| | | Pros and Cons of Buying Italian Property in SicilyExamining the new market for stunning homes for sale in Italy on the island of Sicily; looking at the benefits and pitfalls of purchase
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 Let’s get all mafia references out of the way from the outset - there are going to be no cons, or even pros for that matter, relating to buying property in Sicily that have anything to do with the Italian mafia! Okay, that said, what are the pros and cons of buying Italian property in Sicily?
Well, the market is blessed with stunning real estate opportunities framed by a backdrop of exquisite scenery, an excellent climate and a very attractive way of life, but then prices for property on the island are not cheap and neither are building costs if you need to renovate.
But looking past the cons, there really are still plenty of reasons to look more closely at Sicily if you’re after a home abroad for your own personal use, with perhaps a little bit of rental income on top. In this article we’ll try and present a full and balanced picture of the property scene in Sicily so that you can make your own mind up about the location.
Sicily is the largest island in the Mediterranean and is itself surrounded by a handful of smaller islands and islets; it’s separated from the Italian mainland by the Strait of Messina, although there have been plans in the pipeline for many years to connect Sicily and Italy with a suspension bridge. Whether these plans ever come to fruition remains to be seen. To access the island one can fly directly to either Falcone-Borsellino Airport in Palermo on the west of Sicily, or Fontana Rossa Airport in Catania on the east side, with both airports served by daily flights from across Europe. Alternatively, the Strait of Messina is crossed regularly by passenger and car ferry, and so getting to and from the island is relatively simple. Depending on where you choose to hunt for property however, you may find that road infrastructure is a little on the rough side!
Sicily is not Italy – it doesn’t feel like the mainland, it doesn’t look like the mainland, its architecture and landscapes are different and are carved from thousands of years of exciting and sometimes violent history! The cultural mix across the island is heady in its intensity, and it is evident in everything from the way people speak to the food they cook and enjoy, from their customs to the ways they have of organising life. So, if you love Italy you will probably adore Sicily, but one should also commit to spending time exploring the island before looking at properties for sale, because Sicily is not for everyone.
The island has been repeatedly dubbed ‘the new Tuscany’ – but it’s nothing like Tuscany! Yes, there has been a mini influx of British buyers acquiring homes on the island, but that’s about as far as the comparison can go. Once you are assured that Sicily is for you, the pros and cons of home buying get simpler to explain.
On the negative side you have the fact that homes and land on the island have traditionally always been handed down through generations of the same family. Quite often it’s been the case that the odd transfer transaction has ‘somehow’ missed being filed correctly, taxes have been avoided and the path of ownership is not clear. Therefore, Brits buying property in Italy on the island of Sicily are so very strongly advised to get independent legal advice from either a British based lawyer au fait with Sicilian property law, or from an English speaking lawyer on the mainland. Whilst there are of course well-qualified lawyers in Sicily, it’s often considered wise to put distance between your legal affairs and where you’re going to live in Sicily.
Other cons include the fact that it isn’t always obvious whether there are any outstanding debts on a property – the potential existence of these has to be investigated carefully by your lawyer, and outstanding debts or loans have to be paid off by the vendor otherwise the buyer risks inheriting the debt. The buying costs associated with purchasing in Sicily are high – factor in at least 10% on top of the sales price just for taxes and fees.
If you’re going to be buying property to renovate, consider the fact that building contractors and costs are high in Sicily, planning permission can be long and arduous to come by, and the rate at which you will be able to get things done will be far slower than you’re used to in the UK. And the final con is that property prices for well-established homes, off plan properties and houses in the most desirable areas, such as to the north and east of the island, are not cheap! You’re looking at perhaps as much as GBP 2,500 per square meter; and with the likes of Madonna, Giorgio Armani, Julia Roberts, Mick Hucknall and Peter Gabriel all apparently fans of Sicily, the island’s celebrity appeal and exclusivity are going to keep the prices high.
And now for the pros! The appeal of Sicily is timeless and undeniable – this of course makes owning a property on the island a lifetime investment and one that can reap dividends. A purchase should not be considered a short-term profit generator though, rather any income or profits can be generated from well located and attractive homes that can be rented out to either the Italian market or the British market. Demand for holiday homes on the island during the long summer months is strong, and because local taxes on such income are favourable, this is an added bonus!
There are a whole range of property types on sale on Sicily – from abandoned homes in Salemi which can be bought for almost no money at all as long as one renovates within 2 years, uses local labour and doesn’t mind that one’s living in an earthquake zone, to mansions with royal connections and with masses of land overlooking the ocean. In other words, there are property types for all tastes and most budgets, and because the island is so appealing it can be a great place for a holiday home, a second home or a brand new home from home abroad
http://www.shelteroffshore.com/index.php/property/more/pros-cons-buying-italian-property-in-sicily-10097
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