Buy to Let in Southern Italy

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Goldberg Global

Posts: 39
Joined: 22/3/2007

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Report Abuse | Date 31/1/2008 12:28:13 AM

Dick Auburn

Posts: 1
Joined: 10/3/2008

RE: Buy to Let in Southern Italy (in reply to Goldberg Global)
Hi, I was just out in calabria with a company called VFI Overrated properties and I was assured that I would get 10% rental yield from my property in Jewel of the Sea because it has a 5 Star rating with large commercial center and club house and it also has a golf course getting built right beside the development which will be ready 1 year after completion of my property. However i have just found out that these facilities do not have planning permission and that the golf course is not more than likely not going to be built! Therefore not only am I concerned about what I have bought but when it does get built the rental yeild will be far lower than the 10%. More like 4 to 5%! < Message edited by Dick Auburn -- 22/4/2008 2:15:00 PM >

Report Abuse | Date 22/4/2008 2:12:14 PM

Fra Hicks

Posts: 1
Joined: 25/6/2008

RE: Buy to Let in Southern Italy (in reply to Dick Auburn)
First of all i would like to clear up a few issues here before i go any further. 1. The rental season in Calabria at present is mainly between april and october. During this time most holiday properties in Calabria are occupied, mainly due to the fact that there is a lack of medium to high end rental accomadation. Once Jewel of the Sea is completed this development will fill this void. What you will also find is over the next number of years the rental season will grow with the influx of Golf Courses and off cource the increased exposure of the ski resorts in Calabria. If you look back over the last number of years and take any country as a comparison you will find that it takes time for a market to grow. The special thing about Calabria is that you are already getting high rental yields and this can be seen by researching for yourself how much it would cost at present to holiday in Calabria during high season. 2. Concerns over planning. This is an issue we have always had to combate. First of all the full planning permission is in place and most importantly we have obtained the appropriate stamp from the Local authority. Second of all, if we did not have the full planning, well then why is constrution allowed to continue 6 months into the build. Third of all, why have we gone to contract on over 650 properties on Jewel of the Sea and had no problems at all. 3. It actually states in the contract that you do not have to complete on your property until the site works are complete.

Report Abuse | Date 25/6/2008 6:27:02 PM

yeahright

Posts: 1
Joined: 7/7/2008

RE: Buy to Let in Southern Italy (in reply to Goldberg Global)
You talk like you know what are you talking about,I have a friend that still works at VFI , and the real thruth she told me was that there is no planning permision on the golf course because there is actually a highway going right thru it, its called the ss108 wich will pass right thru... Another thing he says to me how clients are stupid to belive , because most sales guys are told to say there is a medical center infront of the jewel of the sea...nope that building was going to be a small center for shops....and there is nothing there ..it hasnt been any work done in 5 years.... Has anybody have asked to them how is the underground path is going to go thru...since it need to move the train tracks to enlarge...so you are going to stop train traffic that passes 18 times a day to do this work..where will the trains go? Yeahright.....

Report Abuse | Date 7/7/2008 2:06:42 PM

tyke

Posts: 1
Joined: 18/8/2008

RE: Buy to Let in Southern Italy (in reply to Fra Hicks)
The holiday letting season in Calabria is really July and August. I have been in May and there were very few tourists. We were the only guests in our hotel. So dont believe what you hear about April to October rentals. Its a myth. Tyke

Report Abuse | Date 18/8/2008 7:49:57 PM

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