Monday, June 11, 2012

Why Italy Real Estate Investors Are Flocking To Scalea

It is far from the most frequented coastal hotspot in Calabria, the southern Italian region on the top of the country's boot-shaped mainland. Honestly speaking it may not be the prettiest, not with San Lucido, Paola, Tropea, Briatico and Belvedere Marittimo to contend with.

Nonetheless for real estate investors hoping to spot a reasonably priced deal, the humble location of Scalea is our top tip for 2012.

Scalea boasts all the advantages of more high profile Ionian and Tyrrhenian beach resorts a delightful sandy beach, clear blue waters and weather averaging a typically Mediterranean 51 degrees Fahrenheit in January and that hits nearly typically 78 over late summer. Then again early winter sees typical temperatures of almost 73 on the thermometer. But it is in terms of reasonably priced apartments and houses possibly the stand-out deals available in the Italian property sector right now where it makes a name for itself.

Real estate values come in at slightly under Euro 90 per square foot. In other words that means a 25sq m studio flat around 500m away from the beach can start at merely Euro 20,000. A 30sq m single-bedroom sea-view flat can be bought for just Euro29,000 or Euro 30,000.

By no means the largest, but adequate for a pair of holidaymakers or three or four who are ready to use the living room to sleep in at night-time. Factor in the fact that typically both sea and stores will be within a 5-minute walk and that is unbeatable value.

For something a trifle larger but still eminently affordable, a 50sq m double-bedroom property can start at around Euro49,000 . You may also be able to get one or more of a view over the sea, terrace and garden within that if you strike lucky.

Generally, the overall expense of day-to-day living in southern regions everything from housing market costs down to what you are charged for a restaurant meal tends to be far cheaper compared to areas like Rome and Tuscany, which attract many more foreign tourists and are dearer as a result.

The pace of life in this swathe of Italy is far more unflappable. This is, you before long come to learn, old-fashioned Italy. A facet that is slowly altering, with non-domestic buyers increasingly weighing up resorts such as Scalea in search of better value properties. Italians have for decades come on holiday here of course all of which means rental return for your property remains very good.

However there is much more that Scalea offers than affordable homes to purchase The conurbation boasts nearly 11,000 locals and has that number magnified during peak season as Italians and growing hordes of Brits and Americans surge to the resort. In addition to the stunning landscapes, the sea being overlooked by mountain peaks, the area has a deep cultural tradition.

It rose to prominence as a Byzantine port, attracting merchants from across the ancient world. A Byzantine fort and ancient wall dominate the old centre, which sits atop the hillside overlooking the sea and the marina, in turn vibrant with modern hotels and imposing villas.

Reaching to Scalea is easy too. The closest airport is Lamezia Terme, a little over 1hr 50 mins further south, while Naples' Capodichino Airport is 235km by road north. Both can also be reached by rail as Scalea has a mainline train station.

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