Property investors' finance has been hit in the wake of the turbulent state of the world economy, but the appeal of seeking shelter in bricks and mortar in Italy remains as strong as ever.

That is why more and more overseas buyers in Italy are opting to fix up properties or even start from new instead of picking up resale real estate.

The overwhelming attraction is glaring – the expense. Forget any dreams of coming across ruins for Euro 1, an eye-catching gimmick initiated a couple of years ago in Salemi, Sicily. Nonetheless in regions such as Sicily, Calabria and Molise a countryside relic can be picked up for less than Euro 10,000.

Add a bill for restoration that can begin from just Euro 750 a square metre and is it possible to turn an old wreck into a 100sq m longed-for vacation house for around Euro 95,000 – a small fraction of what one would cost otherwise. And, other than the initial purchase price, construction expenses can be divided over the lifetime of the renovation programme, which can be as long as the you prefer.

Stef Russo, from Italian property search experts The Property Organiser, says: With the credit crunch more investors pursuing the renovation route. Restoration costs in parts of Italy such as Abruzzo are of the order of Euro 800 a sq metre – around 50% what it would be in northern Italy. And instead of having to come up with finance up front, it permits them to spread costs over months or years, if they want to turn it into a long-term project.

"In addition, buyers get the option to stamp their personalised imprint on their properties, which is easier to do if they renovate than if they go for a resale and then try to change it."

The country's history means it is replete with structures dating from the 1600s, just in need of a bit of TLC to make them into superb modern dwellings.

There is also a plentiful supply of farmhouses – which tend to be the No1 choice of overseas buyers – in the main because of the mass migration of swathes of Italians who, in the 19th and early 20th centuries, abandoned the countryside for towns and cities or even a new life in unfamiliar surroundings thousands of miles from home. By the way, if you fancy trying something a little different, the answer to your prayers may lie in the estimated 5,000 religious buildings up for sale to be converted into living accommodation.

Once you have opted for a property, the next requirement is to hire the right professionals to turn your dream into fruition. Although some are quite content to do most of this themselves, the most advisable route is to find a reputable geometra/surveyor (your realtor ought to be able to put you in touch with one).

They will be able to source trustworthy workmen for you as well as get in touch with local government departments for the required planning permits. Remember that many old Italian homes are made in stone and so renovating such homes will require constructors well-versed in working with this material.

A constant problem with building projects such as this is that your outlay can fly out of control, often by up to 25%. Common moneypits include pools allow as much as Euro 25,000); upgrading access roads budget up to Euro 45 a metre); and improving landscaping. However, your surveyor can thrash out a contract with your work team setting out a cost ceiling and a deadline, with levies to apply if they are breached.

Although surveyors design houses to a certain level, their skill only goes so far and it is advisable also hire an architect to take charge of design. It is vital from the outset that you make crystal clear what you hope to achieve and that you convey this to the architect. Chopping and changing after work has started is time-consuming and a pain in the rear for everyone else concerned.

Face up to the probable timescales involved. The buying process can go on for between one and three months and getting building approval another 30 weeks or so depending on the Commune that the property falls under.

One last thing, unless you plan on being on-site most of the time, your team should also include an independent supervisor to oversee everything and help keep the project on track. Your architect or surveyor can also fulfil this role.

One project manager spells it out: "By popping up on site as often as is needed, often unannounced, we keep the client well-informed about what is going on with the help of detailed notes and photos. Therefore any problems can be resolved immediately. We keep everything on schedule and, even more crucially, ensure the client isn't caught unawares by troublesome shocks."