Prospective investors in the Italian market have been pointed towards the dramatically metamorphosised region of Palermo in Sicily.
Palermo is Sicily's largest and most cosmopolitan city and attracting increasing numbers of holidaymakers for providing great dining as well as excellent shopping. The city reflects the influence of Phoenicians, Arabs, Normans and Spaniards architecture. The city centre provides liveliness to the visiting tourists and the fabulous unspoilt Mondello beach and the Tyrrhenian Sea are just a bus ride away.
Homesgofast.com has reported that Palermo has many fine examples of Arab-Norman and baroque architecture, and overseas property investors can easily find an old townhouse to renovate. The area offers much lower property values than other parts of the country. Furthermore, the unspoiled nature of the region means overseas purchasers have their pick of desirable locations to choose from.
Eddy Crompton, Director of RealPoint Property told Homes Worldwide that Sicily has hogged the limelight recently and interest in this island, that is host to medieval villages boasting a wealth of heritage and culture, is starting to increase rapidly. There are direct Flights from various UK airports to Palermo International Airport (PMO), also known as Falcone-Borsellino Airport and located 35 kilometres west of Palermo.
This backs up the recent report by the Fund management firm Pirelli RE Agency which stated that the Italian market is proving to be a popular choice with British buyers because it is easily accessible.
Aug 18, 2008
Venice Sizzles as a long term less risky investment
Venice is the hottest spot in the Italian property market and the local market has been booming for the past few years, according to experts.
Linda Travella of Casa Travella has stated that with increasingly investors seeking less risky options and Venice is one of the cultural hotspots, attracting thousands of wealthy tourists every year which makes it an excellent option for a buy-to-let investment. Alessan-dro Ghisolfi, Head of the research department of estate agents Gabetti has commented that the trend in prices is very positive and has reached a more stable level, recording yearly increases of 7% to 8%. Property prices in Venice remain on average higher than in other Italian cities.
Linda Travella of Casa Travella has stated that with increasingly investors seeking less risky options and Venice is one of the cultural hotspots, attracting thousands of wealthy tourists every year which makes it an excellent option for a buy-to-let investment. Alessan-dro Ghisolfi, Head of the research department of estate agents Gabetti has commented that the trend in prices is very positive and has reached a more stable level, recording yearly increases of 7% to 8%. Property prices in Venice remain on average higher than in other Italian cities.
Wide variety of property types is available in Venice. Purchasers often have to settle for properties that require renovation and if looking at listed houses, they must meet the terms of Italian planning law. Listed properties take more time to switch over because a 60-day notice must be given to the Soprintendenza delle Belle Arti (the office in charge of monuments and fine art). Venetian listed properties have other fiscal benefits which compensates for these inconveniences. Listed properties fall into a lower stamp duty band and-if bought to rent it out it is taxed only on the property's presumptive cadastral income rather than the total rent.
The most luxurious properties are found in St Marks Square and in other prestigious boroughs of Dorsoduro, Santo Stefano, San Polo and Cannaregio where Demand is particularly strong but there are cheaper properties are available in quieter areas like Castello. A two bedroom property might cost €300,000 to buy it and rental returns of around €1000 a week in these areas is possible as it is popular with tourists.
Serena Bombassei, president of Venice Real Estate has stated that buyers interest has turned to the once old-fashioned borough of Giudecca. In the last few years, a lot of work has gone into regenerating the Giudecca and the Zitelle area, where Elton John recently bought a place.
The most luxurious properties are found in St Marks Square and in other prestigious boroughs of Dorsoduro, Santo Stefano, San Polo and Cannaregio where Demand is particularly strong but there are cheaper properties are available in quieter areas like Castello. A two bedroom property might cost €300,000 to buy it and rental returns of around €1000 a week in these areas is possible as it is popular with tourists.
Serena Bombassei, president of Venice Real Estate has stated that buyers interest has turned to the once old-fashioned borough of Giudecca. In the last few years, a lot of work has gone into regenerating the Giudecca and the Zitelle area, where Elton John recently bought a place.
Aug 9, 2008
Italian homeowners upbeat about country's housing market
Homeowners in Italy remain upbeat about the country's property market, claiming that the property market in Italy is gaining momentum, a new study has revealed.
Recent research by the Financial Times found that 64 per cent of homeowners in the country expressed confidence in the housing market and believed that house prices will have gone up by 2013. This is despite the widespread belief that prices will stagnate with the market is in a slump with a glut of properties. The optimism could be reassuring news for investors those who invest wisely now may be well placed once the slump is over and the market begins to recover.
Rupert Fawcett of Knight Frank reassured investors about current market conditions in Italy. He also added that overseas investors are looking at the long-term, so they are not concerned with immediate financial worries. Foreign Property Buyer stated that attention had recently moved away from eastern European market in favor of more established and traditional destinations.
Italy was highlighted as an example of this, partly because it is considered as a more affordable investment opportunity. Forthcoming government reforms could make an Italian investment highly lucrative as Prime Minister Silvio Berlusconi has pledged to slash the main property tax in Italy.
Meanwhile, HolidayLettings.co.uk has rated Italy as one of the top five investment hotspots in the world.
Recent research by the Financial Times found that 64 per cent of homeowners in the country expressed confidence in the housing market and believed that house prices will have gone up by 2013. This is despite the widespread belief that prices will stagnate with the market is in a slump with a glut of properties. The optimism could be reassuring news for investors those who invest wisely now may be well placed once the slump is over and the market begins to recover.
Rupert Fawcett of Knight Frank reassured investors about current market conditions in Italy. He also added that overseas investors are looking at the long-term, so they are not concerned with immediate financial worries. Foreign Property Buyer stated that attention had recently moved away from eastern European market in favor of more established and traditional destinations.
Italy was highlighted as an example of this, partly because it is considered as a more affordable investment opportunity. Forthcoming government reforms could make an Italian investment highly lucrative as Prime Minister Silvio Berlusconi has pledged to slash the main property tax in Italy.
Meanwhile, HolidayLettings.co.uk has rated Italy as one of the top five investment hotspots in the world.
Italy unveils multibillion-euro national housing plan
The Italian government unveiled a multibillion-euro national housing plan for low-income households and this is expected to boost the economy after almost a decade of low growth.
The Finance Minister Giulio Tremonti has said that the plan involves the construction of about 20,000 new homes in the next few years. Government has decided to spend € 7bn to build the new housing units for low-income families, with rents as low as € 300 for about 50m² of space. The plan is to help the consumers who are struggling to cope with inflation at six-year high and rising mortgage rates as their spending power drives the economy.
Prime Minister Berlusconi's new reforms to get rid of the local property tax on first homes, offer to freeze mortgage payments for homeowners at risk of non-payment and also the assurance to cut the main property tax in Italy could make an Italian investment highly lucrative. Tremonti said the government is likely to tax more of the profits of oil companies, hailed as "Robin Hood" tax, because the proceeds are used towards social-welfare spending.
Foreign Property Buyer has stated that the government plans and tax reforms could lead to more interest in the country's housing market. The recent changes to the tax regime effectively reducing the price of property, it could be an ideal place in which to make a purchase. The Italian government had legislated laws to prevent overdevelopment, therefore preserving the factors that attract visitors and drive the property market.
The Finance Minister Giulio Tremonti has said that the plan involves the construction of about 20,000 new homes in the next few years. Government has decided to spend € 7bn to build the new housing units for low-income families, with rents as low as € 300 for about 50m² of space. The plan is to help the consumers who are struggling to cope with inflation at six-year high and rising mortgage rates as their spending power drives the economy.
Prime Minister Berlusconi's new reforms to get rid of the local property tax on first homes, offer to freeze mortgage payments for homeowners at risk of non-payment and also the assurance to cut the main property tax in Italy could make an Italian investment highly lucrative. Tremonti said the government is likely to tax more of the profits of oil companies, hailed as "Robin Hood" tax, because the proceeds are used towards social-welfare spending.
Foreign Property Buyer has stated that the government plans and tax reforms could lead to more interest in the country's housing market. The recent changes to the tax regime effectively reducing the price of property, it could be an ideal place in which to make a purchase. The Italian government had legislated laws to prevent overdevelopment, therefore preserving the factors that attract visitors and drive the property market.
Aug 5, 2008
Campaign to free Italy's beautiful beaches
Italy's historical sites and beaches make the country a viable holiday location for the whole year and its investment potential is boosted by the growth in its tourist trade.
The popularity of the Italian beaches with foreign leisure travelers has significantly boosted the economy in the region. The huge influx of visitors has created the need for good-quality services and improvements in the infrastructure in the region. Environmental group Legambiente has launched campaigns to free Italy's beautiful beaches that have been taken over by private bathing establishments. Many of the Italian beaches have been conceded to private businesses who charge entrance fees as well as the hire of sun loungers, showers and changing rooms. The law actually states that the 10-metre strip of sand from the water's edge is public property, even in private beaches. So the sun seekers can atleast spread their towel.
Liguria tops the list of regions whose beaches are now invaded by private bathing establishments where only 19 km out of 135 km of beaches are free of charge. Emilia Romagna is in second place where beach goers can use nearly 80 km out of 104 km of beaches. The popular tourist resort of Rimini is jam-packed every summer as 700 bathing establishments crowd its 40 km of coast.
Sicily and Sardinia offer a wide variety of equally spectacular beaches and they comply with European Blue Flag Campaign which includes water quality, environmental management, safety and services. Meanwhile in Campania, there are 130 km of free beaches compared to 80 km of private beaches, while in Puglia around 75% of beaches are free.
Italy's best coastal resorts... according the guide produced each year by Legambiente and the Italian Touring Club are as follows
1. Isola Del Giglio (Grosseto, Tuscany).
2. Pollica (Salerno, Campania).
3. Cinque Terre (La Spezia, Liguria).
4. Capalbio (Grosseto, Tuscany).
5. Nardo (Lecce, Puglia).
6. Castiglion della Pescaia (Grosseto, Tuscany).
7. Domus de Maria (Cagliari, Sardinia).
8. Salina (Aeolian Islands, Sicily).
9. Baunei (Nuoro, Sardinia).
10. Posada (Nuoro, Sardinia).
The popularity of self-catering holidays has grown significantly in the last few years, particularly in countries such as Italy. This means that a rental property could be a sound investment in Italy’s popular tourist spot's, as demand to stay during the summer is enormous that holidaymakers are reserving them well in advance to avoid disappointment.
The popularity of the Italian beaches with foreign leisure travelers has significantly boosted the economy in the region. The huge influx of visitors has created the need for good-quality services and improvements in the infrastructure in the region. Environmental group Legambiente has launched campaigns to free Italy's beautiful beaches that have been taken over by private bathing establishments. Many of the Italian beaches have been conceded to private businesses who charge entrance fees as well as the hire of sun loungers, showers and changing rooms. The law actually states that the 10-metre strip of sand from the water's edge is public property, even in private beaches. So the sun seekers can atleast spread their towel.
Liguria tops the list of regions whose beaches are now invaded by private bathing establishments where only 19 km out of 135 km of beaches are free of charge. Emilia Romagna is in second place where beach goers can use nearly 80 km out of 104 km of beaches. The popular tourist resort of Rimini is jam-packed every summer as 700 bathing establishments crowd its 40 km of coast.
Sicily and Sardinia offer a wide variety of equally spectacular beaches and they comply with European Blue Flag Campaign which includes water quality, environmental management, safety and services. Meanwhile in Campania, there are 130 km of free beaches compared to 80 km of private beaches, while in Puglia around 75% of beaches are free.
Italy's best coastal resorts... according the guide produced each year by Legambiente and the Italian Touring Club are as follows
1. Isola Del Giglio (Grosseto, Tuscany).
2. Pollica (Salerno, Campania).
3. Cinque Terre (La Spezia, Liguria).
4. Capalbio (Grosseto, Tuscany).
5. Nardo (Lecce, Puglia).
6. Castiglion della Pescaia (Grosseto, Tuscany).
7. Domus de Maria (Cagliari, Sardinia).
8. Salina (Aeolian Islands, Sicily).
9. Baunei (Nuoro, Sardinia).
10. Posada (Nuoro, Sardinia).
The popularity of self-catering holidays has grown significantly in the last few years, particularly in countries such as Italy. This means that a rental property could be a sound investment in Italy’s popular tourist spot's, as demand to stay during the summer is enormous that holidaymakers are reserving them well in advance to avoid disappointment.
Aug 3, 2008
Italy: Supply squeeze is a welcome sign
The robust level of housing demand and lesser output in Italian housing market has resulted in sharp acceleration in house price inflation, claimed a property expert.
Edward Crompton, Managing Director of Real Point Property has stated that prices in the Italian housing market are set to experience an increase. The housing supply problem is the reason for increasing property prices in Italy, particularly in central Tuscany and Florence. Affordability has not declined as the market remains very buoyant even in this period of high demand of housing units.
The demand for residential properties is at unprecedented levels. New house price inflation has accelerated rapidly and also the prices for renovated properties appear to have risen even more sharply. Experts believe that house prices could increase by 10% this year in many areas. The considerable flow of funds to property market from outside Italy is indicative of the apparent lower prices when compared to other countries. The overall growth in the construction sector also remains strong. The housing market has played a key role in the overall performance of the economy in recent years.
Overseas property buyers who choose to buy a holiday home Italy would be making a profitable long-term investment. The figures will be positive reading for foreign investors who have chosen to buy a residence in Italy, as it means that their acquisition has appreciated in value during the last year. Prices have risen to certain extent but the cost of property is still well below the levels of comparable resorts in other popular holiday destinations such as France, Spain and Portugal.
Edward Crompton, Managing Director of Real Point Property has stated that prices in the Italian housing market are set to experience an increase. The housing supply problem is the reason for increasing property prices in Italy, particularly in central Tuscany and Florence. Affordability has not declined as the market remains very buoyant even in this period of high demand of housing units.
The demand for residential properties is at unprecedented levels. New house price inflation has accelerated rapidly and also the prices for renovated properties appear to have risen even more sharply. Experts believe that house prices could increase by 10% this year in many areas. The considerable flow of funds to property market from outside Italy is indicative of the apparent lower prices when compared to other countries. The overall growth in the construction sector also remains strong. The housing market has played a key role in the overall performance of the economy in recent years.
Overseas property buyers who choose to buy a holiday home Italy would be making a profitable long-term investment. The figures will be positive reading for foreign investors who have chosen to buy a residence in Italy, as it means that their acquisition has appreciated in value during the last year. Prices have risen to certain extent but the cost of property is still well below the levels of comparable resorts in other popular holiday destinations such as France, Spain and Portugal.
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