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Set in the centre of the western Mediterranean, Sardinia is a bewitching island with unique history, immensely kind people, and exquisite landscapes. A typical drive might take you from white beaches lapped by electric-turquoise water, through vineyards and olive groves sprouting from paprika-coloured soil, to sun-baked golden plains backed by low hills cloaked in cork trees and overlooked by distant high mountains. If you stop the car and take a stroll, you’ll soon be crunching across the fragrant ‘macchia’ that carpets the countryside – a tangle of wild myrtle, juniper, heather and rosemary.
With such physical charms, and such gentle, generous inhabitants, you’d expect massive numbers of tourists to have trampled Sardinia to dust long ago. In fact, the crowds are still small, and their coming hasn’t generated any tourism-eyesores such as ranks of high-rise buildings. This just isn’t that sort of island. And careful laws protect it from ever becoming that sort of island. The truth is that sleepy Sardinia is way off most tourists’ itinerary of Italy. Indeed, even though Sardinia is the second largest island in the Mediterranean (after Sicily), many people have still never heard of it. Clean, safe, unspoilt and uncrowded, Sardinia is a contented place that doesn’t feel much need to advertise itself.
Because Sardinia is still relatively new to most non-Italians, the island’s foreign-buyer property market has quite a short history. The yacht-and-jet-set were buying villas in the chic northeast from as early as the 1960s, but this did nothing to encourage the more financially-average buyer – who wrongly concluded that the whole island was an expensive playground reserved for the super-rich. Anyway, without a yacht or a private jet, how could the average buyer hope to get here? Thankfully, budget airlines began opening up Sardinia from the year 2000 onwards, and delighted visitors realized that there was far more to this Mediterranean paradise than just the fabled Costa Smeralda in the northeast. New property hotspots grew up in and around Alghero on the northwest coast, and later along the island’s southern coasts either side of Cágliari.
A plentiful supply of reasonably-priced properties meant a steadily growing number of foreign buyers during the Noughties. Keenly aware of their island’s unspoilt charms, the Sardinian authorities wisely took steps to ensure there would be no Benidorms here. Restrictions were placed on new construction within key distances of the sea, thus protecting the character of the coast and beaches. Similar restrictions were placed on new building in rural areas, and on the size of restoration projects. This admirable foresight has not only safeguarded the island’s extreme beauty, it has also protected the value of properties here. A home in an unspoilt location will always be more valuable than a home in a spoilt one. Sardinia’s attitude towards its own preservation is one of many good reasons to invest on the island.
Naturally Sardinia’s property market slowed during the recent international recession, but not dramatically. The market remained relatively active, with high-end properties least badly affected. Right now Sardinia’s market continues ticking over, and there are reports that buyer numbers are starting to increase. It’s a good time to buy, as many agents point out, because prices are slightly lower than they were before the financial crisis, and offers below asking-prices are often accepted (say, 7-15% below). [Time of writing is 2010.] It is anticipated that Sardinia’s property prices will stay roughly unchanged for the remainder of 2010 and begin to rise again during 2011.
Obviously different parts of the island see very different prices, and we’ll come to that in a moment, but as a rough guideline what can you expect to pay on Sardinia these days? Rural restoration projects can ask about €50,000, and townhouses to restore in desirable small towns about €130,000. In popular resorts, a two-bedroom apartment could go for €120,000 to €250,000. Seaside villas ask €200,000 and upwards – in certain areas very steeply upwards. Holiday rental prospects on the island are very good indeed, and in high season you could expect about €600 per week for a two-bedroom flat and €1,500 or more for a well-situated villa.
Sardinia is a large place – roughly 130 miles long by 70 miles wide. It’s quite physically varied, so it’s worth considering which of its lovely landscapes most appeal to you. Northern coastlines tend to be rockier than those in the south, with pale grey or amber rock formations serried attractively between stretches of white or golden sand. Southern beaches, often dazzlingly white, are generally longer and backed by flatter terrain. The island’s eastern and western flanks are much less visited than the north and south. The eastern side is wild and mountainous, while the west is low-lying and home to some appealing lakes and lagoons. Inland everywhere, the landscape is generally rural and unspoilt.
The most expensive part of Sardinia, by a long way, is the fabled Costa Smeralda in the northeast – a roughly ten-kilometre stretch of cove-riddled coastline lapped by crystalline, emerald-coloured seawater. Since the 1960s, this area has constantly drawn the rich and famous. Development is very tasteful and sympathetic to surroundings, but the feel of the place can sometimes seem a little artificial. Villas start at around €350,000 and rise into the millions. Rental returns are the best on the island.
Either side of the Costa Smeralda, prices lose much of their hysteria, although the geography loses little or none of its beauty. A few miles north or south of the gilded stretch, you might get a one-bedroom apartment for €100,000, or a two-bedroom villa for €250,000. Resort towns Palau, San Teodoro, Budoni and Santa Teresa di Gallura are recommended for good value property by many agents, including Giuseppe Colombi of Global Services Immobiliari and Sardinia Home Finder. Much further from the Costa Smeralda, Giuseppe believes that the best value for money in Sardinia’s north is offered by pricy-but-worth-it Alghero in the northwest, by up-and-coming Bosa south of Alghero, and by charming Castelsardo in the centre of the northern coast.
Two-bed apartments start at about €220,000 in Alghero, and about €150,000 in Bosa – the same price as a townhouse to restore here. Villas in the countryside around Alghero can be expensive, starting at around €300,000. Buyers with smaller budgets should investigate Valledoria and Badesi on the central north coast, where two-bedroom apartments with sea views start around €120,000 and villas around €200,000.
Leaving the north behind, you travel through Sardinia’s least-visited parts, before reaching the increasingly popular south. The island’s central eastern and western coasts are undeveloped, and extremely inexpensive should you wish to buy here. The island’s interior, meanwhile, is less visited still, and it’s here where Sardinia’s very cheapest property lies. Angela Fanunza of My Villa in Sardinia recommends the area round Lake Omodeo near the island’s centre. “The area is absolutely gorgeous,” she says, “and you can buy a substantial house with lake views for as little as €25,000.” [Note that My Villa in Sardinia no longer deal with properties in the island's centre and concentrate mainly on the far south.] Closer to the coast, and on the edge of its own lagoon, the attractive town of Oristano is another inexpensive spot that has wooed some foreign buyers.
But it is the far south that has in recent years seen the most excitement. Since budget airlines began serving Cágliari in the mid-noughties, property on the exceptionally lovely southern coastlines has seen a boom in sales. Prices have climbed steeply, yet still remain generally lower than those in the north. The outlook is excellent for future growth, and Sardinia’s south is widely seen as a strong investment. Carlo Vallebona of the agency Explore Sardinia points out that both easyJet and Ryanair have increased the number of flights into Cágliari while cutting the number into Alghero, suggesting that the south’s popularity will continue to blossom.
Apartments on the outskirts of Cágliari might ask €150,000, while southern seaside villas tend to start at about €200,000. Recommended areas include the Costa Rei area east of Cágliari, and Pula to the southwest. Carlo Vallebona says “At present we are advising our clients to invest in properties on a tiny southwestern island called San Pietro – a jewel of a place with utterly unspoilt nature and excellent prices. For the serious investor there is the Chia area 50km southwest of Cágliari. Chia beach knows few rivals round the globe, and while the place isn’t cheap it has seen its property prices doubling over the last five years, so investing here offers serious capital gains and rental incomes.”
Is it best to buy a tumbledown property to restore, or a new-build? Emilia Saccani of Eurosarda is among the agents who advise opting for a new-build or a ready-restored home, to avoid the headache of building bureaucracy. But David Howlett of Come to Sardinia notes that “As the market has been slow and strict planning laws have kept construction to a minimum, we have a good supply of builders looking for work and a ready supply of properties to restore. This means buying and restoring can be an economical route. Also, there are movements now to ease off overly strict planning laws. Towards the middle of 2010 there could be opportunities to buy land and build within strict criteria.”
Wherever and whatever you consider buying on Sardinia, be assured that this is an island with a bright future. While continuing to guard against over-development, Sardinia is boosting its tourism profile with all sorts of initiatives. Mauro Demuro of Live in Sardinia points out that various themed events and the construction of new golf courses are increasing winter visitor numbers, for example. Giuseppe Colombi of Sardinia Home Finder concludes “Sardinia is unspoilt, with no large developments like in Spain or Cyprus. Its coastline is one of the most beautiful in the world. The food and wine are wonderful. The history is fascinating and the local culture strong.” All this, and lots of good property options too!
Set on a rocky headland surrounded by stout medieval walls, Alghero is the northwest’s chief resort. Its thriving fishing port is flanked by a forest of yacht masts, and the town looks from afar like the setting for an exotic fairytale, with Renaissance domes and Venetian bell towers climbing above Moorish and Gothic windows set into pale pink and yellow walls. Inside, the centro storico is an entrancing puzzle of tiny lanes – by day an atmospheric place to wander quietly, at night teeming with an entire population enjoying their passeggiata. Set near lovely beaches and countryside, Alghero has long been loved by Brits and Germans – even more so since Ryanair began flying here in 2000. Rental prospects are great, and property is still good-value. One-bed apartments in the old town currently go for €140,000-€175,000, and two-beds start at about €220,000. Villas in the countryside outside Alghero can be expensive – starting at about €300,000. North of Alghero, Stintino is an eye-watering beauty spot with steep prices in its small complexes of holiday homes. Towards the centre of the north coast, attractive Valledoria, Badesi and Castelsardo have recently seen a flurry of foreign buyers, and prices here are still very reasonable, with two-bed apartments starting at €120,000. South of Alghero, seaside Bosa has attracted quite a few foreign buyers in recent years, with interesting properties at good prices. Inland, Sardinia’s northwest is hilly, fertile and appealing. The island’s second city, Sássari, lies here – an affable and unassuming place.
Sardinia’s tourist industry began in the northeast, on the ‘Costa Smeralda’ about 12km north of Olbia. Legend has it that the Aga Khan bought up the breathtakingly beautiful coastline here in 1962 (together with a consortium of cronies) and turned it into a tasteful resort-area for the rich and famous. Named after the astonishing liquid-emerald water that licks the rocky coves, the Costa Smeralda is still luxurious and exclusive, with the highest property prices – and best rental returns – on Sardinia. From the very start, development has been restricted to traditional local building styles, with nothing above two storeys – ideas which still influence new building across the island. The very minimum you’d pay for a one-bed apartment in the Costa Smeralda area is about €200,000, and most villas are in excess of €1 million. If you can’t afford the Costa Smeralda (or the yachting and golfing set bore you), look at places either side – perhaps the gorgeous Santa Teresa di Gallura area, where you could get a newly-built two-bed villa for about €260,000. South of Olbia, there are some very inexpensive holiday apartments in new developments round Budoni, San Teodoro, et al – with some one-beds going for less than €100,000, and villas starting at about €170,000. Inland, Sardinia’s northeast is quiet and pretty, with craggy hills covered in cork trees. Perhaps the only less-than-lovely spot in the whole northeast is Olbia, a relatively drab and functional port town.
Sardinia’s central west coast, and especially its central east coast, have traditionally seen few visitors. Seaside property prices here are still very low, although visitor numbers are increasing. Oristano is a pleasant west-coast town worth considering – surrounded by canals and lagoons teeming with wildlife. You might pick up a newly-built two-bedroom apartment in this area for about €120,000. Old village homes round here can be a good buy, with €80,000 to €180,000 getting you a place with up to six bedrooms, needing minor work. Further inland, near the very centre of the island, the rural Lake Omodeo area comes recommended as an attractive and very inexpensive place, with substantial townhouses asking less than €30,000. Further east, into the forbidding, densely-forested Gennargentu Mountains, lies the most remote and unvisited part of Sardinia – neglected even by the island’s many historical invaders. A quiet and deeply traditional way of life is lived here by an ageing population in tiny, dying villages. There’s no shortage of wild natural beauty, and if you were exceptionally adventurous, you could benefit from the lowest property prices on the island. Carrying on to the east coast, you’ll find pockets of new development in pleasant, uncrowded places like Orosei and Cala Gonone. Again, you could pick up a small seaside apartment here for less than €100,000. South of Cala Gonone, the east coast is largely empty for many miles, until the ferry-port town of Arbatax.
Sardinia’s south has seen a blossoming market for overseas buyers since the area was opened up by budget flights from northern Europe several years ago. And the number of flights into Cágliari from many European countries has doubled over the last year or two, which means increasing visitor interest and strong holiday rental opportunity. Property prices in the south are still generally lower than in the island’s north, but they have been increasing at a faster rate – some say at double the rate of the north. Cágliari, Sardinia’s capital city, is a bustling and likeable place that’s home to just a quarter of a million people. The old quarter is a high citadel riddled with narrow lanes, while the modern outskirts consist of low-rise apartment buildings. Property in Cágliari is reasonably-priced, and the city offers easy access to some lovely beaches and tracts of countryside. Southwest of Cágliari, the Costa del Sud area is very attractive. There are silky white beaches and crystalline water at charming Pula and Chia. One-bedroom apartments round here can be had for less than €100,000, while villas start at about €200,000. Nearby Santa Margherita is an upmarket resort with a tasteful sprinkling of hotels and holiday complexes. Or you could look east of the capital. 40km east of Cágliari, the Costa Rei is arguably less sensitively developed than the westerly Costa del Sud, but there’s still sufficient charm and good-value property to draw you here too.
Mark and Ann Marie Reohorn, based in the West Midlands, fell in love with Sardinia the moment they first set foot on the island in 2002. They now own two villas just south of the fabled Costa Smeralda, and offer holiday rentals as well as enjoying frequent visits.
“We’d always holidayed in the south of France,” Ann Marie explains. “Then my father-in-law persuaded us to visit Sardinia on his yacht, and we were bowled over by the place. It’s so natural and unspoilt. It’s fantastic for sailing, especially the northeast because of the constant breeze. What really got us was the beauty of the beaches – it’s the Caribbean in the Mediterranean. And we love the family-oriented culture.
“We holidayed in northeast Sardinia for two years, then bought a villa. A couple of years later we bought a second property, purely for holiday rental – it’s very well-stocked and has the most fantastic view. Our rentals are going well. Originally all our clients were British, but the market has really opened up and now we have lots of different European nationalities.
“Our property hunt wasn’t easy, as the local agents weren’t showing us the kinds of things we’d asked to see. At the last minute we were flicking through a property magazine and found a London-based agent and he was great. Things might have changed since then, but our experience was that the island’s agents just aren’t like agents in the UK. We couldn’t get written details; when we’d ask the price of a property they seemed to just pick a number out of the air. The bureaucracy is arduous, and obviously there’s another language to contend with. You really have to do your homework before you buy here.
“Investment-wise it’s been very good. Our properties’ values have increased because local infrastructure has improved – roads built, mains electricity put in, and EU funding to smarten up the nearby city of Olbia. This area is a traditional holiday playground for people from Rome and Milan, but out of season it’s wonderful. May, June, September and October are the best times to be here. It’s still warm, and you’ve got glamorous beaches all to yourself.
“I would advise would-be buyers to consider all the costs. There’s the purchase price then the tax on top, then the notary’s fees. Be prepared. If you’re buying a new-build, it probably won’t be finished when you want it. The pace of life is much slower here. Things progress slowly; you’ve got to take that into account. Learn some Italian, because English isn’t widely spoken. The Sards are fiercely proud of their island and their traditions. They’ll love you if you show a real interest in the place. Immerse yourself. Go in with your eyes open, be cautious, and enjoy the adventure!”
www.apartmentsinsardinia.co.uk
Michael Ballance from Staffordshire bought not one, not two, but three properties in northern Sardinia. “I went a bit mad,” he chuckles. He keeps one property as a personal holiday home and rents the other two to holidaymakers.
Why did he choose Sardinia? “I’ve always loved Italy,” he explains. “A few years ago I went on holiday to Sardinia and thought it was really beautiful. Particularly Alghero with its walled town. East Midlands airport is very local to where I live and there are cheap flights to Alghero. It’s easier for us to get to Sardinia than to mainland Italy.”
Michael went on an exploratory property-hunt in 2007. “I wasn’t quite sure where I wanted to buy. I decided to look at different parts of the north, all within an hour or ninety minutes from Alghero. I ended up buying a place in Costa Paradiso, in the middle of the northern coast. It’s on a clifftop looking out to sea, which was always my ideal sort of property. And that really is just for personal use – myself, friends and family. At the same time I was interested in buying an old property in the centre of Alghero, because it’s only ten to twelve minutes from the airport and it would be an ideal place to arrive.”
He met with Maria Grazia Vendone of Alghero Estates. “She said she’d look for properties in the old town but that they were hard to find and often needed lots of renovation. Then she rang and said ‘we’re moving to a bigger office and our little office in the old town will be for sale’. I said ‘I’m very interested!’ and in the end I bought it. It had all the necessary facilities – plumbing and electricity points. I just had to fit a kitchen and put in furniture and a shower. Many people think property in Alghero is very expensive. My experience was that you could buy an apartment in the old town for €140,000.”
Michael also bought his third property, a villa in a new development just outside Alghero, through Alghero Estates. “I found them really helpful,” he says. “I had an Italian mortgage, and they sorted that out and opened a bank account for me. They helped me choose furniture, communicated with builders, and translated everything. They now feature my apartment on their website and I’m getting lots of enquiries and bookings. My villa outside Alghero also rents very easily.”
And what does Michael like most about Sardinia? “The countryside is lovely,” he says. “The people are very friendly, and the lifestyle is so attractive. It’s very family-oriented, very traditionally Italian. And the food is excellent as well!”
www.algheroestates.com/properties-for-rent/apartment-gioberti
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