On the Island of Corsica

Corsica -- an Inexpensive Mediterranean Paradise

French Property Insider
Volume VIII, Issue 32
August 19, 2010
Paris, France
adrianleeds.com/frenchproperty/insider

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Bonjour French Property Insider Subscriber,

Would you consider a second home on the island of Corsica? After spending several vacations here exploring the different cities and areas of the island, the answer for me would be, "Sure!"

Would a home in Corsica be a good investment? Maybe not better than most, but there's a price for pleasure.

There are many different areas of the island to consider -- from the Cap where you will find Bastia and Saint Florent, to the northern coast where you find the cities of Calvi and Ile Rousse, to the western coast that boasts of the largest city and the birthplace of Napoleon, Ajaccio, to the south where you find Porto-Vecchio and Bonifacio -- a short link to Sardinia by ferry.

Outside of the old city centers, the cities are not all that interesting growing up with new contemporary apartment blocks, but the hills are teeming with large villas hidden behind gates and shrubbery. Some of the homes have been renovated to accommodate vacationers, much like our own "Chambre d'Hote" (B&B) where the owner, a mason himself, has renovated two apartments in his home for just this purpose. It's seasonal, though -- August being the height of his most profitable period. It is reported that apartments of this kind have a longer letting season than large villas.

As a part of France, the laws surrounding property ownership are the same as on the continent and therefore purchasing property goes through the same non-risk process as in Paris or Provence, but there is a mentality specific to Corsica -- that Italian side of the culture -- that might prove to be a bit less straight forward. Outsiders aren't easily welcomed and most estate agents don't speak English. It's a small environment and everybody knows everybody’s business. On a wall in a village near Corte was written graffiti "Shame on you who sells your land!”

Financing can be difficult to get on a Corsican property because of their anti foreign buyer sentiment -- the banks are leery of the property as collateral. But the hassle may be well worth it, considering Corsica is five or six times less expensive than the south of France. Prices in Corsica have been increasing for the last ten years -- outstanding scenery and a preserved environment help explain its growing success. The average price per square meter is under 4,000€.

To own a valuable property on the island, one would have to seek out either seaside property or at least a sea view. It's all about “les pieds dans l’eau,” or having your feet in the water. Development is strictly controlled with a ban on new building within 100 meters of the shore, but local authorities can make certain exceptions. Properties built before the ban (more than 30 years ago) have a very valuable USP (unique selling position).

This isn't as difficult as one might think, since there are over 1000 miles of coastline and a density of population of only 90 people living within a square mile (total population about 300,000). If you choose to find a 'wreck' and renovate it yourself, be warned. Without close supervision of the work, it could take years to accomplish what you want and a lot more expense than you expected.

Here are a few samples on today's market:

1. Villa at the Plage de Pinarello 13km from Porto-Vecchio
100m2, 300m2 of land, 4 rooms, 3 bedrooms, garage.
Price: 350,000€

 

 

 

 

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2. Villa in Propriano with a sea view of 180° overlooking the Gulf of Porto Pollo Valinco Propriano. 600 meters from the beach, 159m2 living space and 90m2 terrace with 25m2 of it covered, 3 bedrooms, 2 bathrooms, 3 toilets, garage with two windows can be converted into a studio.
Price: 770,000€

 

 

 

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3. Villa of 115m2 located 3km from Bonifacio harbor. A large living room with fireplace and an access onto the garden, kitchen with access onto the terrace, 3 bedrooms, garage.
Price: 598,000€

Imagine what the same budgets buy you in Paris?!...and no sea view!

 

 

A bientôt,

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