Partner Nick Metta presented the legal aspects of buying Italian property to a group of international investors in the hilltop town of Salemi, Sicily on 3 November 2008. The seminar was organized by the official international partner of the Salemi Town Council, MIPC, a bilingual Italian property consultancy.
Studio Legale Metta was a guest speaker at the seminar, explaining the Italian property purchase process from a legal perspective. The seminar was developed by MIPC with the formal endorsement of the Salemi Government to educate interested investors on the Salemi regeneration project, a quite unusual restoration initiative. To regenerate the Sicilian town which was devastated by an earthquake in 1968, the city council is planning to put about 1000 of the ruined houses up for sale at the incredible price of one euro.
The project is the brainchild of the town’s celebrity mayor Vittorio Sgarbi, former Italian deputy Minister of Culture, and his city council member Oliviero Toscano, an Italian photographer well-known for his polemic ad campaigns.
Key conditions of the transaction are that buyers must renovate within two years and priority is being given to restoration projects with cultural interest. The Salemi city council is expected to legally delineate the purchase and restoration details shortly, which will dictate the legal strategy to best represent the buyers’ interests.
(SLM, 3 November 2008)
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