Visit This Adriatic Gem Before the Jet-set Return
Date: 06/11/2007
Now that the excitement of the 60th Cannes film festival is over, European culture vultures will be looking elsewhere for entertainment.
Several art events are making the headlines, including the Tate Modern’s look at Dali and the cinema, the Barbican’s exhibition of the punk years (both shows in London), and the 52nd Biennale of contemporary art in Venice with a considerable showing of works by female artists (including Tracy Emin). And across the main street from our Paris office a new museum is opening this weekend—I’ll let you know more as soon as I’ve investigated.
Meanwhile, if you’re looking to spend time here exploring, or are planning to make a specific corner of Europe your home, read on for our tips on property hunting, whether for purchase or rent, and some out-of-the-way destinations.
Enjoy,
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Leigh Fergus
Editor, The European
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Sveti Stefan--Montenegro's pretend paradise island
by Steenie Harvey
Sveti means "saint" in the Montenegrin (Serbian) language. And Sveti Stefan is the dream image you'll see on almost every poster advertising Montenegro. Connected by a narrow isthmus to the mainland, this 15th-century former fishing village entirely takes up the tiny island it's built upon.
Tucked inside medieval walls, it's a honey-suckled world that feels mythical. And despite the medieval church, it really is make-believe. While I wouldn't describe Sveti Stefan as Disneyfied, it has nothing in common with the real Montenegro.
Vanishing celebrities
Here's why: In the 1960's, the island was transformed into an exclusive retreat for the West's rich and famous. Given that Yugoslavia was then a communist country in Tito's iron grip, the concept seems pretty odd. But the stone cottages became hotel apartments and suites, attracting the likes of Claudia Schiffer, Liz Taylor and Richard Burton, and Britain's Princess Margaret. Adding to the decadence, a nightclub and casino were built.
Blithely ignoring the fact that the celebrities all vanished with the outbreak of the 1990's Balkan conflict, travel articles and brochures still extol Sveti Stefan's exclusivity. "The only deluxe accommodation on the Montenegrin coast," says one. Nor can they resist using the tired description of "jet-set glamour." They've conveniently forgotten that budget airlines allow us all to be jet setters now!
Although Sveti Stefan's ambiance is priceless, its accommodations aren't classy. (For deluxe comforts, head down the road to Becici's brand-new Hotel Splendido, built with Russian money.) Sveti Stefan is a time warp of 1970's retro furniture and dodgy plumbing. But that won't last. The island has been leased to Singapore hotel chain Aman Resorts, which plans a multi-million dollar makeover when this season ends. Once that happens, prices are expected to rise at least four-fold.
Checking Montenegrin hotel booking sites, at this moment you can get a room on Sveti Stefan for $153 a night. But don't expect exclusivity. For a fee of $8, any "jet setter" off a holiday charter flight can explore the island. For sunbathers, a couple of loungers and parasol costs $13—double the charge in Budva.
Take the "Sweaty Stefans"
You can get here for $1.30 on what I renamed the "Sweaty Stefans"—tightly packed minibuses plying between Budva and Sveti Stefan village on the mainland. From there it's a walk downhill across the isthmus. Expect a hair-rising ride. Mostly it's standing room only on mini-buses.
From what I heard, Sveti Stefan's $32 hotel dinner is a rip-off. Give it a miss because I doubt you'll eat better than on the vine-tangled terrace of Drago's restaurant in the mainland village. You look out to the island, and the delicious daily fish special only costs $13. I got fish chowder, a salad, and a whole sea bream accompanied by small squids and wild spinach.
P.S. Many locals speak English, but it's worth carrying a Serbian phrase book. Although it's now fashionable to call the language Montenegrin, it's identical to Serbian.
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Where to find bargains on the French Riviera
by Martha Saavedra
Real estate prices are becoming more predictable—and stable—on the French Riviera. After almost 10 years of continued growth, signs of a slowdown have started to show. At the beginning of the year 2000, the price per square foot on the Promenade des Anglais, Nice was 280 euro ($372) average, but had risen to 990 euro ($1,320) by the end of 2006. Prices for small studios and apartments, valued at less than 300,000 euro ($405,000), continue to escalate, as there is increased demand and a limited supply.
The French Silicon Valley
A number of factors help explain the increase in demand. The healthier economy of the EU and the low interest rates in France have given more people—French and foreigners—the means to acquire a vacation home in the sun. Access to the Riviera has improved considerably, with 12 daily flights from the U.K. and direct flights from all major capitals in Europe as well as from cities in the U.S., such as New York, Los Angeles, and Atlanta. In the summer months, it’s even possible to fly direct from Bilund, Denmark and Glasgow, Scotland.
Another draw has been the creation of Sophia Antipolis, "the French Silicon Valley," where 5,000 French and foreign high-tech companies have set up, thanks to incentives offered by the French government. These companies employ a lot of people, permanently and on a consulting basis, and a well-placed studio (or two) makes a good investment, as they are easy to rent, both long-term and seasonally.
Look in the old city
Cannes property used to be more expensive than neighboring Nice but current prices are about the same, with the exception of the glittering Croisette Boulevard, where movie stars such as Sophia Loren own apartments. The old city is more affordable, and you can still find bargains in the "English" quarter, a residential area not too far from the sea, and on Boulevard Carnot. Because of the traffic noise there, it's advisable to buy on high floors. I saw a one-bedroom apartment on the eighth and last floor of a modern building with elevator, in the middle of this boulevard, 10 minutes’ walk to the sea. It has a living area of 580 square feet, a 64-square-foot balcony with a glimpse of the sea, and a private parking space (rare in this district), for 250,000 euros ($338,000).
Monaco is still the place to see and be seen in and this is reflected in the prices: Studios of around 270 square feet start at 1 million euro.
However, bargains are still to be found elsewhere on the Côte d’Azur. In Nice, prices are more affordable in the quartier behind the main train station, in the old city, or in the outskirts, in Fabron, for example. The farther away from the sea the more affordable property becomes. However, some of these areas may not be as desirable as they appear—an apartment too close to the main train station may not be very safe at night. In the bohemian old town area, aim for property close to the Palais de Justice square and avoid narrow remote streets that are badly lit at night.
More greenery, but more taxi fares
In the residential outskirts like Fabron you'll find more greenery, but the bulk of the restaurants, cinemas, and shops are downtown, and in the evenings, taxi is the only mode of transport—something to bear in mind if you’re planning to buy a property for rental income. The price for a two-bedroom apartment in Fabron with balcony or terrace, and sea view starts at 360,000 euros ($486,150).
Attractive villages such as St. Laurent du Var and Cagnes sur Mer, both 10 minutes from Nice, and Golf Juan and Vallarius, 10 minutes from Cannes, are also more affordable. In a new complex of apartments near the port and beaches in St. Laurent du Var, you can find a small two-bedroom, 730-square-foot home with a balcony from 275,000 euros ($371,360).
If your investment budget is smaller, it might be worth checking out other ways to buy, such as the leaseback and viager schemes.
[ Editor’s note: Martha Saavedra runs Home on Riviera to help you find property on the Riviera. You can contact her by e-mail at martha@homeonriviera.com. She’ll be explaining the viager system in a future issue.]
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The best views of Mount Etna
by Keith Kellett
Most holidaymakers on cruises around the eastern Mediterranean call at the Sicilian port of Messina to climb Mount Etna. The town itself, following a succession of earthquakes, offers little to detain you. Alas, upon our arrival, the top of this still-active volcano (it last erupted in May) was covered by a hot weather haze, so we went instead to Taormina, a far more appealing town in its own right.
Taormina is on a hillside overlooking the sea, founded around 750 B.C. by the ancient Greeks. The main attraction—apart from better views of Mount Etna—is the Greek theater just outside town, although the Romans adapted it later to suit their own style of entertainment. It’s still used for the occasional performance today and is remarkably well preserved. What I found most impressive, however, was the unspoiled town center, especially what lies on the main street, between the Messina and the Catania Gates.
The elaborate signs remain
It is at these gates that you can see the remains of the town’s triple fortifications: The Messina Gate on the north side was last restored in the 19th century and looks toward Messina, while the Catania Gate, looking west to Catania, hasn’t been touched since the mid-16th century. In this largely traffic-free street, traditional and souvenir shops rub shoulders with boutiques and designer clothes shops. But the town planners haven’t seen any need to rip the heart out of the place in the search for modernity. The shutters and elaborate signs remain, and many buildings are still finished in the slightly peeling colored stucco that almost shouts “Italy.”
Glancing landward, narrow alleys and steep steps lead dramatically uphill, while outside the churches, the street opens out into a piazza with stunning views of the sea. Don’t miss the Piazza del Duomo and its curiously topped fountain, made of local marble. If you get too hot with the sightseeing, you can always cool off on the beach (take the tramway down the steep hill to reach it).
Tip: For the best views, go to the multi-story car park at the foot of the town (if you’re driving, it’s a good idea to leave your car here anyway, to avoid dealing with the tricky one-way system) and up to the roof. From here you can see a winding road leading up the hill, red roofed villas, and a glinting azure bay. And, if you’re lucky, you may see the clear outline of Etna.
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Without this number you can't even join a video store in Spain
by Silvia Keller
If Spain is your choice of paradise in Europe, you’ll need more than just a Visado de residencia (Residence Visa) in your U.S. passport. While the Spanish consulate will issue this visa for you to enter the country, you are allowed just 30 days to go through the process of becoming a resident, for this “open sesame” to your new life.
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Useful contacts in Barcelona
A realtor |
Before you can start any administrative paperwork, you’ll need an address, and chances are you’ll be renting for at least the first few months. In the larger cities such as Barcelona or Madrid, there is high demand for rentals, and finding an apartment is a competitive sport. On the day I was set to sign my first lease in Barcelona, the owner cancelled the agreement, as someone else was willing to pay the higher price originally advertised. You should budget to stay for at least two to three weeks in a B&B or holiday apartment while you look for a rental.
Budget carefully
To sign for any apartment, you’ll need a deposit of several months’ rent as well as an aval or bank guarantee of a deposit, usually the equivalent of several months’ rent (which you cannot withdraw until your lease is over). In some cases you can negotiate the amount of the aval; i.e. two months deposit and one month aval. As a rough guide for your budget, be sure you have enough for the first month’s rent, two months’ security deposit, the realtor’s commission (roughly 10% of the total yearly rent), and two to three months aval.
Next, you need an Empadronamiento, an official statement of local residence obtained by taking a copy of your rental agreement to the city hall to register your address. For the final step, go to a local bank, show the Empadronamiento, pay a stamp tax of about 6 euro per person, and get fingerprinted. You should receive the key to starting afresh in your adopted country one month later: a card bearing the all-important N.I.E, or número de identidad para extranjeros (identity number for foreigners). This is your new ID, very much like a social security number in the U.S. Without this magic number, you won’t be able to join so much as a video store.
P.S. Don’t move during a holiday. Although we spent two years diligently planning our move, we forgot to factor in how seriously the Spanish take their holidays: All major businesses close, including banks and real estate offices, and accommodation is hard to come by.
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