Italy's year-on-year inflation rate fell to 0.9% in May; it’s lowest since November 1968, when it was 0.7%, according to reports.
According to National statistics bureau Istat, Italy’s year-on-year inflation
rate fell to 0.9% in May. Compared to April, when the inflation rate stood at 1.2%, the consumer price index rose 0.2%, Istat added. However, the statistic office said that Italian economy fell deeper into recession in the Q1 with GDP falling 2.4% from the previous quarter and this economic contraction in the first quarter was a touch higher than the expected 2.3% fall.
Mr. Guillaume Menuet of Bank of America said "I think we hit bottom in the first quarter, with sentiment surveys starting to rebound a bit in April. We will have another GDP fall in Q2 but not as negative as we have seen for Q1. According to the IMF, Italy's GDP contracted an estimated 0.6 percent in 2008 and will shrink 2.1 percent in 2009 and 0.5 percent in 2010. The economic recession is deepening, and, while a gradual recovery is expected in 2010, it added.
In news of interest for overseas property investors, Italy in recent years commenced structural economic reforms and programmes to improve the business environment to raise Italy's productivity and growth potential. The IMF hailed the policies of Silvio Berlusconi's government for the progress made in improving Italy's fiscal frameworks and the government's anti-crisis fiscal package, which "takes into account the limited room for fiscal stimulus, and focuses on temporary, targeted, and timely measures, as well as on accelerating public investment projects."
The European Central Bank (ECB) has held its main refinancing operations rate at one per cent. The marginal lending facility will stay at 1.75 per cent and the deposit facility is to remain at 0.25 per cent. Such a move signify that the bank is intending to keep the rate low for some time, which could mean that there is a widespread availability of low-priced mortgages for buyers looking for Italian property.
Jun 22, 2009
Euro fall boosting Italian property
The pound hit a 2009 high against the euro and The Italian property market is one of the beneficiaries of the currency movements, it has been stated.
According to Reuter's data, Sterling rose to 85.10 pence against the euro it's strongest since December. The pair's rally helped the pound to scale the year's high against a basket of currencies at 83.8.
Commenting on the trend, Tam Stanley of Calabrian-Property.com said that the region has seen a lot of pent-up demand being unleashed following the recent recovery of sterling. He said that while this currency process has been going on since April, "it's really only in the last three weeks that enquiries have started to increase and we are seeing a lot more people taking us up on inspection visits to Calabria".
According to the Financial Times reports, notable rise in interest in buying in Italy have been observed by foreign exchange brokers and mortgage agents recently. The rise in Sterling to British buyers means that property in the Eurozone is now 5% cheaper to them than it was 2 weeks ago.
This comes after the news that the report by FIAIP, estate agents association in Italy on the top 20 resorts in the country has found that the market is remaining steady, with the cost of real estate in such places varying from €2,810 to €6,210 (£5,472) per square meter, homesgofast.com reports.
According to Reuter's data, Sterling rose to 85.10 pence against the euro it's strongest since December. The pair's rally helped the pound to scale the year's high against a basket of currencies at 83.8.
Commenting on the trend, Tam Stanley of Calabrian-Property.com said that the region has seen a lot of pent-up demand being unleashed following the recent recovery of sterling. He said that while this currency process has been going on since April, "it's really only in the last three weeks that enquiries have started to increase and we are seeing a lot more people taking us up on inspection visits to Calabria".
According to the Financial Times reports, notable rise in interest in buying in Italy have been observed by foreign exchange brokers and mortgage agents recently. The rise in Sterling to British buyers means that property in the Eurozone is now 5% cheaper to them than it was 2 weeks ago.
This comes after the news that the report by FIAIP, estate agents association in Italy on the top 20 resorts in the country has found that the market is remaining steady, with the cost of real estate in such places varying from €2,810 to €6,210 (£5,472) per square meter, homesgofast.com reports.
Jun 16, 2009
There is so much more to Pisa than just the leaning tower
The annual Battle of the Bridge, known as the Gioco Del Ponte held during the last Sunday in June is undoubtedly the event the Pisans feel most strongly about. The Gioco del Ponte in the magnificent setting of the lungarni which are jammed with people (generally there are no less than 100,000 spectators, sometimes many more) providing a day of colorful and noisy entertainment for Italy property seekers and tourists alike.
Pisa, located in western Tuscany, is known throughout the world for its famous Leaning Tower, but there is so much more to Pisa than just this striking landmark. Pisa is crammed full of magnificent, historical monuments and buildings dating back many hundreds of years and much of Pisa has retained its medieval appearance. The Gioco del Ponte is a historical re-evocation celebrated in June is a giant tug-of-war type competition over the Arno River.
The event sees the city split into two factions, each represented by men in medieval period costume challenging each other in a trial of strength which consists in pushing a heavy trolling (seven tons) set on tracks fifty meters long. The final victory goes to the Party which has pushed the trolley into the enemy field and knocking over the staff with the banner with the colors of the enemy party.
There is a grand historical military procession immediately preceding the Gioco del Ponte on 27 June. The entire month has a festive feel in Pisa with concerts and art events scheduled throughout June. One of the most spectacular displays is the Luminaria di San Ranieri, the patron saint of Pisa, when lit torches line the banks of the Arno. Italy property investors may find this an extra reason to come to Pisa, in addition to well known attractions such as the Leaning Tower.
Pisa, located in western Tuscany, is known throughout the world for its famous Leaning Tower, but there is so much more to Pisa than just this striking landmark. Pisa is crammed full of magnificent, historical monuments and buildings dating back many hundreds of years and much of Pisa has retained its medieval appearance. The Gioco del Ponte is a historical re-evocation celebrated in June is a giant tug-of-war type competition over the Arno River.
The event sees the city split into two factions, each represented by men in medieval period costume challenging each other in a trial of strength which consists in pushing a heavy trolling (seven tons) set on tracks fifty meters long. The final victory goes to the Party which has pushed the trolley into the enemy field and knocking over the staff with the banner with the colors of the enemy party.
There is a grand historical military procession immediately preceding the Gioco del Ponte on 27 June. The entire month has a festive feel in Pisa with concerts and art events scheduled throughout June. One of the most spectacular displays is the Luminaria di San Ranieri, the patron saint of Pisa, when lit torches line the banks of the Arno. Italy property investors may find this an extra reason to come to Pisa, in addition to well known attractions such as the Leaning Tower.
Jun 11, 2009
Italian property sales have started to pick-up
Sales of Italian property have started to pick-up in the past couple of weeks, particularly among UK buyers, it has been claimed.
According to Les Calvert, director of Property Abroad, Sterling is currently strengthening against the Euro, making Italian property cheaper to British buyers. Sterling has been strengthening for a couple of months now, but as people realize it is not going to reverse it is starting to turn into sales
The portal thinks this trend will continue for some time, as it believes Sterling's upward trend against the Euro will continue, and will not level off for quite some time. Les commented : "Sterling has been growing against the Euro for a couple of months, from the time when there was the first indication that the decline in the UK economy was starting to slow, and economists began to feel more confident that they could anticipate the extent of the UK recession."
Liam Bailey, chief market analyst said that the main reason for the rising popularity of Italian property is that it is a secure and stable established market, that hasn't seen massive growth for a good few years, but also hasn't seen any major drops since the economic crisis began. In indecisive times it seems property investors and holiday home buyers are ever-more keen to play it safe."
Recently a Telegraph survey found that Italy was the most popular tourism destination in Europe among its readership. Knight Frank stated that the traditional Italian property purchases such as farm-houses and cottages should take the back-burner to off-plan apartment developments in upcoming markets like Florence, according to Times reports.
According to Les Calvert, director of Property Abroad, Sterling is currently strengthening against the Euro, making Italian property cheaper to British buyers. Sterling has been strengthening for a couple of months now, but as people realize it is not going to reverse it is starting to turn into sales
The portal thinks this trend will continue for some time, as it believes Sterling's upward trend against the Euro will continue, and will not level off for quite some time. Les commented : "Sterling has been growing against the Euro for a couple of months, from the time when there was the first indication that the decline in the UK economy was starting to slow, and economists began to feel more confident that they could anticipate the extent of the UK recession."
Liam Bailey, chief market analyst said that the main reason for the rising popularity of Italian property is that it is a secure and stable established market, that hasn't seen massive growth for a good few years, but also hasn't seen any major drops since the economic crisis began. In indecisive times it seems property investors and holiday home buyers are ever-more keen to play it safe."
Recently a Telegraph survey found that Italy was the most popular tourism destination in Europe among its readership. Knight Frank stated that the traditional Italian property purchases such as farm-houses and cottages should take the back-burner to off-plan apartment developments in upcoming markets like Florence, according to Times reports.
Jun 4, 2009
Sicily property tipped as sound alternative
The Italian island of Sicily is attracting increasing amounts of interest from those looking for holiday properties particularly from Brits, it has been claimed.
According to Country Life, Sicily has become increasingly trendy and modern, with Britons starting to buy in numbers around two years ago. The magazine stated that the British preference is for the east side, where properties in places like Ragusa have seen year-on-year price increases of around ten per cent. The city of Ragusa is off the beaten path and is located about an hour's drive from Syracuse. The beaches of the province of Ragusa some of the cleanest and affordable and least crowded to be found in Sicily.
According to Justin Figgins, director of Rightmove Overseas, "Flights are already in place and our statistics prove that interest in Sicilian property is increasing significantly, so I would not be surprised if prices start to rise fast." Apartments and villas in Sicily comprise some of the best value real estate to be found in Italy, prices will "definitely" rise in the south of the country over the next three years; Part of the reason for this is that it is a relatively untapped market for investors, making this a good part of the country in which to invest.
Sicily has had the largest annual rise in popularity among prospective buyers, with searches increased by 185 per cent compared with the same period in the previous year. The northern regions such as Tuscany, Le Marche and Abruzzo have all become well-established Italy property markets among British buyers. However, for those wanting something more traditional and priced less, or who are less keen on restoring an old ruin, Sicily may offer the best prospects.
Meanwhile, The Daily Telegraph has stated that the Sicily, the largest in the Mediterranean, has a strong rental market and is also a popular tourism destination, with three airports (Palermo, Catania and Trapani) providing airport access from Britain.
According to Country Life, Sicily has become increasingly trendy and modern, with Britons starting to buy in numbers around two years ago. The magazine stated that the British preference is for the east side, where properties in places like Ragusa have seen year-on-year price increases of around ten per cent. The city of Ragusa is off the beaten path and is located about an hour's drive from Syracuse. The beaches of the province of Ragusa some of the cleanest and affordable and least crowded to be found in Sicily.
According to Justin Figgins, director of Rightmove Overseas, "Flights are already in place and our statistics prove that interest in Sicilian property is increasing significantly, so I would not be surprised if prices start to rise fast." Apartments and villas in Sicily comprise some of the best value real estate to be found in Italy, prices will "definitely" rise in the south of the country over the next three years; Part of the reason for this is that it is a relatively untapped market for investors, making this a good part of the country in which to invest.
Sicily has had the largest annual rise in popularity among prospective buyers, with searches increased by 185 per cent compared with the same period in the previous year. The northern regions such as Tuscany, Le Marche and Abruzzo have all become well-established Italy property markets among British buyers. However, for those wanting something more traditional and priced less, or who are less keen on restoring an old ruin, Sicily may offer the best prospects.
Meanwhile, The Daily Telegraph has stated that the Sicily, the largest in the Mediterranean, has a strong rental market and is also a popular tourism destination, with three airports (Palermo, Catania and Trapani) providing airport access from Britain.
Jun 1, 2009
Currency movements stimulates holiday homes in Italy
Italy property market is still doing well as more Brits have been looking to the Italy property market in recent weeks as the credit crunch continues to hit the UK hard, the pound has gained strength against the Euro, and for those who look for property investment abroad, the temptation is proving too much.
According to the Financial Times reports, Mortgage agents and foreign exchange providers have noted that the strong pound and shaky UK house prices stimulates fresh hunger for second homes abroad with the Italy property market being one of the beneficiaries of the trend. Mark O'Sullivan, Director of Currencies Direct told the paper: "We have seen a dramatic increase in the amount of money entering the international property market in the last few weeks." He added that buyers have been given a "confidence boost" by the improvement in sterling.
According to research from foreign exchange specialist Moneycorp, Nearly 800,000 Britons already own a second home abroad, up from 550,000 three years ago, and this figure is expected to soar in the coming months as consumers return from holiday having found their dream place in the sun.
Calabria was identified recently by Homes and Villas abroad as an emerging property hotspot in the country and it is expanding its operations in the Calabria region, stating that this is a major area of tourism growth. Marketing manager for the firm Ainsley Okoro commented: "Foreign tourism has really taken off in Calabria in recent years and with 500 miles of beautiful shores and year-round sunshine that comes as little surprise." The Calabria region was also highlighted as an up-and-coming area this month by Property Showrooms, along with Abruzzo.
In news that many interest those thinking of investing in the Italian property market, Lonely Planet author David Else told Go Travel Insurance stated that British holidaymakers are not staying at home despite the credit crunch. He commented: “in this period of crisis, the only change is Instead of a three-week holiday to Tuscany, it might be two weeks. Instead of three-star they’ll go self-catering."
The latter trend may encourage property investors, as this could open up opportunities to rent out self-catering holiday properties in Italy.
According to the Financial Times reports, Mortgage agents and foreign exchange providers have noted that the strong pound and shaky UK house prices stimulates fresh hunger for second homes abroad with the Italy property market being one of the beneficiaries of the trend. Mark O'Sullivan, Director of Currencies Direct told the paper: "We have seen a dramatic increase in the amount of money entering the international property market in the last few weeks." He added that buyers have been given a "confidence boost" by the improvement in sterling.
According to research from foreign exchange specialist Moneycorp, Nearly 800,000 Britons already own a second home abroad, up from 550,000 three years ago, and this figure is expected to soar in the coming months as consumers return from holiday having found their dream place in the sun.
Calabria was identified recently by Homes and Villas abroad as an emerging property hotspot in the country and it is expanding its operations in the Calabria region, stating that this is a major area of tourism growth. Marketing manager for the firm Ainsley Okoro commented: "Foreign tourism has really taken off in Calabria in recent years and with 500 miles of beautiful shores and year-round sunshine that comes as little surprise." The Calabria region was also highlighted as an up-and-coming area this month by Property Showrooms, along with Abruzzo.
In news that many interest those thinking of investing in the Italian property market, Lonely Planet author David Else told Go Travel Insurance stated that British holidaymakers are not staying at home despite the credit crunch. He commented: “in this period of crisis, the only change is Instead of a three-week holiday to Tuscany, it might be two weeks. Instead of three-star they’ll go self-catering."
The latter trend may encourage property investors, as this could open up opportunities to rent out self-catering holiday properties in Italy.
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