Scalea – Russians are Coming??

[Mike & Lisa]

We just got back from a property searching trip in Scalea. Saw a few Brits who already got a property there, couple of Czechs on holiday, but what really attracted our attention was the following scene in a restaurant:

We were dining in ‘LaPlaya’ where a local girl was having her 18’s birthday party with around 50 guests, loud music and dancing. At a table next to us was a big group of Russians who already bought a few properties in Scalea (as we found out from briefly talking to them). At some point we realised, that the birthday people had started playing Russian music and inviting the Russians to join them, which seemed to make them really happy. To show their appreciation, they gave the birthday girl a good sum of Euros. Next thing we know, all the birthday people start taking photos with the Russians and putting mountains of deserts and champagne on their table. Also, it looked like the restaurant manager knew one of the Russians very well because he was constantly chatting to him, completely ignoring our attempts to get the bill. We ended up asking the Russian guy to ask the waiter for our bill! Later in the evening we made good friends with a couple of them (who actually spoke pretty good English), met them the next day and even saw some properties with the agency they co-run in Scalea. We haven’t bough anything just yet, but we will be returning in July for some more viewings and will decide then.

Overall, I have a few questions (not questions really, but more like thoughts):

- If Russians are buying property in Calabria, does that mean it’s a good place to invest? (my colleague at work says “Russians go where the money are”)
- Are the Russians more welcomed in Italy than us Brits?

What are everyone’s thoughts on this?

Mike & Lisa

[juliancoll]

Well, there's Russians - and there's Russians - so I guess it depends on what kind of Russians you're talking about.

[Charles Phillips]

This is really a quite interesting question. On the one side, it's about rich Russians investing in Italian property (which is happening), but at the moment they are fixated on the Italian coast: my prediction is they'll start to go for seriously landed properties (aka farms), because after commodity funds land is the ultimate commodity. But, in the meantime - before they get onto this fancy - they are certainly into high priced coastal properties, so the less well heeled will be jumping on the bandwagon of anything coastal (to rent to their even more impecunious compatriots) - and Calabria (with arguably the best climate for seaside living in Italy) has got to be a main chance.

Alternative scenario is that the sort of global terrorism which doesn't seem to faze Dubya means that the Russian 'mafia' feel they can do business with n'drangheta. Let us hope 'your' Russians are simply innocent property speculators!

[PAS 55]

Just a few weeks ago I was talking to a local agent in the town and he said the only reason prices where holding up was because of all the interest from Russians.

[adriatica]

unsurprising ... italy has always had a good relationship with the ex eastern european block... look at who your local town is twinned with and you might get the idea that Italian comunes didn't look west in terms of friendships...

its also well reported here that many of the richer coastal towns are benefiting from Russian investment... and i do mean the very priciest places... its keeping that market going very well indeed...although i would say the wealthy places always manage to escape economic down terms...

i do agree with Charles though that not only Russian but Eastern European money is appearing here more often ... already... also even though one likes to think the British buying market here has an affect on prices in reallity the biggest buyers by far are the dutch german and scandinavians... who often do not seem to have the same problems as the UK buyer... essentially those already in the euro zones... anyway

[tinacara]

I know an estate agent here in Calabria and it seems that the Russians are starting to buy here in Calabria because the Calabrian Agents are actually targeting the Russian Market. How else would they have got here... hey, that's not to say that they'll snap up all the best properties! Be wise about your decision - don't forget : keep your eyes wide open, seek independent legal advice, research your developers' track record if you're buying a new-build and finally learn from other peoples' experiences! This forum will give you a wealth of information! In bocca al lupo!!

[Mike & Lisa]

Originally Posted by Charles Phillips

...
Alternative scenario is that the sort of global terrorism which doesn't seem to faze Dubya means that the Russian 'mafia' feel they can do business with n'drangheta. Let us hope 'your' Russians are simply innocent property speculators!

Hello, tutti!

In case if you are wondering, "our russians" turned out to be lovely people. A bit of "mafia" look, but very reliable "property-wise"! We're enjoying our apartment in Scalea for the 3rd month in a row (it's +28 here today!!!!!!!!)

We've met many ex-pats here (UK's ones ) which was great to realise we're not the only ones! If anyone's interested, this russian-italian agency we've bought from has organized car parking in Scalea and doing a very good job by delivering UK-reg cars for us to Italy from old UK. here's the link for those interested: Russian Scalea

Ciao!

Milke & Lisa

[brynithel3]

Hi Mike and Lisa

Very interesting. Thanks for the link.

Ciao

John

[Mike & Lisa]

Always welcome, John!

Milke & Lisa

[sorella]

Hi Mike, what's the story about the cars from the UK? Where did you buy and are you going to be permanent residents?