Italy Real Estate News

test11

2011-07-20T14:01:00.000+03:00

test11 הלך בחצות הליל

test 123

2011-07-20T11:01:00.001+03:00

good morning

Carrefour Says Dia Spinoff Is Best Option After Approaches Come to Nothing

2011-05-18T18:34:00.000+03:00

The retailer, based in Boulogne-Billancourt, intends to list Dia, the world’s third-largest discounter, in Madrid on July 5, pending approval. The move is part of a plan, which includes spinning off 25 percent of Carrefour’s property assets in France, Italy and Spain as it focuses on the Carrefour brand.

Carrefour repeated in a statement today that it expects sales and operating income to rise this year, boosted by expansion in China and higher sales in Brazil. Western Europe remains difficult and soaring raw-material prices are limiting the ability to negotiate with suppliers, Carrefour said.

Bank of Italy to sell of real estate portfolio

2011-05-04T21:47:00.001+03:00

The Bank of Italy announced this week that it is selling off a big chunk of its real estate portfolio, including a large number of residential properties.
RTI (Consortium) Colliers International Italia – EXITone has won the agency contract to sell the assets which are valued at more than €300 million.

The portfolio, RTI (Consortium) Colliers International Italia – EXITone told OPP this week “consists of former bank branches and some residential units distributed throughout Italy, with a total surface area of ca. 240,000 SQM. Among the assets are some prestigious buildings located in major Italian cities.”

The public tender, which was published in May 2010, gives Colliers International Italia and EXITone three years to sell the properties. They have set up an international strategic committee with the heads of investment from Colliers offices in London, Paris, Madrid, Amsterdam and Frankfurt. This group has been given “the objective of defining the best sale strategies and guaranteeing the necessary visibility cross-borders,” says the consortium.

Colliers International is the third-largest commercial real estate services company in the world with 15,000 staff operating out of more than 480 offices in 61 countries

Italy's property sell-off: 9,000 lots in state sale Read more: http://www.thisismoney.co.uk/mortgages-and-homes/homes-abroad/article.html?in_article_

2010-07-05T20:55:00.001+03:00

Fancy owning an island off the coast of Venice or Sardinia? If money is no object, one could soon be yours - as the Italian government is to sell off hundreds of treasures to reduce its national debt.About 9,000 buildings, palaces, beaches, islands and forts with an estimated value of more than £3bn are among the items that will become available at the end of this month. Italy's growing debt stands at £1.18 trillion. Among the most expensive and picturesque assets on sale is the Caprera island chain, part of the La Maddelana archipelago off the north-east coast of Sardinia.

12 bedroom Villa in Near Todi, Italy

2010-01-13T22:36:00.000+02:00

Glorious Private Estate Exclusive home or commercial enterprise Available for sale also in lots.

ESTATE: Rare opportunity to acquire a spectacular cluster of former grain mills in a secluded 17 acre valley setting. Perfect for those seeking a peaceful, spirit-restoring spot that is away from the public eye, yet easy to reach and easy to secure. Set close to a small hamlet, in agricultural land and woodland, the properties - with the benefit of 2 swimming pools, tennis court, vines, wells and a stream - are surrounded by their own land, making organic wine production a real possibility - room too for children to roam. Stables nearby.

Casa Latino Real Estate Expands To Italy

2010-01-11T00:24:00.000+02:00

A Master Franchise Agreement has been signed with Master Franchisor, Italico Srl, to proceed with the development of the Casa Latino brand in Italy. Italico Srl consists of several skilled professionals whose expertise ranges from international brand strategy to the development of franchising systems. Currently assisting one of the leading European fashion companies in strategic planning and development, the principals of Italico Srl feel they are ready to successfully develop the Casa Latino brand in their home country.

From San Benedetto del Tronto, Italy, Mr. Eros Spinozzi, President of Italico Srl, said; “During the year 2008 we had the opportunity to understand the brand position of Casa Latino and at the same time to observe the growing success of the franchise model during a period of huge downturn. We were introduced to this real estate brand by Mr. Sonny Buoncervello, a long time family friend that happened to be one of the pioneers of modern real estate business.

The Rocky Road Home

2010-01-09T11:21:00.000+02:00

FOR more than 25 years, Michael Logozzo, a native of Brooklyn, lived overseas, working various jobs — as a chef in Venice and in Rome, as a magazine editor in Paris and as a television host and fund-raiser in Warsaw. In 2003, he moved into a guarded compound in Kabul, Afghanistan, overseeing the acquisition of property for Roshan, a telecommunications company, and helping run a charitable program to feed Afghan children.
Multimedia
Interactive Feature
From Bare to Refined
What It Cost
Enlarge This Image
Ruby Washington/The New York Times

AN UNPLEASANT SURPRISE After two days of traveling, Michael Logozzo arrived home expecting to see a furnished apartment.

But as the battle against the Taliban intensified, and car bombings and kidnappings increased, members of Mr. Logozzo’s large extended family in New York City — he has 14 brothers and sisters — began lobbying him to come home.

“They thought it was insane that I would take a job there to begin with, and that it was more insane to stay longer than my original six-month commitment,” he said. “None of them have the travel bug I do, and they were scared for my safety.”

Rome Property For Sale

2010-01-07T23:32:00.000+02:00

TYPE Section of a villa on three levels with garden.
CONDITION Excellent.
LOCATION In a residential area. Good position.
MUNICIPALITY Rome
PROVINCE Rome
REGION Lazio
SIZE 310 square metres (3336 square feet)
ROOMS 8
BEDROOMS 3
BATHROOMS 2
FEATURES Brick construction, terraces.
LAND No, but lovely private garden.
GARDEN 900 square metres of garden with irrigation
ANNEX No.
ACCESS Excellent.

World's tallest building opens in world's newest real estate desert

2010-01-05T21:49:00.001+02:00

Thank goodness the Dubai area is geologically stable, because its regional politics and economics certainly aren't.

Pretty soon some 12,000 people will be living and working in the Burj Dubai, a soaring 818m needle of glass, concrete and steel that overshadows the diminished real estate on the desert floor that is Dubai.

At least that's what the owners of the world's tallest building hope as they officially open the centrepiece of the 202ha development this week. The project is one of superlatives. Not least that it will house the world's highest mosque nearly 160 storeys above ground. It cost $1.5 billion to build, according to Dubai’s state-owned developer, Emaar. It's a building without peer, although a number of other super-structures are being constructed elsewhere on the globe and in nearby Kuwait, Qatar and Saudi Arabia. It's also a testament to the day the world stopped viewing Dubai as the Neverland of economic prosperity, effectively deserting the Las Vegas of the Arabian desert.

Start the bidding: Rome Home Depot for sale

2010-01-03T21:36:00.001+02:00

By REBECCA CRONISER
Observer-Dispatch
Posted Jan 01, 2010 @ 04:49 PM
ROME —

Just $1.9 million. That’s what is needed to start the bidding Jan. 19-20 in the online auction for the former Home Depot building in Rome.

It could be a deal for the property, which is assessed at nearly $7.2 million.

But finding someone interested in the building is going to be tough, officials say.

“I don’t see it going,” said Rome Mayor James Brown. “It’s tough the way the economy is. Nobody is really expanding at this point in time.”

The giant orange and beige retail store on Rome-Taberg Road has sat empty since it closed in the summer of 2008.

The store wasn’t open for long in Rome. The 112,940-square-foot building — with 19,646-square-feet of outdoor side yard — opened in 2003.

Start the bidding: Rome Home Depot for sale

2010-01-03T21:36:00.000+02:00

Italy's Tax Amnesty Brings in $114 Billion

2009-12-31T10:23:00.000+02:00

MILAN -- Requests by individuals to repatriate funds under a tax-amnesty plan launched in October totaled about €80 billion (about $114 billion) as of Dec. 15, a top government official said Tuesday.

Last week Economy Minister Giulio Tremonti said the government extended the tax amnesty plan to April 2010, in a move to collect more assets currently deposited out of the country, but increased the fee to be paid to 7% of the total value of the assets. Investors that repatriate assets by Feb. 28 will pay a 6% fee, the ministry said.

The Italian government in October launched the tax-amnesty plan, the third in the past eight years, which allowed Italians to repatriate funds deposited in tax havens out of Italy through Dec. 15. As part of the plan, people would have to pay a 5% fine on the total amount of assets repatriated and wouldn't have to declare how they earned the money. In November, Mr. Tremonti estimated windfall tax revenue for the government at up to €4 billion.

Small domestic asset managers as well as private-banking boutiques have benefited most from the flood of new funds, as Italy's two largest domestic retail banks -- Intesa Sanpaolo SpA and UniCredit SpA -- weren't able to attract large sums of assets deposited offshore, according to several people involved in the tax-amnesty plan.

From Ceausescu to the New Italy

2009-12-30T21:25:00.001+02:00

he recent election in Romania, in which President Traian Basescu was re-elected with 50.3% of the vote, underlined why, 20 years after the fall of Ceausescu, Romania has become the new Italy.

In both countries, politics are hard-fought, polarized, and periodically bizarre. The comedy and melodrama of Italian Prime Minister Silvio Berlusconi are well known. But the failed impeachment of Mr. Basescu and the odd bedfellows and political pillow fights of Romanian politics are rarely noted outside Bucharest.

The parallels are remarkable. Both countries reclaimed democracy when they executed their dictators Benito Mussolini (April 28, 1945) and Nicolae Ceausescu (December 25, 1989). Both emerged from dictatorship flat on their backs economically and with many friends in the West fearing they would not sustain democracy. And within 20 years, with support from America and Western Europe, both became firmly democratic, much more prosperous, and economically and militarily relevant members of the European Union and NATO.

2nd UPDATE:Italy Econ Min: EUR95B Declared Under Tax Amnesty

2009-12-29T19:11:00.001+02:00

MILAN (Dow Jones)--Under the Italian government's tax amnesty plan, assets worth EUR95 billion have been declared, of which 98% will be brought back to Italy from offshore, the Italian Economy Ministry said Tuesday, citing data as of Dec. 15.

"This is a positive dividend from the London G20," said Economy Minister Giulio Tremonti in a phone interview. "The era of banking secrecy is over."

Tremonti was referring to the meeting of the Group of 20 industrial and developing nations in London in April where world leaders took measures aimed at repairing the financial system to lift the economy from a global recession.

The EUR95 billion figure was well above the ministry's previous total of EUR80 billion. The higher figure is because of "a lastminute acceleration" in people making a voluntary disclosure, Tremonti said.

In an emailed statement, the ministry also said the extension of the plan to April 2010 would be the "last one and definitive." In December, Tremonti announced the extension of the plan but with higher fees. Italians who repatriate assets by Feb. 28 will have to pay a 6% fee on those assets, while assets declared by April 30 will have a 7% fee.

Tremonti declined to give a forecast of the total amount of funds that could be disclosed and repatriated.

In October, the Italian government started a tax amnesty plan that allowed Italians with undeclared assets hidden in tax shelters outside the country to repatriate them by paying a 5% fee.

Small is beautiful for Italy's tax amnesty

2009-12-28T00:01:00.000+02:00

MILAN, Dec 18 (Reuters) - Smaller institutions appear to have benefited more from funds being repatriated under Italy's tax amnesty than larger ones, with Italy's four biggest banks collecting less than a quarter of the estimated total.

And a final rush suggests the government's decision to extend the amnesty with slightly tighter terms beyond April could bring in more than the 80 billion euros ($115 billion) which Economy Minister Giulio Tremonti was expecting.

"There was a bottleneck at the end. That could mean the extension will open up more chances," a sector source said.

LDK, SunPower Up on Italy Deals

2009-12-26T10:07:00.000+02:00

XINYU CITY, China and SUNNYVALE, Calif. (TheStreet) -- LDK Solar(LDK Quote) was up in pre-market trading by more than 2%, after it announced overnight that it had lined up a deal with Uni Land, an Italian real-estate banking and development company, to construct photovoltaic plants totaling 20 megawatts (MW) in 2010 and 2011LDK Solar will oversee engineering, procurement and construction of the plants and will also supply the solar modules. Uni Land will finance the PV project operations.

Italy's Coin To Buy Upim In Retail Tie-Up - Source

2009-12-25T14:08:00.000+02:00

MILAN (Dow Jones)--Gruppo Coin SpA (GCN.MI) has agreed to buy smaller competitor Upim, a deal that would create Italy's biggest department store chain, a source familiar with the agreement said Thursday.

Speaking on condition of anonymity, the person confirmed newspaper reports published earlier in the day that valued the deal at more than EUR1 billion.

Under the terms of the deal, Upim's shareholders--Investitori Associati, Deutsche Bank Real Estate Opportunities Group, Pirelli & Co. Real Estate SpA (PRS.MI) and Gruppo Borletti--and its creditors--Unicredit SpA (UCG.MI) and Natixis (KN.FR)--will get a 7.5% stake in Coin, according to one newspaper, La Repubblica.

Borgo di Vagli, Tuscany

2009-12-12T19:45:00.000+02:00


Life at the Borgo

24.11.2009 11:47:32 Realpoint is pleased to offer our clients a luxury Tuscan lifestyle at the unique Borgo di Vagli. Located close to Mercatale Cortona in the heart of the Tuscan countryside, Borgo di Vagli is a meticulously restored 14th century hamlet surrounded by a protected area of olive groves, fruit trees and ancient oaks. From the terraces, you can enjoy panoramic views of the breathtaking Tuscan hills, including a spectacular view of the 10th century Pierle castle.

(live-PR.com) - For those who love the authentic Tuscan experience, Borgo di Vagli now offers a unique and affordable ownership opportunity. This fractional ownership resort enables owners to enjoy virtually unlimited vacations in your Tuscan country home for a fraction of the price of whole ownership. Owners receive a 1/10th undivided interest in a residence category which incorporates a right over the

Vatican bank accused of laundering money

2009-12-08T08:52:00.000+02:00

In its latest issue published on Friday, the magazine claims prosecutors are probing transactions totalling 180 million euros handled between 2006 and 2008 by Vatican bank (IOR) accounts held at Unicredit’s branch near the Vatican in Rome’s Via della Conciliazione.

Some of the funds came from the sale and purchase of real estate, and the banking operations allegedly breaking money laundering laws. Prosecutors told the magazine that they would in the next few days to question Unicredit's senior management over the suspect operations.

Pirelli RE 9-mth loss widens, hikes savings goal

2009-11-04T16:05:00.000+02:00

MILAN, Nov 4 (Reuters) - Italy's Pirelli & C Real Estate SpA (PCRE.MI) posted a wider nine-month net loss on Wednesday, as restructuring costs and writedowns weighed, and raised its savings target for 2009. The net loss widened to 57.9 million euros ($85.37 million) from 12.9 million euros a year earlier. That was less than two analysts' forecasts for a loss of 63 million euros and 70 million euros. Income fell 33 percent to 199 million euros, Pirelli RE, a unit of industrial group Pirelli & C SpA (PECI.MI), said.

Pirelli RE upped its full-year cost savings target to 65 million euros, from 50 million euros, after booking 47 million euros up to September.

It also reiterated its full-year forecast for earnings before interest and tax. At 1222 GMT, Pirelli RE shares were up 2.1 percent at 0.5350 euros, little changed after the results.

Tuscan Real Estate Slows Down

2009-09-06T08:08:00.000+03:00

The market for luxury residences in Tuscany has hit a rough patch for the first time since the euro doubled the cost of property — and of nearly everything else, too — almost a decade ago. While "la crisi," a nickname for the global financial crisis, has not affected Tuscany's real estate market as deeply as it has hit parts of France and the whole of Spain, the area is experiencing its own, softer slide.

Across Tuscany, closing prices in the luxury sector have fallen 10 to 20 percent from where they were two years ago, according to four agents who work around the region. In neighboring Umbria, Mr. Dragoni said, prices have dropped as much as ¤1,000, or $1,400, per square meter, from a peak of ¤4,000.

Italy real estate to grow at end 2010

2009-08-06T01:56:00.000+03:00

MILAN, July 21 (Reuters) - The Italian real estate market has stabilised but growth will have to wait until the end of 2010 at the earliest, the chief executive of Italy's Beni Stabili (BNSI.MI: Quote, Profile, Research) Aldo Mazzocco said on Tuesday.

"We are playing in defence but we're glad to do that since most of our European competitors are playing (behind) the goal (line)," Mazzocco said speaking at an analyst presentation.

Mazzocco said he expects conditions on the Italian property market to remain tough in the coming months, adding he sees the second half of the year in line with the first half with the same kind of buyer - families and private investors.

But if the market has perhaps steadied "we won't see the first signs of growth before the end of 2010, early 2011", he said.

For Sale in ... Florence

2009-07-15T10:42:00.000+03:00

Italy’s residential property market has seen price reductions of between 10 and 20 percent in the economic downturn, said Rupert Fawcett, head of the Italian department for Knight Frank, a research company.

Sales volumes were down in late 2008 and early 2009, but have started to recover, Mr. Fawcett said, and foreign owners were more likely to sell their Italian properties than Italian owners, partly because weakened currencies in the United States and Britain made it an attractive time to sell foreign holdings.

In Florence, buyers looking for apartments to use as vacation homes tend to look in the city center, called the Centro Storico, Mr. Fawcett said. For houses and villas, popular second home neighborhoods are to be found in the hills surrounding Florence, such as Bellosguardo, Fiesole and Impruneta. Daniela Gisti, the business development manager for Precious Villas, a real estate firm with offices in Florence and London, said the hillside village of Settignano is known as the Beverly Hills of Florence.

International Real Estate: Italy, Spain and Portugal properties

2009-06-29T22:21:00.000+03:00

Every month, Mondinion.com releases statistics about searches performed on the site by visitors and potential buyers / renters. In May 2009, the top searched countries were: Philippines, Italy, Spain, United States, Mexico, India, Portugal and France.

"As the holiday period is coming, more and more buyers and investors are looking for popular vacation destinations such as Spain (especially Marbella, Barcelona, Alicante) - http://www.mondinion.com/Real_Estate/country/Spain/, Italy (the always popular Toscana and Sicilia) - http://www.mondinion.com/Real_Estate/country/Italy/ and Portugal - http://www.mondinion.com/Real_Estate/country/Portugal/. Other overseas real estate destinations are Philippines, Mexico, India and Brazil.", commented Zoltan A. Baranyai, Founder of Mondinion.com.

Campari? Crostini? Step Into My Umbrian Estate

2009-06-20T17:21:00.000+03:00

I’m so at home that I invite the real owner of the Montagnola estate, Vittoria Iraci Borgia, along with Carmela Guzzo, her factotum-cum-culinary-magician, and their families to elaborate multicourse feasts. When they arrive, bearing lovely gifts for the hostess, my friends and I sweep out to welcome them, the picture of gracious beneficence. We proffer Campari-vodka-grapefruit juice aperitivos, along with crostini alla Romana and arancini before moving on to the main feast as the sun starts to set.

Global recession? What global recession? If you don’t count discretionary spending (read eight pairs of shoes from the Prada outlet in Montevarchi), my dolce vita sojourn is cheaper than a week at many beach houses stateside. For 2,400 euros (about $3,400 at $1.42 to the euro) for the whole week, we rent the six-bedroom (each with private bathroom) Caprareccia, the simply furnished, staggeringly beautiful hilltop jewel of La Montagnola’s rental offerings.

Italy's Assilea sets standard clauses for real estate leasing contracts

2009-06-12T10:59:00.000+03:00

Italy’s leasing association Assilea and the Notary Council of Milan have jointly set the future standard clauses for real estate leasing contacts.

Following a series of legislative changes in the last three years, the leasing association and the Notary Council decided to strengthen their cooperation which started back in 2005 and make clauses uniform and more transparent.

The standard clauses concern the purchase of property to be leased, the sale of property already under a lease agreement, the leaseback of property, and the purchase of land on which to build property which will subsequently be leased.

Assilea said that the initiative will “slim down and speed up” notaries’ deeds of real estate leasing operations and make the market “more competitive and transparent”.

Italian real estate portal Homes and Villas Abroad.com expands into Calabria

2009-05-22T19:33:00.000+03:00

Homes and Villas Abroad.com has recently engaged an eight-member sales team to spearhead its Calabria operations – four of whom will work on and around the Ionian seaboard on the east and the other four of whom will be based on the opposite Tyrrhenian coast.

The expansion will see it enter into partnerships with a number of Calabria real estate companies, allowing Homes and Villas Abroad.com to showcase an even greater range of Calabria property for sale to suit all tastes and budgets, from Euro 50,000 beach apartments to majestic villas costing Euro 1million and over.

Homes and Villas Abroad.com marketing manager Ainsley Okoro said: "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.

Major fraud scheme in Italy real estate uncovered

2009-05-17T15:06:00.000+03:00

The fraud investigation unit of the Tax Office, the FIOD, has uncovered a major fraud case involving property investments in Italy. The independent supervisory authority for savings, investment and insurance markets (AFM) had reported WSM, a property and project development company, to the Tax Office, claiming that WSM did not conform to the standards set by AFM.

WSM offered to invest in Italian real estate on behalf of 130 private investors. The financial supervisory authority suspected that return on investment was paid with money from new investors. It is estimated that up to ten million euros have been paid by private investors to WSM. The FIOD made two arrests in Amsterdam and Hilversum, after conducting searches in private homes.

Embattled Kelly in talks with Anglo to save property portfolio

2009-05-11T01:15:00.000+03:00

The developer has 40-plus partnerships in Ireland and overseas, and is involved in projects with total debts of more than €2 billion.

The complexity of the deals has prompted Anglo to hold off from moving on Kelly’s various businesses. While many of the projects he backed are not in difficulty, he is understood to be facing particular problems with a $1 billion scheme in Florida. He also backed Tulfarris House & Golf Resort in Wicklow and the Thomas Read group of pubs and restaurants, both of which are in receivership.

Anglo recently seized the assets of the Dublin company behind Pragelato Village, a €100 million, five-star ski resort in northern Italy that was backed by Kelly.

Mafia linked property seized

2009-05-05T16:42:00.000+03:00

Italian police said on Tuesday they have seized more than 300 million euros (400 million dollars) in real estate and funds from 13 suspected members of the Sicilian Mafia who were arrested in 2007.

The 13 include Salvatore Biondino, 56, who was the driver of former Cosa Nostra supremo Toto Riina, Palermo financial police said in a statement.

Riina, arrested in 1993, is serving multiple life prison terms.

The investigation codenamed Scanner involved some 70 businesses, and the "seized property represented the illegal fruit of Mafia activities," it said.

The property includes land, villas, apartments, companies, business facilities and bank accounts, it added.

Italy Seizes Millions in Assets From Four Banks

2009-04-30T11:10:00.000+03:00

The Guardia di Finanza in Milan, the financial police of Italy, took over real estate properties, bank accounts and stock holdings on Monday to assure it could collect from the banks if their officials were found guilty and the banks were held responsible.

The seizures stem from the banks’ handling of a $2.2 billion municipal bond issue and related financial contracts known as swaps that Milan undertook to retire other debt in June 2005. The lead prosecutor accused the bankers of misleading the city and falsely claiming that the deal would generate savings. If all the costs had been properly included, the prosecutor said, the entire deal would have been illegal under a national law that allows restructuring of debt only if it produces a savings.

Sicily tipped as one of the first to emerge when the property market recovers

2009-04-23T20:33:00.000+03:00

Sicily is the new Tuscany and could be the next hot spot in Europe when property investors start to look for bargains again.

The Italian island is known more for its Mafia connections than its property market but real estate is starting to open up as people become less concerned with holding onto the ancient family pile........

Pirelli RE says no plans to demerge real estate funds

2009-04-17T21:49:00.000+03:00

MILAN, April 14 (Reuters) - Italy's Pirelli & C REal Estate SpA said on Tuesday that it had no plans to demerge its real estate funds and sell them.

Pirelli RE, which is controlled by Pirelli & C SpA tyre group, was responding to a La Repubblica newspaper report that cited banking sources as saying a fund demerger was being studied as part of Pirelli RE's capital increase plan.

'Pirelli RE, for its part, denies categorically that operations or even plans of this type are under study,' the company said.

La Repubblica said on Tuesday that a possible option was for Assicurazioni Generali SpA, which is active in real estate, to acquire part of Pirelli RE's real estate funds, citing the banking sources.

Property in Tuscany and Umbria For Sale.

2009-04-15T18:33:00.000+03:00

Italian property prices expected to fall further in 2009

2009-04-13T20:29:00.000+03:00

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, according to a new report.

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, the report from economic intelligence company Nomisma indicates.

Analysts found that residential property sale volumes decreased by 15.1% 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, it says.

In the other property sectors office sales fell by 11.7% and the commercial real estate market saw decline of 8.7%.

Spazio Investment swings to FY loss

2009-04-11T23:34:00.000+03:00

March 26 (Reuters) - Spazio Investment NV (SPNV.L), an Italian property fund managed by Pirelli & C Real Estate (PECI.MI), swung to a full-year pretax loss mainly due to a fall in both the asset values and the fair value of financial instruments.

Spazio also scrapped final dividend for the second half.

The company expects a further fall in asset values in 2009 but a reasonable level of interest from local investors in its portfolio is expected to continue to provide some degree of protection, it said in a statement on Thursday.

Though the fall in commercial property values experienced to date in Italy is not as marked as in other European markets, the outlook for the Italian real estate sector and asset values remains uncertain, the company said.

Monte Paschi seeks capital-boosting property sale

2009-04-10T00:11:00.000+03:00

ROME, April 7 (Reuters) - Italian bank Monte dei Paschi di Siena (BMPS.MI) aims to boost its Core Tier 1 capital adequacy ratio by as much as 0.5 percentage points through a sale of real estate on its books at 2.2 billion euros ($2.98 billion), a source close to the operation said.

"Monte Paschi's Core Tier 1 will rise by 40-50 basis points," based on a sale price for the assets of 2.6 billion to 2.8 billion euros, the source said.

Monte Paschi, which is being advised by Mediobanca (MDBI.MI), aims to close the operation by the end of June, the source told Reuters on condition of anonymity.

Monte Paschi currently has a Core Tier 1 ratio of 6.6 percent.

It is applying to use government-backed bonds to shore up the figure further, along with several other Italian banks.

Union Investment acquires shopping center in Italy

2009-04-03T12:25:00.000+03:00

Hamburg-based Union Investment Real Estate AG has acquired the "Monza" shopping center in Italy for its UniImmo: Deutschland open-ended real estate fund. Union Investment purchased the property from ImmobiliarEuropea S.p.A. for around EUR142.6 million. Advisors to the vendor were the real-estate agency CB Richard Ellis; Union Investment was advised by Jones Lang La Salle.

"Monza" has an attractive tenant base Open since August 2008, the shopping center is located roughly 1.5 kilometers to the northeast of downtown Monza and has around 28,000 square meters of rental space. Besides the shopping center, the development also includes a hotel, offices, and a public service hall. The hotel and the offices will be completed by Fall 2009.

Monza is located to the north of Milan and is the third-largest city in Lombardy, Italy's strongest economic region. With around 59 million consumers, Italy is one of western Europe's major retail markets.

Under our Tuscan sun

2009-04-01T00:07:00.000+03:00

CHIANTI, Italy -- On a cold winter day in 2007, my sister asked me if I'd like to join her on a trip to Tuscany. I didn't have to think long to give her my answer -- yes!

Now, 18 months later, we're on our way to Muricciaglia, our villa in Tuscany. After a couple of days in Umbria, we have decided to take the country roads, as opposed to the superstrada. This proves to be a slower route, but very rewarding. We get a feel for life in small-town Italy as we meander through villages and pass farmland with corn and sunflower fields on either side of the narrow roadway.

As we leave Umbria and enter Tuscany, we pass the hilled town of Cortona, which is famous from the movie Under The Tuscan Sun. That is in fact what got us interested in coming to Italy, but our villa beckons so we must remember Cortona as we saw it on film.

The countryside is subtly changing, with grapevines and olive groves now appearing and the road is beginning to twist and turn as we go upward into the hills.

Italian property to stabilise in 2010?

2009-03-29T09:39:00.000+03:00

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.

Luxury Italian villas released by Calabrian property specialists

2009-03-24T18:58:00.000+02:00

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.

Two Billion Euro Luxury Project Near Milan In Financial Trouble

2009-03-23T10:02:00.000+02:00

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.

Risanamento, Limitless Scrap EU475 Million Milan Deal

2009-03-21T20:30:00.000+02:00

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.

Pirelli to return to profit in 2009

2009-03-17T08:49:00.001+02:00

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.

The best of Tuscan

2009-03-13T13:18:00.000+02:00

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.

Banco Popolare Is First in Italy to Seek State Aid

2009-03-10T19:58:00.000+02:00

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.

Collecting Houses in Northern Italy

2009-03-04T10:39:00.000+02:00

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.

Italy will liquidate a public real estate

2009-03-03T19:28:00.000+02:00

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.

Property investors returning to second homes market as prices fall

2009-03-03T11:30:00.000+02:00

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

Calabria becomes a property investment hotspot in Southern Italy

2009-03-02T12:30:00.000+02:00

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.

Tuscany - Gaiole in Chianti

2009-03-01T17:24:00.000+02:00

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.

Flashes of high style in Italy's small towns

2009-02-28T13:22:00.001+02:00

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

2009-02-26T23:41:00.000+02:00

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

2009-02-25T13:09:00.001+02:00

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

2009-02-24T20:12:00.000+02:00

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

2009-02-22T20:15:00.001+02:00

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

2009-02-20T22:26:00.000+02:00

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%

2009-02-19T23:47:00.000+02:00

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

2009-02-17T18:58:00.000+02:00

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

2009-02-15T18:57:00.000+02:00

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

2009-02-09T10:44:00.001+02:00

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

2009-02-03T18:51:00.000+02:00

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.

Details provided and maintained by TUSCANY REAL ESTATE, Italy

2009-01-31T17:45:00.000+02:00

The villetta in Arezzo has a common entrance hallway that leads to the garage, the cantina (wine-storage-cellar) and the stairways leading up to the independent Tuscany apartments. This villetta Arezzo’s apartments, one on each floor are each composed of a dining room with kitchen corner and living room with fireplace, 3 bedrooms and 2 bathrooms.

This villetta Arezzo has a wonderful panoramic position, very close to Arezzo, and its balconies and terraces surrounding all rooms of the palazzina allow for enjoyment of the openness yet within a city context. Excellent quality in building and material choices.

Tuscany - Arezzo - Bucine

2009-01-26T20:44:00.000+02:00

Tuscany farmhouse of 340 sq.mt. with hilltop location in process of being restructured, Bucine, Arezzo.Panoramic views of Tuscan vally of Valdambra, 3 hectares with 100 olive trees, vegetable garden completely fenced, horse shed and pool. At this stage buyer can still modify floor plan and influence finishing details.

This Tuscan country house has had a new roof done, it is currently set to be subdivided into three independent apartments, but work is at a stage where floor-plan can still be modified. Major infrastructure has been finished. The farmhouse’s detail finishes can still be impacted by the buyer. The poperty also has an annex for agricultural needs and a horse shed with water and electricity.

Move to Tuscany turns ex-East Dallas pair into olive farmers

2009-01-24T11:11:00.000+02:00

The couple planted 250 olive trees on their acreage, but it will be several years before the young trees produce heavily. Meanwhile, the just-pressed extra-virgin oil from a neighboring farmer that the Nadalinis brought back to the States for their five grown children met with acclaim, and the Tutta Toscana olive oil label was founded.

"Fortunately, olive oil culture is growing fast in the American marketplace, and customers are more willing to pay the price for top products," Cesare says. "Many other Tuscan producers would love to export to the States, but they end up with a large distributor whose judgment is driven by price. We offer the straight link between Pilade Bianchi [the neighboring farmer] and you."

Tuscany - San Casciano Val di Pesa - Florence

2009-01-22T15:26:00.000+02:00

Luxury renaissance Tuscan villa of 800 sq. mt. in San Casciano Val di Pesa, Florence, with ample living spaces, balcony with panoramic views, 5000 square meter garden, 4 hectares of which 2.5 Chianti Classico DOCG 20 year old vineyard & newly planted Sangiovese, 900 olive trees in production. Addionally 4 car garage, pool and changing room, elevator.

This Italy Tuscan villa hs an elevator, spectacular English garden with water fountain, panoramic views, panelled wood ceilings. Alarm system all throughout included the gardens, bars in doors and windows.

The Tuscan villa has been divided in 4 separate apartments. A 60 sq. mt. apartment on the ground floor as maid quarters. On the rest of the ground floor and the first floor is the main villa apartment of 350 square meters, with ample living spaces that open up onto the balcony with panoramic views.

Guide To Buying Property in Italy

2009-01-19T13:22:00.000+02:00

Once you have chosen your property you should engage the services of a solicitor, whether you buy through a real estate agent or directly from the vendor. An Italian solicitors knowledge of Italian real estate law is invaluable and he is there to look after your interests and your interests only!

When buying a property in Italy the first document you will be called upon to sign is the so called “proposta irrevocabile d’acquisto” (reservation offer), this is normal practice when purchasing through an estate agent. On the other hand when purchasing directly from the vendor (private sale) this document is not normally used. This is one of the many reasons why a solicitor should always be engaged.

By signing the proposta irrevocabile d’acquisto you will be taking the property off the market for a limited period of time, normally 15 days. During which time your solicitor, and where necessary assisted by a surveyor, will make all the necessary searches to ascertain that the property is without any debts, mortgages, claims etc.

Ghanaians in Italy - Looking back 2008

2009-01-13T21:17:00.000+02:00

Through the efforts of COGNAI, Ghana Real Estate Developers held an exhibition in Vicenza during the year which accomplished some success. The number of participants, including Italians, exceeded expectation and it was an event that demonstrated how far Ghanaians have come in building quality houses compared to those in Europe or elsewhere.

Ghanacoop, an established business entity born out of the Ghana Nationals Association in the city Modena, continued to make progress importing fruits from Ghana – pineapples, mangoes, pawpaw etc. – to Italy, supplying megastores and supermarkets like Nordi Conad, Coop Estense and GS Carrefour whilst exporting Italian wine, pasta and ham to Ghana.

Italian bond scandal could ensnare banks

2009-01-06T19:19:00.000+02:00

According to some estimates, Italian authorities could be sitting on €35bn (£33bn) of liabilities relating to bonds they took out in the 1990s, which could turn into Italy's biggest financial scandal since the Parmalat fraud.

Milan has said it is considering legal action against a group of lenders – Deutsche Bank, JP Morgan Chase, UBS and Dublin-based Depfa, part of Germany's Hypo Real Estate. The group struck a deal to help Milan manage repayments on €1.7bn of bonds it bought to finance public spending.

Milan is losing money on the derivatives contract it took out with the banks, which allowed it to swap a fixed rate of interest on the bonds for a variable rate. Milan's mayor, Letizia Moratti, said: "We reserve the right to take legal action". Italian police are also investigating and raided the banks' offices earlier this year. The banks would not comment.

The favourite place in Italy for quaint and authentic properties is Tuscany

2009-01-03T19:00:00.000+02:00

LOOKING around your house on a dull January day, did you ever wish you were living somewhere else, somewhere beautiful, somewhere hot, somewhere interesting, anywhere else? writes Joan Scales

That's what holidays are for, and when you opt for self-catering abroad, you can have that beautiful, interesting home in the sun. The best thing about self-catering holidays is that you can stay in fabulous places, in homes you could never afford, if only for a couple of weeks.

The quality of self-catering homes around the world has improved in recent years, and with the internet, it's easier than ever to find great accommodation, wherever you want to go. The building boom of the past 10 years across Europe, the US and South Africa means that great properties are available and the market is very competitive - good news for renters.

A Bohemian space in posh Milan

2008-12-25T18:59:00.000+02:00

MILAN: With its intimate link to the worlds of fashion and design, few would connect Milan to the Bohemian life. But Elinor Schiele's living space does bring to mind the home of a struggling writer or artist.

Space is tight, the kitchen is minuscule and sloped ceilings make it hard to walk in some areas. While those problems might have scared away some, Schiele and her husband, Franco Mazzucchelli, have been renting the space in the heart of downtown Milan for 15 years.

The 93-square-meter, or 1,000-square-foot, apartment has a combination living and dining room, the mini-kitchen, a bedroom, two small bathrooms, two small studies and a large terrace where Schiele has grown fruit trees, flowers, plants and a wide array of herbs. In good weather she has barbecues on the terrace where, in the distance, a visitor can see the gold statue atop the city's cathedral.

Banco Popolare closes real estate fund

2008-12-21T16:55:00.000+02:00

Banco Popolare, Italy's sixth-biggest bank by market value, has contributed 456 buildings with a market value of 751 million euros ($990 million) to the fund, the bank has said.

It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.

Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.

The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.

Banco Popolare closes real estate fund

2008-12-17T00:53:00.000+02:00

Drink in the flavor and beauty of the vineyard

2008-12-12T17:03:00.001+02:00

Castello di Casole (castellodicasole.com), set on more than 4,200 acres in Italy's fabled Tuscany region, includes a dozen vineyards and fewer than 30 opulent abodes all renovated from centuries-old farmhouses. Fractional shares (one-twelfth) range from about $367,000 to $747,000; whole ownership is about $4.7 million to $9.8 million. A more affordable alternative is the Algodon Wine Estates (algodonwineestates.com) in Argentina. The property also includes a golf course. Home sites, averaging 2½ acres, begin at $102,000.

Good response from first Sicilian and Tuscan property exhibition

2008-12-10T14:06:00.000+02:00

Homes of Quality and Frank Salt Real Estate recently showcased a selection of properties in the Italian regions of Tuscany, Emilia-Romagna and Sicily at Le Meridien St Julian's.

Italy is becoming increasingly popular as a destination for a holiday home with Europeans and Americans showing a keen interest in buying property. Maltese residents are purchasing real estate properties in Italy with renewed vigour and an increase in demand for residential properties overseas is noticeable.

The rental market is also strong. "We felt that the move to sell property in Tuscany and in Sicily was a natural one, given its proximity to Malta and the amazing opportunities to buy houses with land for relatively low prices" said Grahame Salt, director, Homes of Quality.

The company's portfolio of properties in Sicily resulted from a serious evaluation of the property market. Joe Lupi, managing director for Frank Salt, said: "Once the right Italian associates were found, a thorough exercise was undertaken to locate which parts of Sicily offer the best investment potential as well as peace of mind."

Italy's Aedes approves 150 mln euro capital rise

2008-12-07T07:52:00.000+02:00

Isoldi Immobiliare will put up 50 million euros towards the capital increase and Amenduni 45 million euros. Other investors are ready to put up 20 million, it said.

Amenduni owns 14.8 percent of Aedes.

After the capital increase Aedes will set up a new unit in which it, Isoldi and Amenduni will contribute 200 million euros worth of real estate. Isoldi will contribute 100 million euros to the unit, it said.

The commitments are conditional on the valuation of the real estate, approval by Dec. 31 of a new Aedes business plan, and agreement by Jan. 31 with bankers on a restructuring of Aedes's debt, it said.

Olives and Country Air in the Sabina

2008-12-03T18:29:00.000+02:00

A typically charming Sabina village: Selci Sabino

The area is better known abroad than in Rome, my guide explains, as we visit Selci Sabino, one of a handful of locations gaining a keen following abroad. English expat Miranda Goodman is originally from Hathersage, Derbyshire. She fell in love with the Sabina’s peace and tranquillity after spending 25 years in Rome and now runs a shop selling local handicrafts as well as an art gallery, where she provides information for tourists and exhibits the work of local artists. Miranda is clear that she would not want Sabina to become “another Tuscany”, whose popularity has come at the cost of its character, yet is keen to let people know – especially Rome-dwellers – what the Sabina region has to offer.
Selci first appears in the written sources in 1072, and it seems to have changed little since. Its name is derived from the Latin word Silex, or flint, referring to the quarries which used to dot the area, owned by the Orsini and Cesi families as well as the Holy See. Within its meandering streets you can admire the mediaeval stone slabs outside the church of St Salvatore, patron saint of the village. Nearby, the Cathedral of Vescoviò is well worth a visit, located within the site of ‘Forum Novum’, where excavations by archaeologists from the British School at Rome (Vince Gaffney, Helen Patterson and Paul Roberts) have confirmed the importance of the area in ancient times.

Malta’s first Sicilian and Tuscan Property Exhibition

2008-11-26T12:33:00.000+02:00

Homes of Quality and Frank Salt Real Estate are hosting an open weekend at Le Meridien St Julian’s on Saturday 15 and Sunday 16 November, between 10:30am and 8:30pm and 10:30am and 6:30pm respectively, to showcase a selection of properties in the Italian regions of Tuscany, Emiglia-Romagna and Ragusa in Sicily.

Following the successful launch of Tuscany, this exhibition shall also serve as the official launch for the Sicilian market.

Italy is becoming increasingly popular as a destination for a holiday home with more and more Europeans and Americans buying property there every year. The rental market is also very strong. It is possible to acquire a substantial plot of land, secluded in the countryside and yet close to the charming towns of Ragusa and Modica, from only €25,000! Ready-to-move into town houses in the heart of the city start from €60,000.

In tune with Tuscany

2008-11-23T17:44:00.000+02:00

Prices start at £190,000 for a one-bedroom flat, rising to £590,000 for a three-bedroom villa with two bathrooms and a large garden. The development includes a swimming pool, a play area for children, a solarium and part ownership of the private olive grove, which is ideal for picnics and barbecues. The shops and town square are a couple of minutes’ walk away. As part of the plan to integrate buyers into the community by creating jobs, the optional services on offer include baby-sitting, cleaning, gardening and shopping.

The show flat should be ready for viewing from next March; and, having seen the style of the scheme, potential buyers will be able to choose the kitchen fittings and other finishes. “We will encourage buyers to follow our commitment to using only locally sourced materials in the traditional style,” Catalona says.

Realitalia, which is an offering an on-site management service, reckons buyers who wish to let out their properties should be able to do so for 15-20 weeks a year – producing an annual income, after management fees, of £11,800 for the two-bedroom flats, which are priced at about £235,000.

Italian real estate team looks at DAMAC Properties opportunities

2008-11-19T09:49:00.000+02:00

The meeting was also a chance to showcase the developments and opportunities that exist within the UAE market and to reinforce the strong reputation that the company has. The company has already identified the opportunity to expand its customer base in Italy and will open a new sales centre in Milan later this month/has recently opened a sales centre in Milan.

The recent visit to Dubai comprised representatives from developers, institution of engineers and media personnel from the real estate sector in Italy. The visitors were impressed at the magnitude of property developments under way in the UAE and the region as a whole.

Pirelli 9-month profit falls, seen lower in 2008

2008-11-07T23:09:00.001+02:00

* Bigger-than-expected profit drop expected for year
* Group Q3 EBIT down by more than half to 30.1 million euros
* Shares down 2.91 percent
* New industrial plan on Feb. 11
(Adds details, background)
By Gilles Castonguay
MILAN, Nov 7 (Reuters) - Pirelli & C forecast a bigger-than-expected profit drop for the year on Friday because demand for its tyres and property services in Europe and North America had weakened because of the global financial crisis.
"The size of the decline will be greater than what had been estimated at the end of the first half," the Italian holding company, which specialises in tyres and real estate, said in a statement.

Italy Building To Contract Sharply Through 2010

2008-10-30T12:00:00.000+02:00

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.

Pros and Cons of Buying Italian Property in Sicily

2008-10-19T00:31:00.000+02:00

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!

For Sale in ... Tuscany, Italy

2008-10-13T00:51:00.000+02:00

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.

Berlusconi defends Italian bank shares

2008-10-07T00:15:00.000+02:00

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).

Real estate investments in Italy

2008-09-30T16:20:00.001+03:00

This document is intended to help you understand and deal with the risks involved in a real estate transaction in Italy.
Although the Italian legislation can be very effective in protecting real estate investments, a large number of investors experience recurrent frauds such as the following ones:
• Buyers losing deposits because the builders become insolvent.
• Buyers who bought unaware of outstanding mortgages, tax liabilities or other charges against the subject property.
• Buyers finding themselves with unauthorized buildings

In my professional experience I noticed very often that clients are facing problems that could have been very easily prevented taking independent legal advice before the point where there is a legally binding agreement such as a “Reservation offer” or a “Preliminary contract”.
The property that you are considering to buy might have legal and structural problems which are not always evident unless you are a professional of the field.
The consequence might be you not being able to sell your property for a long time and maybe facing major legal problems.

Gastro Property Investing: Italy

2008-09-20T10:51:00.000+03:00

Although Italy was not officially formed until the 19th century, its cuisine dates as far back as Roman times. Over the years the flavours of the country have evolved extensively and have been heavily influenced by conquerors, neighbouring territories and political upheavals, as well as the discovery of the New World and of course the produce available in the various regions.

Italian cooking developed and became popular throughout the world, which is reflected in the quantity of restaurants that are peppered globally that serve the tastes of Italy. Particularly popular are pasta and pizza establishments in countries such as England and America.

However, differences in the cuisine can still be seen today shown in the distinctions between the North and South. Regional ingredients and dishes vary reflecting the country's diverse history and culture, offering a lavish array of flavours to tantalise the taste buds.

TEXT-Moody's release on Italian leasing ABS market

2008-09-10T13:26:00.000+03:00

In Q2 2008, the sector displayed an average Constant Prepayment Rate of 3.40%. Prepayments are not a contractual provision in Italian leasing contracts, but have to be agreed with the originator each time that prepayments are considered. This market characteristic explains the general low levels in prepayments that are seen in this sector.

Typical Italian leasing backed securitizations hold a portfolio which comprises three types of assets: Auto, Equipment and Real Estate. However, some transactions hold only single pools, which may also comprise these three types of assets. Moody's Economy.com is forecasting that GDP growth in Italy will slow to 0.4% this year, from 1.4% last year. This is on the back of weaker private consumption, fixed investment and export growth. 'Italian business confidence remained on a downward trend in July, falling to its lowest level in over six years,' says Nitesh Shah, a Moody's Economist and co-author of the report. Furthermore, he adds 'since a majority of the leases in this segment are utilised for commercial purposes, this development might have an impact on the Italian leasing ABS market.'

Italy & UAE: ACI and Ferretti Group launch Ferretti & Pershing Luxury Beach Residences in Dubai

2008-09-05T20:58:00.000+03:00

ACI Real Estate and Ferretti Group today launched two luxury waterfront residences, “Ferretti Luxury Beach Residence” and “Pershing Luxury Beach Residence”. Announced earlier this year, the two companies joined hands in what is believed to set new trends in luxury waterfront living. The freehold ownership project branded as “Marine Legends”, valued at about UAE 6 billion Dirham - over USD 1.6 billion - and situated at the Waterfront, offers a sprawling 1,969,607 Sq Ft of saleable area.
“This deal has furthered the vision we have at ACI Real Estate, which is to bring world class luxury living to Dubai. The Ferretti Group has been a leading luxury brand for decades now. We at ACI Real Estate want to blend Ferretti’s expertise into our real estate projects and provide our customers with the best of both worlds”, said Robin Lohmann, Managing Director of ACI Real Estate.
Vincenzo Cannatelli, CEO of Ferretti S.p.A., added: “The whole world is coming to Dubai and at ACI Real Estate we have found our match. This strategic venture is a result of mutual professional admiration and recognition of our common values.”

First development in Tuscany nearing completion

2008-09-02T10:07:00.000+03:00

The call of this Etruscan homeland is ever so strong in the idyllic setting of the Tuscan medieval towns, surrounded by enchanting castles and rustic farmhouses. Keeping in mind Tuscany’s offering of a rich combination of historic cities, culture, warm climate and easy lifestyle, Frank Salt Real Estate and Homes of Quality has been giving Maltese citizens the opportunity to own their own piece of Tuscany over the past few years, offering a selection of developments scattered across this sought-after region of the Italian peninsula, ideal as holiday homes and as a unique investment opportunity.

Vepri is one such development that is now nearing completion and which has already opened its doors to its first residents. Set in the Chianti region, this hamlet of tranquillity and agricultural tradition is within easy reach of Siena, Arezzo (25 minutes) and Florence (35 minutes).

This newly built development is set on what was formerly a sizeable farm that has been reorganised into 33 luxurious apartments. A few remaining units are still available for sale and are being sold fully furnished; they offer a tranquil atmosphere, breathtaking views and total privacy.

The New King Of Alitalia?

2008-08-28T14:15:00.000+03:00

LONDON -Robert Colannino, the chief executive of scooter maker Piaggio, seems the most likely choice to become chairman of the "new" Alitalia, after a group of investors help relaunch the airline.

The 65-year-old executive is among a group of 16 investors, who include some of Italy's biggest names. Among them are the Ligresti family, which controls Italian insurer Fondiaria-SAI; and Carlo Toto, the head of rival Air One airline, according to Italian press reports on Tuesday and Wednesday.

Despite the heavyweight backing, getting Alitalia (other-otc: ALAIF - news - people )back on track is no small feat. Colaninno's résumé presents a mixed picture of whether he would be up to the challenge. Sogefin, the auto parts maker he founded over two decades ago, is now a successful, 116.2 million euro ($170.6 million) cap company.

Generali places 30 pct of property fund

2008-08-22T00:56:00.000+03:00

The Scarlatti real estate fund was set up in December 2006 with property assets worth 1.4 billion euros, consisting mainly of offices in Milan and Rome, it said in a statement.

"The unit price was based on NAV (net asset value) at 31 March 2008, net of income for the period," Generali said.

With a residual life period of 8.5 years, the fund is managed by Generali Immobiliare Italia SGR, a unit of the insurer's asset management arm Generali Investments SpA.

Campaigners are trying to save a ramshackle Tuscan villa

2008-08-15T16:15:00.000+03:00

Conservationists in Livorno have appealed to the Tuscan regional authorities to preserve the Villa Dupouy where the poet stayed for three months until his friend Shelley’s death by drowning in the nearby Gulf of La Spezia in July 1822.

A year later Byron stopped again at Livorno while sailing from Genoa to join the fight for independence in Greece, where he died in 1824. A local road, Via Giorgio Byron, was named after the poet in 1900 to commemorate his association with Livorno.

Fabio Roggiolani, a Green Party councillor in Livorno, said that the Villa Dupouy – formerly owned by Count Pietro Dupouy, a wealthy banker and also known as the Casa Rossa, or Red House – had been allowed to fall into disrepair and was nearly derelict. The 17th century two-storey villa boasts a once elegant façade with niches for statues. It has interior and exterior stone staircases and ceilings frescoed with cherubs and classical scenes. However the property, long uninhabited, has been subdivided into 15 apartments.

Italian Property helps breathe new life into renaissance ruins

2008-08-03T17:08:00.000+03:00

Many Brits will return from a holiday in Italy this summer with grand designs of investing in a rustic ruin to restore to its former glory. However, turning a tumbledown building into an idyllic holiday home can be fraught with hazards: people often realise too late that the required renovation is beyond their financial and practical means.

Italian Property, one of the country's largest, independently operated real estate agencies, provides a bespoke restoration service to help buyers avoid the common pitfalls and ensure that work is completed to specification - and budget.

The company currently has a number of historic houses, ripe for restoration, available in a relatively undiscovered area of unspoilt Umbria. Often touted as "the new Tuscany", Umbria is a charming 'cousin', offering undulating olive groves, Renaissance towns and traditional houses. With its environment under enforced 'no new build' protection laws and annual appreciation beating the credit crunch, Umbria has the property renovation potential to match its dramatic landscape.

Italy: Exploring sun-splashed Venice's city squares

2008-07-15T00:52:00.000+03:00

I liked going out in the relative cool of the early morning, getting a newspaper, having my first cappuccino at the Bar all'Orologio and watching one of the last authentic neighborhoods in Venice come to life. In the last several decades, rising real estate prices have driven residents out; the population dropped from 171,000 in 1951 to fewer than 62,000 in 2006, leaving the city a tourist ghetto.

But you wouldn't know it in this campo, where I watched men with briefcases hurrying to work. Old women pushing shopping carts quarreled at the vegetable stand. Finally, the tourists started coming out, studying maps until they got the idea of looking up at the church.

It is one of the most companionable in Venice, with two main facades, one facing the canal, the other overlooking the campo where tourists enter. As the interior restoration proceeds, visitors can watch workers on ladders scour stone moldings and chip away old paint.

An Italian villa insists on food that's authentic and local

2008-07-10T23:56:00.001+03:00

When Giovanna Grado decided to oversee the restoration of the abandoned 16th-century villa her family acquired years ago in Tuscany, her first thought was, "This is a nightmare!" But there was one aspect of the final objective – to make it an attractive destination for tourists – that was definite in her plans: "The food had to be authentic."

So along with period-accurate furnishings, traditional gardens, and renovations that had to conform to the property's status as a national monument, Ms. Grado insisted that, "We serve only traditional meals using local ingredients." To accomplish this, she tracked down Giuseppe Scarpellini, who, as a young man, had been to culinary arts schools during the winters and trained in hotel restaurants in the summers, but wanted to settle where his family still lives. And she engaged him to be resident chef at the Buonvisi Estate.

"It was my grandmother who showed me how to cook the first time," the shy Mr. Scarpellini observed as he navigated his way around the imposing wooden island at the center of the large kitchen at the back of the villa.

Manchester rents top Rome

2008-07-04T22:00:00.000+03:00

Knight Frank's global real estate market annual review reveals that prime office rents in Manchester are now £32 a sq ft, making it the 17th most expensive office address in the world - behind Moscow, London and Paris, but ahead of Rome, Sydney and Los Angeles.

David Porter, head of north west commercial property at Knight Frank in Manchester, said: "These statistics underline the city's high profile and its draw to inward investors. Manchester's culture and lifestyle have proved to be extremely successful in attracting a young yet highly skilled population, putting it on a par with major capital cities across the world."

Italian Businessman Arrested In Manhattan Real Estate Scheme

2008-07-02T23:46:00.000+03:00

An Italian businessman once romantically-linked to actress Anne Hathaway was arrested today on charges he duped investors in a real estate scheme.

Manhattan prosecutors say Raffaello Follieri portrayed himself as being the Vatican's representative in the United States, and used that status to obtain real estate at below-market prices, as well as money from investors, including millions from a California based equity firm.

He then allegedly spent the money on private flights and extravagant gifts for friends and family.

Intesa pulls real estate unit

2008-06-26T02:23:00.001+03:00

Intesa Sanpaolo has postponed the listing of its real estate unit, IMMIT, after the initial public offering (IPO) met weak investor demand, market sources told Reuters on Thursday.

IMMIT offered shares in its IPO in a price range of between 2.9 euros and 3.6 euros, to raise up to 534.2 million euros ($824.2 million) for 51 percent of its share capital. It had planned to list shares on June 18 but that has now been postponed until market conditions are more favourable, one source said.

Another source said the offer "was barely covered once," with investors bidding toward the lower end of the range.