatti Morano, managing partner of Italy Sotheby’s International Realty. “Villas range from €4,000 square meter to €5,000 per square meter,” he said.

However, unique properties can exceed average asking prices. For example, in Settignano, a village less than four miles from Fiesole, a 17th-century villa with a magnificent 18th-century garden and amazing views over Florence is being sold off market for €130 million, according to Pignatti Morano.

Before the downturn in 2008, asking prices had reached €10,000 per square meter, said Amy Redfern-Woods of Knight Frank Italy. “We are now seeing that sales prices are more in the region of €5,000 per square meter with a stable, steady flow of inquiries and viewing figures and sales transactions,” she said.

This 11-bedroom Fiesole property comes with a modern villa, a farmhouse, a pool, 6 hectares of land, and a private well. It’s currently asking for about $4.2 million.

It has been a choice spot for the aristocracy and the wealthy for many years and, as such, the area has many historic villas and mansions with gardens and parkland, Pignatti Morano said.

Some of them have been divided in apartments but many remain intact, he added. “You can also find small palaces within Fiesole town center, which are more popular with local people,” he said.

Redfern-Woods said Fiesole has impressive 16th- and 17th- century villas with formal gardens and views and annexes—some of which have been converted into apartments, and homes that were restored in the 1950s and still maintain a retro design and finish.

Homes are either part of a large villa remodeled into apartments, or large private historic villas with impressive grounds, Redfern-Woods said.

The closeness to Florence makes it an ideal place for homeowners who want to escape the frenzy of the city and enjoy a village life, while still being within striking distance of it, Pignatti Morano said.

Fiesole’s highlights are its main square with its bars and restaurants; amphitheater, which offers interesting concerts and shows throughout the year; and its city views, which are breathtaking, Ms. Redfern-Woods said.

La Reggia degli Etruschi offers Italian cuisine as well as stunning views of Florence from its panoramic flower- and greenery-filled terrace, which is set over two levels.

There are also great city views from Restaurant La Loggia, the eatery at Belmond Villa San Michele, one of the area’s best hotels. The dining spot serves Italian fare and overlooks Florence and Italianate gardens.

There is also an affordable eatery serving Asian food, which is said to be the first of its kind in the area. In Maiano, less than two miles from Fiesole, stands Cavemare, a fish and seafood restaurant in a peaceful spot with rural views.

Fiesole has bars, cafes, grocery shops, gelateries, a weekly food market and a monthly antiques market. There is also Falegnameria Scala, a wooden window frame specialist, and Mobili Arte Povera, a rustic furniture and restoration specialist.

Florence’s Via Tornabuoni is a luxury shopping street and houses many of the city’s top designer fashion houses.

Meanwhile, there are prestigious higher education enclaves in Fiesole. Harvard University’s Italian Renaissance Studies campus is based here, Georgetown University’s internationally-recognized study center in Florence is located at Fiesole’s Villa Le Balze, and the town is home to the renowned Fiesole School of Music.

And according to agents, there are only Italian primary and secondary schools in Fiesole. International schools are located in Bagno a Ripoli (nine miles away), which is home to the prestigious International School of Florence, a co-ed private school offering education from preschool to grade 12, and around Florence’s Piazzale Michelangelo (six miles away).

Fiesole lies on the hill between Florence—with all its museums and historic landmarks—and the Mugello car and motorcycle racing circuit in Scarperia e San Piero, 18 miles north of Fiesole, and it is surrounded by unspoilt Tuscan countryside, so residents get to enjoy the more rural setting as well as all the activities that the city offers, Mr. Pignatti Morano said.

The Italian government introduced a flat rate of tax for the super rich wanting to live in Italy in 2017. This means foreigners who declare Italy to be their residency now pay a flat rate of €100,000 on all income made abroad and an extra €25,000 for every family member who wants Italian residency.

“Since the rule change, we had an influx of buyers from the U.K. and France as well as the U.S. and some new buyers from Asia,” Pignatti Morano said. Redfred-Wood said that the area is also seeing an increase in buyers hailing from Italy. However, foreigners investors dominate the market.

The area is home to many foreigners of different nationalities who teach at the universities, local working professionals—particularly doctors who work in the Careggi University Hospital— and members of the nobility who had inherited property there, Redfern-Woods said.

Lately, it’s attracted more families as well as visitors who are spending just a few weeks in the area, Pignatti Morano added.

Fiesole has attracted many famous artistic types, intellectuals and royalty through the centuries. The Swiss painter Arnold Böcklin bought a home in Fiesole in 1892 and died there in 1901.

Princesses Irene and Helena, who were the daughters of the Constantine I, the King of Greece, lived in Fiesole in the mid 20th century. Literary fans will be interested to know that Fiesole features in Alexandre Dumas’s “The Count of Monte Cristo” and in Hermann Hesse’s first novel, “Peter Camenzind.” Both writers have spent time in the town.

This historic $12.6 million villa features architectural details include ornate wooden shutters, large old fireplaces, arched windows.

Italy’s economy is in a fragile state after a decade of sluggish growth and commentators say there is a growing risk of a recession. Yet agents believe that prices in Fiesole are unlikely to fluctuate greatly over the next 12 months.

The Italian property market is generally slow to react to fluctuations in the economy and it is not as inflated as other countries, Mr. Pignatti Morano explains. “Fiesole’s property market is pretty stable, as clients are mostly foreigners who come for the stability and affordability of the Italian lifestyle.

“The appeal of Italy has increased in recent years thanks to the global success of Italian-made fashion and food products and the introduction of the flat rate of tax for foreign residents,” he said.

“As there has not been a significant decrease or increase in the new inquiry and purchase levels over the past two years, the market is likely to remain steady over the next year,” Redfern-Woods said. “Homes will continue to sell if they come to the market at the right price.”