Vepri-Tuscany
Highlights include:
* Set in the tourist hot spot of Tuscany
* Stunning setting close to Arezzo (setting of the Oscar winning film 'Life is Beautiful' or 'La Vita e Bella')
* Strong rental demand with potential returns of 5-8% per annum
Investment Highlights
* Average price of EUR 165,000 (£115,000 approx) for one double-bedroomed apartment up to EUR 320,000 (£230,000 approx) for a 3 bedroomed apartment
* Excellent capital appreciation expected
* Strong rental demand with 5-8%rental yield forecast and contacts with James Villas.
* Minimum Risk: Bank guaranteed and well established developers with excellent track record. In association with multi-award winning real estate company established since the 1960’s
* Flights: Easy flight access to Tuscany with budget airlines
* Deposit: From as little as £11,000
* Payment Terms: Extremely favourable! 10% on contract, 90% on completion
* Mortgages: local mortgages available
Introduction
We are delighted to announce the release of an exceptional investment opportunity in the heart of Tuscany-one of Italy’s most desirable and sought after regions.
For investors looking to diversify their portfolio, this low-rise and exclusive development in the heart of Tuscany presents an excellent opportunity.
The demand for high quality rental properties with excellent amenities is strong throughout the long high season. Properties like Vepri which have a communal pool, parking & garden or terrace space offering shade and seclusion will be much sought after.
With a choice of studios,1-3 bedroom apartments, this development represents an attractive and safe investment.
Timetable
Completion Date: Estimated November 2007
Development Details
Set in the heart of Tuscany, the agricultural hamlet of Vepri lies on the lush green hills of Chianti, within easy reach of Siena, Florence and Arezzo. More recently the movie La Vita E Bella of Benigni was shot in the magnificent piazzas of this city of Arezzo.
Built on over 10 acres of land, Vepri comprises a number of converted or newly built apartments, totalling 33, out of which a good number have already been sold by word of mouth.
Dotted with forests and cultivated hillsides, vineyards and olive groves, quaint farms and pastures of land, Vepri was originally a huge farm, parts of which were retained, and others have now been knocked down and reorganised.
With two major international airports in Florence and Pisa, Tuscany is well connected from the UK. Buyers can fly to Pisa Airport with some flights starting as low as 1p. Airlines also fly into Florence or Rome. All the major car hire firms operate from these airports.
Distance-wise, Vepri is circa 20 kilometres away from Arezzo, 24 km from Siena, 50 km from Florence and 125 km from Pisa. There is also a three-hour drive to the ski resorts in Abruzzo.
Amenities that come with the apartments include a communal swimming pool, public gardens and pathways, a parking area and garages (optional). Ground floor apartments will also include a sizeable garden. Prices start from just above EUR 165,000 (£115,000 approx) for a one double-bedroomed apartment with a terrace and garden and go up to EUR 320,000 (£230,000 approx) for a 3 bedroomed apartment, having an area of 167 m2, with a 579 m2 garden. The apartments, which are freehold, are being sold completely finished.
Vepri is also attractive from an investment perspective, because the expected rental rate of the units is that of 5-8 per cent per year, and there are companies like James’ Villas who offer guaranteed rentals. Expected capital appreciation is also that of 5-8 per cent per annum.
Borrowing money from a local or an Italian bank is possible. The developers have also made arrangements with an Italian regional bank, which will provide necessary loans at a 5.5 per cent borrowing rate. Other Italian banks offer similar financing arrangements.
An inspection visit, together with all arrangements, including transport and accommodation, can also be arranged.
The sale procedure is very simple and a lawyer is available for convenience for buyers. However, buyers may if they prefer use their own selected lawyer. Upon signing, a 10 per cent deposit is required. Three months are normally allowed for searches, following which the final contract (rogito finale) can be signed. This will take place in Italy. A compliance certification (abitabilità) confirming that the property is built according to permits will also be produced by the vendors and attached to the final contract.
In Italy there are no regulations or special requirements governing the purchase of property by foreigners.
Where is Vepri located?
20km from Arezzo
• 24km from Siena
• 50km from Florence
• 175km from Rome
• 125km from Pisa
• 200km from the ski resorts in Abruzzo
Arezzo
• Arezzo is situated in the south- eastern part of Tuscany, encircled by four magnificent valleys: the Val Tiberina, Casentino, Valdarno and Valdichiana.
• A town of culture, history and elegance, it is a wonderful place to shop, dine out or simply relax & take in the pace of life.
• Art has always played a prominent role in the life and culture of Arezzo with artists such as Francesco Petrarca, the greatest Italian poet, Michelangelo, masters of renaissance art and Giorgio Vasari.
• More recently the movie La Vita E Bella of Benigni was shot in the magnificent piazzas of this city.
What amenities come with the apartments?
• Communal swimming pool
• Private garden
• Public gardens and pathways
• Parking area
• Garages (optional)
Other information of interest
• The private gardens are to be maintained by owners.
• There will be a residents association to run the public gardens and pathways.
• A separate association will manage the communal pool.
• Gas and electricity will be metered. Water will be sourced from a certified borehole within the complex. The maintenance of this will be covered by the management of the complex.
• The project is being developed and managed by a number of Maltese and Italian entities.
What makes this project attractive? What are its key highlights?
• Location: in the heart of Tuscany, close to the charming and artistic cities of Florence, Siena, Pisa, and Arezzo.
• Convenience to get there: Only a one hour flight away, plus 2-3 hours drive from the airport, with Air Malta and Ryan Air offering daily low cost flights to Roma and Pisa respectively.
• Charm of the Tuscan region: great cuisine, breathtaking landscapes and views, art, history, culture, wine, language...
How about joined ownership?
This is possible! It is an ideal way for a group of friends or relatives to be able to benefit from this great opportunity but avoid absorbing the full cost of purchase. In such cases, the property will be purchased under an undivided joined ownership agreement.
What makes this project attractive as an investment?
• Expected rental rate of return at 5% – 8% per annum. There are companies such as James’ Villas who offer guaranteed rentals.
• Location: unlike Eastern European countries such as Bulgaria, Italy and more specifically Tuscany is one of the most sought after regions by Italians and tourists alike, backed by a long-established stable economy and a fully developed infrastructure.
• Expected Capital Appreciation Rate of circa 5% - 8% per annum.
What about financing? Can a client borrow money from a local bank or an Italian bank?
• Yes, this is possible. There is an existing agreement with Banco Credito di Firenze who will provide the necessary financing at an approximate borrowing rate of 5.5%. Conditions apply.
• Other Italian banks will also offer similar financing arrangements.
How does a client get to see the apartments?
• A viewing of the site can be arranged.
• Clients should contact us with their preferred dates and we will provide further details regarding recommended hotels and transfers
• Clients must take into account that these units are selling fast and placing a deposit to secure the property prior to travel is recommended to ensure availability on arrival
Development Timetable
Completion Date: Estimated November 2007
Unit Breakdown
UNIT TYPE 1 SIZE PRICE
(From) PRICE
(To)
Apartments 1 72 internal sq metres 165,000 Euros
165,000
Euros
Apartments 2-3 From 84 internal sq metres
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