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Have you ever thought of investing in a new kind of property, possibly setting up a home away from home?
"Sicily is what Malta was like in the 1970s. It is still untarnished. Property is still low in price. The people are great. And we think this is the right time for the Maltese to invest here," Edgar Mifsud, a said. Apart from the added advantage that the neighbouring island is only a 90-minute catamaran ride away, making it possible for anyone to just pack one's bags and drive straight off.
Mr Mifsud said the company had carried out intensive research on various property markets before deciding that Sicily's was the safest and the most foolproof one on offer.
"But what about the Mafia? Isn't that a problem?" I asked while accompanying the company directors and other media reps on a trip to Sicily to get a taste of what is on offer.
"The properties we are offering are in the south-eastern part of the island, namely in the Ispica, Modica, Ragusa and Siracusa areas. These areas are completely Mafia-free and extremely safe. Not only that, but most items, if not all, are a lot cheaper than what we would find back home," Mr Mifsud said.
He explained that finding similar properties to what is available in Sicily in Malta or Gozo would cost more than three times the price on offer. In addition, Sicily is much larger, giving that feeling of space which is so much lacking in Malta.
Following a typical Ispican breakfast of roasted almond granita downed with a brioche, we toured the main town of Ispica before taking a five-minute drive to the first property on offer. This is an 85 metre square property with two buildings on a plot of 10,000 square metres of land, on sale for €40,000.
This automatically allows the investor to have a further 100 square metres of built-up closed space if he wants to.
"That is another positive thing about investing here. With such a large tract of land you are entitled to build a further 100 square metres of property without any hassle. A geometra from the local council comes back with a reply to your proposals three or four days after submitting them. It is completely hassle-free," Mr Mifsud insisted.
"The owner of the land or other workers will definitely contribute in helping you maintain the land of the property while you are not in Sicily. But if you have problems, we, together with our Sicilian counterparts, will help you overcome any such hurdle," he added.
Just a couple of kilometres away we visited a small villa which has 100 square metres of living area in the form of two bedrooms, living, dining and utility area, garage and covered outdoor space, which provided a touch of shelter for us as we quenched our thirst and got a break from the heat.
The place is ready to move into, although the decor might need some touching up. The property, which comes at a price of €160,000, is surrounded by 13,080 square metres of land, planted with olives, lemon and orange trees and having its own deep-water well.
The most expensive property we visited was Roselle, which is made up of two large separate buildings - the main is reached by a private road and has an imposing arched entrance leading into a central courtyard with a 1,550 square metre built-up area, one of which was a baron's living quarters. The second building was an original wine-making facility. The property, with a price tag of €3 million, can be converted into either a grand residence or into a good business development.
Following lunch in a converted property turned into a restaurant-cum-hotel and gardens, we visited another very large and grand property being offered for €1.7 million. Situated in the countryside between Rosolini and Modica, the 350 square metres of habitable area are surrounded by 220,000 square metres of rolling countryside on which are planted 350 old mature carob trees, 700 newly-planted carob trees and at least 500 olive trees.
If you thought that country living or living on a farmhouse was not for you, don't despair. The company took us to view a villa in Modica one can buy for €900,000. The house, finished to high standards, is surrounded by well-manicured and maintained lawns, trees and plants. The main building houses six bedrooms, a kitchen living/dining area, a cinema room and a large pool. There are also separate living quarters and a two-car garage.
These are not the only properties on offer, but we did not have enough time to visit much more. The day was packed. And tired and dirty, we finally made our way back home.
The following are a number of frequently-asked questions posed by potential investors.
How does one go about buying property in Sicily?
When a mutual price on the chosen property is agreed by both vendor and seller through the negotiations of the representative, a pre-contratto (compromesso) is signed.
The pre-contratto is a legal document much like our promise of sale (convenium). On the pre-contratto are all the details of the vendor and the seller, a detailed description of the property with the reference number issued by the government to determine area and ownership, and price. There is also the stipulated date by which time the final deed would take place.
Is a deposit paid on the pre-contratto?
A deposit is paid to the vendor by the purchaser at the pre-contratto. The deposit is usually in the region of 30 to 50 per cent of the total price.
How binding is the deposit?
Should the purchaser decide not to purchase for no valid reason at law then the deposit is forfeitable. Should the vendor decide not to sell because s/he has a better offer, the vendor would have to return to the purchaser double the amount of the deposit given. It is for this reason that the deposit is such a high percentage of the original price, thus rendering a reversal not financially viable.
When I purchase a property, what taxes will I have to pay?
This varies but is usually stipulated between 4 and 10 per cent. However, these vary according to property and area.
Is it easy for a foreigner to get a mortgage in Italy?
The foreigner has the same rights as a national and the banks will deal with every request on the same basis. The usual guarantees required by the banks would need to be complied with. Local banks, such as Bank of Valletta and HSBC, usually deal in loans for property in Sicily.
How much are the agency fees?
The official rates are three per cent each for the buyer and the seller
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