Why Foreign Property Hunters Are Beating A Path To Sicily
Article by Adriana Giglioli
For over 100 years it has been infamous for the Mafia. However, Sicily in Italy is now gradually opening its doors to overseas real estate buyers in the way the ever-popular Tuscany did in the middle of the last century.
One huge change has been thegreater number of properties on the Sicilian market. Until only a few years ago, they were principally passed from parents to their offspring. However, younger generations have been more ready to let go of their inheritance tomake their own way elsewhere. Another deciding factor behind the surge in demand among foreigners for real estate in Sicily is its prices, which are in general not only barely a fraction of those in Tuscany but among the most affordable across Italy.
Admittedly you will struggle to find deals to match the homes for .45 offered in Salemi, 70km south of Palermo a couple of years ago on condition that buyers repaired the properties’ old earthquake damage within two years. Nonetheless|However}, just Euro 60,000 will usually be enough for a 70sq m renovation project if you are happy to be 15 minutes by road from the sea. Expect to pay Euro 70,000 for an apartment around 10-12 minutes on foot from the beach in places such as Calatabiano on the east coast and near the well-known resort of Taormina. If you have to be a few yards from the sea, you might pay Euro 90,000 in nearby resorts like Giardini Naxos.
The increasing popularity of sun-kissed Sicily among house buyers and holidaymakers has also been fuelled by thearrival of new direct routes from low-cost carriers such as easyJet and Ryanair to its trio of international airports in Palermo, Trapani and Catania. A fourth airport is set to be inaugurated soon in Ragusa in the south-east. Furthermore plans have been rolled out for a Euro 6billion crossing connecting the island with Calabria on the mainland. By the way, visitors can dismiss the exaggerated spectre of the Mafia, which foreigners never have contact with.
An expert at Italian real estate consultants the Property Organiser sums up the area’s attraction and says: “It has always been a great holiday destination thanks to its history, landscape, architecture, climate and low cost of living. Until a few years ago, there wasn’t a fantastic choice of real estate for sale apart from in beach resorts as they tended to remain within familes. Now a younger generation feels less tied to tradition. They want to cash in on these assets to allow them to buy elsewhere themselves.”It remains quite straightforward to pick up a three bedroom villa in Sicily for less than US 0,000. Bear in mind there are pricy areas, such as Cefalu, Giardini Naxos and Taormina, but they have excellent rental returns given that they have tourists practically 12 months a year.”
Taormina on the eastern shores and Castellammare del Golfo, Cefalu, Scopello and Marsala on the north remain the favourite haunts of foreign investors. A property with two bedrooms in Cefalu will typically cost Euro 160,000. If you must have a view over the sea, budget around some Euro 225,000 either here or in Castellammare, some 90 minutes further west.
Taormina is arguably the region’s premier spot for overseas buyers and therefore its most costly. (In comparison, properties Catania, 50km away are often 50% cheaper. High-spec homes in the Taormina area often go for more than Euro 1million. On the flip side rental potential here is huge and can reach Euro 3,000 a week. Amid the high prices cut-price deals can be had if you look around. Expect Euro 300,000 for a sea view property, while if you’re prepared to forgo the view, you save around Euro 70,000-Euro 80,000.
Sicily is full of star quality. Sections of George Clooney’s heist adventure Ocean’s Twelve were made in Castellammare del Golfo while Nuovo Cinema Paradiso was shot in Cefalu.
Among Sicily’s jewels are its majestic countryside, stunning coastline and historic architecture. The centuries-old temples speak of the series of civilisations that have left their influence down the ages – everyone from the Greeks and Romans to the Arabs and French. The island, the largest in the Mediterranean, boasts a rare natural beauty as well, from its 620-mile coastline to its spectacular rocky hills and mountains. There aren’t too many places in the world where you can owna home with a view over Mt Etna, which soars 3300mt above sea level.
Sicily also has a number of sunny islands. Facing Messina on the north coast lie the Aeolian isles of Stromboli, which has an active volcano; Vulcano, with its black beaches; Panarea, where rich Italians go; Lipari and Salina, popular with day-trippers; and the more tranquil Filicudi and Alicudi. Facing Sicily’s western shores lie the Egadi Islands and Pantelleria and the Pelagie islands of Linosa and Lampedusa off the south coast are actually closer to Tunisian waters than Sicily.
All this and almost non-stop sunshine. What are you waiting for? You may end up making some realtor an offer they can’t refuse…
About the Author
The author works for property for sale in Italy specialists Homes and Villas Abroad, who showcase 3,000 Italian homes. Her areas of expertise include real estate Lake Comoand Calabria property for sale.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.