From Panama to New Zealand, there can be few property secrets the adventurous Irish investor hasn't managed to uncover. Which makes our absence in the Italian property market almost as big a puzzle as the Da Vinci Code.

Why haven't we been buying in large numbers in Italy? There can be no question about its desirability. We don't need Conde Nast to tell us that Italy is one of the most popular destinations in the world, but if we did, readers of the influential tome recently gave Italy the award for 'favourite country'.

And for investors more interested in the bottom line than the headlines, the news that UK website Holiday-Rentals. co. uk ranks Italy as the third highest in terms of consumer demand (with enquiries up 58% in 2006) must surely win the argument.

Simple Overseas Properties, however, was never in doubt. It saw the gap in the market some time ago and paved the way for lifestyle buyers and investors interested in making an Italian connection. The agent has just released its latest apartment development, Residence Blue River, a refurbishment of an old paper mill in Bagni Di Lucca, Tuscany. Situated in a picturesque tourist village famous for its thermal waters and within easy reach of Pisa and the beautiful town of Lucca, the development will provide 45 apartments with guaranteed rental income for the first year. Work has just begun at the development and completion is expected in early 2008. This will be more than your average run-of-the-mill development.

Buyers will own a property that can truly claim to be one in a million as the restoration project will return the 200-year-old building back to its former glory.

High prices are possibly one of the main reasons why we have shied away from buying in Italy. Marketing of Tuscany, Umbria and, increasingly, Puglia in the south may have created the impression that Italy is off limits for buyers with less than 150,000 in their pockets. But at Residence Blue River, you can buy into the timeless civilisation and landscape of Italy for as little as is being asked in many of the 'emerging markets'. Simple Overseas Property has put together a very attractive package that will suit most budgets.

With prices starting from 95,000 for a one-bed studio to 250,000 for a two-bed duplex, this scheme is pitched at the firsttime investor/lifestyle buyer who wants to go off the beaten track but with a safety net. Comprised of a mix of one- and twobed duplex apartments, Residence Blue River will also have a swimming pool, private gardens and terraces as well as parking facilities. The units will all be sold as shell and the agent estimates that a furnishing fitout will cost in the region of 7,000- 8,000. The UK rental management company, Bridgewater, has extensive experience in the region and will provide 4% guaranteed rental income for the first year.

Purchasers should allow a further 12% for taxes, fees and miscellaneous costs.

The location is ideal, according to Karl Morris, MD Simple Overseas Properties. Situated in the quieter northern part of Tuscany, Pisa and Florence are within easy reach of the development and Ryanair flies into Pisa Airport which is just 18km away. Rental demand is also likely to be strong. Morris believes there will be good year-round rental potential as residents and guests can also avail of skiing or sandy beaches, both of which are less than an hour's drive from the development.

Simple Overseas Properties is holding an exhibition today at the Radisson SAS St Helen's Hotel, Stillorgan, Co Dublin, from 11am-7pm, showcasing a portfolio of property investments in Italy, Morocco, Spain, Germany, Cyprus and Portugal.

Call 1850 200 711 NEED TO KNOW >>Tax regulations change frequently, so it is worth checking the current situation with a local accountant or tax adviser >> Commission rate (agent's fees): 1%-6% of the purchase property price >> Public Notary Cost: obligatory requirement, based on property price, varies from council to council (generally between 2,000 and 3,000) >> Geometras fee (conveyancing costs):

500 - 3,000 >> Maintenance costs: annual taxes on rental income, land taxes, property taxes, buildings/contents insurance, utilities, waste costs, management fees, letting agent's fees