Calabria, Italy sees return of foreign investors
International buyers, including from Germany, Russia, Poland and Scandinavia are returning to Calabria in Italy as the real estate market in the region is boosted by low cost flights and positive tax implications.
Located on the tip of the southern Italian peninsula, the province was popular among overseas buyers before the global economic downturn when buyers from the UK in particular tailed off.
Now the aspects of the region that originally attracted people are coming to the fore again such as its rich heritage and warm Mediterranean climate that caters to both sun-aficionados and winter sports enthusiasts.
News that the European Union has committed funds to improve the area’s infrastructure and transport networks, as part of the 2007-13 EU cohesion plan, is also being welcomed.
Also, real estate professionals point out that Italy’s abolition of inheritance tax, its full membership of the EU and bank guarantee on property, meaning that should a developer default on the build the client’s funds will be protected, all make the nation a favourable investment environment. In addition, there is no capital gains tax on a property that is resold after five years.
Low cost airline Ryanair has announced that it will be re-introducing the very much in demand route from London to Lemezia Terme International in April this year. Monarch airlines will also be commencing routes this summer, reflecting the popularity of Calabria as both a tourist and second home destination.
One development in particular in Calabria that has been attracting a lot of attention is the Zambrone Beach resort that offers luxury apartments with sea views from only €229,000. There is direct access to a private beach, a rooftop Jacuzzi and BBQ area and 60% finance is available and properties can be reserved with a deposit of €3,000.
‘Calabria was Italy’s best kept secret for many years but now the region has been discovered and is charming not only British holiday makers and property buyers but also Germans, Russians, Polish and Scandinavian nationals seeking stunning scenery, a Mediterranean climate and affordable living within a few hours flight,’ said Steven Worboys, managing director of Experience International.