Lovers of the Tuscan landscapes and its charms are in for a treat. Frank Salt Real Estate and Homes of Quality have just launched Vepri – a new development offering the public the opportunity to purchase a holiday home or invest in property in this charming region of Italy. Two open days will be held at the Hilton Malta for the general public today and next Saturday from 10am till 7.30pm.
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. Dotted with forests and cultivated hillsides, vineyards and olive groves, quaint farms and pastures, Vepri was originally a huge farm, parts of which were retained, while others have now been knocked down and reorganised into 33 apartments. The project is being developed and managed by a number of Maltese and Italian entities.
Vepri is just over an hour’s flight away, with Air Malta and Ryanair offering daily low-cost flights to Rome and Pisa respectively. It then takes a two- to three-hour drive from the airport, to enter the secluded development. Distance-wise, Vepri is circa 20 kilometres away from Arezzo, 24 km from Siena, 50 km from Florence and 125 km from Pisa.
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 Lm70,000 (EUR 165,000) for a one double-bedroomed apartment with a terrace and garden. The apartments, which are freehold, are being sold completely finished.
One other factor that is expected to trigger a lot of interest among the Maltese is the possibility of joint ownership whereby a group of friends or relatives will be able to benefit from this great opportunity but avoid absorbing the full cost of purchase. 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.
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. Local banks can also be used, but would require the loan to be guaranteed in Malta.
An inspection visit, together with all arrangements, including transport and accommodation, will all be arranged by Frank Salt Real Estate. Interested parties will in fact be accompanied by the project manager on a one-day trip to the hamlet, giving one time to view the property and also take in the beauty and lifestyle that the region has to offer. If visitors decide to buy, the cost of flights and first night of accommodation will be refunded.
For more information call 2342 0000. Frank Salt Real Estate Limited is the exclusive agent in Malta for the Vepri development.