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 In recent
years, owning a real estate in Europe has become a trend. Instead of buying property
in the country, people are contemplating purchasing real estate abroad. It is
interesting that this is a global trend as wealthy customers seek to buy
property in foreign countries. This is mainly due to the fact that the domestic
real estate is in most cases inexplicably pricey and the value for money is far
from optimal. However, foreign real estate market struggling to survive in the
global financial downturn, now offers an excellent opportunity for the acquisition
of affordable property. On the one hand, this is a valuable investment in the times
of financial downfall, and on the other, it is a great purchase by itself (as most
locations in demand are classified as the so-called «resort» property).
For
centuries, Italy has been a popular vacation destination. We go to Italy for
inspiration and romance, for balmy Italian air and delicious Italian food and
last but not the least for the ancient history of human civilization. Italian
property has been appreciated worldwide for its unique qualities, since it
allows to enjoy all the above as a native, not a prying and omniscient tourist.
Unlike in
parts of «the New Europe», Italian ski and seaside resorts aren't
two-season-wonder locations. In Italy, they have a long-standing property track
record. Yes, rentals are seasonal, and outside the cities and ski resorts, few
tourists are around in winter. However, many seaside resort and countryside
properties attract the same families back summer after summer. What's more, the
country has excellent infrastructure, and accessibility is always an important
factor when buying a property. Naturally, when the opportunity of purchasing
property abroad presented itself, many wealthy people rushed to seize this
opportunity immediately and turned their regards towards Italy.
Many dream
of having a villa in Italy. At the mention of an Italian villa, most people
usually picture a Gothic style building (a sort of miniature castle),
surrounded by vineyards and orange tree groves, with a very decent plot of land
and all the latest conveniences.
However, before
purchasing a villa in Italy, you need to know that in this country ‘villa' may refer
to a small country house and any privately owned building. The private territory
may be very small, though big enough to accommodate a flower bed, and the house
may be quite ramshackle and in a bad need of renovation, with little
resemblance to that idyllic castle of your dreams.
Nevertheless,
these houses are sold relatively cheap, up to 500,000 Euros, while the coveted
gothic dream with all facilities, tennis court, swimming pool, satellite TV, Internet
and a shady garden will cost you up to several million Euros. This price
reaches dozens of millions of Euros for villas in the prestigious or elite
Italian regions like Tuscany. In some cases, it's much cheaper to buy an
authentic castle, than a villa in good condition.
Yet, Italian
property, especially houses, is still popular. Magnificent Italian resorts,
mild climate, the ancient history of the country contribute to the enduring interest
in purchasing luxury real estate in Italy. In addition, if a villa has its own
ghost (it's included in the price for some historically significant villas),
the demand is bordering on feverish and the prices soar to heaven.
Besides, owning
an Italian villa implies a certain status, especially if a villa once belonged
to a celebrity, or is linked to any historical event. Recently, the demand for
villas in Sicily was excited by rumors about the property offered for 1 euro.
Vittorio
Sgarbi, the mayor of a small Italian town called Salemi is behind this once-in-a-lifetime
offer. Salemi is a medieval hill town on one of Italy's most beautiful islands,
Sicily. Steeped in ancient history, this is the Mediterranean's largest island,
a holidaymaker's heaven of blue waters, craggy cliffs and sandy beaches. In agreement
with the 11,000 locals, the mayor is selling off properties in the town's old
quarter for 1 euro. The catch is that these properties are in need of
renovation, as the town was nearly destroyed in 1968 earthquake, following
which Salemi's locals moved into newly-built houses down the hill. But a team
of architectural advisers say the town's old houses and villas can be salvaged.
In exchange for this unprecedented 1 euro giveaway, there are a few conditions.
Buyers must agree to renovate the houses within two years. And to help the
town's economy, you'll also need to use local artisans. Estimated renovation
costs are around 900-1200 Euros per square meter.
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