Milan is the first Italian city to introduce a pollution tax (called EcoPass) similar to London's congestion tax to stop highly-polluting cars from driving inside the city center has proved to be a big success, according to reports.
The new rule by Milan's City Council is charging cars fees based on the EU's pollution levels with the daily pollution charge of €2 to €10 a day or pay an annual circulation tax of €50 to €500 to drive within Milan's old city walls depending on the type of vehicle. La Reppublica has published the details of all the positive things happened after the implementation of the tax. The city collected 2.5 million EUR of additional income already. The traffic figures are down by 22.7 percent and the average speed of the vehicles by 11.3 percent. The highest reduction in car usage came from the most polluting cars which dropped to 40 percent (those under the Euro I, II and III norms), which have to face higher charges to access the zone.
Edoardo Croci, the city's traffic Chief commented that the traffic in the city overall was down 31% and down around 55% in the Ecopass areas. The most noteworthy figure is the measurement of the quantity of certain pollutants. Pm10 (particulates under 10 micrograms) dropped to 30 percent, NO was down by 21 percent and ammonia by 40 percent.
Mayor Moratti has stated that she will push ahead despite the opposition of shopkeepers and motorists' clubs because she said she is more concerned with the health of the Milanese people. The pollution tax dedicated to cleaning the air and to beat smog in Milan will be a huge boost for property investors. The notoriously polluted city could possibly become a more appealing destination for mini-breakers and property buyers.
Oct 14, 2008
Basilicata region of Italy - the next big thing?
Prospective investors in the Italian market have been pointed towards the Basilicata region of Italy and it has been hailed as the "undiscovered jewels of Italy" by a top website.
E-Blackboard.com says that a visit to the region brings back old memories. Basilicata is a mountainous region in southern Italy, divided into two provinces - Matera and Potenza instep of Italy's boot between Apulia and Calabria. Basilicata has become considerably richer over the past couple of years because of the discovery of oil. Tourists are fascinated by the stunning architecture, medieval castles, the magnificent lakes around Venosa, stone cliffs of matera, the spread of golden wheat near Potenza and the numerous small ancient villages that dot the hillsides.
Basilicata region's newly accessible market has generated new opportunities for investors to make gains; however, it is still in earlier stages and is among those that offer the "good chance" for investors to achieve capital growth. So far, the area has been largely undeveloped as a market for investors but the region has certainly aroused interest among investors, many of whom are looking at either the investment potential of the region or the possibility of snapping up the wonderful holiday home.
Tourism is likely to increase in the region, resulting in further development. Moreover, property prices are still comparatively low and the unblemished nature of the region means investors have their pick of desirable locations to choose from.
E-Blackboard.com says that a visit to the region brings back old memories. Basilicata is a mountainous region in southern Italy, divided into two provinces - Matera and Potenza instep of Italy's boot between Apulia and Calabria. Basilicata has become considerably richer over the past couple of years because of the discovery of oil. Tourists are fascinated by the stunning architecture, medieval castles, the magnificent lakes around Venosa, stone cliffs of matera, the spread of golden wheat near Potenza and the numerous small ancient villages that dot the hillsides.
Basilicata region's newly accessible market has generated new opportunities for investors to make gains; however, it is still in earlier stages and is among those that offer the "good chance" for investors to achieve capital growth. So far, the area has been largely undeveloped as a market for investors but the region has certainly aroused interest among investors, many of whom are looking at either the investment potential of the region or the possibility of snapping up the wonderful holiday home.
Tourism is likely to increase in the region, resulting in further development. Moreover, property prices are still comparatively low and the unblemished nature of the region means investors have their pick of desirable locations to choose from.
Golf tourism in Sicily boost property market
Sicily is set to benefit significantly from the growth of golf tourism, a media outlet has stated.
According to the Daily Telegraph reports, Picciolo course at the Palmerston Etna Resort was the only golf centre on the island till recently but now a second one has been opened near the cathedral town of Cefalu. Sicily has recently enjoyed significant investment in its golf infrastructure and plans to create few more golf courses including a 36-hole Gary Player resort is underway.
This is expected to trigger growth in the local property market, as tourism is likely to increase once the new golf facilities are available. Sicily is also a popular location for sailing. The 505 class World Sailing Championships will be held in Palermo, Sicily and 124 boats from 12 different countries will be in action this year. In addition, these sporting activities could make Sicily an appealing location for holiday home buyers who want to enjoy leisure pursuits while holidaying overseas.
Sicily region's infrastructure is being developed to cater specifically for golfing enthusiasts and locations close to major golf courses in Sicily could increase interest in their developments for overseas investors and holiday home buyers. A recent study by the KPMG Golf Advisory Practice revealed that the sale of property in the vicinity of golf courses produced more income than golf-related activities.
According to the Daily Telegraph reports, Picciolo course at the Palmerston Etna Resort was the only golf centre on the island till recently but now a second one has been opened near the cathedral town of Cefalu. Sicily has recently enjoyed significant investment in its golf infrastructure and plans to create few more golf courses including a 36-hole Gary Player resort is underway.
This is expected to trigger growth in the local property market, as tourism is likely to increase once the new golf facilities are available. Sicily is also a popular location for sailing. The 505 class World Sailing Championships will be held in Palermo, Sicily and 124 boats from 12 different countries will be in action this year. In addition, these sporting activities could make Sicily an appealing location for holiday home buyers who want to enjoy leisure pursuits while holidaying overseas.
Sicily region's infrastructure is being developed to cater specifically for golfing enthusiasts and locations close to major golf courses in Sicily could increase interest in their developments for overseas investors and holiday home buyers. A recent study by the KPMG Golf Advisory Practice revealed that the sale of property in the vicinity of golf courses produced more income than golf-related activities.
Oct 9, 2008
Southern Italy offers bargain property values
Southern Italy is becoming increasingly popular with foreign property buyers, according to a national newspaper.
The Sunday Times pointed out that there has recently been an "explosion of interest" in the region for overseas investors as many find good value properties in stunning surroundings in the south of Italy. The region not only attracts the super-rich, it also has plenty to offer to those with a smaller budget.
Southern Italy has more charm than many other popular investment hotspots, since it offers a number of attractions to investors, including lifestyle benefits and the potential to collect high returns. Prospective buyers are attracted by the "fabulous" climate, "strikingly beautiful" landscapes, history and cultural heritage, as well as excellent Italian cuisine. Gabriele Giambrone, senior partner of Italian legal firm Giambrone & Law has commented that Southern regions of Italy are fast becoming the new Algarve of the Mediterranean.
Flats in town centers are available for £160,000, while in south of Italy newly-built apartment could be snapped up for as little as £60,000. Many offshore property investors are targeting southern Italian provinces as new accessibility provided by cheap flight operators has generated new opportunities for investors.
In a related news, Irish newspaper the Mayo Advertiser stated that in 2007, prices in the southern region have risen by about 40 per cent.
The Sunday Times pointed out that there has recently been an "explosion of interest" in the region for overseas investors as many find good value properties in stunning surroundings in the south of Italy. The region not only attracts the super-rich, it also has plenty to offer to those with a smaller budget.
Southern Italy has more charm than many other popular investment hotspots, since it offers a number of attractions to investors, including lifestyle benefits and the potential to collect high returns. Prospective buyers are attracted by the "fabulous" climate, "strikingly beautiful" landscapes, history and cultural heritage, as well as excellent Italian cuisine. Gabriele Giambrone, senior partner of Italian legal firm Giambrone & Law has commented that Southern regions of Italy are fast becoming the new Algarve of the Mediterranean.
Flats in town centers are available for £160,000, while in south of Italy newly-built apartment could be snapped up for as little as £60,000. Many offshore property investors are targeting southern Italian provinces as new accessibility provided by cheap flight operators has generated new opportunities for investors.
In a related news, Irish newspaper the Mayo Advertiser stated that in 2007, prices in the southern region have risen by about 40 per cent.
Oct 8, 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.
Oct 2, 2008
Investors eye Airole - a hilltop village in Italy
A small village in the Roja Valley has been highlighted as a good option for overseas property investors.
Airole in the Roja Valley is about 61 kilometers far from Imperia, which is the Chief Town of the homonymous province. Airole is a magnificent medieval village with a labyrinth of streets and excellent high cliffs and Romanesque cathedral towers. Sweeping views over the water to densely-wooded, steeply-sloping hills is already popular with tourists. However, what is interesting is the investment in promoting tourism in the area and the two major skiing resorts, Limone in Italy and Isola2000 in France, both easily reached within two hours which will have an affect on property prices here over the next few years.
Flavy Preston, Director of Riviera Homes has said that the area also has a number of golf resorts and fishing in the various small lakes in the nearby mountains is attracting keen golfers, holidaymakers and investors. Besides popular tourist spots like San Remo, Imperia and Savona are only short distance away from Airole.
The region is easily accessible for overseas investors with Nice airport is the nearest, but there is a choice with Turin at about 164 miles and Genoa 108 miles. The region's property market is expanding at a significant pace and is likely to keep growing. He also added that property in the area is exceptionally good value for money, with the potential for investors to achieve good rental returns.
Airole in the Roja Valley is about 61 kilometers far from Imperia, which is the Chief Town of the homonymous province. Airole is a magnificent medieval village with a labyrinth of streets and excellent high cliffs and Romanesque cathedral towers. Sweeping views over the water to densely-wooded, steeply-sloping hills is already popular with tourists. However, what is interesting is the investment in promoting tourism in the area and the two major skiing resorts, Limone in Italy and Isola2000 in France, both easily reached within two hours which will have an affect on property prices here over the next few years.
Flavy Preston, Director of Riviera Homes has said that the area also has a number of golf resorts and fishing in the various small lakes in the nearby mountains is attracting keen golfers, holidaymakers and investors. Besides popular tourist spots like San Remo, Imperia and Savona are only short distance away from Airole.
The region is easily accessible for overseas investors with Nice airport is the nearest, but there is a choice with Turin at about 164 miles and Genoa 108 miles. The region's property market is expanding at a significant pace and is likely to keep growing. He also added that property in the area is exceptionally good value for money, with the potential for investors to achieve good rental returns.
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