Sicily offers exceptional value and accessibility, making it an attractive destination for property buyers.
Here’s a few points why Sicily stands out among European second home markets:
• Competitive Prices: Property prices in Sicily are favorable compared to other established European second-home destinations and key Italian cities. Prime property averages lower per square meter, offering significant value.
• Easy Accessibility: Sicily is highly accessible, with direct flights from London, Paris, and Frankfurt, as well as seven direct routes from major U.S. cities like New York and Boston.
The island’s four main airports, including Palermo & Catania—the largest—offer direct connections to over 300 locations.
• Low Purchase Costs: Buying costs in Sicily are relatively low by international standards, averaging around 3-4% for a primary home and close to 10% for non-resident or second-home purchases.
• Strong Investment Potential: Infrastructure investment is increasing. A new bridge is planned to connect Sicily with mainland Italy by 2030, and a €3.4 billion upgrade to the Palermo-Catania railway will reduce travel times by a third, linking these cities in just two hours. Slowly but surely
• Tax Benefits: Italy’s flat tax policy allows ultra-high-net-worth individuals (UHNWIs) to pay a flat fee of €100,000 on all global income, drawing many looking to establish residency in Italy.
Rising Global Interest in Sicily
Interest in Sicilian property is on the rise. Google searches for “Sicily property” jumped by 54% in April 2023 compared to the previous year. The island has gained popularity through travel and home restoration shows, as well as high-profile features like Netflix’s White Lotus.
Attractive Amenities
Tourism and Rental Demand: Tourist visits rose from 2.2 million in 2021 to 3.1 million in 2022, a 41% increase, contributing to rental demand and making it a promising market for investors.
Exceptional Lifestyle
Sicily’s appeal goes beyond competitive pricing. Mark Harvey, Head of International Residential at Knight Frank, describes it as “a popular second home destination for global buyers,” offering a blend of rich history, clean beaches, high-quality amenities like hotels, spas, and golf courses, and fresh, local produce.
Investing in Sicily’s Future
In March 2023, the Italian government approved plans to build the Messina Bridge, connecting Sicily to the mainland for the first time, with construction set to begin in the coming months.
Investments in the Palermo-Catania rail line are also underway, modernizing and significantly improving regional connectivity.
Bella Sicilia offers a variety of options for new build homes to make your Sicilian Dream Home come true, hassle free !
For those looking to invest in a prime European destination, Sicily combines affordable prices, enhanced infrastructure, strong rental potential, and a high quality of life, making it a unique opportunity in the Mediterranean.
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