In search of the ‘real’ italy
Let the tourists keep Tuscany. Calabria's coastline is among the most unspoilt - and affordable - in Europe, whilst wild beaches, fabulous vineyards and beautiful bargain homes abound in Abruzzo…
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Miles of white sand, clean seas and untamed mountains - it's hard to believe that an area offering all this stayed off the well-beaten tourist track for so long.
But Calabria, tucked away in the toe of Italy, is a forgotten corner of Europe. For years Italians, who decamp here en masse each summer, have had it to themselves. But that's about to Change.
For those who have already fallen in love with the area, the news that Thomson and Club Med are about to arrive will hardly be welcome.
But for those looking for a holiday home from which they can make money, it should be viewed rather differently. Where tour operators lead, the property market follows, and Calabria is widely tipped to be the next investment hot-spot.
With coastal accommodation selling from as little as £22,000 for an apartment, and large country homes for under £200,000, the region is attracting a lot of interest.
As well as investors, a lot of ordinary people are catching the Ryanair flight to Lamezia Terme airport, looking for a getaway in an unspoilt location for a price they can scarcely believe.
"The property market in the rest of Italy is quite established and pricey," says Alison Thornton of Headlands International. "But Calabria's not about the investment as such."
She says her buyers love the idea of owning in Italy and are looking for somewhere akin to Spain 20 years ago, rather than seeking Pure capital gains. Nevertheless, she says that those who pick up the best beachfront properties now could see annual returns of 10 to 15 per cent over the next few years.
Interest ‘beyond expectations’
The east Coast, around the towns of Bianco, Siderno and Monasterace, is the main focus of much new development. Janet Fairfax of Cresta Villas, which sells beachfront property here, claims that her company was surprised by the speed at which Calabria took off. "Interest has been phenomenal," she says, "beyond our expectations."
Fairfax adds that buyers' enthusiasm isn't just caused by low prices but by Calabria's laid-back, traditional atmosphere. All the same, she admits cost is a powerful motivation. "Prices are starting to creep upwards but we're trying to keep them down because that's the big attraction. Even so, pound for pound, it's still a good deal."
The cheapest apartments on Cresta's books start at £54,000 for a one-bedroom property five minutes from the beach, with seafront places from £58,000. Fairfax predicts the next hot area will be the town of Crotone, which is getting upgraded facilities and transport links, but expects to see higher prices there.
Sier Schravesande of International Property Link is another enthusiastic supporter of Calabria. He operates on the west Coast, an area of lovely beaches and charming villages, and claims annual capital growth of 15 to 18 per cent over the next five years is possible as property is already in demand.
Schravesande has apartments near the beach in the town of Marinelle for £80,000 and country properties starting at £44,520 for one bedroom. These are built on a hillside in traditional stone and wood with fabulous views. "I'm really excited about Calabria," he says, "it's so unspoilt."
He claims first-time visitors are blown away by the scenery - and how little it costs to live there. "The same properties in Spain would be at least twice the price."
Big rewards for property in the right location
If you're seeking an investment, Antonio Deidda of A&M Immobiliare claims that the right property in the right location could reap great rewards.
He points out that Calabria is already starting to see higher visitor numbers. "It's very easy to rent here - in August a good residence by the sea can rent for between €1,000 and €4,000 (£670-£2,680) a week," he says.
For those who want to integrate into Italian life, though, there are many places almost untouched by development.
The small town of Scalea is a popular resort with winding alleys, historic houses and a traditional ambience. Property ranges from quaint stone townhouses and older apartments to large farmhouses and villas in need of restoration.
Prices can dip below £20,000 for flats but don't expect to be living in a gated complex - this is a working town and you'll be buying into a tight-knit, if friendly community.
British agent David Thorpe set up Scalea Property when he realised the town's potential.
"Calabria is a great place to invest," he says. "It's slowly being discovered by non-Italians, prices here are low and it has one of the best climates in the Mediterranean." Thorpe says that although interest from foreign buyers has caused some increase in prices there are still lots of good buys.
Homes on his books range from apartments costing just over £10,000 to full-scale restorations priced at £150,700 (including renovation work).
Thorpe sites a recent instance in which a property bought and refurbished three years ago for £23,000 has increased in value by £7,000 each year since - perhaps a sign that the best for Calabria is yet to come.
Abruzzo – Authentic taste of Italy
Sandwiched between the Apennine mountains and the Adriatic sea, the Southern Italian region of Abruzzo is slowly being discovered by property hunters seeking an authentic taste of Italy - and there's more here to be sampled than the region's famous Montepulciano d'Abruzzo wine.
The region's coastal resorts follow the sandy shoreline from Giulianova, past lively Pescara, to Vasto. They have always been popular, and are getting increasingly developed - Italians have been holidaying here for years.
But inland areas are still very rural, with medieval villages, Roman ruins and wild countryside. One third of the region is designated national parkland and, in the winter, skiing proves as much of a draw as the beaches do in summer.
Pierluca Di Ciccio, of local real estate agency Abruzzo Houses, says that he's started to have "big requests" from UK buyers wanting somewhere with access to all the natural attractions of the area. He claims that most overseas buyers are looking for a detached property, an easy drive from Pescara airport and within 30 minutes of both the mountains and the Coast.
There are lots of properties to suit this type of buyer, with old farmhouses in need of restoration from around £40,000, often including large tracts of land.
Currently with Abruzzo Houses is a 20-year-old family home with 13,000sq m of farmland for £43,500 and a two-bedroom country home on 3,000sq m of land for £59,000. If you've got less than that to spend and are prepared to rough it a little, there's a partially-built home with 3,000sq m of land, for just £17,000.
Wealth of affordable village homes
For those wanting to immerse themselves in true Italian culture, Abruzzo offers a wealth of affordable village homes and townhouses, starting from as little as £20,000 for tiny terraced houses on medieval streets.
Such places may be in need of renovation, but they are also full of history. "You can find a lot of good deals on the right property," says Di Ciccio, who has a restored house dating back to AD1000 in the town of Carapello Calvisio, in the Gran Sasso national park, for £30,000.
Several similar houses in need of updating are also on his books for around £20,000. Such properties don't have any outside space but are a perfect bolt hole if you're seeking an Italian escape.
If you have loftier ambitions, there is a four-storey town-Centre palace that is in need of work but hasparquet floors and vaulted ceilings for £67,000.
Nikki di Girolamo of House Around Italy says that, despite Abruzzo being less than two hours from Rome, the area only really took off with overseas buyers when the airport at Pescara introduced low-cost flights. Since then, visitors have realised how cheap property is and have started to move in.
She Sees many people looking for property inland, especially around L'Aquila, the attractive regional capital, but thinks the current interest is the tip of a property iceberg. "Other small villages in Abruzzo will also become property hot spots when the English market finds out how cheap the properties are here."
Di Girolama also claims that though there are lots of older properties available, new-build is inevitably on its way. "This year we'll have some very beautiful developments in old stone in the Italian countryside with swimming pools," she says. "Although this type of project is very popular in Spain, it's exceedingly difficult to find one in Italy."
Magnet for Italian tourists
More modern - and more expensive - property is becoming increasingly available on the Coast, which is a magnet for Italian tourists in the summer. Decent two-bedroom properties near the sea average around £133,000, with one-bedroom new-builds sometimes available for less.
House Around Italy has a couple of two-bedroom apartments for around £97,000, both within walking distance of the beach, but there's a big jump to over £165,000 for places with space or character.
Rental property on the Coast brings in around £450 a week but only in high summer, leaving no doubt that the best value is to be found in the hills. It's probably the reason Abruzzo has, so far, proved more attractive to buyers who want to Revel in the pleasures of unspoilt Italy rather than own a rental business.
Buyers' guide
- Non-Italians must have a tax identification number (Codice Fiscale) to buy property.
- When the preliminary contract (compromesso) is drawn up, a deposit of 10-20 per cent of the purchase price must also be paid.
- Before the final contract is signed your lawyer should check all aspects of the sale, including building licences, the vendor's entitlement to sell and that there are no debts on the property.
- Non-Italian speakers must have a translator present when signing contracts, which must be in the presence of a notary.
Source: http://www.independent.co.uk