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.

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 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.

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.