Property Investment in Sicily - where best to buy?
With the light at the end of the tunnel getting brighter as we live through Covid-19, there may be some more appealing places to ‘work from home’ as we adjust to our new way of being. If you have been cooped up in a flat in a city, a new or second home on a Mediterranean island may be a dream you are ready to turn into reality.
AIPP Lawyer members C_legal have provided us with some valuable information on where to invest in property in Sicily.
According to Engel & Völkers Italia, the Sicilian property market has great appeal due to its cultural heritage, climate, sea and its picturesque landscape. The island is attracting a large number of foreign buyers with Taormina in high demand for foreign property investments in Sicily, along with Siracusa, Palermo Mondello, Cefalù and Castellammare del Golfo in Trapani area or province. All data is confirmed by Scenari Immobiliari, Idealista.it, and Tecnocasa.
Let us take you on a guide of this stunning island…
Taormina, Etna, and Catania
Taormina’s spectacular position between the Peloritan mountains and Ionian sea makes it one of the most popular tourist destinations in Sicily. You’ll find that 70% of buyers are Italians and the other 30% are made up Europeans from Germany, Switzerland and Sweden that wish to buy property for holidays. The prices in Taormina range from €3.500- €8.5000 sqm for luxury homes but depend on the location and status of the property.
Palermo and Cefalù
The price range of second homes in Cefalù are €1.000,00 to €2.700,00 sqm according to Scenari Immobiliari, the property market is down by 5% compared to 2013 (figures pre-pandemic). Tecnocasa discloses that in Palermo Mondello, the prices are around €1.300,00 for a typical house and €1.900,00 for newer builds or refurbished ones.
Ragusa and Siracusa
The region between Ragusa and Modica in the south of Sicily remains the most famous place for property investments. The buyers are fascinated by its landscape, history, culture, and architecture. Unesco declared Ragusa Heritage of Humanity in 2002 for its baroque buildings. The international buyers represent 70% of investors, who are mostly looking for big farms, new modern villas with a garden, a swimming pool, and a sea view.
The new case of Scopello and Castellammare del Golfo
According to the last Tecnocasa data, holiday homes in Castellammare del Golfo and Scopello are in high demand from foreign buyers in recent years, in particular, from The Netherlands, France, Germany, United Kingdom, the Czech Republic and Slovakia. With the desire to find a property with stunning sea views and privacy.
There is an increasing demand for old buildings in the downtown area of Castellammare del Golfo that could be easily rented out for B&B. There are only a few new buildings due to the area being so close to Zingaro Natural park which is well protected with many restrictions regarding new buildings. The only area where you are allowed to build is Fraginesi, with prices between €2.000-2.500 sqm. In Scopello the price is around €4.000-4.500,00 sqm. In the nearby area of the castle of Castellammare del Golfo, the prices can range from €3.000 -3.5000 sqm.
In these areas, it is easy to rent out properties: in Castellammare del Golfo rental price is around €500 -600,00 weekly in June, €600,00 in July and € 700-800 in August.
Around the Scopello area the rental prices are €800,00 per week in June and €700-800 in July and August. For a villa with a swimming pool they are around €1000-12000 in June, €1500-2000 in July and €2000-2500 in August.
Thanks to AIPP member Manilo Gervasi at c_legal for enlightening us with this insightful information. C_legal is a boutique law firm specialising in real estate and administrative law, assisting national and foreign investors in specialised cross-border real estate transactions concerning Italian property. Contact them on the numbers below for advice on purchasing in Sicily.
+39 0924 534174