With Italy’s timeless appeal that draws nearly 43 million tourists a year; its centuries of culture and tradition; and the relative strength of the dollar and other top world currencies against the euro, there has rarely been a better moment to buy the Italian property market.
Indeed, many real estate and investment commentators expect that demand for properties in Italy, especially from foreign investors, to stay strong over the next 12 months. The property in Italy group Homes and Villas Abroad reported enquiries for the fourth quarter of 2012 nearly a third up on the same period a year earlier. Meanwhile, last year also saw Sotheby’s expand its global property portfolio with a new Milan office.
So, where best to buy? Given the present economic climate, a large proportion of buyers are rightly looking for value for money. Locations such as Venice and Florence are so in-demand that it may prove fruitless attempting to pick up cut-price properties here.
If you are hoping to buy on a budget, southern Italy, specifically Calabria, ought to head your list. And more specifically in Calabria, Scalea.
This is not the most glamorous beach mecca in Calabria, the southern Italian region on the instep of Italy’s boot-shaped landmass. To be frank it would probably not be considered the most scenic, not with Diamante and Paola around. Nonetheless for home purchasers looking for a bargain, the unprepossessing location of Scalea is our principal tip for this year.
It comes with all the features of better known hotspots coastal retreats – a heavenly sandy beach, clear blue seas and weather averaging a balmy 50 degrees Fahrenheit at the start of the year and that reaches approximately typically 78F in July-August. Even October has average temperatures of close to 72 on the thermometer. However it is when it comes to bargain properties – arguably the best deals to be found anywhere in the Italian property sector at the moment – that it really comes into its own.
House prices come in at about Euro 90 per sq ft. So it means a 25sq m studio holiday home barely 3 minutes on foot from the coast can start at just Euro 20,000. A 30sq m single-bedroom sea-view property can change hands for a mere Euro29,000 or Euro 30,000. By no means the grandest, however more than adequate for up to two vacationers – or even more if they are ready to use the living room to bed down in at night. Factor in the fact that often both sea and town centre shopping will be within a 6 or 7-minute walk and that is obviously undeniable value.
For an option a little more spacious but still eminently cut-price, a 50sq m double-bedroom holiday flat can start at around Euro50,000 . You might also be able to get one or more of a view over the sea, balcony and garden thrown in with that if you are lucky.
In general, the overall expense of life in Italy’s southern regions – everything from housing market prices to the price of a restaurant meal – tends to be much cheaper in contrast to parts of the country like Tuscany, which attract many more non-Italian vacationers and are pricier as a result. The speed of day-to-day living in this neck of the woods is inclined to be more unhurried. This is, you speedily come to learn, old-fashioned Italy. A facet that is gradually changing, with foreign purchasers increasingly heading to places such as Scalea in search of better value properties. Locals have long come on holiday here of course – all of which means letting return for your investment remains in rude health.
Bear in mind there is much more to this town than cheap apartments to buy.Scalea has more than 10,000 locals and sees that number swollen during summer months as Italians and growing hordes of Brits and Americans head for the resort. As well as the amazing landscapes, its azure waters being overlooked by mountains, this area boasts a deep history. The town came to prominence as an ancient Byzantine port, attracting mercantile tradesmen from around the ancient world. A Byzantine castle and ancient wall dominate the medieval centre, which sits atop the hills looking down on the coast and the port, which is full of modern hotels and large villas.
Reaching here is straightforward as well. The most convenient airport is Lamezia Terme, a little over 75 miles southwards, while the airport in Naples is 140 miles drive to the north. Both airports can also be reached by rail as Scalea has a mainline station.
