The Medieval Hamlet of Calitri Project, Campania, Italy

 

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Frequently Asked Questions

The Antico Borgo Calitri is an innovative project that seeks to combine the attraction for foreign homebuyers of a rural and uncontaminated location, steeped in tradition and history, with the benefits the purchases will generate for the local, mainly agriculture-based, economy. For the potential acquirer, Calitri means combining traditional Mediterranean hospitality, weather and holidays with an attractive pricing structure that over time will prove to be an excellent investment.

The external restructuring of the medieval hamlet is being completed and will be followed by the internal restoration works, which are due to start as each individual property is purchased.

The Antico Borgo di Calitri and the properties that make it up will be restructured faithfully to adhere to local materials and history, with the added benefit of the modern technologies that make life comfortable and easy. Local construction material will be used to reflect Calitri's traditions. The architectural and chromatic values of the hamlet will remain unaltered.

In Phase One of the project, 30 apartments of various sizes will be restructured and sold. The properties on sale in Phase One are among the most interesting in the project and for sure the most attractive from a price perspective. They are priced at a discount and will be prototypes of future properties on sale.

Phase Two will involve a series of marketing initiatives and promotions which will include the development of small restaurants, café's, 'enoteche' (where local wines can be bought and tasted), and the opening of small retail outlets where local specialties and products will be put on display. All these enterprises are aimed at breathing life into the old hamlet and its economy, and at the same time will provide homebuyers, their guests and visitors with entertainment as they pass their free time enjoying the countless gastronomic delicacies, wines, local products, and activities.

Included in the price are

	Internal and external restoration work where needed, electricity, plumbing, and telephone wiring.
	Basic furnishing to permit immediate use of the property (including bed, table, chairs, kitchen and bathroom).

The purchase of a property in Phase One is structured as follows:

	Signature of the preliminary sales contract and the restoration works contract and payment of a non-refundable deposit equal to 55% of the final sale price.
	Stipulation of the deed of sale and the property transfer documents in front of a notary (a public official who represents the Italian state and whose responsibility it is to register all contracts and collect taxes). Power of attorney can be arranged for another person to act on the buyer's behalf through public notaries recommended by the Italian Consulate in London if it's inconvenient for them to travel to Italy again at this stage. The final contract can be authenticated by the Foreign Office in the U.K. The outstanding 45% of the sale price will be paid by bank transfer or cheque.
	The new owner will have full use of the restructured and furnished apartment 120 days after the property rights have been transferred.
	A celebration will be held to mark the end of phase one of the development project with the 30 buyers, the local authorities of Calitri, the property and sustainable tourism developers Tricali Ltd. and the press.

Calitri as an investment opportunity offers a lot of potential. While household prices on average in Italy have risen 62% from 1997 to 2004, foreign interests in some areas such as Chianti have inflated the market to the point that buying a property in the area has become a huge financial commitment. A similar phenomenon has started to take place in Umbria. So while property saturation has been reached in these areas, where the supply of attractively-priced housing has dried up, buyers in Calitri are being offered a slice of what in the future will become a new Italian holiday hotspot.

The town of Calitri and its surrounding areas offer infinite rural and cultural activities centred on the many local traditions, gastronomic delicacies and wines. Courses in traditional ceramics, needle point and arts are available, and the many sports on offer include skiing, paragliding, horse riding, and mountain biking, fishing and hunting. For those seeking a more relaxed occupation, soaking in the nearby thermal baths or embarking on exciting culinary or wine itineraries are attractive options.

Prices and Property Types:

Studio : Less than 35m approximately : €29,386.00
One bedroom : Less than 50 approximately : €36,731.00
Two bedrooms : Less than 85m approximately : €44,092.00

Phase One will involve only a set number of properties. Once these have been sold, new buyers will only be able to purchase in the following phases. The properties will be considered sold once the preliminary sales contract is signed with the owner of the property, the restoration works contract signed with UK-based company, and the deposit paid.