Pros and Cons of Buying Italian Property in Sicily

Well, the market is blessed with stunning real estate opportunities framed by a backdrop of exquisite scenery, an excellent climate and a very attractive way of life, but then prices for property on the island are not cheap and neither are building costs if you need to renovate.

But looking past the cons, there really are still plenty of reasons to look more closely at Sicily if you’re after a home abroad for your own personal use, with perhaps a little bit of rental income on top. In this article we’ll try and present a full and balanced picture of the property scene in Sicily so that you can make your own mind up about the location.

Sicily is the largest island in the Mediterranean and is itself surrounded by a handful of smaller islands and islets; it’s separated from the Italian mainland by the Strait of Messina, although there have been plans in the pipeline for many years to connect Sicily and Italy with a suspension bridge. Whether these plans ever come to fruition remains to be seen. To access the island one can fly directly to either Falcone-Borsellino Airport in Palermo on the west of Sicily, or Fontana Rossa Airport in Catania on the east side, with both airports served by daily flights from across Europe. Alternatively, the Strait of Messina is crossed regularly by passenger and car ferry, and so getting to and from the island is relatively simple. Depending on where you choose to hunt for property however, you may find that road infrastructure is a little on the rough side!

For Sale in ... Tuscany, Italy

900,000 Euros ($1,314,000)

This late 19th-century farmhouse with three bedrooms and two bathrooms is built of alberese stone. It is situated near the Mediterranean coast, in the Tuscan countryside two and a half miles from the village of Guardistallo, about 40 miles south of Pisa. The French doors leading into the living room can be secured with tall shutters; the kitchen also has French doors leading outside. An arched stone doorway connects the living and dining rooms, and the floors throughout the house are of terra cotta tile. The kitchen has a typical Tuscan sloped timber ceiling, and arched windows overlook cypress trees and rolling hills. There is one full bath off the living room; the other, upstairs, has decorative tile. All three bedrooms are upstairs. The ground floor has a completely separate two-bedroom apartment that could be reintegrated. Currently, the house is used as a vacation rental.

Berlusconi defends Italian bank shares

MILAN, Italy -

Prime Minister Silvio Berlusconi's government sought to reassure Italians about the strength of their financial institutions after Italy's largest bank, Unicredit, lost nearly one-quarter of its value this week and other Italian banks and companies took significant hits.

Berlusconi said he would not allow speculative attacks on Italian banks, as Unicredit shares were suspended from trading repeatedly Wednesday for excessive losses.

Unicredit shares recovered and rose 11.2 percent to close at 2.89 euros ($4.07) on Wednesday. Its stock market value is about 36.9 billion euros ($53 billion).

Real estate investments in Italy

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

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

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.'