Sicily Italy is the only Mediterranean island which is yet to become a tourist trap. This means that prices are still lower than some other destinations and for now, a more peaceful environment - yet one with a lot of culture with excellent climate, food and beaches.
With the introduction of the new Euro currency on January 2, 2002, in 12 countries (known as the Euro zone), there were many questions over how Italy's involvement with the change from Italian lira to Euro would affect their economy and as a result, property and real estate prices. Prices in Sicily in fact have risen quite heavily since 2002. An apartment owned by a friend in Catania city centre, for example, has risen from 350,00 to 500,000 and other properties have risen similarly. This trend is similar in the UK and Irish markets and if also occurring in countries such as Malta.
With the increase in prices, is it still worth investing in Sicily in 2006 and 2007? Personally I think it is still a viable investment area and when you consider that tourism is still in its infancy in Sicily, yet more and more airlines and package companies are beginning to include Sicily as a destination, investment interest can only increase. In the last 2 years, British Airways, Ryanair and Air Malta have all started new DIRECT flights into either Catania or Palermo, Sicily.
Is Sicily and mainland Italy stable in terms of political stability? Berlusconi is now out and Prodi is in. It is arguable of course, as to how the loss of power to Berlusconi will change things, but many foreigner investors I have discussed this with seem to feel very positive with Prodi now in power. The Italian economy has been one of the worst performing in Europe under Berlusconi hence the introduction of Prodi is seen by many as a sign of hope of change.
If you are looking at buying in Sicily Italy, there are many pros and cons, so consider carefully and think about what it is you are looking for.
The pros:
- Great weather
- Delicious food
- Lovely beaches
- Laid back mentality
The cons:
- An infrastructure which is still lacking and poor public transportation
- Few people speak anything but Italian (so you really need to speak some Italian)
- Maybe a little isolated for some people from the mainland of Italy.
Make sure you do your home work and have a fluent Italian speaker checking all documentation when buying. There is a proverb in Italian which loosely translates to say that if you are cheated, you are at fault for allowing yourself to be taken advantage of. Enjoy the food, the long hot summers, eating fresh fish on the veranda, but learn some Italian and have a good lawyer. |
