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The wise one

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  1. Hi Anthony7 It doesn't bother me what people say. I was asking for advice because I was considering buying another property there. Calabria is a great place to invest. Its unspoilt and very cheap compared to the rest of Italy. The airlines only started flying in direct from London last year and now days every Ryanair flight going to Lamezia is full. You can probably get a 2 bed apartment thats close to the beach for £60k. I believe the resort where I have bought is almost sold out, but you should be able to find plenty of alternatives. Western side of Calabria is more developed and perhaps industrial in places. Along the southern coast, it is less developed but plenty of nice sandy beaches. If you are buying for investment look at a development which is close to a golf course as that will extend your rental season. For the time being the only rental season is July and August when the Italians take their holidays. As the area emerges and develops this will change and that is why you prices are still low. The weather is comparable to Spain's Costa Blanca, although in the winter it tends to rain more so than in Spain. Realistically you should be able to rent an apartment out from March to November. Sicily is also beautiful and I am currently looking at buying a new apartment there. Although it is more expensive, it is also more established and attracts tourists not just from Europe but also the USA. There are a number of agents promoting Calabria and Sicily. Check out First Step Abroad, The Right Move Abroad, Overseas Property Plus etc... If you are planning on going soon, look out for a deal that offers free inspection visits as flights and hotels in the summer are very expensive. Hope this helps SD
  2. Hi all, I have recently purchased an apartment in Calabria, southern Italy. The agents tout it as the next emerging market with yields of 10% For less than 100k I was able to buy a penthouse with sea views, moments away from the beach. An article from the Sunday Times in January prompted me to look into Calabria further. I went through an agent called First step abroad, they offered me a free trip to the area to see a development called The Jewel of the Sea. Has anyone else bought there? The area is beautiful, probably reminds me of the northern Costa Blanca many years ago whilst it was still unspoilt. Apparently in the peak season rents can achieve 1000 euros per week. Having confirmed this on a number of rental sites, I proceeded with the purchase. However, now I am looking at buying another apartment, possibly to sell before completion and before I do so I want to know if there are any reasons why I shouldn't. Any comments will be appreciated. Thanks
  3. Hi All, I have recently bought an apartment in Calabria, southern Italy and am keen to hear what others have to say on this market from an investment point of view. Prices are very low, for less than 100k I was able to buy a beautiful penthouse apartment with sea views right on the beach. If anyone wants to know more have a look at a company called First Step Abroad, development Jewel of the Sea in Calabria. I was hesitant at first, everyone is touting it as the newest emerging market with yields close to 10%. I went on a free visit paid by the agent (which concerned me as well), however I was pleasantly surprised with how beautiful the area was and the location of the site. The security was there as in Italy all new builds have to have bank guarantees in place so that wasn't an issue. An article in the Sunday Times prompted me to have a look at Calabria, have a look at: http://property.timesonline.co.uk/tol/life...icle1272117.ece If anyone else has bought in Calabria or Jewel of the Sea resort, I would like to hear your comments. SD
  4. Anyone read the Mail On Sunday (19th November 06)? Comments on how the only people making money in Bulgaria are the agents and developers. Something like 30% of apartments in Bansko don't even have heating - and that is a ski resort! It goes on to say how there is no local demand for the seaside apartments and the only people who are buying are the English. In addition there are something like 300,000 unlet office spaces in Sofia. Trust me, if considering property investments, stay away from Eastern Europe - its a bubble waiting to pop!
  5. I would never consider investing in Eastern Europe. Think about it. 5% of the Irish population is now Polish. 600,000 Poles have settled in Britain since joining the EU. And why shouldn't they. The smartest, brightest people from these countries are leaving their homelands and moving abroad tempted by prospects of higher wages. Who is going to be left in the country to buy properties and generate demand - only the foolish foreign investors. Who will rent the properties once they are completed? The average Bulgarian who earns €400 per month - I don't think so. People buying in these countries are following a band wagon and buying only on the back of cheap prices. Once the honeymoon of artificial inflated "guaranteed rental" yields finishes and rents drop dramatically, what are you going to do? Stick to blue chip countries with stable markets, world cities where the demand will always be there. I'll pick London over Sofia, Warsaw and Bucharest any day.
  6. I've been considering investing in Las Vegas too. After all it is the fastest growing city in the States. An interesting article came out in USA Today recently. Check out: http://www.usatoday.com/news/nation/2006-11-12-vegas_x.htm After reading that I am tempted to dip my toes in.
  7. I used to work for a company that was promoting German property. Needless to say the sales were few and far between. My conclusion on the German property market is that the only investors who are buying there are big property and investment funds. This has been the case in Germany for years now. Although property appears to be cheap there isn't much scope for capital growth until the mentality of the German population changes. Even now, although the German business sentiment is meant to be at an all time high since reunification, the average German on the streets of Berlin will look at their own economy with doom and gloom. The estate agents in Berlin almost can't even be bothered to go out and show you available properties. A friend of mine is renting a 1 bed apartment in the center of Berlin, fully furnished with all bills included for €400 per month. Why should people buy when a mortgage would cost them more? As a non-resident you will find it near enough impossible to get a mortgage in Germany, and even if you can the rates are ridiculously high compared to other Euro-zone countries. Although Germany is going through financial liberalisation presently (similar to UK in early 80s), the effects will take time to filter through. There will be capital growth but not for a long long time.
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