VFI Briefing:Purchasing Overseas real estate

Purchasing Italian real estate

Once a property has been located, the first step is an agreement between the buyer and the seller, known as a Proposal to Purchase. This offer contains a specific timeframe in which the seller can accept the offer. The buyer pays a minimum deposit of 10 percent of the purchase price. The deposit can be higher than this, and it is not uncommon for the deposits to run up to 50 percent, according to Property-Abroad.com. The Proposal to Purchase is legally binding, according to “Investment in International Real Estate,” a Pirola Pennuto Zei & Associati publication. If the seller accepts, the buyer is obligated to complete the transaction and the deposit will be forfeit if the buyer withdraws.

“An alternative and recommended approach is to incorporate the terms of the Proposal to Purchase directly into the purchase and sales contract ensuring to allow a period in which the buyer has the right to carry out a full due diligence on the property and/or entity(ies) holding the property and the possibility of the buyer backing out should the due diligence point to there being some legal or tax problem associated with the property,” according to the publication.

Focusing on improving one property may be wise

The Preliminary Contract of Sale formalizes the buyer’s and seller’s agreement. This document provides details about the property, the buyer, the seller, the price, and any other terms of the transaction.

The entire process is overseen by a notary. In addition to the typical duties associated with a notary, this person will conduct the title search to ensure that the property is clear of liens and other problems, according to Property-Abroad.com. The notary witnesses the closing of the sale.

Investors should, of course, carry out proper due diligence before agreeing to purchase any property. This is especially important when purchasing property in a country with unfamiliar laws and regulations.

“Italian laws are complex [and] there are important concerns that go beyond clean title,” Carroll said. “For instance, a buyer needs to be certain that prior works carried out on a property have been done with proper permits and are in compliance with zoning regulations and that rights of neighboring landowners are respected....[S]evere penalties exist for failure to fulfill the obligation to purchase once the P&S is entered in to."

After purchasing a home in Italy, investors can either try to sell for a profit, rent the property to some of the many tourists visiting Italy every year and/or use the property themselves as a vacation home. Many websites are available on which property owners can advertise foreign homes for sale or rent.

VFI Briefing:Purchasing Overseas real estate

The Italian real estate market

“After 10 years of significant run-up in prices in major markets and sought-after country properties, prices now have leveled,” according to Carroll. Properties in both rural and urban areas can prove profitable, though Property-Abroad.com states that properties in rural regions of Italy have been especially popular in recent years.

Apartments are a popular choice when purchasing property in one of the larger cities, such as Rome or Milan. Apartments in areas such as Sardinia, Venice, Sicily, Milan and Florence are all popular among foreign investors, according to Property-Abroad.com. For those looking to cash in on the tourist industry, Carroll said that areas such as Sicily, Puglia and Campania are particularly attractive for investment.

Cost varies by location. Prices in Milan range anywhere from €8,000 per square meter for a city apartment to €24,000 per square meter for a penthouse with luxuries such as a terrace and swimming pool, according to a report from real estate agents Immobiliare Terelli & Partners. In Sicily “[p]rices, which have been rising as much as 20 percent a year, still seem reasonable, especially to north Europeans but even to Italians from Milan and Turin,” according to The International Herald Tribune. “Country and town properties are available for as little as €60,000, though for a building of particular architectural interest the starting price is nearer €250,000.”

In upcoming years, “[f]ocus will be on adding value—refurbishing, renegotiation of lease contracts, etc.—to existing portfolios rather than on new investments as these will make more economic sense,” according to Carroll. Pessi, on the other hand, believes that the future of the property market is still too hard to predict in the wake of the subprime crisis. Investors would be wise to proceed with caution, keeping an eye on the market, and perhaps put more energy into upgrading and renting a few properties rather than purchasing an abundance of homes.

Italian Real Estate: È Bello!

Tourist trade could make buying property in Italy worthwhile

With its beautiful countryside and Mediterranean getaways, Italy has long been a favorite vacation destination with travelers across the world. The country’s popularity with tourists could make Italian real estate a prime opportunity for investors.

Italy is located in Southern Europe, where it juts out into the Mediterranean Sea. The country shares borders with Austria, France, San Marino, Slovenia and Switzerland. Italy occupies a total of 301,230 square kilometers, making it just slightly larger than the U.S. state of Arizona (295,260 square kilometers). The peninsula is home to an estimated 58,147,733 people as of July 2007, according to the CIA World Factbook.

Both rural and urban properties in Italy have potential for profit

Why Italian real estate?

“Italy's exquisite cultural patrimony, evocative countryside and ‘made in Italy’ craftsmanship all combine to preserve the value of Italian real property,” Donald J. Carroll, Esq.—special counsel to and member of Pirola Pennuto Zei & Associati in Rome and vice co-chair of the ABA Committee on International Investment in Real Estate—said in an e-mail interview.

The flourishing tourist industry in Italy provides a strong potential rental market for investors looking to buy overseas. In 2006, Italy ranked fifth on the World Tourism Organization’s list of top tourist destinations, with 41.1 million international arrivals. Southern Italy, in particular, has been of great interest to vacationers. Homes and apartments along the coast or in the relaxed country settings that tourists favor have the potential to provide substantial rental income.

“Among Europe’s main destinations, Italy was by far the best performer in 2006, after a number of weaker years. Arrivals were up 12 percent, following an excellent winter season at the start of the year, thanks in part to Turin’s hosting of the Winter Olympics,” according to a World Tourism Organization report.

And U.S. investors don’t need to worry about restrictions on property ownership because of their citizenship status. Foreigners enjoy the same property rights as Italian citizens, according to Marco Pessi, a partner with McDermott Will & Emery located in the Rome office. The only difference is that foreign nationals must pay an 11 percent purchase registration tax once the sale has been completed, while Italian citizens need only pay a 4 percent tax.

“The Italian government is pushing money into the region to encourage regeneration and tourism, road links have been improved, and

there is an international airport at Lamezia Terme that has flights from Germany, Holland, Switzerland and the UK. I believe property

prices in this region have a good chance of increasing significantly over the next few years. Tourism and holiday housing is a prime target for growth as prices are still lower than in many comparable locations. You could expect double digit growth.”

SUNDAY TIMES.

“Calabria’s coastline is among the most unspoilt and affordable in Europe”

Laura Latan, THE INDEPENDENT.

VFI Brochure:Soverato

Soverato is situated in the Calabrian province of Catanzaro in Southern Italy.

It is one of the most known and beautiful tourist resorts on the Ionian coast, having been referred to as ‘The Gem of Ionian Sea’. The region offers mild and pleasant weather all year round, due to the microclimate that engulfs the area. The seas are crystal clear and the region is blessed by many beautiful beaches and hidden coves that attract various water-sports and diving enthusiasts. The fishing port of Soverato is one of the best known and most active ports in southern Italy, ensuring that great seafood is always on the menu with its many many varieties cheesees, pasta and peppers of the many restaurants in the region.

Nightlife in Soverato is mixed and varied, ranging from the lively beachside bars and
restaurants to the picturesque narrow streets and quaint restaurants that litter the
old town. Every summer, the town attracts many American Italians returning to their
homeland as well as Italians from the North who visit on holidays. During the summer months, a nightly funfair takes place on the beach which attracts the young and the old alike to party till the early hours of the morning.

Soverato is 15 minutes away from the town of Catanzaro.

technorati

VFI Italian History Links

Here are some great links to find out more about Calabria and Its unique history.

Calabria
History of Calabria starting from palaeolithic age. Not too long and well written

The Complete History Of Calabria
Calabria From Prehistoric to Modern Day.

THE ROMANS Ancient, Medieval and Modern
For the real history buff. Page after page, of Roman and medevil history, pictures and text.

MEDITERRANEAN ARCHAEOLOGY RESOURCES
This site contains some of the best Archeology links on the internet.

Maps of Italy (It)
Here you will find city maps as well as regional and provincia... On Line!

Historical Map Web Sites
Access hundreds of Historical maps on line. Here too, are some great ancient Italian maps.
Italy Maps

The Perry-Castañeda Library Map Collection The University of Texas at Austin and produced by the U.S. Central Intelligence Agency, unless otherwise indicated.

VFI - INCALABRIA: Italian Magazine Article (Part 2)

PERFECT PASTA

The food of Calabria, despite the abundance of fish, is primarily a diet of simple fresh pasta and homegrown vegetables cooked in fascinatingly different ways. Although pasta is important to all Italians, in Calabria it is almost treated with reverence. Each city or town has its own specialities, from chewy fusilli, to various types of lasagne.

Calabrians seem to know by instinct, the best sauce to pair with each pasta to create the most delicious dishes. Piero caused me to sample many varieties of homemade pasta, such as macaroni alla pastora (with ricotta cheese) and other sauces, fusilli (curly pasta), vermicelli in soup and tortellini in brodo. His own favourite was pollo alla cacciatore (‘hunter’s chicken’), to say nothing of uove alla purgatorio (‘eggs from purgatory’). You can imagine how I gradually became drawn into a cuisine far removed from my own by this expert young cook, backed up by total single-minded enthusiasm for his subject. With youthful exuberance I once suggested fish and chips to him and he returned to Italy with a craving even for that. It fitted the Calabrian palette perfectly – good, simple but tasty basic fare. As it happened, I visited Piero and his family on several occasions in the years that followed. His family welcomed me with incredible warmth and I felt part of that corner of Italy. We would visit Piero’s mum, who made all sorts of typical Calabrian dishes for anyone lucky enough to visit. Like highland hospitality in my own country, Calabrians regard it as a sacred duty to welcome guests and I was ushered into many a happy gathering under the gaze of Padre Pio, whose caring picture adorned the rooms. I learned that Piero also had another passion: he was an avid stamp collector and his passionate nature had an outlet here too. Lovingly organized albums of stamps surrounded him in his room. As I met the local folk I discovered the famously proud Calabrian dialect. Its weird and resonant words made me swim as I struggled to understand, equipped only with average Italian, a language I had come to love. Calabrian is an Italian dialect and a descendant of Vulgar Latin, but it has plenty of Greek influence too from the Magna Graecia period. I remember being sent home on one occasion with a bag of cuddaraci (Easter buns), one of many words of Greek origin.

I was favoured this year by being able to return to see my old friend after a gap of 25 years. In that time, with family and professional matters intervening for both of us, I had never forgotten the pull of this land. Piero welcomed me back to a country that I now think of as my second home. It was the little things that jumped out at me – zuppa Inglese ice-cream, spaghetti alla vongole, seeing the wonderful way Calabrians use their hands when they speak, young Italians going to school, walks along the beach and meeting folk I had not seen for years. If this evocation persuades you to consider a visit, you should know that I have not even mentioned the archaeological areas of Sibari and Locri Epizefiri, the towns of Gerace and Stilo, to say nothing of the forests of Sila, dubbed the Yellowstone of Calabria. All the more reason to investigate further. Unusual destination it may be but, like a real life pearl,Calabria hides its beauty.

VFI - INCALABRIA: Italian Magazine Article

Bill Kean heads off the tourist map and explores the wild, untamed and spectacular region
of Calabria to discover whether it deserves its tough reputation.

THE LAND THAT ITALY FORGOT Part 1.

Unusual destinations, it seems, are the thing these days and these occasional forays of the mind can be seen as fashion statements as much as what you wear. On Italy’s southern tip, contained by the Tyrrhenian and lonian Seas, lies such a place – a region of Italy that offers great riches of a unique kind.

It is, of course, Calabria, a little known Italian haven for those with an adventurous nature. It is situated in the heart of the Mezzogiorno, named in reference to the unremitting midday sun
which bakes this area of Italy’s deep south. Its rugged, essentially mountainous terrain hosts the densely wooded Apennine range,acting as a seemingly never ending link to the rest of Italy.
But Calabria could almost be another country compared to the provinces further north. Explore its valleys and you discover a culture apparently untouched by recent centuries. Its effect on
the visitor is quite distinct and, offering extremely good value
for the euro, a little goes a long way in this wonderful land.

VFI Brochure: Italian Travel Advice.

Visitors

Travel insurance for visitors to Italy should include personal liability and repatriation expenses. If your travel insurance expires while you’re visiting Italy, you can buy further insurance from a local insurance agent, although this won’t include repatriation expenses. Flight and comprehensive travel insurance are available from insurance desks at most airports, including travel accident, personal accident, world-wide medical expenses and in-transit baggage.

Cost

The cost of travel insurance varies considerably according to where you buy it, how long you intend to stay in Italy and your age. Generally the longer the period covered, the cheaper the daily cost, although the maximum period covered is usually limited, e.g. to six months. With some policies, an excess must be paid for each claim; with others, the excess applies only to certain items, such as luggage, money and medical expenses. As a rough guide, travel insurance for Italy (and most other European countries) costs from around €35 for one week, €50 for two weeks and €80 for a month for a family of four (two adults and two children under 16). Premiums may be higher for those aged over 65 or 70.

Annual Policies

For people who travel abroad frequently, whether on business or pleasure, an annual travel policy usually provides the best value, but carefully check exactly what it includes. Many insurance companies offer annual travel policies for around €150 to €250 per year for an individual (the equivalent of around two to three months’ insurance with a standard travel insurance policy), which are excellent value for frequent travellers. Some insurance companies also offer an ‘emergency travel policy’ for holiday homeowners who need to travel abroad at short notice to inspect a property, e.g. after a severe storm or burglary. The cost of an annual policy may depend on the area covered, e.g. Europe, world-wide (excluding North America) and world-wide (including North America), although it doesn’t usually cover travel within your country of residence. There’s also a limit on the number of trips per year and the duration of each trip, e.g. 90 or 120 days. An annual policy is usually a good choice for owners of a holiday home in Italy who travel there frequently for relatively short periods.

Carefully check exactly what’s covered (or omitted), as an annual holiday and travel insurance policy may not provide adequate cover.

Claims

If you need to make a claim, you should provide as much documentary evidence as possible to support it. Travel insurance companies gladly take your money, but they aren’t always so keen to pay claims and you may need to persevere before they pay up. Always be persistent and make a claim irrespective of any small print, as this may be unreasonable and therefore invalid in law. Insurance companies usually require you to report a loss (or any incident for which you intend to make a claim) to the local police or carriers within 24 hours and obtain a written report. Failure to do so may mean that a claim won’t be considered.

VFI Brochure: Italian Travel Advice. Health Cover

Health Cover

Medical expenses are an important aspect of travel insurance and you shouldn’t rely on insurance provided by reciprocal health arrangements, charge and credit card companies, household policies or private medical insurance (unless it’s an international policy), none of which usually provide adequate cover, although you should take advantage of what they offer. The minimum medical insurance recommended by experts is €400,000 for Italy and the rest of Europe and €1.5 million for the rest of the world (many policies have limits of between €2.25 million and €7.5 million). If applicable, check whether pregnancy-related claims are covered and whether there are any restrictions for those over a certain age, e.g. 65 or 70 (travel insurance is becoming increasingly expensive for those aged over 65, although they don’t usually need to worry about pregnancy – particularly the men!).

VFI Brochure: Italian Travel Advice.

Holiday and travel insurance (assicurazione sul viaggio) are recommended for all who don’t wish to risk having their holiday or travel ruined by financial problems or to arrive home broke. As you probably know, anything can and often does go wrong with a holiday, sometimes before you even get started (particularly when you don’t have insurance). The following information applies equally to residents and non-residents, whether you’re travelling to or from Italy or within Italy. Nobody should visit Italy without travel (and health) insurance.

Travel insurance is available from many sources, including travel agents, insurance companies and brokers, banks, motoring organisations and transport companies (airline, rail and bus). Package holiday companies and tour operators also offer insurance policies, some of which are compulsory, overpriced and don’t provide adequate cover. You can also buy 24-hour accident and flight insurance at major airports, although it’s expensive and doesn’t offer the best cover. Before taking out travel insurance, you should carefully consider the range and level of cover you require and compare policies. Short-term holiday and travel insurance policies may include cover for holiday cancellation or interruption, missed flights, departure delay at both the start and end of a holiday (a common occurrence), delayed, lost or damaged baggage, lost belongings and money, medical expenses and accidents (including evacuation home), personal liability and legal expenses, and default or bankruptcy, e.g. a tour operator or airline going bust. You may also need cover for transport strikes in Italy!

Always check any exclusion clauses in contracts by obtaining a copy of the full policy document, as all relevant information won’t be included in an insurance leaflet. High risk sports and pursuits should be specifically covered and listed in a policy (there’s usually an additional premium). Special winter sports policies are available and more expensive than normal holiday insurance (‘dangerous’ sports are excluded from most standard policies). Third party liability cover should be €3 million in North America and €1.5 million in the rest of the world. However, this doesn’t usually cover you when you’re driving a car or other mechanically propelled vehicle.

VFI News: Southern Italy Investments defy Credit Crunch

Property in Italy is holding up in the credit crunch with experts predicting modest growth in many areas. Locations with a strong tourist market are the best to invest in and southern Italy in particular is still offering lower priced investments...

Italy hasn't experienced the same problems as the UK and Spanish property markets and the risk of a downturn is considerably lower, according to a new report from Cluttons Italy.

One reason is a significant shift in the Italian market in recent years. 'Until 10 to 15 years ago the majority of foreign buyers were middle class people looking for their storybook villa in culturally rich areas like Tuscany and the Amalfi coast,' the report says.

'Now the arrival of low cost airlines has made southern Italy much more accessible, steering a wider range of buyers to lower cost resort properties in southern regions like Puglia and Calabria.'.

Fashionable areas like Capri and the Amalfi coast are likely to see property prices continuing to rise. Cluttons predicts around 10% this year.

But Calabria in Southern Italy where prices are cheaper is set to become one of the most popular destinations in Europe, and the next Mediterranean property investment success story.

'Property prices are comparatively cheaper than other similar areas in Europe. Also the area will not be overdeveloped due to strict government planning controls. This will ensure that demand remains high for rental accommodation and resale properties,' said Roger Coombes of Cluttons Italy.

'When an area like Calabria begins to attract increasing international attention, it is all but a foregone conclusion that property prices will see sustained and rapid growth of at least 10-15 percent per year,' predicted Liam Bailey of David Stanley Redfern.

And Chris Sawyer, GEM Estates' Italy expert is also backing the area, 'It's largely the southernmost region of Calabria that's fuelling this heightened interest. As soon as the British buying public realized that chic Italy had a hidden corner which was both aesthetically stunning and highly affordable, the rush was on,' he said.

'Calabria is now jostling for attention alongside the established Côtes and Costas and ticks boxes for both lifestyle buyers after a pleasant climate and attractive coastline and investors with an eye for a profit.'
Reprinted courtesy of Propertywire.com

Incalabria Forum removes slanderous posts.

Incalabria forum slanders VFI in an attempt to descredit the company. Forum moderators on the incalabria forum have posted a a malicous articles about mafia involvement and arrests.This is the excuse for an apology that was posted after the removal of the offending article. Isnt it about time that the authorities closed this forum down?
Dear all,

Further to Mr Giambrone and Brendan's posts, I would like to reassure everyone that the Calabria Homes Forum always has been and always will be open, honest and truthful and this is the reason why I took steps at 12.14pm today to remove Gerace's post.

This in fact was done before the post received by a certain law firm so I hope everyone is reasured that we will not and cannot tolerate libelous/slanderous/defamatory remarks. I am NOT a legal expert but I am, like all of you, buying a home in Calabria and do not want to be misled by unsubstantiated rumour or malicious gossip.

The Forum is open to everyone and I really hope Brendan and any other legal professionals who would like to join us will be warmly welcomed by everyone. It can only be for the good of us all to have access to their knowledge and experience.
Dear all,

With regard to the post made by Gerace regarding A certain developer, I have had to put my moderator's 'hat' on this morning :wink: and have temporarily removed the message until the details can be verified.

Dennis from InCalabria Ltd is going to be making contact with the CEO of A certain developer later today to try and clarify what is/is not happening.

I can understand people's concerns regarding the rumours that are flying around but we want our reputation to remain intact as a Forum that is fair, honest and truthful. We certainly don't want to run the risk of supporting or being seen to endorse information that we cannot substantiate or, worse still, proves libelous!

Hoping you understand and appreciate why this is being done.

Kind regards

Sam

VFI INCALABRIA

VFI make it easy for you to view and buy in Calabria

• Once you’ve settled on your choice of property we ask you to pay an initial reservation fee of €3000 before

embarking within 28 days on an inspection trip to explore the resort and its surroundings

• If you then decide to go ahead with your purchase, that €3000 goes towards your deposit of 35% of the sale

price (the balance being payable within 28 days)

• 12 months later a further 10% becomes payable

• On completion and handover of your property, the balance of 55% is due

• Each of these transactions is handled by an independent lawyer who’s fully qualified and highly experienced in

both UK and Italian property law

• To ensure you’re clear with the process from the word go, your lawyer will talk you through every step over a

pleasant dinner and answer any and all of your questions

• As specified by Italian law, 100% of your money is guaranteed by an insurance bond, which ensures that all

monies are returned in the event of unforeseen building or other difficulties

• All building work comes with a ten-year guarantee similar to the UK’s NHBC

Please get in touch if you’d like more details on these or any other aspects of the buying process

VFI incalabria

For many years the Italians from the northern cities of Milan , Florence and Rome have been trooping down to Calabria for their holidays. They call it the “real Italian Riviera” and love it for its unspoilt character, good value for money, 800 kilometres of beaches and crystal blue sea. The costal towns have a distinctive charm about them and can only benefit from the 1.2 billion euro in which the Italian government and the EU is investing in improving roads and infrastructure. “You can see Calabria growing by the day,” says Harry Fitzsimons, CEO of VFI Overseas Property. And land prices are growing too. “I bought the first plot of land 18 months ago and prices have gone up since by 25 to 35 per cent.

The local government is also determined to ensure that Calabria does not go the way of the Costa del Sol or the Algarve . Regulations prohibit building within 300 metres of the beach however Jewel of the Sea has a plot that is right on the beach, probably one of the last remaining developments in a location like this. This was possible because the site had received planning permission in the early 1990s. Local government has also stipulated that a development has to be low density and low rise. There is also a good Italian rental market and with tour operators such as Thomas Cook and Club Med now operating there, the developers suggest that a two bed roomed apartment could achieve around €1000 a week in the high season. “We reckon that if someone had a 70 per cent mortgage on their property, they need only let it for 12 weeks of the year to cover the costs,” says Antonio Velardo of VFI.

VFI Overseas Developers

VFI Overseas Developers are an Irish/Italian Development company. In this project the best kept Italian secret has been exposed in the most exciting new emerging market with massive potential for capital appreciation.

Most emerging markets however, do not have the same security and infrastructure that this Major European country offers.

The biggest dream an investor could have is to find a developed country where prices are still low, and still has all the protections, infrastructures etc. of modern Europe in place. Now is the time to live that dream in the most beautiful part of Italy from as little as €75,000 for one bed apartments.

Reggio De Calabria is the regional capital. A University city overlooking the straits of Messina where hydrofoils and ferries cross to Sicily every fifteen minutes. The city is a transport hub with an international airport and main Railway line up through Naples to Rome through panoramic landscapes.

VFI Pizzo Beach Club

Pizzo Prettily perched on a high slope of an enchanting promontory into the Tyrrhenian Sea in the heart of the Sant’ Eufemia Gulf, Pizzo is one of the Vibo Valentia district’s most beautiful and best-knowntowns. Built on the ruins of ancient Roman Napitia, where St Peterstopped on his journey to Rome, Pizzo is in the northern stretch ofthe aptly named Coast of the Gods amid some of Italy’s mostbreathtaking landscapes. With its thriving fishing port, maze ofnarrow medieval streets and lanes linked by tiny staircases, ancientfountains, buildings and churches and the Spuntone - a large balcony from which you can view the imposing Aragonis Castle and the sea from Lamezia to Capo vaticano - Pizzo is steeped inhistory. But it’s also a vibrant and well-equipped modern resort town with every facility and attraction the cosmopolitan traveller could wish for - from watersports through golf and specialist historical tours to an excellent range of seafood restaurants and nightlife and the best ice cream in the world - so it’s little wonder that Pizzo is now one of the Vibo Valentia’s most fashionable resorts, or that we chose this as the location for our latest prestige development.

Calabria Sicilia Italy

For Property for Sale Calabria Sicilia Italy

visit http://www.vfioverseasproperty.com

Miles of sandy beaches, crystal clear waters and a climate among the best in the World -
This is Calabria in Southern Italy a place that dreams are made of.If you're searching for a great property investment then you must speak to VFI Overseas Property -- and you really must investigate Calabria - this is one place in Europe that is not only stunningly beautiful but also still offers great value Be it for investment or a holiday home then VFI have something really special just for you Every property is 100% Bank Bonded and comes with a 10 year building guarantee. With prices ranging from 30,000 pounds to 200,000 pounds this is an affordable place in haven and VFI have some fantastic turn key packages available, they can even arrange your inspection visit so you can see first hand the area and meet with the developers.

Kevin and Linda Dolan who bought an apartment with VFI say: "I would have no hesitation in recommending this company not only for the service but the great value too"

The secret of success for VFI is based upon a rather straightforward business philosophy - being able to offer opportunities that yield the best returns whilst at the same time delivering a quality of service that is second to none. VFI are the largest developer in Southern Italy with office in Brancaleone, Vibo Valentia and also in London, Belfast, and Dublin. Calabria is a truly fantastic location and with VFI creating some truly magnificent properties at very affordable prices this is a place in the sun you really can afford,

Give us a call today on Freephone 08006800704 or email us at sales@vfioverseasproperty.comVideo production by http://www.bestfive.tv View video on Youtube Property Italy Calabria Sicilia

VFI Investment Strategies

There are numerous property investment strategies, and selecting the right one for you is critical. Your investment strategy choice should be the key factor in selecting the location and type of property that you invest in. In Italy there are typically two prime Investment Strategies:

Buy To Sell:

Buying property off-plan before the development starts, and then selling at, or before, completion and realizing the capital growth gained during the development cycle. By investing 30% of the property value on signing contracts and with annual property increases of 10-15%, you can realize a 20- 32% gain on the value of the property during the development period, equating to over a 100% return on the investment made. For this strategy, it is best to select a high quality, appealing property in a high growth area, which is close to all facilities and therefore very easy to sell on.

Exp: With the new ICMZ ruling on coastal development over 29,000 mile shoreline of the Mediterranean there is now no better time to invest in coastal properties . These properties where always in demand anyway for rental and re sale but with the new agreement on coastal development this will undoubtley boost coastal real estate and their worth will now go up because they effectively become more exclusive than ever before.

Buy to Rent:

Like buy to sell, buy to let involves buying off-plan before the development begins and then holding the property at completion for letting purposes, realizing both capital growth and income. With the right developments, the cost of mortgages and property management should be covered by the rental income, enabling long term capital gain without further investment. High quality apartments with an abundance of facilities, close to restaurants, bars and

Why Invest in Italy?

The key factors to be considered when making a property investment decision can be summarized simply, as:

A. Capital Growth - both historic and projected

B. Risk of the Investment

C. Ease of conducting business in the country

D. Financial Products available to support gearing the investment

A. Capital Growth

Numerous economic factors have fuelled high levels of growth in the Calabrian property market over the last few years, the level of investment in the infrastructure and the growing awareness and popularity of Calabria as an all year round holiday destination. This has resulted in Calabria becoming one of the fastest growing property investments markets in Europe, with annual property price increases of around 15-20%.

The ongoing investment in infrastructure, the growing popularity of Calabria as a holiday destination, and the relatively low prices compared with other popular European destinations such as Spain, France, Portugal, and other Mediterranean Islands support the expected and continued increase in property prices in Calabria/Italy for the foreseeable future.

B. Risk of the investment

Italy is one of the most secure places to invest, which is a major factor when making any investment decision. Here are some of the key points about Italy that we feel make it a good investment opportunity:

C. Ease of Conducting Business

Good mortgage and loan products are readily available on the market and are at very competitive rates.

The Italian legal system is highly evolved and modernized and if you are using an independent lawyer, the investment is extremely secure.

Bank Bonds are taken out against the investors initially invested funds. The bonds are taken out on 100% of investors funds. The developer must provide evidence of the bond to lawyers before the funds can be released. This bond is taken to the cost of the developer.

D. Leveraging the Investment

The finance options available and hence the level of gearing that you can make on your investment is one of the key factors that will determine the return on your investment. This should have an even greater impact than the increase in property prices, as it acts as a multiplier to the property market growth rates.

Readily available low contribution loans are fundamental in gearing your investment, and Italy now has a wide range of loans and mortgage products available making it an excellent location for gearing your investment. shops or high quality 2/3 bedroom penthouses and townhouses close to popular areas and facilities, with great views are best suited for renting.

Today's investors are always looking for the next market and, as a result, the wide choice of countries to invest in has grown significantly over the last few years, providing a wide and, at times, confusing choice.

Finding the property hotspots is only a part of the challenge. Investors need to balance this with the risks of investing in that market, along with the ease of conducting business. The finance options and investment gearing will also provide the investor with a much stronger investment decision whilst minimising the opportunity for significant losses.

Some of the key questions that you need to consider (apart from the predicted growth rates) when making an investment decision are:

What finance options are available, in what currency and what rates?

The level of financing or ‘gearing’ that you can make on your property investment is one of the key factors that will determine the return on your investment. This should have an even greater effect than the increases in property prices, as it acts as a multiplier to the property market growth rates.

For example, if you invest in an emerging country with say a 30% growth per year without a financing option, then a £50,000 investment could be worth £84,500 in two years, providing a £34,500 gain and a 69% return on investment, and typically at a high level of risk.

If you invest the same £50,000 in a strong market, with annual property price growth at say 15% and good finance options, for example financing at 80% LTV, then £50,000 could be invested in property worth £250,000. The investment could be worth £330,625 over two years, providing a gain of £80,625 and 161% return on the investment in a much safer and more stable market.

Overseas Property Rental Potential

The area is popular with people from northern Italy and also with Germans and Scandinavians who have discovered its natural beauty and reasonable prices. During the holiday season there is already strong demand for rental property. Investors need to be aware that the rental market is developing and the lucrative UK market is virtually untouched.

As awareness of the area increases and availability of holiday rental property increases (further increasing awareness and visitor numbers) there should be strong growth in high season rental demand.

Low season rental demand is also likely to increase as facilities are improved and more of the new property owners start to use and promote the area and their property in the low season.

Conclusion

The area stands to benefit from massive inwards investment in its infrastructure. Each year the higher property prices in the north of Italy migrate further south as property investors seek out value for money. This area has the right location and climate, it is getting the right infrastructure investment, it just needs additional publicity, holiday home buyers and overseas property investors to discover it and the prices will increase strongly.

This is a chance to get there before the professionals and own an overseas property that could turn out to be an excellent investment.

Calabria events and festivals

In Calabria every village celebrates the feast of its Patron Saint that is an event accompanied by remarkable folk shows.

In Tropea the inhabitants celebrate the Madonna of Romania Feast on the 8th September and Madonna dell’Isola on the 15th August.

Tropea festivals

• Festival of the Red Tropea’s onion and of the azure fish on the 27th July
• Fair of the Virgin Mary’s Annunciation on the 23 March
• Folk festival of I Tri Cruci on 3rd May
• Procession of dead Christ (Good Friday)
• Saint Antonio on the 13th July
• Carmine’s Virgin Mary on the 16th July
• Saint Gerardo on the 16th October
• Little market of Artigianato in Piazza (Galluppi small square in the summer period)
• Cheese, fish, fruit and vegetables market (Every day in Contura locality)

Events in other Calabria villages

• Fishes fest on the 27th July - Pizzo Calabro
• Beer fest on the 3rd August - S.Domenica di Ricadi
• Festival of the fishes and crushed ice drink festival on the 3rd August - Parghelia
• "Red Onion Festival", La Sagra della Cipolla Rossa: every year on 13th of August. The festival starts in the mid-afternoon with a variety of games are played in Piazza Marconi, the main square of the village:
  The traditional ‘Pignata’ Tournament in which the contestants are blindfolded and, helped by bystanders, use a long wooden stick to break one or more pignatas, or terra-cotta pots, which are suspended from a string. Pignatas are sometimes filled with water. The ‘Bumbuleju’ Race is for women of all ages. Contestants … race from one end of the square to the other, carrying the terra-cotta pot on their heads without using their hands. Other games include the Egg Race, the Sack Race, the Mini-marathon, the Onion Race, the Cheese-rolling tournament; Typical onion-dish sampling starts at dinner time. At exactly midnight the ‘Camejuzzu i Focu’ dance is performed. The traditional fireworks display closes the festival.
• "Ice-Cream Festival": each summer, in July.
• Tipical product’s fest on 13th August - Zambrone
• Fileja fest (speciality of pasta) on the 13th August - Briatico.
• Zippula fest (kind of pancake) on the 22th August - Parghelia

VFI INCALABRIA

Tourism in Calabria has increased over the years. The main tourist draws in Calabria are the coastline and the mountains. The coastline alternates between rugged cliffs and sandy beaches, and is sparsely interrupted by development when compared to other European seaside destinations. The sea around Calabria is clear, and there is a good level of tourist accommodation. The poet Gabriele D'Annunzio called the coast facing Sicily near Reggio Calabria "...the most beautiful kilometer in Italy" (il più bel chilometro d'Italia). The primary mountain tourist draws are Aspromonte and La Sila, with its national park and lakes. Some other prominent destinations include:

• Reggio Calabria, on the strait between the mainland and Sicily, the largest and oldest city in Calabria, renowned for its fabulous panoramic seaside with botanical gardens between the art nouveau buildings and the beautiful beaches, and its 3,000 years of history with the old Aragonian Castle and the great National Museum of Magna Grecia where the famous Riace Warriors (Bronzi di Riace) are located.
• Cosenza, seat of the Cosentian Academy, is renowned for its cultural institutions, the old quarter, a Romanesque Cathedral and a Swabian Castle.
• Sybaris, on the Ionian sea, is a village situated near the excavation of ancient Sybaris, a Greek colony of the VII century B.C.
• Scilla, on the Tyrrhenian Sea, "pearl" of the "Violet Coast", has delightful panorama, important religious traditions, and is the site of some of Homer's tales.
• Tropea, on the Tyrrhenian Sea coast, is a beautiful town, with a drammatic seaside beach, and the Santa Maria dell'Isola sanctuary. It is also renowned for its sweet red onions (mainly produced in Ricadi).
• Capo Vaticano on the Tyrrhenian Sea, is a very famous wide bathing place near Tropea.
• Siderno on the Ionian Sea coast.
• Gerace, near Locri, is a beautiful medieval city with a Norman castle and an ancient cathedral.
• Squillace, a seaside resort and important archeological site
• Stilo, the home of Tommaso Campanella, with its Norman castle and beautiful Byzantine church, the Cattolica.
• Pizzo, on the Tyrrhenian Sea coast, known for its ice cream called "Tartufo". Interesting places in Pizzo are Piazza Repubblica and the Aragonian castle where Murat was murdered.
• Soverato on the Ionian Sea, Also known as the "Pearl" of the Ionian Sea. Especially renown for its beaches, boardwalk and nightlife.
• Nicotera on the Tyrrhenian Sea, is a beautiful little medieval Town with an ancient Ruffo's castle.