Snapping Up Real Estate In Sicily On A Budget

For more than a century it has been identified with the Mafia. Yet Sicily in Italy is now gradually opening up to foreign real estate purchasers in the way the ever-popular Tuscany did in the middle of the last century.

One huge change has been the increased availability of homes on the Sicilian market. Until recently, they were chiefly handed down through families. However, younger islanders are more likely to let go of their inheritance to make their own way elsewhere.

Another factor behind the surge in demand among visitors for Sicily property is its prices, which are in general not only far cheaper than Tuscany's but among the most affordable across Italy.

Granted, you may not unearth bargains to compare with the homes for $1.45 offered in Salemi a couple of years ago, the catch being that purchasers had a couple of years to fix damage caused by a 1960s quake. Nonetheless, just Euro 55,000 should cover a 70sq m fixer-upper if you don't mind being a 15-20 minute drive from a sea resort. Budget around Euro 65,000 for a flat under 10-12 minutes on foot from the beach in areas such as Calatabiano on the east coast and near the well-known resort of Taormina. If you prefer to be a few yards from the sea, that might set you back only Euro 90,000 in nearby places such as Giardini Naxos.

The increasing popularity of the island among property hunters and holidaymakers has also been helped by th establishment of new direct routes by budget air companies such as Ryanair and easyJet to its trio of coastal airports in Palermo in the north, Trapani in the north-west and Catania in the east. A further airport is set to be inaugurated shortly in Ragusa in the south-east. Furthermore plans have been announced for a Euro 6billion bridge connecting the island with Calabria on the mainland. By the way, forget the exaggerated spectre of the Mafia, which foreigners never come into contact with.

An expert at Italian real estate finders 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 five or so years ago, there wasn't a great range of properties for sale apart from in beach resorts as they tended to remain within families. These days a younger generation feels less wedded to tradition. They are happy to cash in on these assets so they can buy elsewhere themselves.

"It is quite possible to find a three bedroom property in Sicily for under US $250,000. Bear in mind some areas are expensive, 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. Expect Euro 160,000 for a two-bedroom apartment in Cefalu. If you insist on a sea view, expect to pay Euro 200,000-Euro 250,000 either here or in nearby Castellammare.

Taormina is possibly the island's premier location for overseas buyers and therefore its dearest. In comparison, properties Catania, 55km along the coast are often 50% more affordable. High-spec properties in the Taormina area often fetch more than a seven-figure sum. On the flip side rental potential buoyant and and can top Euro 12,000 a month. Despite the high prices bargains can be found. Typically, a sea view property will come with a price tag of around Euro 300,000 while one 10 minutes away but without the view will cost some Euro 220,000-Euro 230,000.

Sicily has no end of star quality. The 1988 hit Italian movie Nuovo Cinema Paradiso was based in Cefalu while swathes of George Clooney's 2004 heist sequel Ocean's Twelve were made in Castellammare del Golfo. And a number of famous names have bought on the island, such as singers Jim Kerr, Peter Gabriel and Mick Hucknall as well as French film star Gerard Depardieu, designer Giorgio Armani and England football manager Fabio Capello. Julia Roberts and Madonna have vacationed here too.

Even going back generations Sicily had no shortage of famous fans. Film stars such as Cary Grant and Marlene Dietrich to literary giants D H Lawrence and Truman Capote Meanwhile, Palermo saw Wagner's last-ever opera in 1882 while a century earlier Goethe called the city and Sicily "unutterably beautiful".

Sicily's principal gems are its incomparable architecture and breathtaking scenery. The historic temples and ruins are evidence of the numerous civilisations that have ruled through the millennia: everyone from the Greeks and Romans to the Arabs and French. Sicily has a unique natural beauty too, from its 620-mile coastline with mile after mile of inviting beaches to its spectacular rocky hills and mountains. Not many places let you have a home with a view of Mt Etna, the continent's largest active volcano.

All this and virtually year-round sunshine. What are you waiting for? You might find yourself making some houseowner an offer he can't refuse…

The author is an expert in Piemonte property at Homes and Villas Abroad.com. She also specialises in finding property in Le Marche.

ArticleSource: ArticlesAlley.com

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The author is an expert in Piemonte property at Homes and Villas Abroad.com

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Snapping Up Real Estate In Sicily On A Budget