Getting a toehold in Calabria in Italy's deep south

Buying in ItalyApartments and villas in Calabria, the rapidly developing region in the boot of Italy, cost from €85,000. Mary Wilsonreports

IT HAS taken Belfast developer, Harry Fitzsimons, two years to thoroughly research the possibilities of developing in Calabria, Italy's southern-most region, making up the "toe" of its "boot".

Fitzsimons, who has been involved in the construction of commercial property and social housing in Belfast for the last 35 years, has formed a joint development company, VFI Overseas Properties, with Italian partner, Antonio Velardo.

"I met Antonio three years ago, when we first discussed the possibilities of developing in Calabria. Everyone I've talked to has said the same thing - it's an emerging market, but one that is in a well-known and in an established location. It may be down in the south of Italy, which up until now has been the poorest part of the country, but it still has the charm and romance of all things Italian," he says.

And Italians from the northern cities of Milan, Florence and Rome have for many years been trooping down to Calabria for their holidays. They call it the "real Italian Riviera" and love it for its unspoilt character, good value for money, 800 kilometres of beaches and clean, blue sea.

The coastal towns have a shabby charm about them, but are beginning to be smartened up as the EU and the Italian government plough €1.2 billion into the area to improve roads and infrastructure.

"You can see Calabria growing by the day," says Fitzsimons. And land prices are growing too. "I bought the first plot of land 18 months ago and prices have gone up since then by 10 to 15 per cent."

The company also has 12 more sites on which it could build, plus a few more in the offing. And it is currently marketing two sites - Soverato Bay View and much further south, a larger development called Jewel of the Sea, which is by the village of Brancaleone and will be the first five-star resort in the area. "I reckon we will be developing here for the next 10 years," says Fitzsimons.

The local government is determined to ensure that Calabria does not go the way of the Costa del Sol or Algarve. Regulations prohibit building within 300 metres of the beach and Jewel of the Sea is one of the last few developments to be constructed so close to the coast.

This was only possible because the site had received planning permission in the early 1990s. Building regulations also stipulate that a development has to be low density and low rise.

There is already a good Italian rental market in Calabria and with tour operators such as Thomas Cook and Club Med now operating there, the developers suggest that a two-bedroom apartment could achieve around €1,000 a week in the high season. "We reckon that if someone had a 70 per cent mortgage on their property, they need only let it for 12 weeks of the year to cover the costs," says Gavin Dunne, business development manager for VFI.

"We hope to see rental values being the same as they are around Tropea, which is one of the smarter resorts in Calabria."

Jewel of the Sea will have 550 properties. Prices range from €85,000 for a one-bedroom apartment at the back of the site to €192,000 for a two-bedroom/two-bathroom apartment on the beach. The three-bedroom, four bathroom villas cost from €320,000.

There will be two areas of apartments and townhouses on the beachfront and further back, some three-bedroom villas, more townhouses and higher up the hill in front of a new 18-hole golf course, more apartments. There will also be a beach bar, restaurants, cafés, shops, clubhouse, swimming pools, spa and fitness centre and three tennis courts.

All properties come with internet, Sky TV, air conditioning and all leisure facilities will be free to residents.

The company is also offering a furniture package, 80 per cent mortgage and full rental and management service.

At Soverato Bay View, which is in an elevated position near the town of Soverato, there will be 320 properties in total. Currently, 30 three-bedroom/two-bathroom villas are on the market, all with sea views and five minutes from the beach.

Prices range from €227,900 for a three-bedroom villa up to €650,000 for villa on a much bigger plot. On this development, there will also be shops and sports facilities.

At the moment you have to fly from Dublin or Shannon to Rome and then onto Reggio Calabria airport which is 40 minutes from Brancaleone. Easy Jet is considering direct flights from Ireland and the UK into Reggio.

VFI Properties, 00 39 0964 933345; www.vfioverseasproperty.com