Flashes of high style in Italy's small towns

PESARO, Italy: In this small town on Italy's Adriatic coast, the owner of the Ratti boutique is thumbing through the freshly minted Balmains and Balenciagas with a hand that has felt its fair share of crepe de chine.

"Bring this to Giovanna's mother!" Silvana Ratti happily exclaims, plucking a thigh-grazing Marchesa chiffon number off the racks. An obliging saleswoman, one of the 78 immaculately groomed who live to serve on Ratti's gilded floors, trots off with the costly confection in search of someone's mother.

Although it boasts prime beachfront real estate, Pesaro has never been one of Italy's great travel destinations. It does not offer the booming nightlife of Rimini. It does not have the posh hotels and crystal waters of Portofino. The town, with its 80,000 inhabitants, is a classic example of the Italian province.

The central Rome apartment comes at a 20 percent discount

The worst recession since 1975 is eroding the wealth of elderly Italians and requiring them to do something they had never before considered: sell family homes to strangers at a discount on the condition that they can stay on until they die.

The cash transactions are called "nude sales" in Italy because in most cases the owners are stripped of ownership while retaining use of the property until they die. While they account for only 5 percent of Italian sales, they represent one of the few boom areas as the slump deepens.

"Italians are house-rich but cash-poor, so you do the math," says Mario Corsini, president of the nonprofit association Housing and the Elderly, which advises pensioners on housing. "This is one way for them to beef up their income and stay in their homes."

A drop in euro may boost Spain market

This is because super-prime properties, those worth 1 million Ğ in this case Ğ euros or more tend to grow in value quickest during a boom, and will grow in value quickest during the next boom. The recovery will instantaneously restore these properties to their true value. Super-prime properties also give their owners the opportunity to make money during the credit-crunch, because they are some of the most sought after properties in the world, and people can see the opportunity of getting them at a reduced priced.

On top of the drop in prices caused by the credit-crunch, those eyeing a property in Spain can also take advantage of the growing foreclosure market. This currently gives buyers the opportunity to pick up a property at half its valuation price, but if the euro drops later this year that will increase to 75 percent. Though, that will probably be too late at the rate foreclosed properties sell, and will depend on recent foreclosures at the time.

No doubt the other destinations most popular with British holiday makers will also benefit, namely Italy and France, but Turkey and Greece, growing in popularity over the last few years, are also likely to see a massive upturn in sales.

FINRA, Northern Trust, Mission Capital, others

CORDEA SAVILLS

Cordea Savills, an international property fund manager,
appointed Piergiulio Dentice di Accadia and Daniele Martignetti
as portfolio managers. Accadia joined from CB Richard Ellis
Investors SGRpA, where he worked as a senior asset manager, and
Martignetti came from Pirelli Real Estate in Italy and
Germany.

Croatia Real Estate: The Mediterranean As It Once Was

Just a little more than a decade ago, Croatia was just one of the provinces of Yugoslavia embroiled in a ferocious civil war. Few could have guessed that Croatia would become a popular tourist destination once the confict ceased. Now, with the slogan, "The Mediterranean as it once was," the country bills itself as an alternative destination to its more developed and better known Western European counterparts, such as Greece and Italy.

Tourists seem to have gotten the message and are flocking to the country. Second home buyers and property investors have taken note too and have their eyes on Croatia's unspoiled coast. In recent years, locals have taken seriousy the preservation of the stunning beauty of coastal towns, such as historic Dubrovnic, and the classic architecture of larger cities—which ranges from medieval to art nouveau in the capital, Zagreb.

New Property in Italy from Azure Overseas

Calabria was just beginning to finalise its entrance as a destination for property investment when the credit-crunch became an unavoidable reality and everyone became terrified to speak a positive word about property investment anywhere. This means Calabria still has all the strengths it had then. Calabria is a relatively virgin market, and while it saw many new developments in 2008, it is still what you would call very under-developed when looked at in the context of just how rapidly tourism is rising.

"Beach-front developments like the Pizzo Beach Club are particularly popular. But Calabria's virgin status when it comes to development also translates to its tourism market, so rental yields are currently only in the 4-6% bracket, but this is expected to climb to the 6-8 or possible even the 8-10% bracket in the next 3-4 years depending on how quickly the credit crunch lets up. The Pizzo Beach Club's proximity to a Club Med resort means the properties could fetch higher rental yields if properly marketed, or if arrangements can be made with the Club Med resort administration."

Italian leasing market down by 21%

Italy’s leasing market saw a decrease in new business of almost 20.8 percent in 2008 according to official data released by Italy’s leasing association Assilea.

The fall was particularly evident in real estate leasing. New real estate leasing contracts totalled €15.1 billion, down by 34 percent compared to 2007.

Equipment leasing also was badly affected, reporting a drop by 11.4 percent.

Vehicle leasing and train, ship and aircraft leasing reported a smaller drop, respectively by 7.5 percent and 2.3 percent.

Pirelli & C SpA aims to make its tyre and real estate businesses

The holding company does not plan to pay a dividend this year, and it is preparing a capital hike of up to 400 million euros for its real estate business, Pirelli & C Real Estate SpA .

Pirelli has already been cutting jobs. Pirelli RE will have nearly 40 percent fewer staff and Pirelli Tyre 15 percent less.

At a presentation of the plan to analysts and investors on Wednesday, Chairman Marco Tronchetti Provera said Pirelli had decided against a dividend this year but could hand one out next year.

Pirelli's dividend yield is about 6.6 percent, in line with the European tyre sector.

It will subscribe to the capital increase for a quota equal to its 55.3 percent stake in the business. It will do this by converting part the debt the business owes it into equity.

Monte Carlo still most expensive property market in the world

Monte Carlo is the most expensive property market in the world for the second year in a row, according to an annual report.

A shortage of space and its status as a tax haven as well as its glamour and nightlife puts it on top of the annual survey of real estate markets published by Global Property Guide.

Average prices in Monte Carlo are $4,420 per square foot, more than double that of second placed Moscow with $1,937 per square foot and third placed London at $1,928 per square foot.

'Monte Carlo is a city of the rich, small and concentrated,' said Matthew Montagu-Pollock, publisher of the online real estate research firm's report. 'The primary reasons for such high prices are related to a shortage of space and tax havens,' he added.

Expert Advice for Letting Your Italian Property

In this article she has given us at Shelter Offshore great insight into how those who have a property in Italy can let it out for the maximum period possible, and how to do so successfully and without stress. She is drawing on her own personal experience as she has been involved with renting out her family’s property in Tuscany for 20 years, as well as the experience she has gained from assisting clients with renting out the properties she has helped them buy.

If you own a home in Italy and you want expert advice for letting your Italian property, read on…

According to Alison, if you have a garden or outside space with your property then this is a great asset when it comes to the rental attraction of your home.

An Italian real estate investor has bought a majority stake in the triangular landmark Flatiron Building

The Sorgente Group S.p.A., which now controls just over 50 percent of the building, would not say how much it paid for its share. The value of the 22-story building, which sits on a triangular lot in Manhattan, is estimated to be $190 million.

The Sorgente Group said it will complete payment by June and might increase its stake.

"With this acquisition, Sorgente Group has exceeded 50 percent ownership of the Flatiron property, with further possibilities offering up to 75 percent ownership," Valter Mainetti, managing director of the Sorgente Group, said in a statement.