If you are thinking of buying a new home in the sun, you may well be trying to choose the right country before going any further into your quest. I know that there are many potential investors out there who are trying to decide between two of the big players in the mediterranean property market - Italy and Spain. There are ofcourse many other destinations to choose from but we'll make a start with these two and go from there.
Now to narrow it down a bit more we'll compare the Calabria region to the Costa Del Sol, Costa Almeria and southern Spain. both have similar climates and attract plenty of tourists.
1) Price - The most important for some.
At the moment southern Italy wins this one hands down. You can purchase apartments in good locations from less than £50,000. You'll have to pay considerably more for an apartment in a good location in any of the Costa's although in Almeria there are bargains to be had but you have to take the area into account. Some of the properties available in Tropea are right by the beach and for an area of historical importance such as this, they look like a pretty good long term investment.
2) Infrastructure
Ok, we know that Italy is a well established EU country but the south has long been neglected compared to it's richer more industrial northern neighbour. The southern regions of Italy, including Calabria, are now receiving a huge amount of EU money for redevelopment. If you have been to the area you will know that there are improvements to be made but in a way the south has benefitted by being less industrial - less pollution, more agriculture, more laid back way of life etc.
Italy’s health service is considered to be one of the best in the world, coming second only to France in the year 2000 World Health Organisation polls.
Spain has seen billions upon billions of euros come into it's coffers from the tourist and property industries. The last ten years have been massive for the Spanish property market but they have ofcourse made a fair few mistakes along the way. Corruption has been rife in some areas and we've all heard some of the horror stories of when deals have gone badly wrong. Overbuilding is a major problem in some areas and rental yields are almost non-existant for some Spanish property owners who bought on the agents promise of having their mortgages paid by tour operators and holiday makers. Thousands of properties remain empty throughout the summer.
Spain is no doubt a good few years ahead of southern Italy in some departments such as roads, shopping malls, holiday resorts, airports etc etc. As we know, Calabria has some catching up to do on certain fronts. Let's hope that the Italian property developers learn some valuble lessons from the Spanish on just how it can all go badly wrong.
3) Golf and leisure
Hmmm, I think we know who wins this round! The 'Costa Del Golf' in southern Spain has dozens of fabulous championship standard golf courses. If you want a golfing holiday then Spain is hard to look past.
In Italy golf is probably not such a popular pastime but that doesn't mean they don't love their golf. The south and especially Calabria has very few courses and they are not really in the same league as their Spanish counterparts. It's not really a golfing destination but more courses will be built in the future.
Calabria does have several great marinas for the boat lovers out there. Mooring fees are a fraction of those in southern Spain and many of these marinas are undergoing expansion. Now would be a good time to think about reserving one if you want to park that Sunseeker in Zambrone, Tropea or Pizzo this summer. The Calabria countryside is green, mountainous and rugged. Just like southern spain, you are only ever about two hours from a ski resort in Calabria.
4) Culture
Well if you are comparing the Costa Del Sol or Costa Almeria to Calabria I think Italy will be hard to beat. We know about Italian food, architecture, fashion, wine etc and if you expect to find British Bars or fish n chip shops near Tropea then you have the wrong idea my friends! If you want a home from home where everyone speaks English and you can get Tesco beans from the local supermarket and Eastenders on the TV then stick with Spain. If you want to get away from it all, see how the southern Italians live and go out in the evening without being knocked over by a group of pubcrawlers, consider the Italian option. There are many quiet and cultural areas of Spain too but I'm just comparing the likes of Tropea with somewhere like Torremolinos or Benidorm - two of the more popular beach destinations. The Calabria coast can get pretty lively in the peak summer months, but it is mostly Italian and european tourists coming down to party. With the extra UK flights and interest from tour operators we hope that a lot of British tourists will come and enjoy the area too.
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Some investors will just prefer one country over the other. There are many good reasons to invest in both Italy and Spain and bargains to be had in both if you do your research, but the Spanish market has had it's big property boom and is now settling down. The prices in southern Italy are only going one way at the moment so now is the time to make your move.
