Investments in the construction sector will fall 4.4% this year, 5.7% next year, and a further 2.5% in 2010, the report by Cresme, a leading research institute covering real-estate trends. The figures reflect real or inflation-adjusted declines.
This year's contraction is the first in Italy for 13 years.
Cyclical forces were already leading to weaker demand, but the global credit squeeze has aggravated the trend, said Lorenzo Bellicini, director of Cresme.
New residential construction will drop by 30% in the next three years, according to the 600-page Cresme report presented Wednesday at an industry trade fair in Verona.
Barring public-policy decisions aimed at propping up the sector, both commercial and civil-engineering projects will also see sharp declines.
Thursday, October 30, 2008
Sunday, October 19, 2008
Pros and Cons of Buying Italian Property in Sicily
Well, the market is blessed with stunning real estate opportunities framed by a backdrop of exquisite scenery, an excellent climate and a very attractive way of life, but then prices for property on the island are not cheap and neither are building costs if you need to renovate.
But looking past the cons, there really are still plenty of reasons to look more closely at Sicily if you’re after a home abroad for your own personal use, with perhaps a little bit of rental income on top. In this article we’ll try and present a full and balanced picture of the property scene in Sicily so that you can make your own mind up about the location.
Sicily is the largest island in the Mediterranean and is itself surrounded by a handful of smaller islands and islets; it’s separated from the Italian mainland by the Strait of Messina, although there have been plans in the pipeline for many years to connect Sicily and Italy with a suspension bridge. Whether these plans ever come to fruition remains to be seen. To access the island one can fly directly to either Falcone-Borsellino Airport in Palermo on the west of Sicily, or Fontana Rossa Airport in Catania on the east side, with both airports served by daily flights from across Europe. Alternatively, the Strait of Messina is crossed regularly by passenger and car ferry, and so getting to and from the island is relatively simple. Depending on where you choose to hunt for property however, you may find that road infrastructure is a little on the rough side!
But looking past the cons, there really are still plenty of reasons to look more closely at Sicily if you’re after a home abroad for your own personal use, with perhaps a little bit of rental income on top. In this article we’ll try and present a full and balanced picture of the property scene in Sicily so that you can make your own mind up about the location.
Sicily is the largest island in the Mediterranean and is itself surrounded by a handful of smaller islands and islets; it’s separated from the Italian mainland by the Strait of Messina, although there have been plans in the pipeline for many years to connect Sicily and Italy with a suspension bridge. Whether these plans ever come to fruition remains to be seen. To access the island one can fly directly to either Falcone-Borsellino Airport in Palermo on the west of Sicily, or Fontana Rossa Airport in Catania on the east side, with both airports served by daily flights from across Europe. Alternatively, the Strait of Messina is crossed regularly by passenger and car ferry, and so getting to and from the island is relatively simple. Depending on where you choose to hunt for property however, you may find that road infrastructure is a little on the rough side!
Monday, October 13, 2008
For Sale in ... Tuscany, Italy
900,000 Euros ($1,314,000)
This late 19th-century farmhouse with three bedrooms and two bathrooms is built of alberese stone. It is situated near the Mediterranean coast, in the Tuscan countryside two and a half miles from the village of Guardistallo, about 40 miles south of Pisa. The French doors leading into the living room can be secured with tall shutters; the kitchen also has French doors leading outside. An arched stone doorway connects the living and dining rooms, and the floors throughout the house are of terra cotta tile. The kitchen has a typical Tuscan sloped timber ceiling, and arched windows overlook cypress trees and rolling hills. There is one full bath off the living room; the other, upstairs, has decorative tile. All three bedrooms are upstairs. The ground floor has a completely separate two-bedroom apartment that could be reintegrated. Currently, the house is used as a vacation rental.
Tuesday, October 7, 2008
Berlusconi defends Italian bank shares
MILAN, Italy -
Prime Minister Silvio Berlusconi's government sought to reassure Italians about the strength of their financial institutions after Italy's largest bank, Unicredit, lost nearly one-quarter of its value this week and other Italian banks and companies took significant hits.
Berlusconi said he would not allow speculative attacks on Italian banks, as Unicredit shares were suspended from trading repeatedly Wednesday for excessive losses.
Unicredit shares recovered and rose 11.2 percent to close at 2.89 euros ($4.07) on Wednesday. Its stock market value is about 36.9 billion euros ($53 billion).
Prime Minister Silvio Berlusconi's government sought to reassure Italians about the strength of their financial institutions after Italy's largest bank, Unicredit, lost nearly one-quarter of its value this week and other Italian banks and companies took significant hits.
Berlusconi said he would not allow speculative attacks on Italian banks, as Unicredit shares were suspended from trading repeatedly Wednesday for excessive losses.
Unicredit shares recovered and rose 11.2 percent to close at 2.89 euros ($4.07) on Wednesday. Its stock market value is about 36.9 billion euros ($53 billion).
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