1 bedroom Apartment close to the centre of Modica

Area Information
SICILY INVESTMENT GUIDE
The Sicily property market is beginning to show signs of growth and as such represents a good
opportunity for investment. This is the opinion of most international property experts.
Sicily has perhaps been overlooked in recent years. Property prices, which have been rising as much as 20% a year, are still affordable and reasonable. Sicily is guaranteed value for money, with its beautiful‘Mediterranean’ properties and lots of open spaces all over the island. While still being an emerging market, the Island is situated inside an established Western European country, with all its laws, taxes and buyer protections. The cost of living here is very competitive when compared to similar islands such as Crete. Here, ‘living’ is not preached but practiced. All towns have their particular gastronomic traditions. It is
an area where all enjoy life together - be it sitting in the piazza enjoying a coffee or a limoncello or out in the countryside. Sicily is one of the few remaining outposts of unspoilt Italian life that have yet to feel the full effects of the international property boom. Instead the Island continues to rely on a steady stream of mainland Italians, and the savvy foreign investors who have realised what treasures it hides.

Key Investor Benefits
• Growth in Sicily’s emerging real estate market is supported by an improvement in the region’s
underlying economic fundamentals and rising number of investors. This means that property
prices are likely to continue growing, placing Sicilian real estate as an attractive asset class.
• EU and national funding are improving Sicily’s infrastructure and quality of life.
• The opening of the Comiso secondary airport is likely to increase tourism.
• Excellent climate all year round
• Fantastic wines and great food
• Beautiful beaches
• Various landscapes
• Rich in history and culture
• Friendly and safe environment, especially in the region of Ragusa.
• Sicilian property can be rented out in any season, as it is a place where people live, work and study.

How to reach Sicily
The main point of entry to the island is at Catania"s Fontanarossa airport, served daily by British Airways from Gatwick . Further to this, Trapani Airport, located on the north-east side of the island receives budget flights from Ryan Air. There is also a new airport nearing completion at Comiso in Ragusa province with plans for an extension of the highway south to Ragusa which will cut journey times by up to an hour. There is also the possibility that a bridge connecting Sicily to mainland Italy will be built very soon, which would in effect aid the Sicilian economy and make the island more accessible and attractive to investors and realtors.

Fact File
• Rental Yields: 5% average
• Mortgage: Available locally up to 80% LTV with terms up to 30 years
• Income Tax: Progressive rates up to a maximum of 43%
• Capital Gains Tax: Progressive rates up to a maximum of 43%
• Inheritance Tax: Progressive rates up to a maximum of 8%
• Wealth Tax: None
• Municipal Tax: Progressive rates up to a maximum of 0.8%
• Value added Tax: 20%