Sicilian property insight
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News on Italy
31 March 2008
Plagued by a strong Mafia presence, and with corruption generally considered to be a part of everyday life, Sicily’s property market has long struck a dark shadow across Italy’s property market, due to an understandable lack of supply and demand.
However, with Sicily fast overcoming its negative image, the property market in this fascinating Mediterranean island could be set for strong capital growth over the next few years. This is partly because demand for Sicilian property is growing on the back of a fast growing tourist sector. This is unsurprising, seeing as Sicily offers some of the most breathtaking scenery, a wonderful year-round climate, as well as some of the affordable properties in the Mediterranean.
Furthermore, Sicily is now easier to access, with a number of airlines, including EasyJet, BA, Ryanair, Monarch, Thomas Cook and Air Malta now operating direct flights into Sicily from the UK.
Speaking to Homes Overseas Online, Justin Figgins of Rightmove comments: “The number of enquiries received for properties in Sicily on Rightmove Overseas doubled to 3,649 annual searches in February 2007, compared with the corresponding year in 2006.”
Some of the most popular places to buy property in Sicily include Taorimina, Catania and Mount Etna. However, Homesoverseas.co.uk understands that there are a number of fast emerging areas, such as Ragusa, Comiso Siracusa and Sciacca in the south-east of the island, where new motorways and an international airport are close to completion. It’s reportedly still possible to buy a small apartment from around £40,000 in these areas.
Golf enthusiasts may be keen to learn that a nearby €129 million hotel and golf resort is currently being constructed in the southeastern village of Verdura.
Prospective purchasers of properties in Sicily may also want to consider the capital of Palermo or the nearby fishing village of Cefalu. Both areas are traditionally popular with holidaymakers and some experts are anticipating strong local capital growth.
Anyone who owns property in Sicily for at least five years, or gains permanent Italian residency, is exempt from paying capital gains tax in Italy, which is otherwise charged at 20%.
Jeremy Smith, director of Sicily Property Company, told Homes Overseas Online: “Sicily offers a great lifestyle. The weather is amazing, the food is great, and there are some wonderful property bargains to be had.”
Refer to the April issue of Homes Overseas magazine for the extended feature on Sicily - http://homesoverseas.co.uk/this-month - out now.