Case Study – An Italian Job Well Done
Many overseas property buyers make several unforced errors in the process that it’s little wonder that they’re disappointed somewhere down the line, often blaming everyone but themselves. Others, such as Alastair Varley and his partner Judith Paulucy from the Tees Valley in England’s north east, use every brain cell to minimize risk and maximize success – as their recent purchase in Italy’s Calabria will prove.
 Prison Officer Alastair, 43, picks up the story, “Although we have buy-to-let property in the UK, our Italian purchase was to be our first home overseas so we wanted to get it right.
Preferring not to overstretch ourselves we set a budget of 90,000 euros and zeroed in on Calabria as the prices were remarkable in comparison to other Mediterranean hotspots and there was the prospect of long-term capital appreciation.
In November 2007 we paid an independent visit to the region, deliberately off-season so as not to be seduced by the sunshine and crowds of happy-go-lucky holidaymakers, and adopted the mind-set that it was a business trip so we could view property with an appropriate degree of detachment.”
Calabria quickly made an impression on Alastair and Judith. With two regional airports – Lamezia Terme and Reggio di Calabria – they could see the potential once new and existing low-cost airline routes became fully operational, and also found reassurance in the money invested in the area by local authorities. Road networks are to be greatly improved, new marinas in planning stages and up and down the coastline the pretty towns and villages are receiving facelifts to their promenades and other tourist facilities. A long-time favourite with holidaying Italians, this process of gentrification would undoubtedly cast the net wider to a whole new demographic of upscale tourists.
 “Upon return from our familiarization visit to Calabria our research continued and we visited a few property exhibitions, spoke to several agents and settled on GEM Estates whom we found to be amiable, knowledgeable and professional” continues Alastair, “In the end our money went into a two bedroom apartment in Palm View, an apartment development just 150 metres from the beach in Brancaleone. We intend to use our new home out of season, perhaps April to May and September to October, and then make the best of lucrative summer rental opportunities. However, we’ve never viewed the property as a ‘cash cow’, hence the sensible 90,000 euro budget, and rental income is not a necessity to cover our costs but instead a welcome bonus. Although occupancy looks to be high in the area and you never know, we might even expand our Italian portfolio.”
Despite taking a very mature and sensible approach to their purchase, Alastair and Judith still found the process quite nerve-wracking as it’s a lot of money to spend out on what is essentially a set of printed floor plans and computer generated images. Alastair advises others, “Unless you have blind faith and money to burn, make sure you visit the area. However good the brochure is you won’t develop a real feeling until you’re there. Also, you might follow our lead of visiting off-season and not expecting a holiday to keep your mind and judgment clear. Lastly, find an agent you feel comfortable with and can work alongside, GEM Estates has been invaluable.”
Palm View, 45 minutes from Reggio di Calabria airport, is a boutique development of just 42 apartments set in a slightly elevated position with superb sea views within easy reach of the local bars and restaurants of Brancaleone. Clustered around four swimming pools, Palm View will be finished to high standards with private gardens or balconies for each unit plus a complimentary furnishing package with the opportunity to upgrade. Prices start from 93,500 euros with a 3,000 euro reservation deposit, 50% in 30 days and the final 50% on completion scheduled for mid 2009.
Inspection trips to Calabria are available from just £49 please contact GEM Estates on info@gem-estates.com, visit www.gem-estates.com or call UK Freephone 0800 036 0068, Irish Freephone 1800 211 462 or call the Spanish office on 00 34 952 799 286.
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Date: 6/30/2008 | 
UK Freephone: 0800 036 0068
