Indulgence is a way of life
Friday December 04 2009
It has become fashionable to declare that the economic crisis has sounded the final death-knell to the idea of buying property abroad. But for the small band of super-rich who ponder where to park their super-yachts, they might consider charting a course for Ischia -- a small island just off Italy's Amalfi coast.
Italy's economy is suffering badly from the credit crunch. But, unlike the UK or Ireland, property prices have remained relatively stable. This cautious approach led to much smaller property booms in the 1990s and 2000s -- and fewer problems.
Ischia is the bigger but less flashy sister of Capri. The island is volcanic and lush which is a key part of its charm, providing a rugged landscape, secluded beaches and thermal waters.
Stars such as Liz Taylor and Richard Burton, Clarke Gable, Charlie Chaplin and business figures like Jacqueline Kennedy, Aristotle Onassis and Angelo Rizzoli spent long periods of time on the island.
But while it may be well known as a holiday haven for celebrities, the island is now making a concerted bid for international big bucks with the unveiling of it's new creation; Villa Isabella -- described as the 'Mediterranean's first private residence club'.
A former private home of 2,300sqm (24,757sq ft) Villa Isabella was built in the 1950s when celebrated publisher and film producer Angelo Rizzoli put Ischia on the map with the opening of hotel L'Albergo Della Regina Isabella.
Set above this award-winning five star hotel and spa, in the charming village of Lacco Ameno, Villa Isabella is being transformed into seven oceanfront apartments due for completion early next year. The apartments are set within five acres of landscaped gardens with breathtaking views of the Mediterranean. The two and three bedroom apartments are an average size of 3,000sq ft, and are set to be finished to very high standards with their own private saunas, hot-tubs and terraces that will be up to 1,200sq ft alone.
Residents will also have the use of a private swimming pool and direct access to Villa Isabella's private secluded beach.
However, a major selling point is the fact that all residents have access to the Hotel Regina Isabella. This includes use of four swimming pools, two gourmet restaurants, two bars, a fitness club, two tennis courts and access to the hotel's thermal baths and spa.
Also included are mooring spaces, use of the hotel's Magnum 53 motor yacht and VIP access to the Ischia film festival every July.
But all this glamour doesn't come cheap; prices for the apartments range from a cool €2.7m to a mouth-watering €3.5m. According to Carlos Cavandoli -- the sales manager with the project, the apartments are likely to attract a good rental income. The rental income is projected to be €92,000 to €139,000 a year depending on the size of the apartments, though service charges are pretty high at around €8,000 per unit per year.
If you're one of the few people managing to beat this recession, another world awaits you in Ischia.
A world with breathtaking views and access to a hotel where self-indulgence is a way of life!
- Maeve Dineen
Irish Independent
