Last week, Malahide home-owner Darragh Clinch got the keys of a small piece of Sardinia, one year on from making the decision to buy.

The delay came from complicated loan arrangements with an Italian bank and not from the agents, who were "the soul of patience" through the drawn-out transaction.

The one-bedroom leaseback townhouse in a Pierre & Vacances resort in Calarossa was bought through HOK's overseas negotiator Stephanie Patterson. It cost around €155,000 and the entire deal suited well, says Darragh.

"I saw it in the newspapers, had a good bit of equity in the Malahide house and it looked a safe enough investment. I'm locked in for nine years at a guaranteed 4.5 per cent rental return. I don't look on it as a holiday home, more an investment, so it was ideal."

Initially, Darragh flew out with others on an inspection trip and the cost will now be refunded with the sale closed. The sea views were great and he was impressed by the type of people who were investing.

Prices at Calarossa have gone up by 5 per cent since then. The return on the Sardinian townhouse will cover around 75 per cent of borrowings.

"In Sardinia, buildings are generally low-rise and restrictions on holiday developments are about to be put in place. The resort is near an old village and really nice. Its going to be harder to build in Sardinia in the future, so the property should go up in value."

Darragh used an Italian solicitor recommended by HOK, who put him in touch with a surveyor. "I didn't go too deeply into it," admitted Darragh. Now he has the keys, the next step is to go out during the season, to see what the resort is like in operation.