SICILY IS NOT TUSCANY…
Sicily is a beautiful island in the South of Italy with a 12-month tourism market and a wonderful place where to spend holidays. This article wants to explain why the eastern and South-Eastern part of Sicily represents a good option for property investment. This area has a high potential in terms of tourism business opportunities.
The Eastern and South-Eastern part of Sicily has equalled in popularity the Chianti area in Tuscany. The immediate consequence of the recent “discovery” of this beautiful area at the centre of the world, right between Europe and Africa, is a general growing interest in its real estate market. Falling in love with this area is quite easy because of its climate, its beaches, its breathtaking landscape, its history, art, delicious food, and cuisine. Therefore, why not buy a property in Sicily?
UNESCO – WORLD HERITAGE SITES IN SICILY
Ragusa and Siracusa, have the highest number of UNESCO World Heritage sites in Sicily, known as the Val di Noto. Catania has the biggest airport in the South of Italy and the third for traffic in the whole country. The East area offers an exceptional concentration of architectural beauty, enchanting nature, and culinary excellence. This area has also become popular due to the serial Montalbano and is a popular destination for many celebrities and affluent business people, who fell under the spell of its Mediterranean beauty. According to rumors within the real estate community, the list of VIP who invested in properties in this area includes Italians such as businessman and editor Carlo De Benedetti, architect Carlo Pintacuda, designer Rodolfo Dordoni, actor Luca Zingaretti (Inspector Montalbano), musician Lucio Dalla, journalist Gad Lerner and foreigner celebrities such as Robert De Niro, Leonardo DiCaprio, and Tom Cruise.
TOURISM BUSINESS OPPORTUNITIES IN SICILY
In this context, the increasing demand for residential buildings to be renovated or turned into facilities for tourism does not come as a surprise. In the countryside, characterised by the typical dry stone walls, olive groves, and giant carob trees, many rural buildings, country houses, farms, and ancient villas have already returned to their old glory thanks to investors and their hard work. Many buildings have already undergone a careful and rigorous restoration project, which included the choice of materials and construction techniques belonging to the local building tradition. Many have been turned into holiday homes, farms, cottages, and boutique bed and breakfasts, into true havens of peace and tranquility, away from the city noise. However, even buildings located in the historic centers of cities are quite attractive because of the stunning late baroque architecture and because some people are more interested in getting acquainted with the locals and involved with the social activities in town.
COSTS FOR RENOVATIONS IN SICILY
At this point, you wonder: how much does it cost to invest in Sicily? Is it still a good investment? Well, we can say that prices are still fair and the profitability is high, especially for tourism purposes investments. The average purchasing price is between 800€ and 1200€ per square meter. Obviously, the price depends also on location, conditions, quality of construction, and period of construction. To renovate a historic building in normal conditions the average price is about 1000€ per square meter. Again, this depends on the design, finishes, and materials used.
In order to avoid bad experiences, it is always advisable to invest in hiring a local consultant who can support throughout the entire process of research, checking the compliance with the local regulations and planning laws, able to spot any problems with either the building itself, its administrative situation and/or the related paperwork needed for the transaction. In fact, is not normally known that the Sicily region has an autonomous planning, building, and tourism system.
Bureau69 is highly specialised and embedded in the Sicilian system and we are happy to support your investment/development either in residential tourism or commercial area. Contact us
Max Strano / Bureau69