Sicily is cementing its status as a prime second home destination
Italy’s appealing flat tax, its unrivalled lifestyle and the delivery of new branded residences is putting Sicily on the radar of international buyers.
3 minutes to read
Why buy in Sicily?
• Prime prices are competitive compared with other established European second home destinations and key Italian cities and resorts
• Highly accessible, Sicily offers direct flights from London, Paris and Frankfurt, as well as seven direct flights from major US airports, such as New York and Boston
• Purchase costs remain low by international standards, around 2% for a primary home and close to 9% for a non-resident or second home purchase
• Investment in the island is strong. Plans have been announced for a new bridge across the Straits of Messina linking Sicily to mainland Italy by 2030
• Italy’s flat tax, enabling ultra-high-net-worth individuals (UHNWIs) to pay a flat fee of €100,000 on all global income, is a key draw for those considering a permanent move
In the spotlight
Google searches for “Sicily property” increased 54% in April 2023 compared to a year earlier. The island’s profile received a boost in the first quarter of 2023 from several travel and home restoration programmes, as well as Netflix’s ‘White Lotus’.
Accessibility
Palermo Airport is the largest of Sicily’s four airports offering direct flights to over 210 locations including London, Paris and Frankfurt.
There are seven direct flight routes from major US airports, including New York and Boston, flying into all four international airports in Sicily. Tourist numbers have strengthened from 2.2 million in 2021, to 3.1 million in 2022, according to Knoema, an increase of 41%, providing a valuable pool of rental demand for potential investors.
Competitive pricing
At around €8,000 per sq m, prime prices in Sicily are competitive compared with other established European second home destinations and key Italian cities and resorts.
Mark Harvey, Knight Frank’s Head of International Residential comments, “Sicily is emerging as a popular second home destination for global buyers. Renowned for its rich and diverse history and culture, Sicily offers fabulous produce, clean and unpopulated beaches and high quality tourist amenities such as hotels, spas and golf courses.”
Good schools
The International School in Palermo, the only school accredited by the IB programme in the south of Italy, is a key draw for families looking to relocate permanently.
According to Istat, Italy’s National Statistics Office, Sicily is home to over 180,000 foreign residents, more than some of Italy’s top second home destinations such as Como and Sardinia.
Investing in infrastructure
In March 2023, the Italian Government approved a law to proceed with the construction of the Messina Bridge linking Sicily to mainland Italy for the first time. Works are due to commence in 2024 with completion slated for 2030.
In addition, €3.4 billion has been invested to modernise the Palermo-Catania railway line, reducing current travel times by a third. The two cities will be linked by a two-hour direct rail service, further supporting Sicily’s development.
Branded residences
Home to 20 new villas with prices starting at €2.4m for a 3-bedroom villa, the Verdura Resort located near Agrigento on Sicily’s southern coast is the island’s first branded residence, allowing owners to generate a return as a holiday rental and achieve strong occupancy rates by offering occupants access to the Rocco Forte Hotel’s world-class amenities, from its two 18-hole golf courses to award winning spa.
Download the Italian Tax and Lifestyle Report or read our Italian Buying guide.
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Or contact Mark Harvey to learn more about the Verdura Resort.
Photo by Luiz Cent on Unsplash