In a bid to revitalize the historic old quarter, a mayor in Sicily has proposed to slash property in a Sicilian historic town to a euro, the London Telegraph reports.

Salemi, the famed one-day capital of Italy in 1860, was practically abandoned after an earthquake in 1968. But Vittorio Sgarbi, Salemi's mayor and Italy's former culture minister, thinks selling off the historic properties at a euro a piece will return the beautiful town to its former glory. In exchange for about $1.45, the new homeowner will have to meet standards laid down by the council "while respecting their original characteristics," Sgarbi told the London Telegraph. That means that they have to be refurbished to the exigencies of the modern world while maintaining the colors, forms and appearances of their time.

Mr Sgarbi was a senior official in the culture ministry during a previous government led by current Prime Minister Silvio Berlusconi. He is very much convinced that it is the only way to revitalize the town's crumbling historic heart. Most of the villas were damaged by an earthquake 40 years ago. The Mayor commented: "There are 3,700 houses owned by the council, almost all in the old town, which are in danger of falling down - of crumbling and dying."

Mr Sgarbi at the outset offered the houses free of charge, to residents of Salemi who agreed to do the renovations. But then, keen to raise awareness of his cause, the town council is looking for buyers who have the aesthetic sensibility and economic resources to embark on this adventure. The mayor said "for a token payment of one euro we will offer them one of these houses and ask that they undertake to restore them within two years while respecting their original characteristics."

Mr Sgarbi is overjoyed by the level of interest, saying: "We have had a lot of interest and people are already booking up to come down here".

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The Italian government has revived plans to build a controversial bridge linking the island of Sicily to the mainland.

The Messina Bridge has been the pet project of Italy's Silvio Berlusconi and his government in 2001-2006 backed it, before the succeeding administration scrapped it. The Messina Bridge, whose centre span of 3.3km (two miles) would make it the longest in the world.

According to the Italian news agency Ansa, The construction is part of a $30 billion public works program to create new jobs and boost the economy. The programme was approved by the cabinet and various government departments. To start construction of the bridge, Italy earmarked €1.3 billion, or $1.7 billion and the government said it would make an additional €4 billion available to a welfare fund.

Sicily is becoming more popular with investors after the arrival of number of low-cost airlines, new urban rail networks and now the bridge plan is expected to boost the property market in Sicily. The region's good weather, attractive coastline and strong rental potential will continue to encourage people to buy there.

According to the Daily Mail, Sicily, the largest island in the Mediterranean, has a number of "bustling towns and in the next 15 years there will be huge changes in the island's property market making it increasingly similar to the market in Sardinia.

Additionally, according to the news provider, Sicily is suitable for the buyers who prefer to avoid over-built areas, as there are many baroque and neo-classical buildings ready to be converted into apartments.

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The Italian town of San Pellegrino presents a wealth of opportunities for people looking for property in the country, it has been reported.

San Pellegrino Terme is a town in the Bergamo province, Lombardy, Italy and it is best known for being the location of San Pellegrino where a carbonated mineral water drink is produced. The town borders of San Pellegrino were drawn in 1395 marking the start of its water industry.

According to the Daily mail reports, a regeneration project aims to bring back the town's splendour with approximately £84 million has been invested by the property developer the Percassi Group, as well as another £34 million from the local authorities. The tourist arrivals in the Lombardy spa town began to decline when its casino closed and the tourists began looking elsewhere. The town used to attract an array of visitors including European royalty, Serie A footballers and film stars during its heydays.

However, the town is hoping to win back tourists with a major revamp which will see the Grand Hotel being restored and the old casino transformed into a conference centre, as well as a range of new restaurants and amenities.

The Percassi group has presented the project for the world's most beautiful hot springs spa at San Pellegrino (Bergamo) designed by the eclectic French architect Dominique Perrault. The project includes the spa, a 7-star hotel, luxury residences and a fashion mall. Three years of work, over 150 million euros of investment in the first phase and the whole complex will be ready in 2011. The idea was promoted by Antonio Percassi, president of Percassi Group and Gruppo Stilo, and CEO of Premium Retail.

Paul Hudson, Italian specialist at The Property Finders, has stated that Lombardy 'is too frequently overlooked in favor of Tuscany, it is an area worth considering, particularly now that San Pellegrino's fortunes are on the up. Paul Hudson has recommended that buyers can look in the vicinity of San Pellegrino in places such as Vetta.

He adds that the development of the infrastructure will improve accessibility. Road links will connect San Pellegrino to the Milan-Venice autostrada. Milan Orio, the principal Ryanair Italian hub, is 30 minutes drive and Milan Linate International Airport is only an hour away.
Paul Hudson commented: "Journey times will be reduced by road improvements bypassing towns in the valley, which is good for holiday lettings."

In related news, Linda Travella, of Casa Travella, has stated that the housing market is relatively stable in the valley, but the revamp project in San Pellegrino are already having an effect on property prices there as Prices increased by 30-40 per cent in the past year and once the new developments take shape, values are expected to increase further.

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The exclusive, affordable, eco-friendly developments in Italy's Lake Como presents a wealth of opportunities for people looking for property in the country without breaking the bank.


Property investors are able to find surprisingly good deals on both fresh and existing housing developments. Lake Como properties are reportedly bucking the downward trend, recording capital growth of 3.7% in January and with the region’s reputation on the rise, these properties are sure to increase more in value substantially over the coming years, reports telegraph.uk.com
Linda Travella, Italian property specialist has stated in the Telegraph that "the region has really taken off in the last five or six years."

Lake Como has also become a popular second home and holiday destination for the rich and the famous, including a string of celebrities, such as movie star, George Clooney, Richard Branson and Sting. The increased level of new build properties gives investors a wider choice of properties to choose from, while a healthy level of tourism promises steady rental income during holiday seasons.



Cheryl Lorenzo-Penn, Director of Chesterton Como, the leading London property company, comments, "Lake Como has a timeless appeal and the landscape is not disfigured by heavy construction. Property prices remain relatively constant, appreciating over the years. Italian property prices have not been hit as hard as in the rest of Europe, partly due to stricter Italian bank lending; LTV's rarely exceed 80%."

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Tourists taking holidays to the historic destination of Rome in Italy could soon enjoy a Disneyland-style theme park depicting life in Ancient Rome, complete with gladiators and Julius Caesar thanks to the local officials who have come up with a scheme to bring back the crowds.

Rome administration plans to build the Ancient Rome theme park on a site of 400-500 hectares and the location of the park is yet to be decided. Mauro Cutrufo, the deputy mayor has said that the plan is to construct a special attraction that will rival Euro Disney and to have the family friendly entertainment park open for customers within three to four years. Mr. Cutrufo said that he is expecting 555 million-£635 million for private investment in the theme park and the feasibility study would be completed next month. He also added that it would bring an extra three million people a year to the Eternal City.

The park would offer attractions based on life in republican Rome, ending with the murder of Julius Caesar and civil war, and the power and might of the Roman Empire. Expected rides could be based around gladiator battles within a replica of the famous Colosseum, where they could watch gladiators fighting each other or wild animals, as the Emperor looked on.

Giuseppe Roscioli, head of the Italian hoteliers association (Federal-berghi) said that they supported the idea, provided that it has to go along with other measures, such as the extension and upgrading of airport facilities in the Lazio region.

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Rome's birthday is celebrated on April 21, commemorating the date of Rome's founding in 753BC. A series of events like gladiator shows, parades and traditional Roman banquets will be taking place throughout Rome at venues including the Roman Forum and the Campidoglio. Historical societies put on gladiator displays and performances in and around the forum area. There's usually a magnificent fireworks display by the Tiber River and the Aventine Hill will be covered in long-burning candles.

According to Whatsonwhen, there are many annual events in and around Rome and It is always a good idea to check with the Rome tourist office about the actual dates of those events visitors would like to see to make sure they are still, in fact, happening and if the date remains the same or has changed.

Rome’s historical and cultural sites make the city a viable holiday location for the whole year and this could be highly beneficial for rental investors, as tourists would be among their main customer. House prices in Rome are steadily increasing, and overseas buyers wishing to purchase property now will find they must pay almost 3percent more than a year ago.

The most sought after area, as ever, is the historic centre, where going rate is €9,000 per square meter. Parioli is the most elegant and expensive residential areas in Rome as the prices per square meter are €6,000, followed by Flaminio and Ponte Milvio at €5,500 per square metre and Quartiere Trieste at €4,500 per square meter. While, not surprisingly, prices tend to be more reasonable as one move away from the centre and it is difficult to find property within Rome's GRA (Grande raccordo anulare, the motorway that encircles the city) at less than €2,500 per square meter.

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Azure Overseas has announced the launch of new five-star resort, the pizzo beach club in the southern Italian region of Calabria.

The Pizzo Beach resort is a 15 minute drive from Lamezia International Airport. An unspoilt forest of eucalyptus and pine trees separates the resort from the beach to the Tyrrhenian Sea and which is a short 5 minute walk through the trees. The resort offers villas, studios, apartments and penthouses

Services and activities on the Pizzo Beach resort include: a club house with restaurant, a football field, tennis courts as well as swimming pools and botanic gardens. In the pine forest near the beach residents can enjoy archery as well. The Pizzo Beach Club's proximity to a Club Med resort means that the developer is currently trying to come to an agreement with the Club Med resort administration so that Pizzo Beach club residents can also make use of their facilities, including rock-climbing, kayaking and sailing.

Liam Bailey, global property expert and director of new PR and research company Write about Property has stated that Calabria is a comparatively virgin market and Beach-front developments like the Pizzo Beach Club are getting popular. He also said that Calabria's new market when it comes to property also translates to its tourism market, so rental returns now are currently only in the 4-6% bracket, but this is expected to climb to 8-10% bracket in the next 3-4 years.

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Italian property have long been a favourite among overseas property investors and now the top locations for British, Americans, Germans and Scandinavians buying property in Italy have been revealed by a survey.

According to the Italy magazine analysis of property advertisements placed on Italymag.co.uk has revealed where foreigners are typically buying property in Italy - with some surprising results.

The analysis revealed that Italians buy main homes in the cities and second homes by the sea or the ski slopes, overseas buyers taste is also very similar to that of Italians as they prefer farmhouses, restored country villas, period townhouses, large farmhouses and rustici or managed apartments in the countryside .

Tuscany is the most popular location with nearly one-fifth of the total number of adverts, and Abruzzo, the small central region beats better known locations such as Umbria to gain second place in the popularity ranking, with 19.1% of all properties advertised.The reason for this success is the moderate price of Abruzzese property as it is also listed as the third most affordable region with the average price of a property listed in the magazine being 227,174 euros (£200,153). Basilicata and Calabria provides affordable properties and has gained first and second spots respectively , while Tuscany and Campania boast the priciest properties.

Meanwhile,The countrylife.co.uk.has stated that Italy is "weathering the economic storm" with price rises in attractive areas and the the website added that premium second homes are still greatly in demand.

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