One of the easiest ways to secure an exit strategy for your foreign property investment is to go where the locals buy. We have selected two reasonably-priced properties in markets with an established domestic demand.
In these days of troubled financial markets, it makes sense to have a clear ‘exit strategy’ in mind when committing to an investment—in property or otherwise—just in case you need to sell quickly. And no second home destination offers easier exit opportunities than Italy, according to Luca Catalano of boutique developers Realitalia.
Italy, Catalano explains, “has a long record of a stable property market, low use of financing and very slow planning permission procedures.” But most of all, the second home market in the country attracts local as well as foreign buyers.
“Italy enjoys a strong local and domestic market, particularly in the Northern regions, and this leads to a much more reliable and stable place in which to invest,” says Catalano. Domestic demand, which Catalano believes to be stronger than most second home destinations in Europe and many other places in the world, “ensures that a buyer can be confident in knowing that the market place is able to sustain itself, thereby providing the perfect exit strategy.”
Specialist estate agent Linda Travella agrees: “I have been saying for over twenty years that people looking to buy a home abroad should go where the local market is strong, not where it is just for foreigners.” Regions like Sardinia, the Lakes, Liguria and Tuscany, amon others, all draw a strong local demand, especially for homes near the sea or right on the mountains—“Italians don’t usually buy a property halfway up a mountain and 45 minutes away from the sea,” says Travella. “They want it either close to the beach or by the slopes.”
To give you an idea of what is available in markets with an established domestic demand, we have selected a couple of good homes which require a relatively modest outlay of up to €175,000.
Pietra Viva, Tresnuraghes, Sardinia
An old, fully renovated house, Pietra Viva stands in the heart of Tresnuraghes, a pretty village close to the pink sand beaches of Porto Alabe and a jaw-dropping coastline studded with boulders. A bouganvillea-clad pale pink façade hides atmospheric interiors where the house’s original features marry a bold contemporary décor. So you get vaulted ceilings and red feature walls, a clean-lined, modern kitchen and a fireplace. There’s an open space living room with a kitchen area, a bathroom and two bedrooms, one of which has beautiful exposed stone ceilings. And, adds a spokeswoman for selling agents San Marco immobiliare, “it is very conveniently located, because it is close to everything—shops, a chemist, and the road to the beach.” The asking price is a reasonable €140,000. For more information, call +39 0785 375521/+39 0785 35024 or visit www.smimmobiliare.com.
Loft conversion, Sala Comacina, Lombardy
Casa Travella is selling a beautiful loft conversion in Sala Comacina, just a few steps away from Lake Como. The property has one bedroom and a lovely open space living room with beamed ceilings, rustic floors and a corner kitchen. What makes it really special, however, is the terrace—big enough to fit a table and chair—which affords panoramic views over the azure waters of the Lake, the red roofs of Sala Comacina, and the mountains in the distance. That—and the property’s location. Sala Comacina is situated in the centro lago, one of Lake Como’s most sought after stretches, which has “very good weather,” according to selling agent Linda Travella. The asking price is €175,000. For more information, contact Casa Travella on 01322 660988, or visit www.casatravella.com.
For more properties in places where the Italians buy...
Developers Realitalia, who are behind the award winning Colletta di Castelbianco medieval e-village, also have a selection of homes in popular Italian regions, including Tuscany and Liguria. For more information, visit their website: www.realitalia.co.uk.
