Famous for its stunning beaches, nature, delicious food and traditions cultivated for over the centuries, this fascinating island, Sardinia, has been enchanting tourists from all over the world for many decades. Sardinia has evolved into an up-and-coming location for international property investors and is a popular year-round location steeped in ancient history and architectural delights. Frequently people come for a summer holiday and fall completely in love with the island.
With approx. 1,700,000 inhabitants and an area of approx. 24,000km2, this large but sparsely populated island offers plenty of room for development and there are many opportunities to invest in this piece of paradise. There are good lines of communication provided by the three international airports in three different zones across the island, Sassari, Olbia and Cagliari with direct flights to and from UK, Germany, Spain, France, Scandinavia and major European countries which operate all year round. There are also ferries from Santa Teresa di Gallura on the northern tip of Sardinia reaching Bonifacio, Corsica, in about 50 minutes. The Mediterranean climate which offers sunny days in more than 300 days a year offers an additional attraction for the property investor looking to buy in Sardinia
Fortunately the Sardinian the real estate market has overcome any previous issues and in 2016 has grown about 18% in comparison to 2015, with Cagliari, the largest city in Sardinia, recording approximately 1500 transactions and achieving €2,500 a square meter in 2016 making Sardinia a viable island for real estate investment of all types, from retirement relocation or holiday home to commercial investment in the tourist or hospitality sector.
One of the most well known and prestigious areas in Sardinia is the renowned Costa Smeralda (Emerald Coast) on the northeastern coastline centered on Porto Cervo. This coastline has been known as an exclusive luxury summer holiday resort of the international jet set since the Aga Khan discovered Sardinia in the sixties. Its elegant resorts and luxury villas overlooking the beautiful white sand beaches are second to none. And the wonderful luxury yachts belonging to many international millionaires and famous movie stars make this place even more fascinating. Waterfront properties in Costa Smeralda are sold for tens of millions of euro making Sardinia one of the most prestigious luxury real estate locations in Europe.
Areas along the peninsula bounded by Olbia to the east and Castelsardo to the west, are also popular with foreign buyers. The more affordable villas close to the water start around €3 million. Apartments and houses in Castelsardo, an old town fortified with a castle, prices can start from €100,000. Alghero, one of Sardinia's most beautiful medieval cities, located in the northwest offers large apartments and houses with prices starting from €120,000 and villas with sea view from € 2.25 million; around Cagliari, the southern of Sardinia, properties by the coast start about €1.25 million.
Lake Omodeo is actually a reservoir, created in the 1920s when a dam was built on the Tirso River, and was once the largest in Europe at one point. The beauty of the reservoir and surrounding mountain scenery make this a wonderful place and property prices in this area are very competitive. They start around €30,000.
There are further opportunities for those who would like to spend a little less on buying a Sardinian property, in the villages requiring reviving there can be found around the island charming properties for as little as €16,000. In Santu Lussurgiu for example, halfway between Oristano and the lake, a property requiring restoration can be found for as little as €20,000.
We cannot possibility forget to mention the houses that can be bought for the price of €1. These houses, which are sold by public notice, are located in the historic centre and are freely distributed by the previous owners to the Communes (the Land Registry Office) so that new owners, Italian or foreign, or even companies interested in investing can buy them at a price of only €1. These houses must be restored and the buyer must have a minimum of €20.000 for the re-construction.
Whether buying a property in Costa Smeralda or a property in the renovation project at a price of €1, instructing a lawyer to assist with the purchase will ensure that some of the common problems can be avoided by, for example, ensuring that all the agreements address all the potential legal problems.
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