Since the Aga Khan began to develop it in the 1960s, the Costa Smeralda, on Sardinia’s northeast coast, has become one of the world’s most prestigious holiday spots. This is where the rich and famous congregate every summer, attracted by jewel-green seas, beautiful beaches and discreet, extremely expensive properties designed to blend with the scenery. Tom Cruise, Elizabeth Hurley and Rod Stewart have all stayed here; Roman Abramovich and Princess Caroline of Monaco moor their yachts at Porto Cervo, which boasts one of the finest marinas in Europe.

But while a cocktail on the Costa Smeralda will set you back at least £19, and prime waterfront property goes for more than £13,000 per sq m, you need to travel only a few miles in either direction to find a very different Sardinia, with the same dramatic scenery and sandy beaches, but with much lower property prices. Throw in direct, low-cost flights from Britain with Ryanair and EasyJet, and the dolce vita, Sardinia-style, is surprisingly affordable.

Three months ago, Jarrod and Susan Morgan, from Lichfield, Staffordshire, bought a one-bed flat for £91,567 in the pretty resort of Calarossa, on the Costa Paradiso in the northwest. “It was dead easy,” says Jarrod, a financial advisor, of the purchase. “And it’s a beautiful place – the view out along the coastline is one of the best in the world.” The couple, both 34, already owned a mountain property in Austria, but wanted somewhere warm as an alternative holiday home.

Properties at the development of 350 flats, a short walk from the beach, are built in a traditional style. They are painted in warm terracottas, yellows and oranges, while the plots are divided with neat paths and abundant greenery. The resort has three pools and its own small shops. Pierre & Vacances, the resort management company, will even let out your property for you when you are not using it.

Alternatively, you could buy land on the island and build your own place, but rules on development are tight: a law passed last year banned building within 1.25 miles of the sea (only those who already had planning permission are exempt). Moreover, there are different types of permission with different restrictions: agricultural land is the cheapest to buy, but, not surprisingly, you can only build agricultural buildings on it.

Don’t forget those extras, either. Buying costs in Italy are high – count on adding about 13% to the sale price to cover the local equivalent of stamp duty and agents’ fees. Nonresidents must also pay an annual “luxury tax” that varies from region to region, but could be as much as £1,000 for a two-bed villa on the coast.