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What’s the likelihood that Sicily property
07-23-11

What’s the likelihood that Sicily property is bucking the global financial turmoil that is plaguing so many countries around theshoes puma world, including mainland Italy and is currently recording strong capital growth? It's not, is unfortunately the answer. “The economy is declining,” says Giuseppe Giliberti, director of Hamptons International. Even before the global credit crunch took hold, Sicily’s property market, plagued by a strong mafia presence, and with corruption generally considered to be a part of everyday life, has long struck a dark shadow across Italy’s property sector. Nevertheless, the property market – sales and rental - on this shoes puma fascinating Mediterranean island is starting to overcome its negative image, thanks largely to tourism, which buoyed by the introduction of a number of low-cost airlines, is really starting to take off. Amongst those airlines now operating direct flights to and from Sicily and the UK, are: EasyJet, Ryanair, Monarch, British Airways, Air Malta, and Thomas Cook. This in turn is increasing demand for property in Sicily to both buy and rent, which has led to an increase in the supply of new homes, although the standard of quality remains an puma uk issue. Giliberti says: “Sicily property prices have sharply risen in the last few years. This has caused a strong increase in new constructions that have in many cases spoiled the coastal areas. Now the market of holiday homes is quite abundant but the quality is not always at a high standard.”

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