10726 Buying property in Calabria in the current financial climate.

I am currently looking to purchase an apartment in Scalea, Calabria for family holidays. Even though Calabria property prices will probably go up in the long term, I'm worried that they are just about to take a dive, considering the current world financial climate. I would feel such a fool if I purchased something now that I could buy for a lot less next year or the year after.
Does anyone (apart from Estate Agents in Scalea!!) have any strong views or advise on this matter?

Thanks,
Max. :veryconfused:

Category
Cost of living - Utility Services

Submitted by Anonymous (not verified) on Tue, 10/21/2008 - 07:22

Don't know if you are using an agent Max but there's been a recent warning post, about a "very bad experience" with an agent in Scalea, so may I suggest you search for the thread and PM the person who wrote it.

Submitted by Anonymous (not verified) on Tue, 10/21/2008 - 08:29

The thing to remember about new build in Calabria is there is a glut of 'almost new' second hand homes on the market. Resale value is very low - the incentives to buy off plan are huge. Also bear in mind that its not necessarily true that property prices will always rise. There have been and will continue to be 'unsavoury' developers in the south of Italy who use property to recycle money.

Submitted by Anonymous (not verified) on Tue, 10/21/2008 - 09:05

Not only in the South ram...also new builds in Umbria around Lago Trasimeno!