Wed, 21 Nov 07
The stunning growth of Sardinia’s property market is exciting investors...
Sardinia has always been a popular tourist destination, if just slightly off the Mediterranean radar. However, it is now becoming increasingly popular as a luxury destination, particularly in view of the number of celebrities now frequenting the island.
Last year alone, Bruce Willis and Tom Cruise spent their summer holidays there and ex Italian Prime Minister Berlusconi has a villa on the island. With the Emerald Coast close to the city of Olbia now fiercely rivalling the Côte d’Azur in France, property prices are escalating to new heights at an unprecedented rate.
It is not just Sardinia’s new found celebrity status that is attracting investors it is the undertaking by the local authorities in forbidding any new construction within two miles of the entire coastline that is propelling it to new heights. In order to minimize the human impact on the incredible local landscapes, tough new measures were needed and duly implemented.
Such an exclusion zone on new constructions will safeguard Sardinia from the perils of over development. The move was a risky one, as Sardinia could potentially have missed out on a superb economic growth; however it has had the opposite affect and now we are seeing existing properties grow at a tremendous rate along with new developments albeit away from the frontline position.
Having avoided the obvious pitfalls of overdevelopment, Sardinia’s coastline and indeed culture now seems untouchable as it moves into a new era with overseas investment driving Sardinia forward.
Trinidad Passerini, Managing Director of Precious Villas, says, With talk of stars and politicians favouring the Emerald Coast on the North of the island, potential investors should in my mind be looking at the south of the island, as this has the biggest investment potential and where I expect to see dramatic growth in the coming years.
The south is favoured by families and is far less formal that the north. It has tremendous sports facilities including Is Molas golf course which is renowned as one of the best in the Mediterranean arena and is already home to four Italian Opens. There are several new developments in this region offering villas immersed in the green of the Mediterranean maquis within gated communities and also a number of five star hotels and spas.
Just along from the Is Molas course there is a Gary Player designed course under construction which will also further enhance the area. It is also important to remember that the southern coast is better connected than the north, thanks to Cagliari Airport, which has a host of low cost airlines operating from. The harbour also provides easy access to mainland Italy.
The charming villages of Is Molas, Pula and Chia combined, offer a wealth of facilities, history and culture; narrow winding streets, village squares and juniper covered sand dunes are order of the day. With excellent water sports, shopping, restaurants and even the large Roman amphitheatre in Nora which is used for music festivals in the summer, are all close at hand.
Trinidad concludes, Sardinia is a European market that is going to grow at a staggering rate. I believe it has the presence to go head to head against any of the mainstay European markets and would be my top tip for investment towards the end of this decade. The structure is there, the culture is there and the authorities have ensured that the landscape will not be blotted by the greed of overdevelopment. We have already seen the early signs of capital appreciation, which have taken most people aback, now continue to watch as Sardinia makes its mark in the European theatre.
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