The Italian real estate market is very diverse both in quality and in price terms. On the one hand – the luxury resorts of Liguria, Sicily, Tuscany, Lake Garda and Como, in all respects quite comparable to the Cote d'Azur. On the other – some coastal areas of the south of the country, where good apartments are cheaper than 100,000 euros.
In the expensive northern regions of Italy, prices for most properties start from 500,000 euros. Nevertheless, according to Yulia Titova, CEO of Rentsale (ex-department of foreign real estate "BEST-Real Estate"), even here there are apartments for 200,000 euros – of course, not on the shore itself, often without a view of the sea or lake.
"Yes, in Italy you can find residential real estate up to 200,000 euros both in the north and in the south of the country,– says Elina Sivankova, Managing Director of InvestPravo Property. – But it is important to understand that in the northern lakes, the minimum cost of apartments acceptable to a Russian buyer is from 170,000 euros on the secondary market and from 200,000 on the primary. Cheaper offers are, as a rule, social housing."
Prices are much lower in the south of the country. The widest selection of affordable new housing in the Calabria region, which has been especially loved by realtors and developers over the past two or three years. A couple of years ago, local prices against the background of the "golden" Tuscany and Lombardy looked ridiculous: new spacious apartments could be bought for 40,000 - 50,000 euros. Now sellers' requests are already much higher, but real estate remains affordable – from about 1200 euros per 1 sq. m. "Within 200,000 euros, a client can buy apartments on the first coastline," says Maxim Leshchev, CEO of Geo Development. A typical example is the Aurora Beach Resort complex on the first line from the sea, 20-80 m from the beach. The complex is fully completed and ready to move in. It was originally built for rent, but now the housing is for sale.
"In Calabria, you can also find offers with guaranteed rent," says Elina Sivankova, "But as for infrastructure, in most projects it will be limited only to a swimming pool."
It is quite difficult to assess the prospects of such investments. Indeed, Calabria is now actively developing, land and housing prices are rising. However, excessive attention of developers can lead to the formation of a price bubble if the quality of objects ceases to correspond to their cost.
Greece: inexpensive Europe
Resort real estate in Greece is noticeably cheaper than houses in Italy, France and Spain and is quite suitable for a good holiday. Here is the same Mediterranean Sea, the same southern nature, in fact, the same pleasures and, importantly, the same Western European legislation governing the transaction process. This means that the level of risks is much lower than, say, in Montenegro or Croatia, which are not yet EU members.
The cost of Greek real estate in 2008-2009 did not decrease too much: according to the Bank of Greece, by 6.3% in Athens and by 6.7% in other cities. In the first quarter of 2010, housing fell in price by about 2% on average in the country. However, judging by the slowing dynamics, prices should stabilize in the near future.
According to realtors, about 40% of resort real estate in Greece costs less than 200,000 euros – such offers can be found in almost any area, but most of them are concentrated on the Halkidiki peninsula. "This is the greenest place in Greece with the cleanest beaches and the lowest prices. A lot is being built here, a lot is being offered, the demand for this region is high among both foreigners and Greeks," says Diana Hristidu, director of Artemis Company.
On the secondary market, apartments with an area of 30-55 sq. m. apartments in Halkidiki are already sold for 40,000 euros. Apartment 64 sq. m. apartments in a complex on the Kassandra peninsula, 200 m from the sea, are for sale for 90,000 euros. 100,000-120,000 euros will be enough for a townhouse in a rural area 30-40 km from the nearest city and less than 1 km from the sea.
In other areas of Greece, including the islands of Crete, Rhodes, Corfu, popular with foreigners, there are also enough options within 200,000, and it's not just about apartments. For example, the Agia Pelagia Villas project in Crete, 22 km west of Heraklion, includes villas with two to four bedrooms, private gardens and parking. Villas ranging from 100 to 150 sq. m. apartments with two and three bedrooms are estimated at 155 000-240 000 euros. Two-room apartments in the town of Chania, with views of the bay, are offered for 172,000 euros.
Spain: post-crisis accessibility
For several years of the crisis, the cost of real estate in Spain has decreased by 40-50%, which cannot but please buyers.
Now in Spain, the lion's share of apartments belongs to the category "up to 200,000 euros". "It includes most of the apartments on the Costa Blanca, including not only relatively cheap areas (such as Torrevieja), but also many projects in Calpe, Denia, Benidorm. Also in this price category are apartments on the Costa del Sol, often within walking distance of the sea and golf courses, on the Canary and Balearic Islands. There are a lot of options from 100,000 to 200,000 euros and on the Costa Brava," says Yulia Titova.
For example, the cost of apartments on the Costa del Sol, near Marbella, with an area of 82 sq.m. starts from 112,000 euros. On the same coast, next to a prestigious golf course, apartments from 77.5 sq. m are offered for 185 000-215 000 euros. However , Elina Sivankova notices: "On the Costa del Sol and Costa Brava, residential real estate offers in the range of 200,000 euros are rather a massive development, and it is difficult to position them as a full-fledged resort property."
But on the Costa Blanca, the profile of inexpensive real estate is more conducive to rest. "Here, a good quality one–bedroom apartment within walking distance from the sea can be purchased from 100,000 euros, with two bedrooms – from 150,000 euros.", - says Elina Sivankova. For example – a residential complex in the town of Calpe (an hour's drive from Valencia and 35 min. from Alicante), in a valley near the beach. Apartments with an area of 102 sq. m. apartments with two bedrooms, two bathrooms, private gardens and a parking space are sold here for 180,000-104,000 euros.
There are many similar offers in mainland Spain and the Balearics. However, Yulia Titova warns: appetite comes during meals, and very often, counting on a budget of no more than 200,000 at first, after viewing the options, customers raise the bar to 250,000 and 300,000 euros. However, Spanish banks are willing to lend to foreign buyers.
Cyprus: persistent popularity
Cyprus can hardly be called a place for budget purchases. But there is a place on the island for both million-dollar villas and relatively affordable apartments. Among the reasons why investors choose Cyprus are a pleasant climate, a loyal visa regime, well–established transaction mechanisms and the willingness of local banks to lend to foreigners.
For 200,000 euros in Cyprus, you can buy apartments with one or three bedrooms, and even a townhouse or a small villa. "Naturally, we are not talking about the first coastline, but there are many ready–made options within walking distance to the sea, in good areas with developed infrastructure," Yulia Titova notes.
So, at 15 min. from the center of Larnaca and 10 min. from the airport there is a ready-made complex Carisa Salonica Court with sea views. Apartments with one or two bedrooms can be purchased for less than 150,000 euros. Prices for apartments in the Park View complex in Limassol, 15 min. from the beach, within 200,000 euros are concentrated in Paphos and its surroundings. "Ready-made new objects from many well-known construction companies are being sold here. There are also urgent sales of real estate from owners, mainly the British," says Yulia Titova.
Elina Sivankova gives an example of a two-bedroom apartment in the Kato Paphos area 650 m from the sea, near a developed urban infrastructure, whose cost is 137,000 euros. A similar one-bedroom offer is estimated at 112,000 euros.
According to Elena Pestova, director of SIVANA P.I.S LTD, despite the fact that prices on the local market are no longer falling, construction companies focused on customers from England are ready to make discounts of up to 30% on ready-made housing, as supply still exceeds demand. The secondary market of resort real estate was replenished with objects from the British, who purchased housing on credit and faced financial difficulties. As a result, Internet sites are full of ads for the sale of furnished and furnished apartments for 60,000-80,000 euros. However, according to official data, the activity of buyers in the Cyprus market is growing every month.
