Following the worsening of the international economic crisis, housing demand significantly dropped in Italy, but Italians continue to see property as a good medium-term investment...
The Italian property market is now suffering the consequences of the global economic crisis, but Italians still perceive housing as a reasonably safe investment and the sector is expected to recover in 2010. These findings come from the latest study by economic intelligence company Nomisma.
Nomisma researchers found that residential sale volumes decreased by 15.1 per cent in 2008. However, the drop was particularly marked in the last quarter of the year, after the deepening of the financial crisis eroded consumers' confidence.
Sunday, March 29, 2009
Tuesday, March 24, 2009
Luxury Italian villas released by Calabrian property specialists
A luxury homes developer has announced plans to build an Italian villa scheme dubbed ‘The Seven Wonders of the World’.
VFI Overseas Property released images and details of the plan, to appear in Soverato, Calabria, a region of southern Italy seeing a boom in new homes construction.
The gated community involves full-service villas with each property construction plan unique.
All the homes will involve four bedrooms and three bathrooms and the development overlooks a picturesque beach.
VFI Overseas Property released images and details of the plan, to appear in Soverato, Calabria, a region of southern Italy seeing a boom in new homes construction.
The gated community involves full-service villas with each property construction plan unique.
All the homes will involve four bedrooms and three bathrooms and the development overlooks a picturesque beach.
Monday, March 23, 2009
Two Billion Euro Luxury Project Near Milan In Financial Trouble
An article from Bloomberg on Santa Giulia, a luxury project near Milan contains what just might be my favorite quote ever on developments gone bust.
James Rehlaender, managing director at European Investors Inc., says, "When prices started to peak, developers were like crack users and would use all the money that banks were throwing at them." Indeed, and it's as good an explanation as any for what has happened at Santa Giulia, a project that was to include luxury apartments designed by Norman Foster and boutiques from top Italian brands like Dolce & Gabbana as well as hotels, schools and a church that is now starting to look like yet another project that will never be completed.
James Rehlaender, managing director at European Investors Inc., says, "When prices started to peak, developers were like crack users and would use all the money that banks were throwing at them." Indeed, and it's as good an explanation as any for what has happened at Santa Giulia, a project that was to include luxury apartments designed by Norman Foster and boutiques from top Italian brands like Dolce & Gabbana as well as hotels, schools and a church that is now starting to look like yet another project that will never be completed.
Saturday, March 21, 2009
Risanamento, Limitless Scrap EU475 Million Milan Deal
March 20 (Bloomberg) -- Risanamento SpA, the Italian real- estate developer led by Luigi Zunino, said it’s no longer in talks with Dubai’s state-owned Limitless LLC about the sale of a Milan project for 475 million euros ($644 million).
“There are no longer negotiations for the asset sale,” after a December preliminary agreement to sell the development, in Sesto San Giovanni, expired, Milan-based Risanamento said in a statement late yesterday. It didn’t give a reason. A phone call by Bloomberg to Limitless in Dubai, where most businesses are closed today, went unanswered.
Risanamento slumped as much as 23 percent in Milan trading. The company, created in 2002 through a merger, is tapping 75 million euros in credit lines after amassing 2.6 billion euros in debt from buying offices and homes from Paris to Manhattan. The developer said Feb. 23 that it had used 44.1 million euros of the credit lines arranged in December with banks including Intesa Sanpaolo SpA and UniCredit SpA.
“There are no longer negotiations for the asset sale,” after a December preliminary agreement to sell the development, in Sesto San Giovanni, expired, Milan-based Risanamento said in a statement late yesterday. It didn’t give a reason. A phone call by Bloomberg to Limitless in Dubai, where most businesses are closed today, went unanswered.
Risanamento slumped as much as 23 percent in Milan trading. The company, created in 2002 through a merger, is tapping 75 million euros in credit lines after amassing 2.6 billion euros in debt from buying offices and homes from Paris to Manhattan. The developer said Feb. 23 that it had used 44.1 million euros of the credit lines arranged in December with banks including Intesa Sanpaolo SpA and UniCredit SpA.
Tuesday, March 17, 2009
Pirelli to return to profit in 2009
MILAN, March 16 (Reuters) - Pirelli & C (PECI.MI), the Italian holding company behind the tyre and real estate businesses of the same name, should end the year with a profit, its chairman said on Monday.
"We foresee the group as a whole closing 2009 with a profit," Marco Tronchetti Provera was quoted by a Pirelli spokeswoman as saying at a presentation in Milan.
"We are fairly optimistic that in 2009 things will change," he said. "The market is moving, the measures taken in 2008 and being carried out in 2009 are producing results."
In 2008, Pirelli ran a net loss of 412.5 million euros compared with a net profit of 323.6 million euros the previous year. The loss was the result of the cost of a major restructuring and a drop in the value of assets and investments in the face of the global crisis.
"We foresee the group as a whole closing 2009 with a profit," Marco Tronchetti Provera was quoted by a Pirelli spokeswoman as saying at a presentation in Milan.
"We are fairly optimistic that in 2009 things will change," he said. "The market is moving, the measures taken in 2008 and being carried out in 2009 are producing results."
In 2008, Pirelli ran a net loss of 412.5 million euros compared with a net profit of 323.6 million euros the previous year. The loss was the result of the cost of a major restructuring and a drop in the value of assets and investments in the face of the global crisis.
Friday, March 13, 2009
The best of Tuscan
The one that everybody knows is San Gimignano, a village that, thanks mainly to its famous towers, receives far more day-trippers in summer than it can comfortably handle – at peak times the police impose a one-way pedestrian system in the narrow lanes. That said, the fresco-lined Collegiata is definitely worth coming to see, and San Gimignano also has one of Tuscany's best civic museums.
The popularity of Cortona has similarly become something of an issue in recent years. This perfect hill-town, located within sight of Lago Trasimeno – was relatively unknown prior to the publication of Frances Mayes' Under the Tuscan Sun and Bella Tuscany; nowadays the place entices coachloads of her readers to the place where Mayes realized the expatriate dream of the Tuscan good life.
If it's quiet that you want, why not try instead lofty Volterra, west of San Gimignano? Brooding on a windswept plateau enclosed by volcanic hills, it was described by D H Lawrence as "a sort of inland island," and has an air of being somewhat cut off from the rest of the region. Like Cortona, it was a major Etruscan settlement, and the town's museum are stuffed with relics of that enigmatic civilisation.
The popularity of Cortona has similarly become something of an issue in recent years. This perfect hill-town, located within sight of Lago Trasimeno – was relatively unknown prior to the publication of Frances Mayes' Under the Tuscan Sun and Bella Tuscany; nowadays the place entices coachloads of her readers to the place where Mayes realized the expatriate dream of the Tuscan good life.
If it's quiet that you want, why not try instead lofty Volterra, west of San Gimignano? Brooding on a windswept plateau enclosed by volcanic hills, it was described by D H Lawrence as "a sort of inland island," and has an air of being somewhat cut off from the rest of the region. Like Cortona, it was a major Etruscan settlement, and the town's museum are stuffed with relics of that enigmatic civilisation.
Tuesday, March 10, 2009
Banco Popolare Is First in Italy to Seek State Aid
March 10 (Bloomberg) -- Banco Popolare SC plans to sell 1.45 billion euros ($1.84 billion) of convertible bonds to the Italian government, making it the nation’s first bank to seek state aid to strengthen capital as the global financial crisis worsens.
Banco Popolare told the Finance Ministry and Bank of Italy that it would like to take part in the government’s bank assistance plan, according to two statements released today by the Verona-based company.
The ministry approved a decree on Feb. 25 enabling Italian banks to raise as much as 12 billion euros ($15.3 billion) selling bonds convertible into non-voting shares to the government. UniCredit SpA and Intesa Sanpaolo SpA, Italy’s largest banks, said they may raise capital under the plan, while investment bank Mediobanca SpA said it isn’t interested.
Banco Popolare told the Finance Ministry and Bank of Italy that it would like to take part in the government’s bank assistance plan, according to two statements released today by the Verona-based company.
The ministry approved a decree on Feb. 25 enabling Italian banks to raise as much as 12 billion euros ($15.3 billion) selling bonds convertible into non-voting shares to the government. UniCredit SpA and Intesa Sanpaolo SpA, Italy’s largest banks, said they may raise capital under the plan, while investment bank Mediobanca SpA said it isn’t interested.
Wednesday, March 4, 2009
Collecting Houses in Northern Italy
Some people collect stamps, ornaments or miniatures, but Toni Hilton collects houses in the Monferrato region of northern Italy.
“I’m a little bit of an obsessive,” she said, referring to the four properties that she and her husband own in and around Villa Sansecondo, a small town about 55 kilometers (34 miles) from Turin. They rent them out for short-term stays.
Ms. Hilton’s fascination with the area’s real estate began, oddly enough, on a bus in Mexico in 1992. She was on vacation from her job as a nurse in Florida and struck up a conversation with her Italian seatmate, Roberto Pierobon. They ended up traveling together — followed by romance, marriage, Ms. Hilton’s move to Italy and the birth of their daughter, Rebecca, now 11.
“I’m a little bit of an obsessive,” she said, referring to the four properties that she and her husband own in and around Villa Sansecondo, a small town about 55 kilometers (34 miles) from Turin. They rent them out for short-term stays.
Ms. Hilton’s fascination with the area’s real estate began, oddly enough, on a bus in Mexico in 1992. She was on vacation from her job as a nurse in Florida and struck up a conversation with her Italian seatmate, Roberto Pierobon. They ended up traveling together — followed by romance, marriage, Ms. Hilton’s move to Italy and the birth of their daughter, Rebecca, now 11.
Tuesday, March 3, 2009
Italy will liquidate a public real estate
ROME/MILAN, Feb 11 (Reuters) - Italy will liquidate a public real estate securitisation vehicle and pay around 1.6 billion euros ($2.07 billion) of outstanding debt under proposed legislation, two sources close to the situation said on Wednesday.
The legislation for the so-called Scip vehicle is part of a decree that faces a vote of confidence in the Senate on Wednesday. After that it will be voted on by the lower house of Parliament.
The second source said cash funds raised from Scip's first securitisation, called Scip 1, would be used to pay debt of a second securitisation, called Scip 2.
The legislation for the so-called Scip vehicle is part of a decree that faces a vote of confidence in the Senate on Wednesday. After that it will be voted on by the lower house of Parliament.
The second source said cash funds raised from Scip's first securitisation, called Scip 1, would be used to pay debt of a second securitisation, called Scip 2.
Property investors returning to second homes market as prices fall
Bargain property prices in many countries are beginning to tempt buyers looking for holiday homes, industry professionals report.
Real estate price falls are also making the pricier and more sought after destinations more affordable, it is claimed, especially top markets like Verbier in Switzerland, the French Riviera, Tuscany in Italy and the Caribbean.
'There are more properties coming onto the market in top destinations than we have seen for a very long time. There are good deals to be found,' said Alexander Kraft, CEO of Sotheby's International Realty in France
Real estate price falls are also making the pricier and more sought after destinations more affordable, it is claimed, especially top markets like Verbier in Switzerland, the French Riviera, Tuscany in Italy and the Caribbean.
'There are more properties coming onto the market in top destinations than we have seen for a very long time. There are good deals to be found,' said Alexander Kraft, CEO of Sotheby's International Realty in France
Monday, March 2, 2009
Calabria becomes a property investment hotspot in Southern Italy
The firm described the new homes project as “emerging as the most exciting holiday home location in the whole of Europe”.
One and two-bedroom apartment homes are available off plan, including either spacious ground floor gardens or rooftop terraces. In total the scheme involves 163 homes being built in two phases, with one due for completion in December 2010 and the other by June 2011.
Investment in the region has seen an improvement in the road network and the arrival of cheap direct flights to Calabria. Many homes in the region are also currently available for considerably less than comparable locations in established Italian markets, such as Tuscany.
One and two-bedroom apartment homes are available off plan, including either spacious ground floor gardens or rooftop terraces. In total the scheme involves 163 homes being built in two phases, with one due for completion in December 2010 and the other by June 2011.
Investment in the region has seen an improvement in the road network and the arrival of cheap direct flights to Calabria. Many homes in the region are also currently available for considerably less than comparable locations in established Italian markets, such as Tuscany.
Sunday, March 1, 2009
Tuscany - Gaiole in Chianti
Portion of farmhouse in the Chianti Classico hills refurbished in 2005 surrounded by vineyards & olive groves. Facing a communal courtyard has a secluded small rear garden & terrace. One part of the house is on two stories dating back to 1160 & the attached single storey pavilion dates to 1600.
Materials used are local stone and old timber trusses. Ground floor is 120 sq. mt. with fully fitted kitchen, 2 bathrooms, 1 with a Jacuzzi bathtub, large living/dining & bedroom. Top floor is 40 sq. mt. self contained with a single large space, living/bedroom & fully fitted kitchen with independent access through a stone stair and a private terrace.
Materials used are local stone and old timber trusses. Ground floor is 120 sq. mt. with fully fitted kitchen, 2 bathrooms, 1 with a Jacuzzi bathtub, large living/dining & bedroom. Top floor is 40 sq. mt. self contained with a single large space, living/bedroom & fully fitted kitchen with independent access through a stone stair and a private terrace.
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