Investor · Deerfield Beach Florida and Tupper Lake, N.Y. · Member since 2013 · 307 posts · 118 votes
Just curious, BP nation, has anyone bought property in Sicily? We are currently in Sicily and there are many old, run down, abandoned properties here. One of which used to belong to my wife's father's family. It's a "re-habber's dream", or possibly nightmare. I was wondering about how oneself would possibly go about acquiring it and getting anything done sooo far from home?
Rental Property Investor · Roma, Italy · Member since 2013 · 63 posts · 19 votes
11y
I am an Italian who spent few year in the US.
Friendship in Italy are like the money in the US.
I trust in my Property manager in the US just because I pay him and he has local competitors. Rather than trusting in the PM itself, I trust in the competition among them.
In Italy (especially in the south) you could trust in a PM just in case you intimately know him. You have to trust in the person not in the market.
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
12y
This post caught my eye so I'll follow it for any developments -- I was just looking at a website of coastal properties for sale in Gallicia (Spain) and having fantasies of bucolic days of warm sunshine, wine and tapas. The recession is still harsh there so the real estate prices are fantastic. But at my current income level it's just not going to fly, even though I have family in Europe and do get over there some. Maybe I can get quite a bit richer before their recession ends and buy one of those abandoned coastal villages....
Investor · Beijing, Beijing · Member since 2013 · 8 posts · 6 votes
12y
Hi, Sicily is a fantastic place to own a holiday home (of course everything depends on your PM).
It's relatively straightforward to buy, but renovations and maintenance can be excruciating on historic properties: labor costs and supplies can be quite high. We own one small property in Agrigento province and are buying another in Modica (Ragusa). We've been very happy so far.
Investor · Deerfield Beach Florida and Tupper Lake, N.Y. · Member since 2013 · 307 posts · 118 votes
12y
Thank you @Elizabeth B. , we just went to Agrigento yesterday. What an Amazing place this whole island is. I feel that I'm in a similar situation to @Jean Bolger , in that I will have to make a LOT more money to ever make this a reality, but that's why we're all here @ BP, right?
Investor · Beijing, Beijing · Member since 2013 · 8 posts · 6 votes
12y
@Michael Lemieux
The island is underrated - and properties can be incredibly cheap to buy. Property taxes are low as well.
Renovations are more a labor of love than a great investment, but with a trustworthy manager costs can be kept under control. It tends to be foreigners who are willing to take on the expense and hassle of renovations, particularly for properties away from the coastline.
Back to your question: Property ownership can get complicated due to titles owned by large families, or titles which weren't transferred properly (esp in the countryside). If you're interested in a particular property or region, contact estate agencies in the nearest town. Sicily is still developing and you'll want to do due diligence before buying anything.
I have been very happy with the agency I used to buy my property in Agrigento province, they have an English-Sicilian representative and have a reputation for honesty, fair pricing, and great follow-up. Their website is http://ciancianamyhouse.it and while they focus on the town where they're based [Cianciana], they have contacts throughout Agrigento province (mods feel free to delete, I can send in a PM instead) http://www.ciancianamyhouse.it/home/en
Investor · Beijing, Beijing · Member since 2013 · 8 posts · 6 votes
12y
@Michael Lemieux
The island is underrated - and properties can be incredibly cheap to buy. Property taxes are low as well.
Renovations are more a labor of love than a great investment, but with a trustworthy manager costs can be kept under control. It tends to be foreigners who are willing to take on the expense and hassle of renovations, particularly for properties away from the coastline.
Back to your question: Property ownership can get complicated due to titles owned by large families, or titles which weren't transferred properly (esp in the countryside). If you're interested in a particular property or region, contact estate agencies in the nearest town. Sicily is still developing and you'll want to do due diligence before buying anything.
I have been very happy with the agency I used to buy my property in Agrigento province, they have an English-Sicilian representative and have a reputation for honesty, fair pricing, and great follow-up. While they focus on the town where they're based [Cianciana], they have contacts throughout Agrigento province (mods feel free to delete, I can send in a PM instead) http://www.ciancianamyhouse.it/home/en
Don't give up! As a creative worker, you have a unique niche you can offer guests if you want to have holiday accommodation in the Mediterranean region. I've been happy renting out my little place for a decent return in Sicily (though unfortunately Spain has recently passed laws banning the practice). My place is rustic and affordable for creative guests, not your standard holiday rental. This is our plan with further properties as well.
Investor · Deerfield Beach Florida and Tupper Lake, N.Y. · Member since 2013 · 307 posts · 118 votes
12y
Thank you again @Elizabeth B. , the property that I was initially thinking about is in downtown Bagheria. Tourist rental/timehare concept crossed my mind, but not sure how much interest there would be in that neighborhood. That was more of a sentimental thought. There is however, plenty of larger, abandoned looking places with awesome views of the "Gulf di Palermo" and some room around the building. Wish I had a boat load of time and money to play here.
Rental Property Investor · Roma, Italy · Member since 2013 · 63 posts · 19 votes
11y
I am an Italian who spent few year in the US.
Friendship in Italy are like the money in the US.
I trust in my Property manager in the US just because I pay him and he has local competitors. Rather than trusting in the PM itself, I trust in the competition among them.
In Italy (especially in the south) you could trust in a PM just in case you intimately know him. You have to trust in the person not in the market.
Conshohocken, PA · Member since 2016 · 42 posts · 12 votes
8y
Hi All,
I found this post while searching for info on Sicily. Perhaps some new members have experiences to share? The prices in Sicily, and other parts of Italy are very attractive still. I'd love to know if anyone is using an Air BnB/homeaway strategy, and what the returns look like. Please weigh in if you have any tips or resources to share!