News

See Pope Francis’ new papal pad

Ivan Radford — Fri, 15 Mar 2013 11:33:00 GMT

From the Metro's live blog of the Vatican conclave to the thousands of TV cameras sitting around St. Peter's in Rome, the election of the new Pope has dominated the world stage this week. Pope Jorge Mario Bergoglio, or Pope Francis as he shall be officially called, was selected on Wednesday and will soon be moving into his new home.

But where is the Pope's pad? And what does it look like?

Thanks to Architizer, here is a handy picture to show you:

Pope Francis will live in the Apostolic Palace inside the Vatican City, which has been the official papal property for hundreds of years. A series of buildings around a courtyard, the property has offices as well as residential units and the Pope sleeps in an apartment at the top.

But moving house is never simple: the Holy See will be unable to enter his new property for weeks, according to the Associated Press, as the flat was sealed after Benedict's resignation in order to undergo a renovation.

For now, then Pope lives in the Vatican's "impersonal" and "modern" Santa Marta hotel, on the edge of the Vatican garden.

Currency Watch: Sterling weaker against most currencies compared to last year

Ivan Radford — Thu, 14 Mar 2013 11:32:00 GMT

Sterling is weaker against most currencies compared to 12 months ago.

A pound will today buy €1.15, $1.56(USD) and $11.74(HKD) compared to €1.20, $1.59(USD) and $12.30(HKD) a year ago, according to Currencies.co.uk. This can make it hundreds, or even thousands, of pounds more expensive for holiday makers, businesses or investors looking to buy property overseas.

Indeed, with the exception of the Icelandic Krona and the Yen, which has been deliberately devalued by the Japanese government, the pound is now weaker against all of these currencies than this time last year or in the summer of 2012.

Until recently, British buyers benefitted from the Eurozone crisis, which made property and vacations in Spain, France, Greece and Italy relatively cheaper. But buying £50,000 of Euros today will return €6350 less than it would have around the time of the Olympics.

People that want to take a late season skiing trip to countries such as Switzerland or Sweden won't fare much better, while a similar situation faces those visiting or investing in the USA, with the affordability now depending more heavily on low house prices.

Indeed, the American property market is showing signs of recovery but potential holiday homes in a number of areas are still relatively cheap compared to pre-Credit Crunch prices. However, a £50,000 initial investment will today only buy $78,250 compared to $81,100 last summer.

Stephen Hughes, director of Currencies.co.uk commented: "Economic uncertainty, the downgrading of our credit rating and the imminent threat of an unprecedented triple dip recession have all contributed to a steep decline in the value of Sterling against most other major currencies in recent months. This trend may continue into the second half of 2013 with very few signs of a sustained period of recovery coming out of the UK."

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Is fractional ownership the solution for Italy?

Ivan Radford — Mon, 11 Mar 2013 11:10:00 GMT

It's been a tumultuous time for Italy of late. With political deadlock resulting from the recent elections, the shock resignation of Pope Benedict XVI and the National Statistic Institute's confirmation that the economy shrank by 2.4% in 2012, Italian citizens have been left battered and bruised by their country's latest series of crises.

Yet despite their government's political turmoil and high level of debt, Italians have a history of saving that is helping them through the turbulent times. A recent study by Unicredit and Pioneer Investments reported that Italian savings actually total €8.5 trillion - over four times the country's public debt. In addition, according to the Italian Banking Association, Italy had higher household financial assets than both Germany and France in 2011. But with the overall tax burden continuing to increase, the average Italian's financial situation is very much on the turn.

One particularly unpopular tax change has been to Italy's unified property tax (IMU). The tax had been abolished in 2008 under Silvio Berlusconi's government, but reintroduced in 2012 by Mario Monti in his efforts to save the country from a bail-out. The change was desperately unpopular, with Italy's largest trade union (CGIL) claiming that IMU's reintroduction had pushed Italian families' property costs up to more than 30% of their total expenditure. Electoral candidates promised to revisit the situation and either lower or abolish the tax. Silvio Berlusconi went so far as to promise repayments to those who had paid it. With the muddled outcome of the election process, though, no clear plan has yet been agreed for revising or phasing out the detested IMU.

For foreigners looking to invest in Italy's property market, all this uncertainty could be off-putting but UK-based company Appassionata argues that fractional ownership is the solution. Based in the beautiful Le Marche area of central Italy, the company's scheme offers investors two renovated houses: Casa Giacomo, of which all fractions have been sold, and neighbouring Casa Leopardi.

Appassionata's founderDawn Cavanagh-Hobbs explains: "We wanted to give people the opportunity to share in the wonders of Italy, without the hassle and expense of managing a fulltime property. Our owners are able to enjoy the estate, share in the produce from its vineyards, olive groves and truffle orchard, and relax in the sunshine. We have removed all the usual hassles of having a holiday home abroad, so instead of having to deal with gardening and maintenance issues the moment they arrive, our owners can just drop their cases and begin relaxing by the pool."

What do you think? Is fractional ownership the answer for Italy's property woes?

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What do Italy’s elections mean for EU austerity?

Ivan Radford — Tue, 05 Mar 2013 13:01:00 GMT

Italy‘s elections took place last week, leave the country in a political and economic stalemate. Italian voters rejected the austerity measures, introduced by Prime Minister Mario Monti, while showing support for comedian Beppe Grillo and his Five Star Movement, which won a quarter of the votes.

Berlusconi's resurgence in popularity, amid promises to end Italy's controversial property tax, added to the uncertainty for the country, with the economy already expected to shrink by 1 per cent this year.

The incumbent Monti, an implementer of the Eurozone-endorsed austerity measures, received just 10 per cent of the vote.

Elsewhere in the troubled continent, France has started to make a stand against the harsh budget cuts following the election of President Francois Hollandem, reports Bloomberg. French Finance Minister Pierre Moscovici said:

"We do not want to add austerity to recession. If our rules are intelligent, they are also flexible. We have to find the right rhythm and the right balance without weakening the little growth left."

"The cure is not working, and there is no hope that it will -- that is, without being worse than the disease," wrote Joseph E. Stiglitz, an economist at Columbia University, in an article titled What Is Italy Saying? on Project Syndicate. "Germany has consistently rejected every policy that would provide a long- term solution. The Germans, it seems, will do everything except what is needed."

But now there are indications that German Chancellor Angela Merkel and other Eurozone officials are prepared to relax the austerity measures designed to reduce the deficit of Eurozone countries.

Indeed, the European Commission recently recommended extended deadlines for deficit reduction in Portugal, Greece and Spain, and possibly France too.

Severe economic conditions "may justify in a certain number of cases reviewing deadlines for the correction of excessive deficits," European Union Economic and Monetary Commissioner Olli Rehn commented after a meeting of finance ministers in Brussels this week.

Merkel added at a technology fair in Hanover yesterday: "We've done quite a bit to consolidate budgets, but we always have this discussion about growth, and don't quite have the answers for where the growth should come from."

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Eurozone crisis slows rise in global hotel prices

Ivan Radford — Tue, 05 Mar 2013 11:15:00 GMT

LONDON, March 5, 2013 /PRNewswire/ --

Increased buoyancy leads to 3% annual rise but growth held back by slump in European prices, according to latest Hotels.com Hotel Price Index

The average price of a hotel room around the world rose by 3% during 2012, compared with the previous year, according to the latest Hotels.com Hotel Price Index (HPI). The rate of increase has moderated when judged against the 4% rise in 2011 as the Eurozone's problems pulled down the global average and slowed growth in the second half of the year.

Three regions drew away from the rest. The Caribbean saw a 6% rise, North America had one of its best results in recent years growing at 5% and the Pacific gained 4%, all outpacing the global figure. Asia added 2% and Latin America 1% while the Europe and Middle East region registered a slight fall.

Launched in 2004, the HPI looks at prices that people actually paid for their hotel rooms around the world. The 2012 Index stands at 107, ten points behind its 2007 peak of 117 and only just ahead of its 2005 level of 106.

David Roche, President Global Lodging Group for Expedia, Inc., said: "Europe's hoteliers aren't immune from the region's economic problems, and they weren't able to keep pace with a recovering global market in 2012. Although prices have risen globally, a hotel stay still offers consumers great value, with rates consistently below their peak levels of five years ago."

The Eurozone crisis not only impacted prices in its own territory but had a knock-on effect across the region as financial insecurity dampened travel plans.

In the Caribbean, the trend towards more all-inclusive holidays has pushed up the average price paid. The US saw an influx of international visitors in 2012 which meant hotels had less need for discounting. In the Pacific, the mining boom in Australia and strength of the Australian dollar continued to drive strong city hotel rates but made it difficult for some leisure destinations dependent on inbound demand. Latin America has witnessed a sustained period of growth in prices paid by customers over the past few years, driven primarily by the booming economies in the two key markets of Brazil and Mexico.

In Asia, a roster of events moved prices up and down across the region, including downward pressure on rates in India, due to a precipitous fall of the Rupee, travel demand shifts due to the politically sensitive situation around the islands in the East China Sea, and price bounce-backs from the 2011 earthquake, tsunami and nuclear disaster in Japan and flooding in Thailand. The continued increase in the number of Chinese international travellers helped fill hotel rooms and the expansion of low cost carriers also boosted travel opportunities.

"International tourism is expected to climb again in 2013," said David Roche. "Much of the focus of the hospitality industry is now moving east, where the rate of increase is the highest and new infrastructure is helping to drive travel patterns. The Asia/Pacific region added twice as many new hotel rooms as Europe in 2012 and will account for 40% of the world's new builds in 2013. Rates here are rising but the region still offers great value for travellers with some of the lowest prices in the world."

For a full copy of the UK version of the HPI, visit http://gb.hotels.com/hotel-price-index/

Buyers win legal battle against unfinished homes in Italy

Ivan Radford — Tue, 26 Feb 2013 11:57:00 GMT

A group of buyers have won a legal battle against unfinished holiday homes in Italy.

The team of 13 buyers from Northern Ireland paid 50 per cent deposits for apartments in Calabria six years ago, but the development (called El Caribe) was never built.

But the buyers never received their deposits back, prompting them to launch legal proceedings against the firm Giambrone & Law for allegedly "breaching their professional duty to protect the deposits", reports the BBC. The funds totalled approximately £1 million.

Liability was reportedly conceded before the trial was to begin, with a judge now ready to decide on issues relating to currency rates before a formal ruling in favour of the plaintiffs.

Their lawyer, Simon Chambers of Russel & Co, said: "The defendants have insisted on contesting these matters bitterly until at long last they admitted liability on the eve of the trial. Judgment will now be entered for the lost monies."

"These 13 individuals invested in 2007 in what was sold to them as a dream holiday home in the south of Italy," Mr. Chambers continued.

The defendant, through his law firm, which was established in London, represented that they were specialists in overseas property transactions and would ensure that all appropriate legal checks would be carried out and proper protection would be in place to safeguard against risks to my clients' money."

The victory is thought to be the first of its kind for Northern Ireland property investors involved in overseas real estate.

Need to resolve a legal dispute in your overseas property purchase?

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Italy ranked top retirement destination

Ivan Radford — Wed, 13 Feb 2013 12:24:00 GMT

Italy has long been renowned as a popular holiday destination. Steeped in history and culture, with a delightful climate, stunning architecture and fine food and wine, it seems that it has something to offer everyone. Recent reports have also shown that Italy's popularity as a retirement destination is on the rise, with both The Huffington Post and AARP (formerly the American Association of Retired Persons) recently ranking Italy as one of the top destinations for those looking to retire abroad.

With people living longer and technology making the world ever smaller, more and more retirees are seeking out sun-drenched destinations in which to spend their golden years. With its temperate Mediterranean climate, healthy diet and robust healthcare system, Italy is an obvious choice.

The World Health Organisation, in its World Health Report 2000 (the last year in which rankings were published), ranked Italy as second in the world for healthcare, topped only by France. More recently, the American Central Intelligence Agency's World Factbook ranked Italy as tenth in the world for life expectancy (at 81.86 years according to the 2012 figures).

Indeed for those of retirement age, Le Marche has been tipped by the AARP as the best Italian region to retire to and with the area boasting both stunning coastline and the raw beauty of the Apennine Mountains, it is easy to see why.

Dawn Cavanagh-Hobbs, Founder of family-run company Appassionata, which offers fractional ownership of two unique homes on the Estate Giacomo Leopardi in Le Marche, explains what makes the area so attractive,

"Bordering five other Italian regions as well as the Adriatic Sea, Le Marche is said to showcase all of Italy within one region. Unspoilt countryside, fantastic seafood and glorious sunshine abound - who could resist falling in love with such a place?"

Dawn and husband Michael Hobbs have spent years developing Estate Giacomo Leopardi in order to share this wonderful region with other aficionados of the Italian lifestyle. As well as the two carefully restored and tastefully appointed homes, the estate features vineyards, olive groves, a truffle orchard and a lavender plantation. Owners of the fractional shares in the houses also benefit from the treats that these extensive grounds produce. As Michael explains,

"Fractional ownership means that we can offer our owners so much more - their share in the house comes with a swimming pool, all weather tennis court, spectacular landscaped gardens and breath-taking views, as well as a share in the estate's produce. We have just completed our first wine production from the Estate and our inaugural batch of lavender oil which was distilled locally is now available."

Berlusconi’s tax cut pledge labelled “dangerous propaganda”

Ivan Radford — Fri, 08 Feb 2013 12:06:00 GMT

Silvio Berlusconi's pledge to cut property tax in Italy has been labelled as "dangerous propaganda" by opponents.

The recently reintroduced Italian property tax, part of the country's vast austerity measures against the deficit, has been controversial among both homeowners and house hunters, prompting both the former leader and the incumbent Prime Minister, Mario Monti, to raise the possibility of reducing the fee, or removing it altogether.

Berlusconi's speech last week said that he would not only abolish the levy - which he did during his last term in office - but go so far as to refund payments made in 2012, landing the Italian treasury with a bill of around €4 billion.

"This tax caused Italian families worry, anxiety, fear of the future," Berlusconi said, receiving a standing ovation from supporters.

But Rosy Bindi of the country's Democratic party dismissed the promise as "dangerous electoral propaganda", reports the Guardian.

Monti added: "Berlusconi governed for so many years and kept none of his promises. Moreover, he created many problems, so much so that he to leave [office] ... Italians have good memories."

What do you think? Would you like the tax to be removed? And is Berlusconi to be trusted?

Share you thoughts at Facebook.com/TheMovechannel or tweet us @TheMoveChannel

Currency Watch: Sterling continues slow start to 2013

Ivan Radford — Fri, 01 Feb 2013 13:39:00 GMT

Sterling has continued its slow start to 2013 with sentiment on the British pound still low.

Standing against the US Dollar continued to benefit American buyers, with rates threatening to break 1.5900, with the GBP weakened thanks to fears surrounding the UK's recession-hit economy.

"UK manufacturing PMI is due this morning," reports currency broker UK Forex, "and if better than expected might provide the momentum for GBP/USD to make it through. If it does and taking a medium term view this might provide opportunities for investors to buy dollars as the outlook for the UK economy remains bleak, evidenced by the weak GDP data released last week."

"Across the pond yesterday US data came in generally weaker than forecast (this included unemployment claims and personal spending) and it dragged on the greenback," added the broker.

The Euro, meanwhile, is looking strong against the dollar as the ECB announced in January that banks would be repaying 30pc of the LTRO at the end of the month. Even disappointing German retail sale data has not hampered the strengthening of the currency, although the USD is expected to continue to improve.

For more information on currency exchange services with UK Forex, visit our currency channel:

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Vatican denies reports of "secret property empire"

Ivan Radford — Tue, 29 Jan 2013 15:01:00 GMT

Photo credit: doug88888

The Vatican has refuted reports of a "secret property empire" built up by the church using millions of pounds given to them by Mussolini. The tiny city state in Rome owns real estate around the world, the Guardian reported last week, including the upmarket premises of Bulgari in London's New Bond Street.

This commercial property "empire" has been "[disguised behind [an] offshore company structure", said the paper, using a fund that originated from [Benito] Mussolini, who paid the state "in return for papal recognition of the Italian fascist regime in 1929".

Over the years, that sum has grown to over £500 million, £15 million of which was used to buy 30 St James' Square in the UK capital in 2006.

Nothing to Hide

But sources within the Holy See hit back at the "misleading" claims, explaining to the Telegraph that the money was compensation, issued under the Lateran Accords of 1929, for the properties the Vatican lost in the Papal States, such as the Quirinal Palace in Rome, which has since become the residence of the Italian President.

As for the investment in real estate around the world, it is no secret, said Vatican spokesman Father Federico Lombardi.

"This article reveals nothing that was not known already," he commented. "The fact that Administration of the Patrimony of the Holy See has a special section [for real estate] is even recorded in the Vatican telephone exchange."

Taxing Debates

This is not the first time the Vatican's real estate empire has caught media attention. Last year, the Church came under fire for its exemption from property tax following the introduction of a new levy against Italian homeowners by Prime Minister Mario Monti.

130,000 people signed a petition for the Church's exemption to be revoked, prompting "Super" Mario to announce in November that the Vatican would have to pay tax on non-religious properties in the near future. The change would see an estimated €720 million injected back into the country's economy every year, a major boost to Italy's attempt to recoup its deficit.

Fee at Last?

Since then, Mario has added that the unpopular property tax might even be removed altogether. Speaking ahead of the country's February elections, the outgoing prime minister said that he would alter the levy, something that his rival, former leader Silvio Berlusconi, also promised to do.

"Taxes need to be cut," Mario told SkyTG24, stressing that "no one should be making promises that cannot be kept".

Indeed, Italy's economy and property market has declined significantly in recent years, exacerbated by the government's austerity measures. Prime real estate is the only area to see strong demand, according to Knight Frank, with the rest of the market's prices falling by 30 per cent in November 2012 compared to 2008.

"A Good Time to Buy"

Nonetheless, the current slump is a good opportunity for buyers, according to some experts.

"There could not be a better time to buy in Italy," according to Linda Travella of Casa Travella, who emphasises the remarkable deals that are now available- and not just at the low end of the market. Expensive homes in places such as Lake Como have seen discounts too.

"There is a vast difference in what you can buy for your money now and what you could buy in 2008 and not enough people are taking advantage of it," she comments.

"2013 started well," she adds, "with more interest than I expected in property overall. The fact that there is interest in the lower end of the market is encouraging as these were the first Italian properties to stop selling in the economic downturn."

With homes in Liguria, Tuscany and Lake Como now increasingly affordable for international buyers, it's not just the Vatican who can build a property empire overseas.

Praying for a home in Italy?

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Five Italian property destinations everyone forgets about

admin — Mon, 28 Jan 2013 13:24:00 GMT

It happens in every country: buyers rush to the most popular real estate hotspots, eager to find a bargain in a sought-after area, but often at the expense of some of the smaller, equally attractive places. To help you avoid doing the same in Italy, here are five Italian property destinations everyone forgets about:

Menaggio

Located on the West shore of Lake Como, Menaggio is a popular tourist destination in the summer months thanks to its extravagant hotels and high-class golf club and tempts many people to stay for longer. The misty mountains in the background and the stunning waterfront only add to Menaggio's magical appeal.

For more on property in Menaggio, click here

Bergamo

Located at the base of the Alps, Bergamo has the unique claim to having summers wetter than its winters, but warm temperatures all year round, the old medieval town and attractive landscape make it an increasingly popular destination for Italian property buyers.

For more on property in Bergamo, click here

Pizzo

Overlooking the Calabrian coastline, Pizzo (or Pizzo Calabro) promises residents a pleasant view of the Gulf of Santa Esmerelda, along with old churches and castles; a quiet hotspot for those looking for a tranquil holiday home rather than a bustling tourist resort.

For more on property in Pizzo, click here

Teramo

Located in the Abruzzo region, Teramo is a province bookended by mountains and water: the Appenines end of the region offers ski resorts for investors and tourists, a contrast to the Adriatic coastline, which is famous for fine white sand and mild climate.

For more on property in Teramo, click here

Vibo Valentia

Located near Pizzo and Tropea, the province of Vibo Valentina in Italy's Calabria region is widely known for its historical churches and substantial harbour, which turn the area into a stunning peninsula that blends coastline and culture into a colourful second home hotspot.

For more on property in Vibo Valentia, click here

Confidence in European real estate on the up

Ivan Radford — Fri, 25 Jan 2013 12:04:00 GMT

Confidence in European real estate is on the up this year, according to Ernst & Young.

The firm's Real Estate investments Indicator 2013, released this month, saw investors agree that transaction volumes would rise this year thanks to increased cross border transactions and ongoing inflationary pressures. However, there are mixed fortunes by country for M&A in the sector.

Hartmut Fründ, Global Transaction Real Estate Leader comments,

"Global capital markets are yet to regain pre-crisis levels of liquidity, but there are suggestions that the economic climate is looking more favorable for real estate investments. Both volumes and transaction size in 2013 are likely to exceed levels seen in 2012."

The report also highlights that while some new regulations are likely to make traditional sources of financing harder to access for real estate investors, alternative sources of debt funding could become more plentiful.

Almost three-quarters of investors surveyed say that the continued weakness in the Eurozone economy will strengthen European investors' activity in the real estate markets. This highlights the ongoing flight into real estate assets by investors around Europe. This is a reversal from a year ago, when the appetite for such transactions was limited as investors waited to see how the crisis would develop.

However, the picture varies across the continent. Certain non-Eurozone countries, such as the UK, are currently comparatively more attractive for real estate investments than certain Eurozone countries. Similarly the southern and some peripheral European real estate markets are viewed with relatively more caution than central or Northern European markets.

Respondents from 13 of the 15 countries also believe that inflationary pressures will propel investors toward real estate assets which are traditionally seen as a natural hedge against inflation in the medium term. More than 80% of investors in Germany, France and Switzerland agree that inflationary fears will underpin real estate investment in contrast to just 20% in Italy.

Investors remain concerned about the impact of a more stringent regulatory environment on the availability of debt financing, particularly Basel III. All those surveyed expect Basel III to make loans less appealing for banks and lead to further restraint in the mortgage business. Austria, Sweden and the UK were among the strongest proponents of this view, with 85%, 83% and 81% of respondents, respectively, saying that they were in agreement.

At the same time, other recent directives could create new funding resources. In the case of Solvency II regulation, a majority of respondents from most European countries see potential for insurance companies and pension funds to act as debt providers for real estate investments in the future, with only Italian respondents disagreeing.

Fründ comments, "Real estate financing has been changing and will continue to do so, affecting the financial power of potential buyers. Nevertheless, market participants expect new ways of financing to be found, since most investors anticipate a rise in transaction volumes despite new regulation."

According to the majority of respondents the price of both office and retail property across Europe is expected to rise or at least remain stable.

Office prices in peripheral locations such as the eastern part of Europe, particularly Russia and Turkey, are seen as having strong growth potential. This is also the case with retail properties.

Despite the optimism about the rising price of office properties, respondents felt it was less likely to be an investment focus in 2013 than in 2012. By contrast, investors in most countries are likely to keep at least some focus on retail properties.

Residential properties, however, will retain a strong to moderate focus in most of the countries surveyed, with the exception of Italy, Spain and Luxembourg, while in Germany and Switzerland they remain highly sought after.

Across Europe, nearly three-quarters of respondents expect transaction volumes in 2013 to exceed levels seen in 2012, with only respondents in Italy disagreeing that volumes are likely to increase.

The average size of deals is also expected to rise, according to the majority of respondents, with just Spain and Italy predicting little improvement in deal size.

Fründ concludes, "The upward trend appears to be driven at least in part by an expectation of increased cross-border investment activity, with a majority of respondents in 12 of the 15 countries surveyed predicting higher levels of interest from international real estate investors in 2013, compared with 2012."

Nevertheless limited availability for debt funding will remain an obstacle. "Furthermore the ongoing price mismatch between buyers and sellers could also act as a brake on deal flows."

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Jones Lang LaSalle finds global investment capital leans towards real estate

Ivan Radford — Wed, 23 Jan 2013 10:53:00 GMT

Report shows commercial real estate direct investment volume will more than double to US$1 trillion by 2030; Asia Pacific region leads investment growth since crisis.

DAVOS-KLOSTERS, Switzerland, Jan. 23, 2013 /PRNewswire/ -- As business and political leaders discuss global challenges at the World Economic Forum annual meeting in Davos-Klosters, Switzerland, a new report by Jones Lang LaSalle (NYSE: JLL) reveals that investors are already responding to shifting economic conditions by funnelling more capital into commercial real estate, particularly in the Asia Pacific region. In fact, the firm estimates that the direct commercial real estate transactional market will exceed US$1 trillion per annum by 2030, compared with 2012 volumes of nearly US$450 billion .

"Capital growth ambitions that dictated many investment decisions before the financial crisis have given way to a global hunt for secure income streams in a low-interest-rate environment," said Colin Dyer, President and CEO of Jones Lang LaSalle. "While real estate asset values have shown no immunity to the financial shocks of recent years, real estate nevertheless is emerging as a preferred option for many investors."

The report, "The Advancement of Real Estate as a Global Asset Class," finds that:

Asia Pacific has outpaced other regions in real estate activity since the global financial crisis, achieving commercial real estate investment volume in 2012 equal to 77 percent of the previous peak reached in 2007. The Americas have only reached 62 percent of that level, while Europe's investment volume is 46 percent of its peak amount.
The impact of the growing pool of capital seeking exposure to real estate can be substantial. A 1.2 percent reallocation to real estate by the 30 largest sovereign wealth funds would increase capital allocation by US$50 billion, equivalent to the entire Sydney CBD office market.

Investors are targeting a limited number of super-prime assets, chiefly office and retail buildings in major gateway cities, that have emerged as the most desired assets for some institutional investors intent on owning the most stable, best-located assets, fully leased to the most desirable tenants. Competitive bidding has driven prices on many of these properties up to and beyond pre-crisis levels.

Investment portfolios shift toward real estate

Across eleven major global markets, spreads between real bond rates and prime-grade office market yields are on average 195 basis points wider now than in the fourth quarter of 2007, JLL found. Those higher returns are convincing many investors to increase exposure to real estate.

"With sovereign bond market yields at multi-decade, and in some cases multi-century, lows, and with the outlook for capital growth subdued, yield becomes a core driver of investment returns," said Dyer. "The spread between real estate and sovereign debt yields remains high, offering generous compensation to investors for the additional risk associated with real estate."

To a lesser extent, increased allocations to real estate also reflect investor efforts to reduce risk by diversifying away from the traditional portfolio mainstays of bonds and equities, JLL's report concludes.

Asia Pacific real estate takes the lead

The Asia Pacific region is emerging as the long-term winner in the global contest for investment capital, boosted by the rise of domestic pension funds and private wealth. Since 2008, strong economic growth that contrasted with recessionary contraction in Europe and North America has fuelled real estate activity.

Operational challenges, low levels of liquidity and in some cases undeveloped capital markets currently constrain institutional investment in the region, which partly explains why most western institutions are underweighted in the Asia Pacific region relative to the size of its real estate markets. Over the long term, however, JLL expects relative portfolio weightings to move in favour of the region as high rates of saving, rapid urbanisation, the inexorable rise of the middle classes and evidence of improving transparency increase investor confidence and interest in the region.

More trends explored

JLL's report identifies several other trends emerging around the globe, including efforts to increase transparency, the rapidly expanding practice of sale-leasebacks in Asia, and the increasing pace of renovations or replacement of aging real estate to better meet the needs of modern commercial tenants.

We want your properties - all of them!!

admin — Mon, 14 Jan 2013 12:26:00 GMT

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Italy house prices to fall up to 5pc in 2013

admin — Thu, 10 Jan 2013 11:35:00 GMT

Italy's financial deficit has spelt bad news for the country's economy, but may prove good news for holiday home hunters this year as property prices are expected to fall even lower.

Values of Italian houses are expected to drop by up to 5 per cent on average in 2013, according to Tecnocasa's latest research.

The fall will mostly occur in southern towns, such as Bari, the agent predicted. Further up the country, in major cities such as Rome and Milan, real estate values are expected to remain more stable, while northern property markets, such as Turin and Verona, will only experience a mild dip in prices.

Sales have actually increased in the last six months, adds Tecnocasa, with the country's newly introduced IMU property tax driving up transactions - a trend that is set to continue for the future.

At present, the higher levy applies to secondary residences, explains Fox Business, while political parties are now pledging to reduce the IMU on primary residences.

"The IMU risks being declared unconstitutional as it is being levied as a multiple of outdated valuations and is not structured to consider whether property owners face declining values or the extent of their mortgages," Giulio Tremonti, a former finance minister told Dow Jones Newswires.

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UK overtakes Brazil in economic league table

Ivan Radford — Thu, 10 Jan 2013 11:02:00 GMT

The recession may still be hitting Britain, but the UK's economy climbed above Brazil in the World Economic League Table last year.

Brazil's booming economy saw it seize sixth spot from the UK in 2011, but the country's weak currency helped Britain climb back up the ladder, leaving the Latin American nation waiting until 2014 to replace the UK once again. Over the rest of the period to 2022, Brazil will move up another place in the League Table, overtaking Germany and France but being overtaken in turn by India.

Indeed, by 2017, India will overtake the UK as well to become the world's largest Commonwealth economy.

The world's top 3 economies, the US, China and Japan, are forecast to remain in the same relative positions for the next ten years. But by 2022 the Chinese economy, currently 53% of the size of the US economy, is predicted to be 83% of the size of the US economy and catching up fast.

Russia rose from 11th position in the league table in 2010 to 9th in 2011. In 2013, it starts overtaking large Western European economies and is predicted to reach the no 7 position by 2022.

Fast-growing Indonesia is one of this year's shooting stars. Currently (2012) the world's 16th largest economy, it is forecast to rise six places to enter the world's top ten in 2022. Other Asian economies also move up the ranking. Thailand goes up 6 places from No 30 in 2012 to No 24 in 2022; Taiwan from 27th to 20th and Korea from 15th to 12th.

European countries fall back. Germany falls from No 4 in 2012 to No 6 in 2022 and the UK from 6th to 8th. But the biggest fallers in Europe are France, which is forecast to fall from 5th to 9th, and Italy from 8th to 13th. By 2022, the Italian economy will be close to falling behind economically powerful emerging markets like Turkey and Mexico.

Comments Cebr Chief Executive Douglas McWilliams: "The Indians have lost to us at cricket this winter but they are on track to beat us at economics. By 2017 we predict that the Indian economy will be the largest economy in the Commonwealth, overtaking the UK economy.

"We are beating some other countries, though. We are poised to overtake France either in 2013 or 2014 as the economic effects of President Hollande's 75% tax policy and the difficulties of the euro drag France down.

"We have been neck and neck with Brazil for some time. Last year they overtook us; this year we have overtaken them again. From 2014 onwards, however, their more dynamic economy is likely to pull them decisively beyond us.

"Cebr's World Economic League Table (WELT) shows the dramatic changes now taking place in the world's economic geography with slow growing European economies falling back and Asian economies, even though their growth is slowing, catching up."

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The ski season is upon us - so beware of driving law changes

admin — Fri, 04 Jan 2013 12:47:00 GMT

LONDON, January 4, 2013 /PRNewswire/ --

With the ski season getting in full swing, leading car hire comparator Comparecarhire.co.uk is warning those travelling to popular ski resorts to be aware of unfamiliar winter driving rules

With the festive period now just a distant memory, the widely anticipated snow and ski season has arrived throughout Europe. With snowfall at its highest many adventurous holidaymakers will travel across Europe to make the most of it, and what better way to explore these winter wonderland regions than using a hire car.

The hike in demand for vehicle hire in ski resorts during the peak season highlights the increase in its popularity as a ski holiday 'must have'. However, with the heavy snowfall and wintery conditions come changes to particular driving laws that those in ski resorts must adhere to. In most of Europe, away from the southern countries, many drivers use winter tyres between November and April, but rules differ dependent on the country you will be visiting.

Andy Hemmington of comparecarhire.co.uk , says: "Skiing trips increase in popularity year on year resulting in a rise in holidaymakers driving abroad in very bad weather conditions. We want people to ensure they know the laws of the particular country they are visiting to avoid any costly fines or penalties but most importantly, to stay safe on the roads. Travellers should expect the unexpected in regions where you can experience extremely bad weather such as heavy snowfall. It may make for a good skiing holiday but it also makes for treacherous driving conditions."

Focusing on the most popular ski countries, here are a few points to remember to help get you on your way safely:

Austria - It is compulsory to carry snow chains in Austria. If they are not fitted in the necessary circumstances then police can stop you from continuing on your journey. On the other hand, remember to remove them as soon as the weather improves so you don't damage the road surface. Winter or all season tyres are also required by law between November 1^st and April 15^th with a minimum tread depth of 3mm when driving in bad weather
France - Snow chains are again compulsory to carry in mountainous regions, particularly the Alps. Winter tyres are recommended but not compulsory. Winter tyres can be recognised by the snowflake on the sidewall, or one of the following combination of letters: M+S, M/S, M&S
Switzerland - Snow chains must be carried everywhere during winter and there are many road signs indicating roadside bays where you should stop and fit snow chains. Winter tyres are again only recommended however; if you don't have them and your driving hinders other road users you can be fined
Italy - Similar to France, snow chains have to be carried in vehicles travelling in mountainous areas where bad weather is likely between 15^th October and 14^th April, and winter tyres are only a recommendation. However, what is important to remember in Italy is that local Provinces are free to introduce their own rules, and they can make them compulsory

If using your own vehicle to travel, since it is impossible to determine the exact severity of weather conditions in other countries when you leave the UK, you must ensure you are carrying necessary items such as snow chains in case of sudden weather changes.

When using hire cars in these areas remember there will be an increase in demand for snow chains and winter tyres so pre-book everything where possible to ensure availability. They will also often be payable locally as opposed to being included in the car hire price so take this into account when budgeting for car hire. Research how to fit snow chains and other equipment before you go or ask to be shown, and check the boot of the vehicle for such items before you drive off. Hire a suitable car such as large car or a 4x4 vehicle, snow chains should always be fitted to the driving wheels and to front wheels of 4x4's, additionally if snow chains are fitted you shouldn't drive at more than 30mph.

Comparecarhire.co.uk is one of the leading car hire comparison websites in the UK, comparing car hire prices for over 40 suppliers in 15,000 locations worldwide including Spain, Portugal and Greece.

5 houses to help you survive the end of the world

Ivan Radford — Fri, 21 Dec 2012 12:42:00 GMT

As the world spends the last few weeks of 2012 debating whether the Mayans were right and that the world will actually end on Friday 21^st December, few people are doing what needs to be done: finding a place to hole up and stay safe.

With this in mind, TheMoveChannel.com scours the global property market to find real estate that might resist the apocalypse.

Here are five houses to help you survive the end of the world:

Secret submarine base, Norway

Photo credit: Geekologie

The Olavsvern Naval Submarine caught the world's eye when it went on sale in June this year. The NATO-funded hideout boasts a 27,000 square foot Alpine resort and several garages, but the property's main survival tool is the giant underground hangar hidden deep inside a bomb-proof mountain. Just the place to store your submarine - and if you're serious about preparing for the apocalypse, you'll definitely need one of those.

Nuclear missile silo, USA

Photo credit: Realtor.com

Trust America to have its own missile silo up for sale. The nuclear base, unused for decades, has been converted into a luxury home for those ready to bunker down and get through the planet's darkest days. The 1,800 square-foot property appears to be a traditional mountain lodge, but underneath the floorboards lies a launch pad for an intercontinental ballistic missile built in the 1950s. Which means that if the aliens are coming: you're ready.

Doomsday bunker, Nebraska

Photo: Terravivos.com (via CNN)

In the wake of Japan's tragic earthquakes, sales of these doomsday bunkers in Nebraska shot up by 1,000%, according to CNN. Reservations for a room in a 200-person property require a minimum deposit of $5,000 with Vivos, but demand for the company's shelter soared. "People are afraid of the earth-changing events and ripple effects of the earthquake, which led to tsunamis, the nuclear meltdown, and which will lead to radiation and health concerns," commented the company's CEO Robert Vicino. "Where it ends, I don't know. Does it lead to economic collapse? A true economic collapse would lead to anarchy, which could lead to 90% of the population being killed off."

Cheerful dinner conversation not included.

Posh doomsday bunkers, Switzerland

Photo: Flavorwire

There are doomsday bunkers and doomsday bunkers. These are the latter. Located in the Swiss hills, these shelters, designed by Bjarne Mastenbroek and Christian Muller, have industrial-themed decor and windows, but the real sign of security comes from the front door, which is hidden deep inside the mountains, through an underground tunnel, the entrance to which is a fake shed. Make sure you leave the pub with enough time to find the front door before the apocalypse begins.

Adult movie bunker, LA

Photo credit: CBSLocal.com

What will the human race do during the cold, lonely months after the end of the world? One LA movie studio has the answer: a post-apocalyptic underground bunker, which will allow "1,200 to 1,500 people" to enter and provide them with bars, a performing stage and a "sophisticated content production studio", just to make sure that the world's supply of adult films outlives the rest of us. The studio's website will also continue to run, promises the company, even if it is only on the bunker's internal local network.

"Our goal is nothing less than to survive the apocalypse to come in comfort and luxury," Pink Visual spokesman Quentin Boyer told CBS Los Angeles, "whether that catastrophe takes the form of fireballs flung earthward by an all-seeing deity, extended torrential rainfall, Biblical rapture, an earthquake-driven mega-tsunami, radioactive flesh-eating zombies, or some combination of the above."

You can't say they're not prepared.

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Expats in Asia and Latin America set for biggest wage rise in 2013

Ivan Radford — Fri, 21 Dec 2012 11:12:00 GMT

Click here to view the full infographic

Australian workers can expect only modest pay rises next year while high growth markets in nearby Asia will see wages increase by up to three times that of their Western neighbours, according to the latest pay forecast data by global management consultancy, Hay Group.

With varied Australian business performance across sectors especially the decrease of the resources sector, pay forecast rates are becoming more differentiated for individual sectors and specific roles.

In Australia, pay overall will rise by an average of just four per cent in 2013, whereas in growth markets including Vietnam (12.8%), Indonesia (10.6%), India (10.5%), the Philippines (8%) and Malaysia (6.2 %) wages are expected to increase rapidly. While in China, workers can expect wage hikes of 9.5 % as the intensifying ‘war for talent' continues despite slowing economic growth (up 1.1% on last year).

Interestingly, pay rises in the second generation of high growth Asian economies are outstripping those of their colleagues in the region's more developed countries. For example, in Japan, wages will increase by just 2% next year.

Steve Paola, Senior Consultant at Hay Group, said Australian organisations are facing an increased threat from maturing markets in nearby Asia, due to slowing growth rates.

"With strong economic growth in Asia translating into need for talent and rocketing wage hikes, local organisations may struggle to keep their most talented employees in the country as they are increasingly being enticed to work for companies located in buoyant Asian markets.

"As a result, Australian businesses need to ensure they have reward strategies in place that deliver strong incentives for their current and future employees enabling them to retain high performing staff despite modest pay increase forecasts.

"Ensuring local talent is retained through providing growth and development opportunities and an engaging work environment are important non-financial retention strategies."

According to Hay Group's research, salaries in developed Western economies will experience the smallest increases in 2013, as GDP growth remains broadly flat.

Across North America, pay will rise by 2.9% - the lowest of any global region - and in Europe, crisis-weary companies in Greece and Ireland will not raise pay next year, against a subdued regional average of 3.3%. Increases in Germany, the UK (both 3%) and France (2.6%) will also be subdued and across the region the pay rises on offer are lower than in 2012 when the average pay rise was 5.5%.

"It's no secret that employees in developed markets face a tough year ahead with small wage increases however despite the weak outlook there is an upside for Australian workers as it is predicted they will receive higher pay rises than most of their Western counterparts," said Paola.

Latin America will experience the highest overall rise in salaries next year (9% on average), with Venezuelan workers set to see wages jump by a colossal 29% - driven largely by high inflation.

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Guide to buying luxury property in Chianti

Ivan Radford — Tue, 18 Dec 2012 13:20:00 GMT

Luxury real estate experts Unique Living offer tips and advice on the world's top high-end real estate hotspots.

Chianti is famous around the world for its distinctive red wine but this Italian region's pleasant climate and beautiful landscape make the prospect of buying a property in the area equally mouth-watering.

Got an appetite for villa with a vineyard? Here is Unique Living's guide to buying luxury property in Tuscany:

Vital Statistics

Average price

€600k - 16m

Style of property

Apartments

Villas

Who's buying?

Scandinavians

Brits

Background Information

Climate

Located 15 minutes by car from Cannes, Mougins shares the same temperate climate but in far prettier surroundings. Cyprus and olive trees surround the village, while the hilltops stretch up to 260 metres, offering a spectacular 360-degree panorama of the Côte d'Azur.

Lifestyle

Synonymous with red wine, Chianti is a must for any wine enthusiasts, with cuisine and natural beauty up for offer. It is also an ideal base for holiday home owners to explore the rest of the Chianti region, including the galleries in Florence. Chianti also grows olives, which are one of the country's chief exports.

Economy

Between exporting wine and olive oil, Chianti's financial health is in good shape - but growing visitor numbers from wine tourism and those looking to reside nearby to locations, such as Florence, has helped to build both its social and financial standing..

Insider Knowledge

"The people who buy in Tuscany are very different to those in, say, Spain. It tends to be people who just want a retreat in the countryside; not those who buy in a town centre or something next to a beach.

They don't want a beach. They want to sit in the Tuscan sun and enjoy a glass of Chianti or a red wine. Once again, the properties are exceptional."

Guide to buying luxury property in Siena

admin — Thu, 13 Dec 2012 12:08:00 GMT

Luxury real estate experts Unique Living offer tips and advice on the world's top high-end real estate hotspots.

Located in the heart of the Tuscany region, Siena is one of Italy's most popular luxury property destinations. Retaining its medieval roots, regulations prevent new build property from clashing with the city's existing character, guaranteeing a peaceful, elegant and historic home for discerning house hunters.

Like the sound of that? Here is Unique Living's guide to buying luxury property in Tuscany:

Vital Statistics

Average property price

€600k - €16m

Style of property

Villas

Who's buying?

Scandinavians

Brits

Background Information

Climate

As with all traditional lifestyle destinations, Siena's climate peaks in the summer, providing hot temperatures and sun for second home owners looking to relax. Rain levels can increase in the spring and winter, but conditions remain favourable year-round for travel, business and leisure. •

Lifestyle

Siena is famous for its picturesque city centre, steeped in medieval history and culture. Indeed, a yearly horse race still takes place between the city's separate wards, while the sumptuous variety of cuisine, museums and art continue to draw in new house hunters and holidaymakers . •

Economy

One of Tuscany's most popular destinations, Siena has grown from an agricultural town to an increasingly tourism-driven city, relying the travel and the service industry to continue attracting visitors. Its strong sense of historc tradition helps to achieve this •

Insider Knowledge

"The property market is slow in Italy at the moment [in 2012] - it's not as quick as it used to be - and Tuscany is such a vast area, but Siena's old-fashioned character wins many people over. The homes tend to be very rustic, old, traditional. People who buy property here tend to just want a retreat in the countryside."

For more on luxury property in Siena, click here.

Rent to buy becoming more popular in Italy

Ivan Radford — Wed, 12 Dec 2012 11:28:00 GMT

"Rent to buy" options for purchasing property are becoming increasing popular for Italian property investors, according to Idealista.it.

The Italian property site's analysis of buyer activity on the portal found that searches for "rent to buy" and "rent to own" increased by 73 per cent in November compared to the same month in 2011.

The phenomenon took off at the end of summer 2012, according to the site, driven by buyers unable to get the necessary guarantees from the banks or those waiting for better financial times. The rent to buy is like a proper promise to purchase, with an option to extend the deed.

The benefits of rent to buy include immediate use for the buyer, additional financing possibilities and having more time to sell the property. Disadvantages of rent to buy, adds Idealista.it, are that all taxes have to be paid at the time of rental and that investors have an obligation to purchase property.

Still, demand is on the up. A growing number of listings of homes for rent with option to own (512 units) have been listed on the idealista.it website, adds the report, a leap of 25 per cent.

Idealista's Vincenzo de Tommaso said: "Even if the phenomenon is limited, the trend is clearly in place and it has attracted great attention, especially among those who are about to buy their first home, ie: young couples. the formula is applied primarily to new construction homes, usually flats with 2 to 3 rooms in the CBD in Northern Italy. Lombardy, Piedmont and Emilia Romagna, are the pilot regions "

(via Property Portal Watch)

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Europe property downturn “continues to surprise” as US continues to recovery

Ivan Radford — Wed, 12 Dec 2012 11:17:00 GMT

The world's housing markets posted mixed signals during the full year to Q3 2012, according to the latest survey by Global Property Guide, and Europe is at the eye of the storm.

Indeed, while the US property market continues to recovery, the scale of the European downturn, the sheer size of the downward pressure, "continues to surprise", admits the report.

Of the 44 countries for which quarterly house price figures are available, house prices fell in 23 countries, and rose in 21 countries during the year ending in the third quarter of 2012, again in inflation-adjusted terms.

America is the brightest sport on the real estate map. The Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.31% year-on-year in Q3 2012, the highest growth seen since Q2 2006. The nationwide seasonally-adjusted S&P/Case-Shiller home price index also rose by 1.92% during the year to Q3 2012, in sharp contrast with its 7% year-on-year decline seen in Q3 2011.

Dubai, UAE, has also rebounded strongly. The price index for all residential properties surged by 14.43% during the year to end-Q3 2012, as compared to a meagre year-on-year increase of 0.96% seen in the same period last year.

Pacific housing markets are now recovering too. New Zealand's median house price rose by 5.19% during the year to end-Q3 2012, in sharp contrast with the 4.39% year-on-year decline in Q3 2011. Likewise, Australia's housing market is also improving, with house prices in its eight major cities falling by just 1.57% year-on-year in Q3 2012, the lowest decline since Q4 2010.

Meanwhile, there is some positive news for individual European housing markets. House price falls in Ireland may be decelerating. Ireland's residential property price index fell by 13.17% year-on-year in Q3 2012, the lowest decline since Q1 2011. In addition, house prices have risen significantly in Austria, Turkey, Latvia, Germany, Iceland and Finland.

But many European housing markets remain extremely depressed, and continue their rapid spiral downwards. House price falls are accelerating in Greece, Spain, Netherlands, Portugal, Croatia and Lithuania. Of the 23 European countries included in the survey, 14 countries recorded house price falls while only 9 countries have seen house price increases. The nine weakest housing markets in the global survey are all in Europe.

Other bad news can be found in Asia, where the housing market surge has weakened. Seven of the 10 Asian housing markets included in the Global Property Guide survey performed more poorly this year than the previous year. Nonetheless, Asia's biggest housing market, China, is recovering, judging by the latest quarter's figures.

Where are you planning to invest in 2013?

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Brazil property prices soar as Eurozone markets slump

Ivan Radford — Tue, 11 Dec 2012 12:29:00 GMT

Brazil property prices soared this year, according to Knight Frank's Global House Price Index, as eurozone markets slumped.

Brazil's real estate values jumped by 15.2 per cent in the third quarter of 2012, the highest annual increase in the world. Meanwhile, with the Eurozone now in its second recession in three years, buyers' confidence is at an all-time low, according to Knight Frank: all the bottom 12 rankings are occupied by European countries this quarter.

The Eurozone's 17 member states have on average seen prices fall by 1.8% in the 12 months to September. Other world regions such as South America and Asia Pacific have seen growth of 9.8% and 4.2% respectively.

Greece has now pushed Ireland off the bottom slot - where it has resided for five consecutive quarters - by recording an average price fall of 11.7% in the last year. Ireland, by comparison, has seen its rate of decline improve, up from -14.3% a year ago to -9.6%.

Overall, mainstream global property prices stand just 5.2% above the lows experienced in the wake of the financial crisis in Q2 2009.

Alongside Brazil, five other markets recorded double-digit annual price growth in the year to September; Hong Kong, Turkey, Russia, Colombia and Austria.

Despite positive data from the US - prices are 3.6% higher than in the third quarter of 2011, vacancy rates are at their lowest level since 2005 and housing starts are up 49% year-on-year - the US fiscal cliff casts significant doubt on this recovery.

Asia's policymakers are offering little hope of an Asian-driven recovery. China's new leadership looks set to continue with stringent property cooling measures and new lending restrictions in Hong Kong are likely to limit the availability of credit.

Knight Frank's Prime Global Cities Index, which tracks the value of luxury property in 26 cities across the world, shows that prime property values have climbed by 18.7% over the same period.

Kate Everett-Allen, International Residential Researcher at Knight Frank, said: "Confidence, affordability and debt are constraining Europe. Strict lending and the looming fiscal cliff may dent the early signs of growth in the US while regulatory measures in Asia are keeping housing markets in check. The current period of stagnation looks set to continue well into 2013."

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Five historical property destinations in Italy

admin — Fri, 07 Dec 2012 15:23:00 GMT

Past can add value to a property: a little history adds a lot of appeal for holiday homes hunters. That's one of the reasons why Italy is such a popular destination on TheMoveChannel.com. But if you're interested in investing in Italian real estate, where should you choose? Which town has the most colourful past?

TheMoveChannel.com profiles five of the most historical property destinations in Italy.

Bari

From the Cathedral of San San Sabino to the Basilica of St Nicholas, Bari is famous for its historical architecture. But the old town gives way to modern areas, including a new port and busy beaches. Together, the combination of old and new draws in a wide variety of visitors - and overseas investors.

Browse TheMoveChannel.com's listings of property in Bari

Chieti

Cathedrals and museums abound in Chieti's city centre, while the province's landscape is filled with green hills and old mountains. But go down the hill towards the coast and modern activities such as water skiing and beach volleyball can be found for more traditional tourists. Both sides are ideal for holiday home hunters.

Browse TheMoveChannel.com's listings of property in Chieti

Tropea

Located in Calabria, Tropea is a famous bathing place thanks to its unique coastline, which includes a spit jutting out into the sea. But alongside the seaside resort comes a beautifully preserved town, complete with Normal cathedral, churches and other traces of ancient culture. This unrivalled mix of exclusive coastal hotspot and expansive past make Tropea one of the most picturesque destinations in Italy.

Browse TheMoveChannel.com's listings of property in Tropea

Verona

Home to Roman amphitheatres, annual fairs and operas, Verona is one Italy's most popular cities. Located in the Veneto region, its hot summers and cool winters attract visitors all year round, while many then choose to invest in real estate: it is no coincidence that Verona's popular continues to grow.

Browse TheMoveChannel.com's listings of property in Verona

Palermo

The capital of Sicily, Palermo is thousands of years old but still proves relevant today thanks to its important artistic and financial status within Italy. Baroque and Gothic architecture and world-class cuisine keep its culture booming, while the spotless beaches and vibrant nightlife drive the tourism industry, making the city a popular target for buy-to-let investors.

Browse TheMoveChannel.com's listings of property in Palermo

North vs South: Where are the best Italy property destinations?

admin — Tue, 27 Nov 2012 13:34:00 GMT

You have your heart set on some property in Italy, but you don't know where to buy, so you get out a map and start picking out places at random. But should you be looking at the top half of the country or the bottom?

Climate, economy, history; the whole profile of a country can change thanks a slight change in latitude. TheMoveChannel.com helps you get your bearings by giving you a brief rundown of some of the North and South's best property destinations.

Reggio di Calabria

Located right on the toe of the Italian peninsula, Reggio is the largest city in the Calabria region. One of Southern Italy's main economic centres, it is a hub of culture and history thanks to its famous museums, while the stunning beaches along the Strait of Messina draw tourists from all over the globe.

Click here for more information on property in Reggio di Calabria

Brindisi

Located in italy's Apulia region, Brindisi is one of the country's main trade ports thanks to its position on the Adriatic coast. Domestic tourists are more common than overseas visitors, making this Italian town ideal for holiday home buyers looking for a natural landscape, warm climate and stunning views.

For more information on property in Brindisi, click here

Portofino

Portofino, in the province of Genoa, was once a quiet fishing village. But over the years, a growing number of overseas aristocrats discovered its charms, transforming the idyllic harbour into one of the most prestigious luxury home destinations on the Italian Riviera. The seaside village is so famous that Universal Studios in Orlando even has a full-scale replica in its resort complete with hotels. Needless to say, there is no match for the real thing.

For more information on property in Portofino, click here

Veneto

With Venice at its heart, the region of Veneto is one of the most populated areas in Italy, home to both Italian and international residents. Its unrivalled history, natural beauty, culture, and musical heritage attract over 60 million tourists every year. Many choose to steal a piece for themselves, either as holiday home hunters or buy-to-let investors.

For more information on property in Veneto, click here

Imperia

Capital of the Liguria region, Imperia is famous worldwide for its food, agriculture and spotless beaches. Together with its warm climate and busy summer months, the coastal city's reputation has steadily grown to become one of the most attractive destinations on the Italian Riviera.

For more information on property in Veneto, click here

Cosenza

Located in the north half of Calabria, Cosenza boasts a vast history and a range of ancient architecture that has been preserved for centuries. Nestled between the Sila Grande river and Italy's coastal chain, the rural town rivals Athens for heritage and Tuscany for beauty.

For more information on property in Cosenza, click here

Investments Explained: Residential property

admin — Tue, 20 Nov 2012 13:15:00 GMT

Investments Explained: TheMoveChannel.com breaks down investment opportunities into bite-sized chunks every week.

In an ever-fluctuating global economic, it is important to invest in reliable assets, from financial products or stocks to commercial property and even alternative investments. But sometimes, after all that investing, you just need somewhere to put your head down and rest. The answer? Residential property.

Like all property investment opportunities, residential real estate comes in several shapes and sizes. What's what and how do you pick between them?

Here is TheMoveChannel.com's guide to residential property:

Apartment

Also known as a flat in the UK, Hong Kong and other countries, an apartment is a residential unit that occupies a self-contained space within a larger building. Apartments can contain several bedrooms, or consist of one single room which combines the kitchen, living room and dining room. These are known as studio apartments. Apartments can also span more than one floor within a building. These are called maisonettes.

Browse TheMoveChannel.com's listings of apartments for sale by clicking this way

House

A house is a residential building designed to house human residents that spans multiple stories. Designs vary significantly between homes, but unlike studio apartments, rooms are always separated into distinct spaces. A house can be rented or purchased by an investor, while in many countries owning a home is a sign of personal wealth; in the US, for example, buying a house is a key part of the American Dream.

For more information on TheMoveChannel.com's range of houses for sale, click here

Mobile homes

Mobile homes are portable properties that allow owners a greater degree of geographical flexibility. The property may be fixed, as in a park home, and occupy a plot within a wider community, or attached to an engine to form a motor home or caravan. As well as providing a more flexible lifestyle, mobile homes are also often cheaper and made out of a prefabricated materials.

Click here to browse TheMoveChannel.com's listings of mobile homes

New home

A new home is exactly what it says on the tin. Without factors such as previous owners, possible historical damage or other legal complications, new build properties can be simpler to purchase and cheaper to run thanks to energy efficient appliances and eco-friendly designs. As a result, they are often popular among first time buyers.

Interested in a new home? Click here to browse TheMoveChannel.com's listings

Prestige property

For those house hunters after something classier than your average home, a prestige property is the answer. From former castles and royal palaces to expansive country estates, a prestige home is a luxury property that guarantees both comfort and privacy. And in the case of a private island, a unique view as well.

Browse TheMoveChannel.com's listings of prestige property by heading this way

Unique property

Ever wanted to live in a windmill? Fancy putting your feet up in a farmhouse? How about owning your very own tower? From the peculiar and rare to the downright weird, unique properties are a wonderful way for house hunters to express their personality or pick up a special piece of history. Whatever your preference, you are guaranteed to own something that is one of a kind.

For more information on TheMoveChannel.com's range of unique property for sale, click here

Watercraft

A watercraft home gives you a taste of life on the open sea, whether it is a houseboat to dock in a local canal or a more extravagant vessel to use as a holiday home. Depending on how you use them, watercraft can incur additional charges, such as docking fees, but who doesn't like the idea of floating away overnight?

Click here to browse TheMoveChannel.com's listings of watercraft homes

How to create a good property listing

admin — Mon, 19 Nov 2012 13:49:00 GMT

More advice on selling property online from SellMyProperty.org, the leading international For Sale By Owner advertising service.

This week, Sell My Property turns its attention to the most essential step in selling your house: creating a listing. Once you've signed up with Sell My Property and you log in for the first time, you are automatically taken through to the "Create a Listing" page.

What goes into a good property listing? Which details should you leave out?

Here are seven simple steps to creating a good property listing:

1. Give it a name

We don't mean "Brian" or "Audrey". This is the part that will grab people's attention or turn them away, so include all the important stuff here. How many bedrooms? Is it near the beach? Can investors expect a high rental yield? Combine them into a snappy name, e.g. "2 bed flat on Murcia coast. Refurbished. 7% return", and you're good to go.

2. Add a reference

Don't worry: this one is just for you, so you don't have to come with anything catchy. Designed for sellers with more than one property to advertise, this field helps you tell the difference between your multiple listings when looking at the "Manage My Listings" page.

You cannot use any special symbols here, but any combination of alpha-numerical characters is fine. Perhaps "Brian" or "Audrey".

3. Mark it with an "X"

No one wants to buy a house if they don't know where it is, which is why Sell My Property always includes a map as part of the listing (see a listing on TheMoveChannel.com for an example). Using our location finder is an easy way to pinpoint your property's exact position, or if you prefer, you can use another maps service, for example Google Maps, and copy the coordinates into your listing.

4. Write a brief description

Consider this an expanded version of your property's name, including all the vital statistics and unique selling points in a few sentences. Keep it simple and to-the-point to capture buyers' attentions as quickly as possible.

5. Insert images

Pictures are worth a thousand words, so make sure you make the most of them. With our basic listing package, you can upload up to 10 large images of your property.

Read our detailed tips on how to take a good property listing photo, then pick one of them to be the main listing picture - an exterior shot usually works best. The other photos are then displayed in the order you upload them, so take care to add the best exterior images first before moving on to interior images of rooms and, eventually, any shots of the surrounding area or a floor plan.

6. Add a full description

This is where you can really sell your property, so make sure you read our guide on how to write a listing description first. Once you've got something written, go to the "Further Information" tab to add it to your listing.

7. Tag it with keywords

Keywords are what will help people find your property. Swimming pool, two bedrooms, Murcia, rental income; those are the kind of words you want to be including. But we've saved you the time and hassle or writing them out manually. Simply click on the "Autocomplete" button and we'll generate the keywords using your description - another reason to take extra care when writing it.

And it's as easy as that. Once you've finished all seven steps, hit the "Save" button and congratulations! Your property listing is live - and you are officially selling your home.

Ship or Sell When Moving Abroad?

admin — Fri, 16 Nov 2012 16:25:00 GMT

One of the most important questions and considerations when you're moving abroad is whether to take your belongings with you. Families can easily have a whole house full of furniture before the move, and it's often difficult to work out whether it's cheaper to sell everything, and buy new items when you get there, or ship everything over.

One of the main points is that, on average, it costs around £3500 to move a house's contents to Australia. The price can vary quite a lot, so this is only a rough guide, but it does give a basis to work on. You can usually work out approximately how much you might make by selling all of your belongings buy looking at online auction sites. Again, using the internet you can find out how much it will cost to buy all of the things you need when you get to the destination. Compare this information to an accurate shipping quote, and you shouldn't have too much trouble deciding which the cheaper option is. Usually, selling the contents of your house, and buying all new stuff saves money, but the choice isn't that straightforward.

The issue is that it's far more work to try to sell and buy everything than it is to use an international removals company. It's very time consuming to list everything you've got online or in a newspaper, and you don't know that you'll be able to sell everything, especially if your house is large. The other problem is arriving in your new home. There are many essentials and items of furniture that you'll have to buy almost immediately, which adds to the stress of moving.

The only real way to decide which option is best is to get a quote for your removal, and then accurately work out prices against the hassle involved. Of course, you may also have large items of sentimental value, which cannot be sold. In these cases, you'll have to use a removals company. Shipit.co.uk specialise in international removals, and have expert packers to make sure that delicate goods are safe and secure.

Removals are usually the easiest option, and offer a much smoother transition from one country to another. Unless you have a small home, and can do without some furniture and appliances temporarily, it's usually best to have your belongings shipped.

Alternative Investments Explained: Precious Metals

admin — Thu, 15 Nov 2012 14:01:00 GMT

Alternative Investments Explained: from bamboo to precious metals, AlternativeMarketplace.co.uk breaks down the alternative products vying for your cash and assesses which assets are worth taking the risk.

This week, precious metals go under the microscope.

What makes a metal precious? Several things. Firstly, the chemistry: precious metals are less reactive than most elements. Secondly, their appearance: due to their chemical make-up, precious metals tend to glisten more in the light, making them more attractive to both consumers and investors. Thirdly, their proliferation; while the metals all occur naturally, they are rarer than standard metals, which makes them more precious. All of these combine to create the fourth, and most important factor, their financial value.

Go back hundreds of years and precious metals, such as gold, silver and platinum had such high values that they were used as currency, traded in place of coins. Over the years, these naturally occurring metals have become even more valuable - or at least, the perception of their value has increased - to the point where they are never used as currency. Instead, they are hoarded as commodities for industrial or investment purposes.

Gold and silver's colourful properties make them ideal for art and jewellery, sculpted into fashion accessories and luxury items. They are also used as bullion for currency, although the metal's core value makes the coins far more valuable than their denominational worth.

Aluminium used to share the same precious status as gold and silver - not because it was a rarely occurring substance, but because it was difficult to obtain from the Earth and extract from ores. When that issue was solved, aluminium became increasingly common, prompting its value to plummet to that of a normal metal. It is now used to make drink cans and other everyday items.

But gold and silver are precious because of their rarity, which has kept their worth high. Indeed, as a commodity investment, that's what makes precious metals so worthwhile; the long-term perception of their value enables them to resist wider economic trends. Markets may fluctuate, currencies may weaken, but the value of precious metals remains the same.

In Rainbows: Italian villa dazzles visitors with art display

Ivan Radford — Wed, 14 Nov 2012 12:05:00 GMT

Photo credit: Laughing Squid (via Architizer)

With the euro weakening against other currencies, Italian property is already appealing to many overseas investors. But one villa by Lake Como is looking even more beautiful than normal thanks to artist Gabriel Dawe.

His installation, Plexus no. 19, was unveiled this week as part of the MINIARTEXTIL festival. The piece involves a series of coloured strings attached to the balconies and walls of the 19^th Century property, overlaying the Rococo frescoes and elegant stairwells with a dazzling multi-coloured display.

The rainbow strings change throughout the day as sunlight passes over the property, enchanting visitors already won over by the area's lifestyle and glamorous scenery.

The installation is open to the public until the 18^th of November.

Italian real estate has never looked more attractive.

Enchanted by what you see?

Browse our listings of Italian property:

http://italy.themovechannel.com/property/all

Italian Church tax breaks to end next year

Ivan Radford — Tue, 13 Nov 2012 14:55:00 GMT

Photo credit: Urish

The Italian Catholic Church will pay property tax next year, the government has decreed.

The Church has long enjoyed exemption from tax on the properties it owns, as long they are at least partly used for non-commercial, religious purposes. But as the country's financial belt continues to tighten, many have questioned whether the tax breaks should continue.

Indeed, La Repubblica suggests that the revenue from the Church's real estate, which includes hotels and restaurants, could total as much as €25.5 million a year - and that is just in Rome alone. The EU actually launched an investigation two years into whether the tax breaks were technically an illegal act of state aid.

As a result, the government revealed plans to amend the laws earlier this year. Last month, the Council of State rejected the proposals, but the government has insisted that the decree will go ahead.

"The regulatory framework will be definite by January 1, 2013 - the start of the fiscal year - and will fully respect the European Community law," Prime Minister Mario Monti's government told the Associated Foreign Press.

From February next year, the Church's tax breaks will be scrapped, finally including the Vatican in Italy's nationwide scramble to recoup its crippling financial debts.

But the Church is not the only one facing tax measures: late last year, the government introduced a new IMU tax requiring both Italians and non-resident second home owners to pay tax on all properties.

The levy has not deterred investors, though, according to Knight Frank, partly because the sums are relatively small - 0.4 per cent of the cadastral value on a primary residence and up to 1.06 per cent on a second home - and partly because the weakening euro has made Italian real estate more affordable for international buyers.

Indeed, Kate Everett-Allen's new research shows that prices have dropped by almost 30 per cent from the 2008 market (lower than the 10.5 per cent recorded by official figures), prompting investors to swoop on real estate bargains. And top of the list? The high end of the market.

"The €3 million plus market is in good shape", according to Knight Frank, highlighting the resilient sales volumes of luxury homes across the country. Liguria, Lake Como and Venice are all popular among wealthy investors, followed by Tuscany, Umbria, Rome and Sardinia.

"In some markets such as Tuscany, Umbria and Florence the €450,000 to €1 million price bracket is sluggish as buyers in this market segment tend to be more heavily reliant on finance," says Everett-Allen. "Nonetheless, there remains strong demand for development products below €1 million."

Buyers from the UK, US, Belgium, Denmark, the Netherlands and Russia are the most active, she adds.

"For many international buyers, Italy's established prime locations offer a more secure second home option without the risk that many emerging European markets present. A weaker euro in the first half of 2012 made very little difference to the volumes of sales but interest from non-Eurozone buyers improved once the euro reached 1.20 against the pound."

With demand from property buyers still strong and the Church set to contribute to the country's financial recovery, it appears that Italy's taxes are nothing to be scared of. After all, as overseas investors have shown, sometimes all you need is a little faith.

Still have faith in Italy's property market?

Browse our listings of beautiful houses, luxury villas and other Italian property:

http://italy.themovechannl.com/property/all

Moving house can be good for your health, says research

admin — Fri, 09 Nov 2012 13:43:00 GMT

It's famous for being one of the most stressful things you can do in life, but moving house can actually be good for your health, according to new research.

The Gallup-Healthways Well-Being Index asked 1,000 American residents about their sick days, health problems and other symptoms an found that being unhappy with where you live can be bad for your health. For those satisfied with their home's location, the average physical rating was 78, significantly higher than the 69.1 recorded for those unhappy with where they live.

"Those who are satisfied... are less likely to report having experienced physical pain, having health problems, being obese, having headaches, or having ever been diagnosed with asthma or high cholesterol," explains Gallup. "They are also more likely to report feeling well-rested and having enough energy."

"Additionally, adults who say their city is getting better as a place to live are less likely to report having ever been diagnosed with high blood pressure, diabetes, or high cholesterol than those who say their city is getting worse as a place to live. However, residents who are satisfied with their city are no less likely to report these three health issues than those who are dissatisfied."

Income, education and ethnicity are already associated with a person's wellbeing, but Gallup argues that this new research suggests that homeowners' perceptions of their communities is equally important when considering their health.

The question is: when are you planning to move?

Unhappy with where you live?

Find a new life abroad. Browse our listings sunny houses, beachfront apartments and other overseas property:

http://www.themovechannel.com/property/all

Six stunning waterfront property destinations in Italy

Ivan Radford — Fri, 09 Nov 2012 13:15:00 GMT

Looking to make a splash with your holiday home in Italy? A villa by a lake or an apartment near a beach is the answer for many overseas house hunters - just the thing for strong rental returns or a quiet annual getaway.

But what are the best waterfront property hotspots in the country? Other than Lake Como, which coastal town is the best place to park your swimming trunks?

Here are six stunning property destinations in Italy:

Lucca

Located in Tuscany, Lucca is a stunning Renaissance town with walls that date back centuries. The city's history and culture attract tourists, but this is a far quieter place than Florence or Pisa; a well-kept secret in one of Italy's best property regions. Don't believe us? Puccini thought so: he lived there for the first 22 years of his life.

For more information on property in the province of Lucca, click here

Naples

Naples is the capital of Campania and the largest municipality in Italy after Rome and Milan. It is no surprise, then, that the population is equally large, with residents dating back to the Bronze Age. It is famous worldwide for its pizza and pasta, a reputation that attracts thousands of tourists and keeps homeowners happy all year round.

Head this way for property in the province of Naples

Venice

What is there to say about Venice that has not been said already? The most beautiful place in Italy, if not the world, the famous city conjures up images of romance, history, power and class - all things that have fuelled the Venice property market for years, with rental income from tourist accommodation as popular as the luxury palazzos and townhouses snapped up by the world's wealthy.

Browse TheMoveChannel.com's listings of property in Venice here

Genoa

Located on the Mediterranean coast, Genoa is one of the biggest ports, and cities, in Italy. Rich in culture and architecture, the birthplace of Christopher Columbus brings in thousands of visitors every year, while its warm climate and importance in the cruise liner route ensure strong demand for second homes in the ever-popular Liguria region.

Click here for more information on property in Lucca.

Salerno

The beautiful Gulf of Salerno is home to Salerno, an attractive and important city in the East of Italy. Its rich and varied history combines medieval and Roman culture, a polka dot past that is reflected in the property market's make-up, which ranges from historical villas to modern apartment blocks.

Browse TheMoveChannel.com's listings of property in the Salerno province

Florence

Florence is the capital of Tuscany and widely regarded as the art capital of the world, making it one of the most famous Italian cities in one of the country's most famous regions. Millions of tourists flock to Florence every year to fall in love with the picturesque scenery and the stunning waters of the Arno river. Hundreds come back again and invest in a holiday home.

Click here for more information on property in the Florence province

Puglia property popularity on the up

Ivan Radford — Thu, 01 Nov 2012 11:49:00 GMT

Puglia, one of Italy's hidden gems is located on the heel of Italy's boot, and is bordered by 2 seas the Adriatic and Ionian. The area can be easily reached by plane to either Bari or Brindisi with both low cost and traditional airlines flying there and the ports of Bari, Brindisi and Taranto also provide excellent access from the sea.

Linda Travella, who has been selling property in Italy for 25 years, said 'Puglia has grown in popularity as a region over the last 6 years and some well known TV personalities has recently bought there, including Amanda Lamb of A Place in the Sun fame.

The Southern part of Puglia closer to Brindisi is the more popular, and with its closeness to the airport, pretty towns and stunning beaches it is an ideal place to own a home.

Puglia is famous for its "Trulli" with the biggest concentration being around Alberobello and Martinafranca.

Trulli are conical, circular houses built without mortar and are thought to have been a tax dodge in the past.

When the tax inspector came round the houses were dismantled and when he went away rebuilt! Unfortunately this idea would not work now!!

Ostuni is a very pretty town set on 3 hills and about 40kms from Brindisi , you may be surprised at the architecture in Ostuni and in general in Puglia which resembles more the Arab than the traditional Italian that you may expect. The area has been invaded by various different nations over the years, the Greeks and Normans to name but a few. All have left their mark and the mix in style makes for an interesting and attractive landscape. The weather of course is another reason to buy a property in Puglia. The climate is extremely temperate, and with the temperature not dropping below 20C until about the beginning of December you are able to utilise your home for the whole year.

Prices of properties for sale in Puglia are very good indeed, with a Trullo to restore starting as low as €40.000. For €180.000 you can buy a 3 bedroom Trullo, just 15 minutes from the sea and 30 minutes from Brindisi airport ( see photo above) The property is centrally heated, ready to move in to and has 4 acres of land complete with fruit trees, an olive grove and space to build a pool if you desire.

If you are looking for something grand then a splendid 18th century Italian villa with 5 bedrooms and 8 bathrooms can be found just 20 minutes from Lecce and the Acaya Golf and Country Club. The villa, which is walled and gated, has a swimming pool, full security system, and is set in 2 acres. This stunning property is on sale for €1.500.000.

Linda's view is that Puglia offers great value for money both for personal use and as investment potential offering a choice of Italian properties at affordable prices. The properties in this part of Italy are all within easy reach of either or both the Adriatic and Ionian seas, something which is hard to find in others parts of Italy.

Currency Watch: Hurricane Sandy disrupts dollar’s week

Ivan Radford — Wed, 31 Oct 2012 15:13:00 GMT

As Hurricane Sandy wreaks tragic devastation across the USA, financials have been shut down, leaving the currency exchange rates to stay the same.

Indeed, nothing much has changed this week, with GBP/USD rates remaining close to 1.6050 due to no new financial information being released.

"In a way GBP/USD took its lead from EUR/USD which climbed higher throughout the day," reports UKForex, "supported in part by a decent Italian bond auction yesterday which also helped broader risk appetite."

The euro exchange rate against the dollar is actually up slightly compared to earlier this week, with Italian bond auctions resulting in successful sales pushing the single currency up higher. However, upcoming unemployment data from Germany is expected to impact upon the currency market in the coming days.

Until then, the euro has continued to recover losses against the Great British Pound sterling.

Would British property buyers be best to secure a fixed currency exchange rate now before the euro can strengthen further?

For advice and more information, visit TheMoveChannel.com's dedicated currency channel, in association with UKForex:

http://currency.themovechannel.com

Alternative Investments Explained: Carbon Credits

admin — Wed, 31 Oct 2012 13:29:00 GMT

Alternative Investments Explained: from bamboo to precious metals, we break down the alternative products vying for your cash and assess which assets are worth taking the plunge for.

This week, carbon credits get the cross-examination treatment:

Carbon credits were first introduced as an environmental measure, designed to help companies, individuals and countries to mitigate their increasing emissions of greenhouse gases.

They are defined as: "A certificate showing that a government or company has paid to have a certain amount of carbon dioxide removed from the environment."

As greenhouse gases grow in the atmosphere, global warming is exacerbated, placing the Earth at greater natural risk. But by buying carbon credits, this rise can be offset.

One carbon credit tends to be equal to one tonne of carbon dioxide, with credits then going towards funding carbon reduction schemes around the world, helping to encourage alternative systems that emit fewer gases.

Over time, this has turned from an international scheme into a commodity market. Carbon offsetters can now buy carbon credits from traders and companies that have aggregated credits together. As a a result, investors can now buy and sell credits with firms and individuals, generating returns through the trading process.

As greenhouse gases become more vital for the Earth's future and more companies decide to offset their emissions, the carbon trading market continues to grow exponentially, potentially without limit.

The long-term potential for returns as well as the moral payoff that goes with an ethical investment opportunity make many investors choose to invest in carbon credits, giving them a chance to secure the future of their funds as well as the planet.

Five favourite Italian property hotspots

admin — Fri, 26 Oct 2012 13:22:00 GMT

Italy. Country of wine, women and real estate. But it's also a country of contrasts - property markets in the South are far different to those in the North. Houses by the beach cannot compare to those inland among the country's beautiful hills.

And so TheMoveChannel.com continues to introduce you to the most popular property destinations around the country so you can find the one that's right for you.

Here are TheMoveChannel.com's five favourite Italian property hotspots:

Lombardy

Home to Milan and Lago di Garda, Lombardy is the most popular tourist destinations in Italy after Rome. Located in the North of the country, it may not have a coastline, but it does have the stunning shores of Lake Como. With glamorous residents such George Clooney drawn to Lombardy's natural beauty, the area's reputation as one of Italy's richest continues to attract property buyers. No wonder, then, that it is the most populous region in the country.

Browse TheMoveChannel.com's listings of property in Lombardy

Umbria

Umbria is one of the smallest regions in Italy, but what it lacks in size it makes up for in beauty. Home to vineyards, olive oil and other agricultural goods, the area is ideal for wine lovers, farmland investors and those seeking a holiday home that offers a quiet getaway from bustling tourist resorts.

Browse TheMoveChannel.com's listings of property in Umbria

Lazio

Located in the West of Italy, the region of Lazio is home to none other than the city of Rome itself. A centre of tourism, industry and finance, the capital gives property in Lazio an international fame that draws in investors from around the world. Indeed, it is one of the most populated regions in all of Italy.

Browse TheMoveChannel.com's listings of property in Lazio

Campania

Campania is famous for its picturesque countryside and strong history and culture - reason enough to own a property in the region. Whether buyers are looking for a home in Naples or an island getaway on Capri, Campania has real estate to suit every taste. Tourists flock to Mount Vesuvius every year to see one of the world's most iconic volcanoes, but even in the towns closest to its eruptions, demand from investors is equally explosive.

Browse TheMoveChannel.com's listings of property in Campania

Pescara

property in Abruzzo has been rising in popularity among international investors in recent years and Pescara is one of the main reasons why. The region's most populated city, Pescara has both a port and international airport that encourage overseas visitors - and with over 20 kilometres of gorgeous Adriatic coastline on offer, there are a lot of them.

Browse TheMoveChannel.com's listings of property in Pescara

Financial stability is priority for expats

Ivan Radford — Tue, 23 Oct 2012 12:08:00 GMT

Financial stability when expats consider buying property abroad, according to new research.

A study by TD Global Investor Confidence found that 61 per cent of expats surveyed said having money gave them the most confidence about moving overseas, ranking financial stability about both health (57 per cent) and having friends (48 per cent).

35 per cent of expats also said that their job was an important factor, adds Expat Forum.

"Moving abroad, whether it is for a short period of time or to start a new life, can be an adventure although it is not something to be taken lightly," commented Annemarie Jung, chief executive officer of TD Company's Internaxx Bank.

"So it is understandable that expats would want to ensure they are financially secure and healthy if they are to make such a life changing decision. But even though their current financial status is clearly important they also have an eye on the future. While some expats say they don't worry about having enough money, the majority are keen to see that their financial future is secure, placing most importance on ensuring they have saved enough for their retirement."

Italy banks 'at risk' from real estate decline

Ivan Radford — Fri, 19 Oct 2012 11:12:00 GMT

Italian banks have not suffered from a property collapse like the one crippling their Spanish peers but they are still at risk of large writedowns from the declining real estate market.

House prices in Italy have fallen 16 percent since 2008 in real terms and 44 percent of bank loans are tied to the sector.

This means banks are on track for property-related losses for between 9 and 65 billion euros ($11.7 and $84.9 billion), on top of 23 billion euros of bad loan impairments built up during the recession, consultancy AlixPartners estimates.

"This could be a ticking bomb for Italian banks," Claudio Scardovi, managing director at AlixPartners, told Reuters.

"We may have not had the excesses of the housing bubble seen in Spain and Britain, but we still risk crashing sooner or later if nothing is done about it."

Italy's housing market drop has not been as dramatic as in Spain or Ireland. Madrid has forced lenders to book 137 billion euros of losses on Bad real estate loans and foreclosures.

Recession hits house prices in tourist Italy

Ivan Radford — Wed, 10 Oct 2012 01:30:00 GMT

House prices in recession-hit Italy's tourist resorts such as Capri fell more than in the biggest cities this year as investors grew concerned about the economic outlook and higher property taxes, a research institute said.

Prices of residential real estate in Italy fell an average 4.4 percent in the 12 months through September (in resorts), the Bologna-based institute Nomisma said in an e- mailed report today. That compares with a 3.4 percent decline in Italy's 13 biggest cities, the report said.

"The severe fall in Italian and foreign demand prompted the sellers to review their asking prices," the report said. As Prime Minister Mario Monti introduced a new property tax last year, expectations of more levies on real estate "pushed some owners to shorten the timing of their de-investments and this led to a downward trend that doesn't seem" likely to end in the short term, Nomisma said.

Home sales in the second quarter posted the biggest drop since data collection began in 2004, the Finance Ministry's Agenzia del Territorio said on Sept. 27. A property levy, marking the return of taxation on first homes after four years, "won't be an incentive for the market" in coming months, the agency said in a separate report on June 19.

Prices may keep falling in coming months amid a "widespread perception that the investment in real estates is the primary target of any budget adjustments," Nomisma said.

Browse The Move Channel's properties in Italy

Seven most popular property destinations in Italy

Ivan Radford — Fri, 05 Oct 2012 11:15:00 GMT

With its wide range of coastal hotspots in the South and skiing opportunities in the North, Italy is one of the world's most enticing property markets. But whether you're after cuisine, culture and a sophisticated lifestyle or a sunny beachfront resort determines where you should be looking for Italian property.

And so, TheMoveChannel.com continues its aim to introduce you to the most popular property destinations in Italy:

Piedmont

Literally meaning "at the foot of the mountains", Piedmont is bordered by the Alps on three sides, which means that as well as boasting the elegant tradition of Turin, it also has a very strong ski resort industry, making it ideal for both lifestyle and investment buyers. With variety like that, who needs beaches?

Browse TheMoveChannel.com's listings of property in Piedmont

Umbria

Umbria may be one of the smallest regions in Italy, but it's big enough to house rolling hills and several excellent vineyards - the perfect place in the country for a quiet second home retreat, or an exciting opportunity to invest in the local wine scene.

Browse TheMoveChannel.com's listings of property in Umbria

Sardinia

Sicily and Cyprus may be bigger, but Sardinia is still a heavyweight in the tourism industry thanks to its gorgeous beaches, which have prompted resorts to pop up all along the coast. Further inland, the island is less developed, allowing property buyers to choose between busy beachfront investments and a tranquil vacation hideaway.

Browse TheMoveChannel.com's listings of property in Sardinia

Calabria

Located at the extreme South of Italy, Calabria is the coastal destination of choice for Italian property buyers. The rugged cliffs and sandy beaches are an attractive mix that sees tourists and investors alike flocking to places such as Tropea, Catanzaro and Reggio.

Browse TheMoveChannel.com's listings of property in Calabria

Puglia

Located on the heel of Italy's boot, Puglia promises a nicer climate than the North of Italy and an expansive coastline. But the area has only begun to draw in tourists in the last decade since low-cost flights started serving the region, making it a good time for real estate investment.

Browse TheMoveChannel.com's listings of property in Puglia

Liguria

Liguria's reputation revolves around its cuisine and culture but overseas investors have one thing in mind: the coast. Home to the Italian Riviera, Liguria's most popular hotspots include the gorgeous resorts of Sanremo, Portofino and Genoa.

Browse TheMoveChannel.com's listings of property in Liguria

Abruzzo

Abrruzo is a region in central Italy with a landscape and climate that varies from the rocky mountains inland to the Mediterannean coasts in the West. Its range of castles and medieval towns have helped to boost its popularity with tourists, further strengthening the property market for buy-to-let and holiday home buyers.

Browse TheMoveChannel.com's listings of property in Abruzzo

Italy property prices stay steady

Ivan Radford — Mon, 01 Oct 2012 12:47:00 GMT

Prices of Italian property stayed steady in the second quarter of the year, according to new figures.

The Italian Land Agency's new report shows that property transactions fell, but that real estate values stayed firm. Indeed, prices rose in Rome by 0.4 per cent and by 0.3 per cent in Turin, increasing that offset the declines seen elsewhere in the country: in Palermo, for example, property values dipped by 2.1 per cent.

But for agents, this dip means better bargains for overseas buyers. Speaking to The Telegraph (via Property Showrooms), Paul Belcher from Lake Como-based Ultimissimo said that now is the "best time to purchase than at any point over the past few years."

"Property values in the key locations in Italy have been stable for years as there was no speculative bubble to burst. However, as the euro has weakened by around 20pc against other major currencies, buyers now have a 20pc advantage," he added.

"A combination of increased property taxes and financial pressures are creating buyer opportunities. Distressed purchases are not widely available, nor to be expected. But attractive prices can be found for the careful buyer."

Most popular property destinations in Italy

admin — Fri, 21 Sep 2012 17:50:00 GMT

Italy's pleasant climate, iconic culture and famous cuisine have cemented its status as one of the top places in the world to own property., while the country's variety of tourist hotspots, from the quiet of Tuscany to the class of Lake Como, appeal to high-end and low-end buyers alike.

Sicily

The largest island in the Mediterranean Sea, Sicily is not a place to be taken lightly. It is known around the globe for its association with the Italian Mafia but also has a rich culture and world-class cuisine. Tourism is a key driver for the economy, rivalling the traditional agricultural output of olives and grapes, but Sicily is also one of the least developed regions in the country, offering both a busy hub of activity and a strong holiday lettings market but also a tranquil place to get away from it all.

View property in Sicily

Rome

The Coliseum. The Vatican. The Spanish Steps. Rome is one of the most iconic cities in the world, a place that attracts millions of tourists every year to witness the combination of ancient history and modern lifestyle. But that appeal draws in house hunters too: in fact, Rome is the fourth most-populous city in the European Union with almost 4 million residents in the urban area alone.

View property in Rome

Marche

Marche is one of Italy's East regions in the centre of the country. Bordered by Emilia-Romagna, Tuscany and Umbria, you might think that Marche pales in comparison to its neighbours, but the jaw-dropping coastline and rolling hillsides make it a popular choice for those seeking a quiet retreat away from the busy hub-bub of Italy's more famous tourist destinations.

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Como

When you say Como to people, most of them hear two words: George Clooney. The city in Lombardy is most famous for Lake Como, the picturesque hotspot that is home to the luxury holiday villas of stars and celebrities alike. But what's really impressive about Como is that thanks to its gorgeous landscape, stunning country and highly regarded culture, the area is just as legendary as Clooney himself.

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Tuscany

Italy's main international airports are in Rome and Milan, but owners of property in Tuscany are far from out of reach. The Tuscan cities of Pisa and Florence each have airports located a few miles from their centres, which can then be used to access the smaller towns, such as Siena.

Florence and Pisa are the main points of connection. Italy's art capital has two rail stations, which can be reached in just over one hour from Siena, while commuter services connect the region to Rome, Milan, Bologna and other major destinations. EuroStar Italia connections and other night trains also link up to European cities, such as Zurich and Munich.

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To Home with Love: One-third of Italian adults live with parents

Ivan Radford — Fri, 21 Sep 2012 13:05:00 GMT

Photo credit: Rene Schlegel

One-third of Italian adults still live with their parents, according to new research.

The survey, published by Coldiretti and Censis on Wednesday, shows that the UK is not the only country feeling the financial squeeze, with a growing number of bamboccioni (big babies) living with their parents, even up to the age of 29.

The highest proportion of stay-at-home adults was in the 16 to 29 year old age bracket, reports the guardian, where unemployment is an increasingly common problem. As a result 60.7 per cent of them live at home, compared to 25.3 per cent of 30 to 44 year olds and just 11.8 per cent of 45 to 64 year olds.

As the financially-challenged adults grow older, the reason for staying at home changes, with older parents requiring care and attention, but even for those who flee the nest, family ties are hard to break: out of all those living in their own accommodation, 54 per cent said that they were still living within a 30-minute walk of their close relatives.

"The solidarity between generations on which the Italian family is founded is a winning model for living and staying well together," commented Coldiretti President Sergio Marini.

He's back: Berlusconi promises to abolish Italy’s property tax

Ivan Radford — Thu, 20 Sep 2012 12:30:00 GMT

Photo credit: Hytok

Silvio Berlusconi has promised to abolish Italy's new property tax, if he returns to power.

The former Prime Minister, who resigned in November last year, told Il Giornale that should he be re-elected, he would cancel the levy.

The fee, worth 20 billion euros a year, was introduced by current Prime Minister Mario Monti last year as a key step in reducing the country's economic deficit, but Berlusconi pledged to scrap it - just as the People of Freedom Party did with a similar Italian property tax in 2008.

"The home is a pillar on which every family has the right to base its security for the future," Reuters quoted the former PM as saying.

Property in Italy better value than France

Ivan Radford — Wed, 19 Sep 2012 12:57:00 GMT

Photo credit: Jukka Vuokko

Italian property is better value than French, according to experts.

With the price of property falling, the Italian housing market offers good value for buyers, especially in rural areas. Even with up the 19 per cent applicable in purchase costs, value can be found easily by overseas investors - especially compared to other European countries.

"Whilst cheap farmhouses are rare in France, you can still find them in Italy," writes The Nottingham Post.

Indeed, Knight Frank's latest house price index revealed that Italian property prices fell by 3.5 per cent in the second quarter of 2012, compared to the same period last year. That places the country above other recession-hit markets, including Greece, Cyprus and Spain, but still more affordable than France.

"The French are renowned for the good life and this, along with the varied landscape makes it attractive," adds the publication.

Currency Watch: GBP/USD rates rise overnight

Ivan Radford — Tue, 18 Sep 2012 11:51:00 GMT

Photo credit: Images Money

The exchange rate between the pound and dollar has risen overnight, according to Forex.

The currency broker reports that GBP/USD eventually traded to a high of 1.6273 yesterday before dropping off slightly this morning. The UK CPI data is released today, which may affect exchange rates. "Expectations are for inflation to ease to 2.5% although there are some reports circulating this morning that there may be upside risks to this number following the Olympics and the rise in transportation costs," comments Forex. "If the CPI number surprises this morning it could bring in to play a break of the April high of 1.6304."

The exchange rate between the Euro and US Dollar, meanwhile, has consolidated around the 1.3100 figure after pushing through the 1.3160 level yesterday. Spanish yields have ticked slightly higher in the last day or so which is weighing on the single currency this morning as well, adds the broker. German ZEW will be the next focus for traders in EUR/USD and it's particularly important for risk sentiment in the market given the dreadful state of the US Empire State Manufacturing Index released yesterday.

"AUD/USD has been sold off overnight after the release of the RBA Monetary Policy Meeting Minutes. The central bank indicated that they stood ready to cut interest rates amid the deterioration in the global economic outlook, falling commodity prices and an overvalued Aussie dollar," concludes Forex.

The AUD/USD has fallen from 1.0530 to a low of 1.0427 this morning. As a result, GBP/AUD is up and currently trades at 1.5570.

For more on currency exchange services available through selected partners, visit TheMoveChannel.com's dedicated currency channel:

http://currency.themovechannel.com

Spanish property officially the third cheapest in Europe

Ivan Radford — Thu, 13 Sep 2012 12:11:00 GMT

Spain has the 51^st lowest house prices in Europe, according to Knight Frank.

The firm's global house price index, which tracks changing property values across the world, saw Brazil perform the strongest, with prices surging by 18.4 per cent in the last 12 months. Austria, Turkey and Russia also made the top five, with price rises of 11 per cent, 10.5 per cent and 9.9 per cent respectively.

But recession-hit Spain fared far worse. The price of homes in Spain fell by 8.3 per cent compared to 2011, a bigger drop than Italy, Portugal and Cyprus. The only three countries to see house prices ranked lower? Greece, Hungary and Ireland.

Irish property posted the biggest plummet in prices, with values crashing by 14.4 per cent since last year. But, as Spanish Property Insight reminds investors, Spanish data is suspected of overvaluing its property, meaning that property in Spain could actually be even more affordable.

The rankings follow figures from Global Property Guide, which also confirm that Europe's property markets are "sinking deeper".

The site's latest survey of global property prices in the second quarter of 2012 paints a worsening picture for many markets, as values continue to drop. Ireland, Spain, Greece, Portugal and the Netherlands all saw "alarming price falls" compared to the second quarter of 2011, reports Global Property Guide, with each market's values down by over 10 per cent after inflation. Poland and Cyprus may soon slip into the abyss too, warns the survey.

In the worst-affected European countries, house price declines were significantly greater this year, than during the same period last year. House prices fell in 15 of the 22 European countries for which house price data is available.

20 housing markets performed more poorly year-on-year in Q2 2012 than in the same period last year, while 19 countries performed better, again in inflation-adjusted terms.

Of the 39 countries for which quarterly house price figures are available, house prices fell in 25 countries, rose in only 13, while one country (the US) posted mixed signals during the year ending in the second quarter of 2012

Ireland was again the world's weakest housing market. Its residential property index plunged 16.85% year-on-year in Q2 2012, and fell by 2.91% in the latest quarter. Transaction volumes were low, and mortgage lending weak.

The next eight weakest housing markets in the world were all in Europe, including Spain (-13.18%)

With the release of both reports, the fall in the Spanish property market is in no doubt. The question is: will the bargain prices be enough to bring more overseas buyers back to its sun-soaked coastal property?

Authorities seize mafia's houses in Italy

Ivan Radford — Wed, 05 Sep 2012 12:26:00 GMT

Italian authorities have seized houses in Italy from suspected mafia clans as part of the country's fight against organised crime.

€4 billion worth of real estate were confiscated by the government last year, including restaurants, hotels and buildings.

The interior ministry said that over 2,000 suspected members of the mafia were held for questioned in 2011, reports The Guardian Nigeria . But that number is dwarfed by the level of real estate held by the authorities, with 12,139 properties seized in total and "an unspecified number of luxury cars and yachts".

The high profile acquisition of estate follows news that Italy's government is looking to empty its books of unused historic buildings. Castles, palazzos and even a fortress have joined the string of heritage properties being sold off by the country to investors, as the fight against Italy's growing deficit overtakes even its long-standing struggle against the mafia.

For sale: Italy's heritage

Ivan Radford — Tue, 21 Aug 2012 13:43:00 GMT

Photo credit: Stefano Rome Tours

A castle. A palace. A fortress. An army barracks. These are just a few of the properties that are now up for sale across Italy.

Ever wanted to live in an 18^th Century Venetian palace? Now you can: the iconic Diedo Palace, which once served as a criminal court, is just one of 18 properties the city is trying to sell.

For those more interested in fashion, Milan's Palazzo Bolis Gualdo is also up for the chop. The city has even more history for sale than Venice, with 100 unique buildings on the market.

But these buildings come with a hefty price tag. The Diedo Palace will set buyers back €19 million, while Milan's Palazzo is even more expensive with an asking price of €31 million.

Why is Italy selling off its heritage? It's the latest step from the government, which is trying to find ways to reduce the country's financial deficit. A total of 350 historical properties have been put onto the market by Agenzia del Demanio in an attempt to raise funds for the cash-strapped economy. The impressive roster includes everything from an army barracks in Bologna, which used to be occupied by the Italian Defence Ministry, to the Orsini Castle in Lazio, which was built by the pope in the 13^th Century.

The move is hoped to generate €1.5 billion as the Eurozone crisis continues to hang over Italy's head. It is not the first time Italy has sold off surplus real estate - hundreds of state-owned properties were sold in 2007, reports the Wall Street Journal. But those deals involved investors leasing the buildings back to local authorities. Now, the inventory sits empty, although the government will retain part ownership in some cases to maintain the properties.

The drastic decision arrives as Italy's property market continues a downward spiral. The total volume of property sales plummeted by 92 per cent in the second quarter of 2012 compared with last year, according to Real Capital Analytics.

But Prime Minister Mario Monti remains positive. The economist-turned-politician, elected last year to introduce a wave of austerity measures, said that Italy's economy has made progress since 2011.

"Are we really in crisis? A year ago, we thought we were less so, but perhaps we were more so," Monti said at a conference in Rimini. "I see the moment approaching in which we'll emerge."

Indeed, Italy still remains popular among overseas investors. The country was the fifth most popular destination for buyers on TheMoveChannel.com in July, holding its position from the previous month.

The question is: can any of them afford to buy a palace?

Don't have €19m lying about?

Browse our listings of affordable houses, apartments and other Italian property:

http://italy.themovechannel.com/property/all

Puglia property popularity on the up

Ivan Radford — Thu, 16 Aug 2012 12:25:00 GMT

Photo credit: Montanari.michael

The popularity of property in Puglia is on the up, according to one firm.

The area, which boasts the fastest-growing economy in South Italy, is seeing increasing interest from British expats, Apulia property Design said this week.

Speaking to A Place in the Sun ahead of the portal's live exhibition in Birmingham next month, the firm said that the lifestyle and financial appeal were driving demand.

"The growing attraction to Puglia is driven by the quality of life, the sandy beaches, the excellent local foods and wines and the amazing architectural heritage this area has to offer," founder Annalisa Bruno commented.

"Land and property values remain far lower than in many other Italian regions. However, they are rising steadily and more quickly than anywhere else in Italy," she added.

Italian property investors head inland

Ivan Radford — Wed, 15 Aug 2012 12:39:00 GMT

Photo credit: Jukka Vuokko

Property investors in Italy are heading inland, according to Gate-Away.com.

The Italian real estate portal found that Brits are now more likely to swap the renowned Riviera for something away from the coast. Indeed, houses 10-15 minutes away from the beach accounted for 83 per cent of enquiries on the site, with half of those for country homes featuring swimming pools.

The shift in attention comes as other less traditional Italian areas become more popular, adds A Place in the Sun, as buyers turn to Liguria and Le Marche rather than Tuscany. Other locations such as Salento are also attracting attention thanks to lower prices.

Where are you looking to buy?

Browse our listings of Italian property:

http://italy.themovechannel.com/property/all

Demand for South Europe’s commercial property slides

Ivan Radford — Tue, 14 Aug 2012 12:42:00 GMT

The demand for commercial property in South Europe is sliding, according to new figures.

Just three transactions for commercial property were registered in Spain during the second quarter of 2012, according to Real Capital Analytics. Speaking to the Financial Times, RCA's research found that demand dropped by 90 per cent compared to the first three months of the year, lowering the total value from €260m to only €67m.

The rest of South Europe also saw interest decline, with only two commercial property deals completed in Italy in the same quarter.

RCA attributed the lowering demand to "heightened risk aversion".

(via Property Showrooms)

Tom Cruise's house hunt - rumour control

Ivan Radford — Fri, 10 Aug 2012 12:44:00 GMT

Photo credit: Steve Lyon

If you follow your celebrity or housing news, you will be well aware of the fact that Tom Cruise is looking for a new house after his divorce with Katie Holmes. What you may not know is where he is looking, thanks to a steady stream of reports from conflicting "informed sources".

This is rumour control.

Rumour 1: Tom Cruise wants to buy Mel Gibson's home

According to "an informed source in Connecticut", the New York Daily News reports that Cruise is eyeing up Mel Gibson's estate. The actor's home, located in Greenwich, was bought with his ex-wife Robyn in 1994 and sold in 2010 for $24 million. That price soared to $32 million when the house came back onto the market in May this year.

With 75 acres for his daughter Suri to play in, is Old Mill Farm's secluded location enough to woo the Top Gun star?

"Our source says Cruise was no head over heels in love," concludes the Daily News, while everyone involved has refused to comment.

True or false?

No comment.

Rumour 2: Tom Cruise courts Clooney's Lake Como villa

If you read The Times of India you will have seen reports that Tom Cruise is currently courting Clooney over his Italian villa.

The property, famously located next to Lake Como, has belonged to Gorgeous George for years, but the erstwhile ER star has been looking to offload it for some time, reportedly because his partner is not a fan of the lakes near Milan.

"The two actors are thought to be in talks to strike a deal," adds the Times, adding that Cruise is also looking Clooney's other Italian home, a medieval castle 100 miles North of Rome.

True or false?

With no sources and two houses up for grabs, it's Mission: Impossible to tell fact from fiction.

Global property market edges towards recovery

Ivan Radford — Thu, 09 Aug 2012 13:04:00 GMT

Photo credit: Images_of_Money

The global property market is edging towards recovery, according to Jones Lang LaSalle.

JLL's latest report showed that after a dip in activity in the first quarter of 2012, investment volumes climbed back up to $108 billion in the second quarter - placing capital markets back on track to achieve a volume of approximately $400 billion by the end of the year.

Global economic outlook weakened as euro strains re-emerged, while low growth in developed economies remains a drag on a strong real estate recovery. Corporate occupiers adopted a wait and see approach to expansion, with sale and leaseback activity increasing as corporate looked to release capital.

Leasing activity improved from the first quarter dip, but remains lower than 2011 due to weak jobs growth. As a result, gross leasing volumes across 2012 are expected to be 10 per cent below 2011.

Global office vacancy rates are now 13.3 per cent, the lowest since 2009, while vacancy continues to edge downwards.

The weight of capital continues to compress prime yields in some markets, while as the yield gap widens, more investors are expected to look at secondary markets. Nonetheless, debt will be a constraint, especially in Europe.

In retail sectors, JLL highlights a low development pipeline in both Europe and the US, but retail sales underpin activity in Asia as industrial recovery builds in the US market. Hotels saw a shortfall in investment during the first half of the year, but a strong deals pipeline is predicted to make up for the investment levels in the coming months.

Both sentiment and levels of activity across the world's major real estate markets have seesawed during the first half of the year. Following a slow start to 2012, the second quarter saw a modest rebound in investment and leasing turnover. But, economic uncertainty continues to affect investor sentiment. Deals are taking longer to close and the market remains polarised as investors steer clear of risky assets, focusing instead on prime product in core markets like London, Paris and New York. Yet, in spite of economic uncertainties, real estate as an asset class continues to attract a substantial weight of capital and remains firmly on track for this year's global investment volumes to match the robust levels of 2011.

In the corporate occupier markets, leasing volumes are also up on the subdued levels of the first quarter, but activity is still running 10%-15% lower than in 2011. Expansion demand is relatively weak as corporate occupiers look for further cost savings and smart growth ‘in situ'. Where there is new demand it is typically focused on higher-potential ‘emerging' markets like Mexico City and Jakarta, which are showing healthy levels of corporate activity, or on speciality markets such as the tech-rich areas of San Francisco Bay and the energy and commodities-driven cities like Houston and Perth.

Italy home sales could fall to 12-year low by end of year

Ivan Radford — Wed, 08 Aug 2012 12:11:00 GMT

Photo credit: Clod79

Sales of homes in Italy could fall by up to 12 per cent by the end of the year, experts have warned.

As prices fall for the fourth year in a row, research institute Nomisma predicts that transactions could drop to just 529,306 in 2012, the lowest in 12 years. The grim forecast follows stats that show sales already dropped by 20 per cent in the first three months of the year, while prices of new homes dropped by 1.8 per cent to become 11 per cent lower than 2008.

Bloomberg notes that lending for homeowners plunged by 47 per cent in the first quarter of 2012 as banks raised rates, while the economy could contract by up to 2.4 per cent this year.

"The deteriorating economic context, coupled with more selective borrowing conditions and the widespread expectations of a wider depreciation than already recorded are the main reasons for the new halt to the real estate market," said Nomisma.

Italy "does not need new budget measures"

admin — Tue, 24 Jul 2012 11:33:00 GMT

Italy "does not need new budget measures", Premiere Mario Monti has said.

Speaking last week after a cabinet meeting, Monti admitted that the country's debt was still increasing, but insisted that it would take time to reduce the public deficit of €1.9 trillion.

'We have always thought that the structural reform measures and budget consolidation would have positive effects on growth and employment, but slowly," Monti told the Associated Press, keen to resolve Italy's financial woes without a bailout.

Global commercial property investment up by 10 per cent

Ivan Radford — Mon, 16 Jul 2012 11:18:00 GMT

Investment activity in commercial property looked positive across the globe in the second quarter of 2012, according to Jones Lang LaSalle.

Comparing data from over 60 countries, JLL's report shows that volumes rose by 10 per cent upon the first quarter, with investors continuing to move away from equities and towards other assets.

Asia Pacific, Europe, Middle East & Africa, and the Americas all recorded an increase in activity in the second quarter of the year. However, on a year on year basis the picture is more mixed with only Asia Pacific showing growth in investment volumes, up by 21 per cent compared to the same period in 2011.

In contrast to the fragile market of the first half of 2010, investor sentiment is much more optimistic and this is reflected in volumes being over 50 per cent higher in H1 2012. However, the positive attitude of the first half of 2011, when government stimulus was in full swing globally, has not been sustained in the face of continuing debt and economic growth concerns and volumes are down 9 per cent on H1 2011.

Clearly we remain in a challenging environment. However, the demand for good quality, well located direct commercial property remains high globally as evidenced by the rising transactional volumes this quarter," commented Arthur de Haast, Head of the International Capital Group at Jones Lang LaSalle. "In the light of ever diminishing yields from other asset classes the potential income returns offered by core, prime commercial property are attractive to many investors. Even in Europe, the eye of the economic storm at present, we continue to see strong demand for the best properties as witnessed in the recent purchase by the Malaysian pension fund PNB of two London properties from the KanAm portfolio above the reported book value of €590m."

One consistent feature of the investment market over recent times has been the influence of cash rich buyers in core, prime locations. With further news this quarter of banks exiting the commercial lending business, and new entrants only able to provide a fraction of the level required, private equity, institutional and high net worth purchasers continue to dominate purchasing activity at the expense of distressed vendors and developers in particular.

David Green-Morgan, Global Capital Markets Research Director at Jones Lang LaSalle commented: "While volumes have improved in the second quarter and the pace of activity is broadly in-line with that of 2011, the investment market globally continues to evolve with new equity rich entrants attracted by the immediate income return as well as the longer term capital growth. We expect the investment market to continue to be dominated by those groups with access to equity and only a minimal or no need for debt financing, as evidenced in Paris by the Qataris buying retail and office assets or new market entrants such as Norges continuing to increase their direct real estate exposure across international markets."

Concluding, Mr de Haast added: "For the last two years core, prime locations have been performing well and this has attracted the vast majority of investment capital. This weight of capital has compressed yields in prime markets globally whereas secondary markets continue to see yields move out, and the gap between the two has grown ever wider. While the economic outlook remains precarious the pricing in many secondary markets will eventually approach a level which will trigger more activity."

Painting a brighter future for Italian property

Ivan Radford — Fri, 13 Jul 2012 10:01:00 GMT

Take a stroll around Liguria's countryside and you'll see lots of empty hilltop villages. Deserted communities, whose residents fled long ago to the cities during the country's economic boom. Now, these ghost towns sit unoccupied, unwanted by homeowners and buyers alike.

Except for one.

Montalto Ligure, in the commune of Imperia, is buzzing with activity. A group of overseas investors moved in years ago and have since been doing up the crumbling homes and creating their own ideal retreat.

One of them is Marina Bretschneider (www.marina-bretschneider.com), a German artist and designer who lives in the area and was inspired by one property's potential.

"She called me back in Cologne and said she wanted me to see something," says her financial backer and close friend, Jörg Neubauer. "It was this old building, completely in ruins! And she said: ‘This is going to be my home.'"

That was six years ago. Now, the 17^th Century house stands proud as the highest property in the village. Living there with her daughter, Marina presides over a house of art that combines medieval walls, modern furnishings, Italian lifestyle and German ideas.

The unobstructed views of the Carpesina valley from the 75 square-foot balcony are breathtaking, while the South-West terrace has panoramic vistas of the beguiling, green landscape. But the natural beauty almost pales in comparison to the manmade wonders inside.

Each of the nine cavernous rooms, with ceilings reaching up to 16 feet, is a stunning piece of design, filled with work from friends and colleagues. Of course, Jörg explains, it isn't included in the asking price.

"When people visit, they often ask if they can buy some of the furniture or the artwork," he tells me. "Marina won't sell everything, but you could more or less buy it like it is."

A large fresco painting adorns the wall of the large bathroom, complete with retro bateau bathtub. Tiled and parquet floors stretch between the antique doors, while the traditional Tuscan stove begs to be fired up.

But I only have eyes for the main feature in the living room: an open fireplace, above which is a bricked-in relief of Michelangelo's Madonna of the Stairs.

"It's not the original, obviously!" laughs Jörg. "But Marina is friends with the guy who makes replicas of artworks for every notable museum in the country - this is exactly the same high-end reproduction, directly from a negative mould of the original, with every scratch and detail."

That alone would be enough to boost the house price, I suggest. Not to mention the four bedrooms. Why sell the property for only €480,000? If it were round the corner in Monaco, it'd be going for up to eight times that amount.

"Marina's daughter in Italy has left middle school and gone to high school in Florence. Now my friend lives alone in a 200 square metre house. It's like playing football with yourself! Besides, the time comes when you have to stand back and try and make your money back on an investment."

It certainly strikes you as an investment worth making. Last year, German business magazine Capital highlighted nearby Menton and Nice as "the two most valuable European locations for holiday homes". Just across the border, Montalto's house of art is a smart alternative. With beaches only 6 miles away and an international airport one hour's drive, you could make around €40,000 a year renting the house out to visitors.

He nods. "There's no other holiday home with this many bedrooms up for rent in the area."

It helps, of course, that Montalto is always active. People from across the globe live there all year round, he tells me.

"I come from Cologne," he says, "which is known for its interesting lifestyle, but I find more fascinating people in Montalto and around the local area whenever I visit! It's an Italian cultural monument in its own right!"

Indeed, looking at the lively community, it's hard to believe that the building behind him used to be an old ruin on an abandoned hill.

From the stone ages to the Renaissance in just six years? Italy's economy may look bleak, but Jörg and Marina's work in Montalto proves that sometimes all it takes is a little Italian inspiration to paint a brighter future.

And some Germany creativity, of course.

Live in your own house of art today for just €479,990:

http://www.themovechannel.com/property/details/5993216/

Painting a brighter future for Italian property

Ivan Radford — Tue, 10 Jul 2012 12:26:00 GMT

Except for one.

One of them is Marina Bretschneider (www.marina-bretschneider.com), a German artist and designer who lives in the area and was inspired by one property's potential.

"When people visit, they often ask if they can buy some of the furniture or the artwork," he tells me. "Marina won't sell everything, but you could more or less buy it like it is."

But I only have eyes for the main feature in the living room: an open fireplace, above which is a bricked-in relief of Michelangelo's Madonna of the Stairs.

He nods. "There's no other holiday home with this many bedrooms up for rent in the area."

It helps, of course, that Montalto is always active. People from across the globe live there all year round, he tells me.

Indeed, looking at the lively community, it's hard to believe that the building behind him used to be an old ruin on an abandoned hill.

And some Germany creativity, of course.

Live in your own house of art today for just €479,990:

http://www.themovechannel.com/property/details/5993216/

One-fifth of London buyers now from overseas

Ivan Radford — Wed, 04 Jul 2012 12:14:00 GMT

Overseas investors are still eyeing up London property as a safe haven in Europe's tumultuous economy, despite the capital's housing supply nearing historic lows.

Buyers from Greece, Spain and Italy had a growing presence in the market in the second quarter of 2012, according to Cluttons' latest Residential Property Forecasts, with one-fifth of all buyers in Central London from abroad. This figure rises to between 35 - 40% for properties valued over £5 million. However, the vast majority of these buyers have a connection with the UK and are making purchases from an informed position.

The pace of growth in the London market has slipped over recent months, with activity in the housing market taking a backseat to the Jubilee and the approaching Olympics. The current low volume of homes for sale is likely to persist over the summer which, combined with ongoing uncertainty, means house prices are set to grow by 2 - 3% in 2012. While subdued in historical terms, this is a positive outcome for the market in the current climate. Cluttons anticipates UK house prices will fall by close to 3% this year, followed by a marginal further fall of up to 1% in 2013.

Sue Foxley, head of research at Cluttons, said: "The Central London market remains buoyant, but even London activity is slowing relative to its performance in 2011. The outcome of the current Eurozone crisis is not yet known, which is denting confidence and encouraging London property owners to retain Central London residential assets in the face of instability in the residential markets. At the same time, strong demand from international buyers seeking a safe haven is creating even more competition for homes and sustaining prices. Whatever the outcome of the Eurozone crisis, buyers and investors are demonstrating faith that London is well positioned to see a faster return to growth than most of its European counterparts."

The Central London rental market continues to slow following the unsustainably high growth witnessed last year, but despite the current readjustment Cluttons remains positive about the medium term prospects for the sector. Demand is strong and the ongoing difficulties faced by prospective first time buyers in saving for a deposit and securing a mortgage will support rental values. Cluttons expects rental growth in the prime market will increase by an annualised average of 3% over the next five years to 2016.

Tuscan village for sale on eBay

Ivan Radford — Tue, 03 Jul 2012 14:06:00 GMT

Photo credit: ebay.it

"Whatever it is, you can get it on eBay."

That slogan came true this week when a Tuscan village was listed for sale on eBay for €2.5 million.

The remote village of Pratariccia has stood empty for 50 years. The medieval hamlet, which contains 25 traditional stone cottages across a total of eight hectares of land, was abandoned by its former residents when the Italian economic boom attracted young people away to the cities for work.

Now, as Italy's economy struggles with a large deficit, Pratariccia resembles a ghost town - and its owners, reportedly a reclusive monastic order, are keen to find a buyer.

Described as "in need of restoration", many of the houses in the community, located 25 miles east of Florence, have fallen down. Indeed, estate agent Carlo Magni admits that it will cost another million to restore and repair the place, as well as add a road; according to the Guardian, Pratariccia is currently 800 metres from any form of car transport.

It is not the first time a village has been listed on the site - the town of Albert, Texas was put up for sale for £1.68 million on eBay in 2007 - but it is certainly the most interesting.

The owners have tried to sell to several groups, but the various deals, including one plan to turn it into an artistic retreat, have fallen through. And so they have taken the drastic move of halving the price from €5 million and advertising the property directly in the classified section on eBay.

"If someone with the money to spare invested in the village and rebuilt it they would have a fantastic development and it would generate work for the local economy," Luca Santini, mayor of the nearest inhabited town Stia, told The Telegraph. "Putting the hamlet on the internet is the best way to get publicity so hopefully it will sell quickly."

The owners' headline-grabbing decision follows similarly extreme moves from the Italian government, who have been desperate to sell off properties to recoup some of the country's £1 trillion public debt. Two years ago, Italy's land registry put 9,000 properties up for sale, including palaces, castles and islands, worth a total of £3 billion.

Some are sceptical that such efforts will help to rescue the Italian economy, especially as house prices fell by 2.3 per cent in the first quarter of 2012 compared to last year. "What [the government] is proposing is not going to make much difference to Italy's debt situation," economics professor at Milan University Barba Naveretti told Reuters last week.

Still, Italy's sliding real estate values have turned the country into a buyers' market, which is good news for investors. Experts even predict that Prime Minister Mario Monti's decision to reinstate property tax to raise €21 billion from homeowners will not dent demand.

"The popularity of property as an investment among Italians is unlikely to wane any time soon," predicts Ben Vickers, European Web Editor at Bloomberg. "The alternatives, such as investing in bonds, don't look very enticing to say the least."

Perhaps Pratariccia has a good chance of selling on eBay after all. Other Italians might even follow suit, suggests the village's optimistic estate agent.

"Finding buyers through the trade press costs, whereas eBay is free and reaches a huge public," adds Magni, who says he has received lots of calls about the listing. "[eBay] is good for selling small things, but I think we will see a lot more Italian villages and even castles coming up for sale."

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Italy set for "major sell-off" of commercial property

Ivan Radford — Wed, 06 Jun 2012 12:42:00 GMT

Italy is set for a "major sell-off" of commercial property this year, which will bring a number of attractive properties on the market.

After 12 years in business, Patrimonio Uno, set up by BNP Paribas REIM, is selling off its real estate portfolio to prepare for closure in five years, reports the Wall Street Journal. It has sold 36 buildings in the last four years, but has more of its portfolio to clear, including assets in Rome, Verona, Florence and Naples.

Commercial property investment in Italy fell by 50 per cent in the first quarter of 2012, according to Jones Lang LaSalle, but Patrimonio Uno is optimistic about their portfolio's investment potential.

"We hope the combination of the long-term leases and public tenants will give us a good result in the sale," commented fund manager Marco Luoni. "We must take our time to find a buyer in the difficult Italian real estate market."

Eurozone construction jumps by 12.4pc in March

Ivan Radford — Tue, 22 May 2012 12:33:00 GMT

Construction in the eurozone jumped by 12.4 per cent in March.

The surprising leap for the sector in a time of financial turmoil followed a month of decline, when activity decreased by 3.8 per cent, according to Eurostat.

Production in the EU's construction industry jumped by 11.8 per cent from February, when it had also fallen by 5.7 per cent, adds the report. Year-on-year, both activity and production fell by 3.8 per cent and 3.9 per cent respectively.

Despite the overall jump, Spanish construction activity decreased by 1.8 per cent in March, following another drop in February of 1.7 per cent. Compared to 2011, construction fell by 10.9 per cent.

In contrast, Germany, France and the UK all saw increases in construction, with activity rising by 30.7, 17.8 and 14.8 per cent respectively. Italy also saw activity grow by 9.5 per cent. Year-on-year, the biggest improvement was found in Sweden, where construction rose by 7.9 per cent, just ahead of Germany's 6.3 per cent.

Source: Kyero

Italy property prices up as sales go down

Ivan Radford — Mon, 21 May 2012 10:48:00 GMT

Italy property prices have increased but sales are dropping, the latest figures have revealed.

The country's Territorial Agency painted a mixed picture of Italy's recovering real estate this week, reporting that property transactions in Italy fell by 2.3 per cent in 2011 compared to 2010, despite prices edging up by 0.7 per cent.

Source: Property Investor Europe

Faking it: Italy's flourishing market

Ivan Radford — Thu, 03 May 2012 15:35:00 GMT

Photo credit: Chu's your weapon

Italy may be struggling against a deficit of several million euros but in some markets, the country has never had more money.

550,000 fake euro notes are printed in Italy's Campania region every year - 69 per cent of the total number of fraudulent bills seized by European banks.

While property buyers used to head to Italy for sunshine and wine, an altogether different level of clientele are pouring into Puglia's apartments, producing counterfeit money that is then circulated by criminal groups all around the world.

"In Italy, there's a great, ancient and august tradition: here, they make fake money, done well," Colonel Alessandro Gentili, the head of the Italian Carabinieri's Currency Anti-Counterfeiting Unit in Rome, told The New York Times.

"Giugliano is still the capital. It has the best professionals."

For years, police have been raiding the Campania area, home to the Camorra organised crime network, for illegal presses, where everything from lire to francs have been faked. When the euro was introduced in 2002, it was only a few days until the first fraudulent notes were spotted by authorities.

Now, hundreds of thousands of counterfeit bills blend in with the 14 billion euros currently in circulation across the globe. Some immigrants from Africa and Latin America even use the fake euros to buy property.

But as Italy finds itself short of several million bob, the country's property market may not need fake currency soon to bring in the bucks, according to optimistic agents.

Buyers from Europe have been the only ones brave enough to enter the country's real estate market recently, but the growing strength of the sterling may see Brits return to Italy in 2012, with Tuscany and Umbria predicted to benefit.

If the currency trends continue this year, Italian agent Casa Travella even suggests that renewed demand could cause prices to eventually pick up:

"There has been an increase in the amount of buyers searching online in the last 12 months," Linda Travella told Property Wire.

"This is an excellent time to buy a property in Italy as the Pound is at its strongest for almost two years and prices are at their lowest. A vast selection of properties and a strong Pound means it is a buyers' market. The Tuscan real estate market has always been international and there is still interest from around the world," she added.

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Italy's high-speed Alps train starts to accelerate

Ivan Radford — Thu, 12 Apr 2012 12:23:00 GMT

Plans are starting to accelerate for Italy's high-speed Alps train line.

The 35-mile route, which goes underneath the mountain range to link Turin to Lyons, has been blocked for the last couple of decades by protestors opposed to the plans. Since the first demonstration in 1995, the proposed development has sparked increasingly violent protests, culminating last month in a man climbing an electricity pylon and becoming severely burned.

But now, under the rule of new Prime Minister Mario Monti, plans are moving ahead again with officials declaring the site "of national strategic interest", reports the Guardian, ranking the land's importance alongside army barracks.

Protestors have purchased part of the real estate needed for development, promising to continue to block construction. "Environmentalists have said that the mountains through which the tunnel will be dug contain deposits of uranium and asbestos," adds the newspaper, but financial concerns drive the main bulk of the protestors, worried that the cost of the train line will hamper Italy's economic recovery.

Italy home sales will "fall slightly" in 2012

Ivan Radford — Thu, 12 Apr 2012 12:22:00 GMT

Sales of houses in Italy will "fall slightly" in 2012, Nomisma has declared.

The research group, based in Bologna, analysed market data and predicted that the number of real estate transactions this year will reach a total 594,037 this year - down from 598,224 in 2011.

Nomisma also predicted price drops for both commercial and residential property, adds Property Investor Europe, with houses in the 13 major cities thought to decrease in price by 1.6 per cent. Office values are also forecast to fall by 2.1 per cent in the coming 12 months.

"We have shelved hopes of an immediate revival of the sector and, with it, the prospect of an easy absorption of large surpluses," Luca Dondi, head of Nomisma, commented.

Source: www.pie-mag.com

Infographic - Italy: At a Glance

Ivan Radford — Wed, 11 Apr 2012 14:53:00 GMT

Abruzzo is Italy's most popular region for property, according to TheMoveChannel.com's At a Glance infographic.

The infographic, which displays buyer activity on the overseas property portal from the last 12 months, shows that Abruzzo attracted the most attention, receiving 24.09 per cent of enquiries for Italian real estate.

Lombardy came in a close second, taking 17.42 per cent of enquiries, while traditional favourite Tuscany attracted 10.40 per cent, earning it third place. The map reveals a wide range of demand for homes in Italy but together, the top three regions accounted for over half of all Italian property enquiries on the site since April 2011.

The least popular area was Friuli Venezia Giulia, accounting for just 0.05 per cent of enquiries, narrowly beaten by Aosta Valley (0.13 per cent), Trentino-Alto Adige (0.18 per cent) and Emilia-Romagna (0.18 per cent).

While Abruzzo's ascension above the more typical tourist destinations may come as a surprise, its absence from Italy's top 10 destinations is even more unexpected. In the last 12 months, Portofino was the most-searched for location, with 5.52 per cent of house hunters looking to Liguria for the Italian Riviera lifestyle after Wayne Rooney was married there in 2008.

Coastal towns, such as Bari and Tropea, also attracted attention and Tuscany's share of the Riviera brought buyers to Viareggio. But not even Wayne Rooney's wedding could compare to the allure of Lombardy's Lake Como, where George Clooney famously owns a holiday home. Lombardy may have lost out to Abruzzo in overall enquiries, but thanks to Como's charm, the region accounts for three of the Italy's most popular locations.

The infographic also analyses Google search behaviour over the last year. Buyers tend to search generally for "property for sale in Italy" or "property in Italy", with activity peaking in July, when the phrases were used in 2,400 and 880 searches respectively. As with previous European infographics, "houses for sale in Italy" are the most popular type of real estate. Conversely, "apartments for sale in Italy" and "land for sale in Italy" were used in almost no searches at all.

Here is the full infographic:

Click here to see a larger version

Editor Ivan Radford comments: "Italy: At a Glance shows some intriguing trends in one of Europe's most familiar property markets. Unlike Portugal or Spain, there is no clear winner on the property map and Abruzzo's slight authority remains surprising, especially given the comparative level of interest in close rival Lombardy. The popularity of destinations outside of Abruzzo suggests that many investors already know where they want to buy in Italy, with that crucial extra 7 per cent attracted to the region for other reasons, such as price. "

Notes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.themovechannel.com and the office address is 24 Jack's Place, Corbet Place, Spitalfields, London, E1 6NN.

Contact Dan Johnson on 0207 952 7650 for further information.

Helen Mirren's holiday home in Italian council planning row

admin — Tue, 03 Apr 2012 12:13:00 GMT

With its turrets, moat and picturesque rose garden, this countryside castle looks like it is fit for a Queen.

But the palatial property has proved to be anything but as owner Dame Helen Mirren faces a planning row with neighbours.

Dame Helen, who bought the abandoned farmhouse with her husband five years ago, has become embroiled in a dispute with her next door neighbour, who is demanding to see plans for the house.

Anna De Giovanni has complained to the council in Tiggiano, near Lecce in southern Italy, in a bid to force officials to disclose papers relating to the Oscar winning actress’ holiday home.

Source: Telegraph.co.uk

Experts warn: Euro prime prices are 'too high'

Ivan Radford — Thu, 29 Mar 2012 12:52:00 GMT

Prime property in Europe is no longer driven by fundamentals and looks expensive, warned speakers at the launch of IPD's pan-European Property Fund Index.

At the same time, a panel of industry experts described a cautious optimism about the European macro-economic outlook.

Speaking on the panel, Ben Penalligon, managing director of Prameriga, warned of ‘nosebleed prices' on prime real estate. On the same panel Matt Ridley, director of research at Fidelity's real estate department, described a market where prime assets are defined less by their location than by their lease length.

Sabina Kalyan, chief economist at CBRE global investors, said that prime has become so focused that a large range of attractive investments have been tarred as ‘secondary'. They were joined on the panel by Melville Rodrigues of CMS Cameron McKenna.

Ridley described a European property market where the bulk of returns will come out of income. He said that the strong growth seen in the years of 2005 to 2008 would come to be seen as the aberration, rather than the rule. Ridley characterised the market as one which was not driven by fundamentals.

In her talk on the European economic outlook, Sabina Kalyan, who described herself as "habitually bearish" on the European economy, struck a note of cautious optimism. She was positive about the effects of the LTRO, and praised the new willingness of the ECB to intervene, saying that "the European Central Bank under Draghi is a very different beast". Although Kaylan believed a default by Portugal, and a second default by Greece, were highly likely, she pointed out the controlled nature of the first Greek default, which saw the risk fully priced into markets before the event.

However, Kalyan went on to warn of the seemingly unsolvable problem of the debt to GDP ratio: cutting debt can restrict growth, keeping the ratio steady even as debt is reduced. She warned that the real risk to the European economy was not economic but political, with the Greek government struggling to enact further belt tightening in the face of a disgruntled populace. At the same time the "beer countries" of Northern Europe need a weak euro to maintain their exports, even as the "wine countries" long for a devalued currency.

Kalyen described prime office property as significantly overpriced, although tactical opportunities might still exist. She believes that industrial prime in Amsterdam, Paris and Hamburg look more appealing, as do shopping centres, although she believes that investment might be hampered by liquidity.

Her conclusion was that though the ECB has prevented a ‘Lehman style crisis' the prospects of recession in the near term and below trend growth in the medium term would translate to falling rental values, and rising yields.

Source: investment Europe

Construction down in Spain and Italy

Ivan Radford — Thu, 29 Mar 2012 12:33:00 GMT

Production in the Spanish construction sector registered a decline of 11.5% in January over the same month last year, higher than the fall of 1% experienced in the EU in January, according to figures provided by the EU statistical office Eurostat.

According to the comparison statistics drawn up in Brussels, production in the construction sector of the eurozone fell only 1.4% in January year-on-year, while in the whole of the EU the decline was limited to 1%.

According to the Eurostat figures, construction decreased in nine EU countries and increased in six. Specifically, Spain recorded the third largest drop in the construction sector, after Portugal (11.9%) and Slovenia (19.7%), in annual terms.

On the opposite end, the highest increases in construction were registered in Poland (34.2%), Romania (14.9%) and Sweden (7.3%).

Building construction registered a decrease of 0.9% in the eurozone and contracted by 0.8% in the EU-27, while civil engineering suffered setbacks of 1.7% and 1.4%, respectively.

El Mundo reported that in monthly terms, the construction output in the eurozone declined by 0.8% in January compared with December, while in the EU-27 it fell by 4.1%.

Of the EU member states for which data are available, construction output rose in eight and decreased in seven. Spain recorded a decline in construction of 3.5% in January compared to December 2011.

The largest monthly declines were registered in the Czech Republic (20.1%), United Kingdom (13.8%) and Italy (7.8%), while the largest increases were recorded for Slovenia (17.4%), Germany (4.3%) and Portugal (2.5%).

Source: Kyero

Property bargain hunters eye Euro opportunities

Ivan Radford — Thu, 29 Mar 2012 12:26:00 GMT

The growing value in European property was underlined after the biggest US real estate investment trust (Reit), Simon Property Group, completed its acquisition of a 28.7% stake in Klépierre, a French property company, for an estimated $2 billion (£1.2 billion).

Simon Property paid a 20% premium for the equity from the French bank BNP Paribas, which owned around a quarter of the Paris-based Reit.

The deal highlights a number of reasons why listed European property companies have become an increasingly attractive proposal for the world's biggest investors.

‘It is interesting that the most respected property company in the world has identified value in European Reits. Even though Simon Property bought it at a premium, it still paid a 10% discount for the underlying asset values,' said Alex Ross, fund manager at Premier Funds.

‘Today, there is no better opportunity to pick up quoted European real estate stocks because they are trading at discounts to underlying value of 10% to 30%. You are not just buying assets at a good discount, you are buying the best assets.'

Source: Citywire

Italy seizes ex-Mafia land

Ivan Radford — Wed, 28 Mar 2012 10:24:00 GMT

What happens to ex-Mafia property? Well, Centopassi vineyards is using it to grow some grapes and produce some wines.

A new project is taking land seized from the Mafia and reintegrating it with the legal economy in regions of Italy. They plan to create 300 acres of vineyards and almost 2,000 acres of olive and citrus trees, grains, and vegetables plants.

Of course, project leaders faced problems like arson fires (to intimidate them) and mafiosi defaulting on loans for their property, leaving it in the hands of the bank.

But the overall project produced half a million bottles of wine in 2011, and Centopassi bottles are each dedicated to someone assassinated by the Mafia.

The Sicilian Economic Commissioner hopes that "What was an emblem of the economic force of the Mafia is now becoming a symbol of Sicily's rebirth."

Source: The Daily Meal

Expert: Italy is 'risky' for property investors

Ivan Radford — Mon, 26 Mar 2012 12:12:00 GMT

Italy has traditionally been popular with overseas property investors, but one property expert has warned that the property market continutes to be a tricky proposition.

Many looking to own a second home in Italy will be repeat visitors who have fallen in love with the food, culture and climate of popular areas such as Tuscany, Campania and Sardinia.

Economically, Italy is risky and foreign investors might have to take the hit.

"Buyers interested in Italy haven't been reading the headlines; from an economic point of view the government is looking to tax as hard as they can," says property expert Nigel Lewis.

"If you're willing to take the risk, be prepared for a struggle as Italy has a reputation for awkward rules and regulations and many transactions fail to complete".

Source: The Independent

RICS: Europe in housing market 'agony'

Ivan Radford — Mon, 26 Mar 2012 11:54:00 GMT

Europe is in the midst of "prolonged agony" of housing market decline with no obvious end in sight, a report by surveyors has claimed.

The downturn began five years ago, so had lasted longer than a typical 12 or 18-month dip, the Royal Institution of Chartered Surveyors (Rics) said. The Irish Republic and Spain saw house price falls of 17% and 10% respectively in 2011, compared with 2010. Austria, France, Switzerland and Norway all saw prices rise by 5% or more.

The Rics European Housing Review suggested that the future of the continent's housing market depended on the scale of the economic downturn. The future for the housing market would be "grim" if the eurozone crisis remained unresolved or came to a "painful conclusion", it warned. Prices in the Irish Republic had already fallen by 50% from their peak, the report said, with a host of new homes having been built before prices crashed.

"Not only did Ireland, Spain and Cyprus all have substantial price booms prior to their crashes, but they also had huge building booms as well," the report said. "Each one in consequence is still suffering from severe new supply overhangs." The market across Europe could survive relatively unscathed if there was only a moderate economic slowdown, the report added. Yet, so far, there were "special reasons" for some countries being at the top of the house price growth league.

Prices in France had been boosted by stimulus packages. Iceland had bounced back slightly from a massive fall in house prices. Meanwhile, price rises in Norway had not been matched by the other Nordic countries. Previous strong price growth ended in 2011 in Finland, Sweden and Denmark, the report suggested.

Source: BBC

Venice property 'weathering the storm'

Ivan Radford — Fri, 23 Mar 2012 09:51:00 GMT

Venice has always defied the odds. As a tiny city-state, it ruled over the eastern Mediterranean for five centuries, and held back foreign armies for 1,100 years. Today, La Serenissima is weathering the Eurozone crisis better than most of Europe.

Even though its primary housing market is relatively limited, the consistent demand for second homes from a wide range of Italian and international buyers provides support, particularly at the upper end.

Knight Frank's Claire Hazle saw increased market activity in 2011, and believes that ‘the outlook for Venice in 2012 is very positive'.

‘There's always a lot of interest at the very top end, but we have also seen it at lower levels,' agrees Ann-Marie Doyle of Venice Sotheby's International Realty. ‘Venice isn't subject to the factors that make other places go up or down. It is attractive because of its history-it's not going to go out of fashion.'

Souce: Country Life

Street lights turned off as Italian town fails to pay bills

admin — Fri, 16 Mar 2012 09:10:00 GMT

Street lights have been turned off in a Sicilian town after local authorities failed to pay a million-euro bill for power supplies.

Local residents of Monreale near Palermo -- a popular tourist destination because of its famous Norman cathedral -- have been forced to use flashlights in the evenings and some are warning of the risk of a spike in crime.

A local transport company has also requested the seizure of property worth 600,000 euros belonging to the Monreale commune to honour another debt.

"The situation is becoming more and more dramatic by the day," Massimiliano Lo Biondo, a local councillor from the centre-left Democratic Party which is in opposition to the town's centre-right government, was quoted as saying on the Italian media.

Source: TimesofMalta.com

Italian government gains revenue by raising VAT on Italian property purchases

admin — Tue, 13 Mar 2012 05:45:00 GMT

Italian attorney Nick Metta advises on key estate planning actions for Italian property investors in light of current Italian economic situation.

Looking to gain revenue for the struggling Italian economy, the Monti government has taken a recent measure which will affect those looking to purchase Italian homes from developers. Effective October 2012, the VAT (in Italian called IVA or imposta sul valore aggiunto) applicable to property purchased from developers will increase from 10% to 12%. As per Italian law and common practice, this VAT burden is fully on the buyer.

Translated into concrete terms, should someone purchase a 400,000 euro Italian home from a developer by September 30th this year he would pay 40,000 euro in VAT. Should the same purchase be completed on October 1st or there after, the buyer would pay an additional 2% in VAT, which totals 8,000 euro in this example.

There are many Italian property investors who have pending transactions with developers. Some of these transactions were even started years ago and typically have been held up due to financial issues for either the developer or the buyer. If investors in this situation are still interested in acquiring their Italian property, it is advisable to expedite the purchase process and finalize the transaction prior to October 2012 in order to avoid paying an extra 2% of the property purchase price in VAT. The situations requiring the most forethought and attention are those where a financial institution needs to be involved to finance the transaction, as this can add a few months to the standard completion timing.

Source: ItalyMag.co.uk

Tuscan villa favoured by Tony Blair put up for sale

admin — Tue, 13 Mar 2012 02:20:00 GMT

The infamous estate, owned by former Paymaster General Geoffrey Robinson, earned Mr Blair the nickname “Tuscan Tony” following frequent visits to the region.

The rural area of Italy subsequently became known as Chiantishire after thousands of well-off Britons made it a regular holiday destination.

Mr Robinson, who also owns a penthouse flat on Park Lane, in central London and Orchards, an Elizabethan-style mansion set in 50 acres near Godalming, Surrey, purchased the idyllic four-bedroomed villa in the early 1980s.

He has since painstakingly restored it, furnishing it with 19th century antiques, installing a 15-metre outdoor pool and landscaping the rolling cypress tree-lined gardens.

Source: Telegraph.co.uk

S & P predicts end to economic crisis in Europe in 2012

admin — Mon, 12 Mar 2012 13:30:00 GMT

The credit rating agency, Standard & Poor’s, believes that the European macroeconomic crisis will not extend beyond 2012, which will result in a “significant recovery” of European real estate markets in 2013.

“Standard & Poor’s Ratings Services believes that the macroeconomic crisis may not extend beyond 2012. We still expect a new recession in Europe, although we believe it will be mild, with a gradual return to growth thanks to the growing demand from emerging countries, the strength of demand in developed countries and the restoration of investor confidence,” said the company.

According to El Economista, the baseline scenario of S & P considers there will be a flat growth of the economies of the eurozone as a whole, with growth of 0.5% in France and 0.6% in Germany, while in UK the gross domestic product (GDP) will grow by 0.5%.

Source: Kyero.com

Top five villages in need of an owner

Ivan Radford — Fri, 09 Mar 2012 13:41:00 GMT

The French village Courbefy caused a stir recently when it was put up for sale. All of it. For £275,000. It's a mark of the impact of the global financial crisis that a piece of real estate containing 19 buildings and a swimming pool could sell for such a low amount, but it's not just in France that buyers can own an entire village. Since Courbefy, they have been popping up all over the globe looking for ambitious investors.

So if buying a house is not enough for your wallet, here are the top five villages currently for sale around the world.

Courbefy, France - £275,000

Photo credit: Mirror.co.uk

The village that started it all, France's disused collection of buildings was once home to 200 people but has lain empty for years. Now, after aborted plans to turn it into a holiday resort, the village is searching for investors to take on the task of renovating the properties. In fact, the bank that possesses Courbefy is even willing to accept offers under the £275,000 asking price, making the entire village far cheaper than your average French home.

Pray, Montana - $1,400,000

Photo credit: Barbara Walker / The Daily

This five-acre village hit the market just days after Courdefy's attention-grabbing offer. Located near Yellowstone National Park, the US community was bought by its current owner, Barbara Walker, in 1953. She has since been the town's mayor, law enforcer, owner and investor. She is now hunting for a someone else to take on her many jobs. The village is more expensive than the $800,000 recently paid for a town in South Dakota, but Montana's village features one house, a post office, a shop and a small trailer park. The latter, The Daily reports, fetches a tidy $200 each month.

Tuscany, Italy - €3,500,000

Photo credit: Piedmont Properties

It's not just America and Spain with villages to offer: Italy boasts this medieval town just outside of Florence with a price tag to match its age. With 30 stone buildings and a fresh water spring covering a total of 120,000 square feet, the land is presented as a place fit for a hotel developer - although investors will be kicking themselves to have missed out on the Valle Piola village last year, also in need of renovation, which sold for just €555,000. An investor could pick up several Courbefy's for either sum.

Askham Richard, Yorkshire - £6,500,000

Photo credit: Zoopla / Carter Jones

Fans of cricket, tidy lawns and English tea will be more attracted to the thought of owning this pricey village in Yorkshire. The hamlet of Askham Richard was put up for sale by its landlord in November, leaving its residents uncertain of their future. The estate must be sold in its entirety and includes 14 houses, 54 acres of woodland and three farms. It is still looking for a new owner.

Hvar, Croatia - €3,000,000

Photo credit: Rightmove

This 200 year old estate used to be a mountain farm but after being abandoned for 40 years, it is now waiting for someone to transform its ancient stone buildings into a modern luxury destination. 800 metres from the Adriatic coastline, the ruins have been partially converted into a collection of eight houses, with bay and mountain views plus a sauna and swimming pool. There are two entry roads to the estate - an improvement upon the original property, which was only accessible via donkey.

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Now open: Francis Ford Coppola's new hotel in Italy

admin — Fri, 09 Mar 2012 09:35:00 GMT

Francis Ford Coppola has been a hotelier for almost 20 years with properties in Belize, Guatemala and New Orleans. Now, the filmmaker and winemaker best known for his Godfather trilogy has finally opened a hotel in Italy. Palazzo Margherita, located in Coppola's ancestral home of Bernalda in the region of Basilicata, opened for business on March 1.

Set in a 19th century palazzo with interiors revamped with chandeliers, frescoes and tilework by Jacques Grange, Palazzo Margherita has just nine rooms, six in the building and three by the gardens in the palazzo's erstwhile stables. Amenities include a secluded pool, free Wi-Fi and a private theater with a library of 300 classic Italian films, Coppola's films excluded. The palazzo also has, according to the Financial Times, "the rights to open its own beach club on an as-yet undeveloped stretch, to which it will run a shuttle."

As one would expect with a Coppola-directed property in Italy, food plays a very important part of the Palazzo Margherita experience. Guests are encouraged to dine in the eat-in kitchen, which is outfitted with a table that seats 12, and to join the chefs in daily hands-on classes as they prepare the evening meal with locally grown ingredients. The hotel's wine list contains selections from Coppola's vineyards, Château Thuerry (Sofia Coppola's in-laws' estate in Provence) and other vintages from Basilicata and Puglia.

Rates at Palazzo Margherita range from pricy to pricier. We saw rates from €880 for two nights in a garden suite to €3,100 for the same time period in a palazzo suite. All rates include in-room beverages, breakfast and cooking lessons.

Source: Gadling.com

Italy's elite bring La Dolce Vita to London

admin — Wed, 07 Mar 2012 09:50:00 GMT

From the canalside cafes of Little Venice to Bar Italia's famous cappuccino, it's practically a home from home.

Italians have been finding La Dolce Vita in London after overtaking Russians as the biggest buyers of property in the capital.

Wealthy Italians seeking a safe haven from the debt crisis afflicting their country are investing in London's most sought-after residences.

Figures from estate agents Knight Frank show that Italians accounted for eight per cent of London property purchases since January.

Source: Independent.co.uk

Lilliput homes make large splash in Italy

Ivan Radford — Tue, 28 Feb 2012 13:33:00 GMT

Photo credit: Nicole Hanusek

£50,000 may sound like a lot for a Lilliput house but for Italians, this is a full-sized home. The Eurozone crisis has crippled many countries, causing economies to shrink several times over - and now the properties are getting smaller too. Micro-apartments are flooding the housing market as Italy tries to combat the recession.

These tiny homes, dubbed "Lilliput properties", are popping up all across Rome, offering as little as 4 square metres of floor space to lucky homeowners. Ambitious buyers can splash out on more extravagant apartments, which contain up to 10 square metres of space - just enough room to lie down in.

One listing, reports The Independent, recently advertised a "Bachelor pad, near Pantheon" for €50,000. It offers "a sink, a toilet and a shower along the left-hand wall" and "three steps leading up to a narrow bed" on the right. The "pad" spans a luxurious total of 5 square metres.

To put that in context, New York City's narrowest home is just 2.89 metres wide. But 75 ½ Bedford Street, affectionately called "The Half" by US blog Curbed, stretches back from the street to accommodate 91.97 square metres of room. The current asking price? A hefty $3.95 million, following multiple price cuts.

New York's narrowest house
Photo: TownRealEstate.com

By comparison, the price of Italy's tiny homes is positively miniscule - a fact that many locals appreciate.

With the average Italian salary (€23,406) far below that of France (€33,574), Germany (€41,000), Spain and even Greece, workers in the country have some of the lowest incomes in Europe, according to Corriere.it. For those in the capital, apartment costs are impossibly high, and so the micro-apartments have emerged as an affordable solution.

Described as "functional" or "practical", these homes are the last resort for people prepared to scale down for a living. One description, adds The Independent, simply reads: "There are no windows. Only two air intakes."

As the Euro crisis continues, the Lilliput lifestyle becomes an increasing reality for those in need of cheap places to live. Fortunately, that's not the only option for overseas buyers. The Euro crisis has seen Italian property prices decrease by 14 per cent since 2007, according to the RICS European Housing Review 2012. As a result, full-sized homes also come at miniature prices - leaving investors more than enough room to lie down.

Can't fit into a micro-apartment?

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House prices down by a third since credit crunch

admin — Tue, 28 Feb 2012 13:29:00 GMT

House prices in the UK fell by 1 per cent in 2011 and by almost a third since 2007, according to the RICS European Housing Review 2012.

This places the UK on a similar footing to several other European nations, although Germany, France, Switzerland and Norway all posted rises of 5 per cent or more.

Ireland and Spain experienced the most significant falls, with drops of -17 per cent and -10 per cent respectively.

Since mid-2007, overall house prices in the UK have fallen by almost a third. This is more significant a drop than seen in Spain (-27 per cent), Italy (-14 per cent), Germany (-11 per cent) and France (-8 per cent), while Sweden and Switzerland have actually seen prices increase in the last five years.

Source: MortgageFinanceGazette.com

Video - Italy plans to tax Catholic Church on commercial property

admin — Mon, 27 Feb 2012 11:49:00 GMT

The Italian Prime Minister Mario Monti announced on Wednesday that his government is set to introduce a provision requiring the Roman Catholic Church to pay taxes on non-religious property.

Watch the full video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/italy-plans-to-tax-catholic-church-on-commercial-property/

And the Oscar for Best House goes to...

Ivan Radford — Fri, 24 Feb 2012 14:06:00 GMT

This weekend, all eyes will be on the Hollywood & Highland Center in Los Angeles as the film industry dishes out its highest awards: The Oscars. But while cinemagoers debate who will take home the big prize, TheMoveChannel.com is more concerned about whose house comes out on top.

Here are the top real estate stars from this year's Academy Award nominees...

Best House - George Clooney

Photo credit: Holly Hayes

The only thing as famous as George Clooney himself is his villa on Lake Como. The glamorous home, located in picturesque Laglio, was once rumoured to be up for sale by the Oscar-nominated star, but Clooney can still be found relaxing in his mansion amid some of Italy's most stunning scenery. Italy's hoping that others will start seeing star investments in its low-priced property, with Liz Rowlinson, editor of A Place in the Sun, commenting that "micro-markets, such as Sicily and Sardinia, are slowly establishing themselves to compete with the more well-known Italian regions".

Best Investor - Brad Pitt

Photo credit: RealEstalker / Pacific Coast News

It may be the column inches regularly devoted to Angelina Jolie and her partner, but Brad Pitt appears to be one of the most active real estate A-Listers, popping up in Scotland, France and America's property markets. Last year, the Tree of Life star sold the Malibu beach house he purchased after breaking up with Jennifer Aniston for $12m. Where is that money going? To Croatia, according to the newspaper Jutamji List. Pitt has reportedly partnered with businessman Danko Koncar to build a new luxury resort on the Adriatic coast - only a few months after Angelina finished filming her own project in the region. With hotels, villas and a golf course promised by the development, Brad may not be this year's Best Actor, but he's certainly one of Hollywood's best property investors.

Best Property Market - War Horse

Photo credit: i-Flicks.net

Steven Spielberg's sad Oscar contender may leave children in tears, but homeowners in Nethercott have never been happier. The Devon-set film has sent several house hunters to the area, with particular interest paid to both property connected to the movie's inspirational true story and the real estate featured on-screen. For example, WWI fighter Captain Budgett's home, now converted into an inn, has seen an influx in visitors. Local agents are sceptical that the South West village will recover from the UK housing slump, but report that "since the end of last year sales have picked up significantly with 56 per cent of sales to people from outside the area". It's hard to imagine any other Oscar nominees with such a strong potential for improving an area's tourism and property prospects.

Best Location -The Descendants

Photo credit: David D

One market with a profile that needs no boosting is Hawaii. The dream destination for many, Hawaii was voted the most popular state among Americans this week. 54 per cent of people told Public Policy Polling that they saw the state positively, reports the Guardian, with just 10 per cent unimpressed by the island paradise. George Clooney's Oscar-nominated performance in The Descendants saw him as a rich landowner planning a major real estate transaction. Hawaii's market may be sluggish at the start of the year, but with the state still ranked in the Top 10 by Point2, you can bet your golden statue that buyers will be saying aloha to the island's housing all through 2012.

Best Swimming Pool - Jonah Hill

Photo credit: RealEstalker.Blogspot.com

Jonah Hill surprised the world with an Oscar nomination for Moneyball, but the funny man's home of California has never been more disliked. In the same poll that saw Hawaii soar, the Golden State hit rock bottom, with 44 per cent of 3,000 US voters "disapproving of the state". At least Hill's $2.175m home, which he purchased late last year amid drooping prices, has an impressive swimming pool to keep him happy.

Best Household Pet - Uggie the Dog

Photo credit: LA Weekly / Omar Von Muller

Uggie the Dog has taken the world by storm in recent months as people far and wide fell in love with the talented dog. A permanent resident in Panorama City, according to LA Weekly, he lives in a ranch with his trainer Omar Von Mullet, several dogs, a handful of cats and many domesticated birds. Only one of them, however, can tap dance. And with the happy news that pending home sales in California climbed in January compared to the previous month, Uggie will be tap dancing for many months to come.

Looking for an award-worthy home?

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Some Italian destinations 'likely to grow in popularity'

admin — Fri, 17 Feb 2012 09:30:00 GMT

The Italian islands of Sicily and Sardinia are developing into popular locations for overseas buyers looking for property.

Liz Rowlinson, editor of A Place in the Sun magazine, predicted these are two destinations for anyone buying real estate in Italy to keep an eye on.

"Micro-markets, such as Sicily and Sardinia, are slowly establishing themselves to compete with the more well-known Italian regions," she asserted.

Ms Rowlinson added it is important for buyers to constantly think of property fundamentals when looking for an investment and to be "extra careful not to be swept up by silly prices".

Source: PropertyShowrooms.com

Venice: a new haven for overseas property investment

admin — Thu, 16 Feb 2012 14:01:00 GMT

In a troubled world, we gain solace from spiritual uplift and physical beauty. Few places have the ability to touch the heart and move minds like Venice. For decades it has been a place to visit rather than one in which to buy property, but gradually things are changing. British estate agents have developed connections there, and some big money is about to arrive. “Ocean’s nursling”, as Shelley described it, is becoming a connoisseur’s place to purchase.

“British buyers have taken flight to quality during the recession,” says Claire Hazle , of Knight Frank’s international desk. “They will now only look in tried and tested places they know and love. They have moved away from the emerging markets of Eastern Europe which they were interested in a few years ago.”

Source: Telegraph.co.uk

Investor appetite grows as commercial foreclosures keep rising globally

admin — Tue, 14 Feb 2012 13:00:00 GMT

While investor appetite rose dramatically towards the end of 2011, the level of distressed properties* coming to the market is set to keep on rising globally, according to RICS.

Released today, the latest RICS Global Distressed Property Monitor reveals that two thirds of the countries surveyed anticipate a rise in forced selling of commercial buildings for the first quarter of 2012. Unsurprisingly, the number of commercial foreclosures is set to rise at the fastest pace in the Euro area.

Once again, the countries at the centre of the eurozone debt crisis are worst hit. The Republic of Ireland, Portugal, Spain and Italy expect the highest number of foreclosures. As previous reports have shown, the highly volatile economic and financial context has started to affect steadier markets. Property professionals in France and Germany also anticipate more distressed selling.

Source: Property-Magazine.eu

Buyers 'should take advantage of cheaper Italian property'

admin — Fri, 10 Feb 2012 02:35:00 GMT

Many sellers in Italy have reduced the asking price of their properties in recent months, prompting one local real estate expert to urge buyers to take advantage of the situation.

Linda Travella, of Casa Travella, explained Italian vendors were slower to cut the amount they were asking for their homes than other Europeans.

However, she noted they have recently realised doing so is encouraging investors to look elsewhere for their next purchase and many have therefore started to offer Italian properties for sale at "below market value".

Ms Travella added the strength of sterling against the euro means buyers from the UK can also benefit from the exchange rate.

Source: PropertyShowrooms.com

Pisa’s Tower Straightened for Real

admin — Fri, 10 Feb 2012 02:25:00 GMT

On the 1st of April 2006 we published an April Fool story entitled "Tourists in Pisa surprised to find tower straightened". Back then, the idea that people could wake up and find the tower standing straight in the Campo dei Miracoli was so far from the truth to seem like the perfect April Fool material.

Six years later, however, extensive engineering works on the legendary tower have actually sharply reducing its tilt from an angle of 5.5 degrees to 3.99 degrees. While the result is that the tower will survive to delight future generations of tourists, the renovation in 2011 ended its status as the farthest leaning tower.

Currently the northern German town of Suurhusen holds the Guinness World Record. The church tower slants at an angle of 5.19 degrees, now well ahead of its cousin in Pisa. The Suurhusen church tower is in competition with several other towers in Germany and one in St. Moritz, Switzerland, for the Guinness World Records title.

While European cities battle for the record, a modern masterpiece of architecture, Capital Gate, in Abu Dhabi is the world's furthest man-made leaning tower purposely built to lean 18 degrees westwards - more than four times that of the world famous tower of Pisa in its "tiltiest" days.

Source: ItalyMag.co.uk

UK buyers second biggest buyers in Italy

admin — Mon, 30 Jan 2012 10:10:00 GMT

UK buyers make up the second biggest group of buyers in Italy, according to Gate-Away.com, Italy's number one property portal for non-Italian buyers, which analysed its data for 2011.

The company found that of the 150 countries reached by the portal, requests from Brits made up 13.26 of all enquiries for Italian second homes. Us Brits were only beaten by the Americans who made up 15.28% of enquiries. Tuscany, March and Ligura remained the most popular destinations, with the average buyer looking to spend an average of £250,000. British buyers remained more enamored with Puglia than any other nation, because of its unspoilt charm and its more traditional feel.

And the survey also found that us Brits are adventurous home buyers. Nearly 40% of Brits said that they would be willing to take on a restoration project in order to create their dream home.

Europe dominates Brits' wanted list according to exhibitions' poll

admin — Fri, 20 Jan 2012 13:08:00 GMT

British overseas buyers still retain Spain as their preferred foreign hotspot for purchasing property according to A Place In The Sun’s (APITS) recent exhibitions’ poll.

The research, conducted at APITS’ Live exhibitions in London and Birmingham, revealed Spain as the top destination, followed by other European countries France, Portugal and Italy. The United States completed the top five.

Liz Rawlinson, editor of A Place in the Sun magazine, said that the survey revealed "UK buyers as sticking to tried and tested European countries – yet also willing to travel further to destinations such as Florida and the Caribbean to find the perfect holiday destination."

Source: OPP

Is Italy the top cat for property?

Ivan Radford — Mon, 19 Dec 2011 12:26:00 GMT

Photo credit: Templar1307

Earlier this month, the widow of an Italian property mogul passed away aged 94, leaving all of her real estate and financial assets to her pet cat. Four year old Tommaso inherited €10 million and an empire of Rome flats and houses, but he is not the only happy homeowner in the country, as agents say the Italian property market is the busiest it has been for four years.

Spaking to Property Community, Linda Travella of property firm Casa Travella said that against all the odds, market activity was returning to levels last seen before the financial crisis.

"The last quarter of 2011 is the busiest it has been for four years with a surprising amount of enquiries and sales for Italian property. These are not all coming from the UK but from international clientele," she said.

Buyers are coming from Russia, Canada, America, Norway and Switzerland to purchase property in Italy, despite the ongoing turmoil in the Eurozone.

The country's new Prime Minister, Marion Monti, has already outlined plans to reduce Italy's deficit - the second largest in Europe - by reintroducing a property tax abolished by Silvio Berlusconi. But while the media has focused on the Vatican's controversial exemption from the tax, regarded as "an unfair privilege" according to the Associated Press, foreign investors have been quietly going back to Italian real estate.

Homes priced between €350,000 to €500,000 has proven the most popular, Travella adds, as the buy-to-let potential that recently saved Portugal's plummeting property market gives new hope to Italy.

"In general clients are realising that they will receive less income by putting their savings in the bank or pensions and have seen over the years that by investing in the right type of real estate in Italy they can obtain rental income whilst using the property themselves,' said Travella.

Indeed, as the Euro weakens against the pound, Travella expects the market to be "buoyant" in the New Year.

"I believe that the first quarter of 2012 will show the same sort of levels of interest as the last quarter of 2011 in Italy, save major economic worldwide issues. I am finding that UK clients that have been interested and viewed in the past are returning to purchase as sterling is stronger against the Euro."

With Travella predicting positive figures for Italian property, Tommaso is not the only one looking like the cat that got the cream.

Feline good about Italian property?

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Video - Italy debt plan sparks controversy as Vatican exempt from property taxes

admin — Fri, 09 Dec 2011 02:30:00 GMT

Italy's newly adopted austerity package aimed at saving the country from an acute debt crisis has sparked fresh controversy after exempting the Vatican from paying property taxes, Press TV reports.

Italian Prime Minster, Mario Monti's austerity package reintroduces a property tax, also known as ICI, which allows the government to raise over 10 billion euros, about two thirds of the entire value of the package.

However the Italian Catholic Church is exempted from paying the property tax. Vatican properties account for over 20 per cent of the real estate market in Italy: about 50,000 estates, 9,000 schools and 5,000 private hospitals and medical centers.

The tax exemption law states in ambiguous terms that properties with "non-exclusive commercial" purposes should be exempt from taxation.

Watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/12/italy-anti-debt-plan-sparks-controversy-vatican-exempt-from-property-taxes/

Outlook positive for Italian commercial real estate

admin — Tue, 06 Dec 2011 05:50:00 GMT

Despite on going financial concern across the euro zone region, Italian real estate investment has the potential to be a platform for growth in the medium term, according to Jones Lang LaSalle research.

'Italian real estate investment has been flat since 2007, with average quarterly investment volumes of €1 billion per quarter but there is the potential for considerable upside in 2012 and beyond as investors reconsider the next opportunity as country risk subsides. We may also see more international investment move into Italy as the euro zone crisis calms down,' said Robert Stassen, head of EMEA Capital Markets Research at Jones Lang LaSalle.

Patrick Parkinson, Managing Director, head of Capital Markets Italy at Jones Lang LaSalle believes that whilst Italian government bond yields have hit peaks similar to that of Greece and Portugal, prime yields on Italian real estate remain strong. He pointed out that they are 100 basis points higher than yields on similar French and Swedish property.

'Whilst investors are right to feel cautious, we expect more to dip their toe into the water and embrace these opportunities,' he added.

Source: PropertyWire.com

Global housing markets struggling

Ivan Radford — Mon, 05 Dec 2011 11:29:00 GMT

The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.

Moreover, 26 housing markets performed more poorly during the year to the third quarter than last year, while only 18 countries performed better.

The Global Property Guide's statistical presentation uses price-changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.

What is most remarkable this quarter is the wide variety of outcomes:

Brazil and India booming

India and Brazil's housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures. There were strong house price increases in almost all India's major cities, reflecting the country's current high rate of consumer price inflation, despite a drop in demand resulting from the repo rate hike in October (currently at 8.50%), the 13th since March 2010, making home loans costlier.

Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter, according to the FIPE- Zap price index. Sao Paolo had an astonishing year, with house prices up 20.26% during the year to Q3 2011. The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.

Europe's mixed housing markets

The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.

The Baltics have also performed strongly. Latvia is the third best performer among all reporting countries in our survey over the twelve months to Q3 2011. In Riga, standard type apartments rose 13.31% year-on-year, a quick comeback after a fall of 5.40% in the second quarter.

Following Latvia was Estonia, whose housing market is rallying after three years of terrific losses that began during the onset of the global financial crisis. During the year to end Q3 2011, house prices in Tallinn were up 12.30% with a quarterly rise of 2.71%.

Other European markets which have enjoyed satisfactory increases were Norway (+6.74%), France (+4.80%), and Switzerland (+3.35 %).

Modest house price increases were seen in Slovenia (+0.82%), Iceland (+0.76%), Germany (+0.66%) and Luxembourg (+0.55%) in the year to Q3 2011.

Ireland stays weak

The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.

Several other European housing markets experienced accelerated downturns during the year ending in the third quarter of 2011, including Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%) and Bulgaria (-9.65%).

Conversely, European countries which saw slower house price falls this year than the previous year include Turkey (-0.50%), Russia (-3.47%), Croatia (-4.59%), Hungary (-4.67%), Athens, Greece (-6.57%) and Kiev, Ukraine (-7.02%).

Asian housing markets now cooling

In Asia, several countries had house price increases during the year to end Q3 2011, albeit less strong than last year, following the government measures to curb the heat in their respective housing markets.

In Hong Kong, house prices were up 12.07% year-on-year, after a rise of 19.30% the previous year. In Malaysia, house prices rose by 3.15% year-on-year, after a rise of 5.76% during the same period last year. In Singapore, house prices rose by 2.73% year-on-year, a big drop from last year's 18.96%. In Taiwan, house prices were up a mere 0.46% year-on-year, after a rise of 6.97% during the same period the previous year. During the latest quarter, house prices were down 7.02%.

However, housing markets in South Korea and Philippines (Makati CBD) improved from a year earlier with price rises of 1.55% and 0.89%, respectively.

In Japan (Tokyo) and China (Shanghai), housing markets have been deteriorating since Q1 2011. House price declines are being reported across China, indicating the success of government measures during the past year. The country's skyrocketing housing prices have been blamed for social tensions and other economic problems.

Patchy progress for North America

The Canadian housing market has been a notable performer in the year to Q3 2011, with house prices in the six cities rising by 3.25% year-on-year, according to Teranet - National Bank Composite House Price Index. Record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence in the housing market. During the third quarter, house prices were up 3.46%.

In the United States, the housing market drifted lower as house prices plummeted by 7.22% (seasonally-adjusted) year-on-year to Q3 2011, according to the Federal Housing Finance Agency (FHFA). However, the number of homeowners who owe more than their homes' worth decreased modestly in the third quarter, though levels remained high.

Israeli house price boom now over

House prices in Israel fell 0.58% in the year to Q3 2011, the first drop since 2009. During the latest quarter, house prices were down 3.65%.

The moderation in home prices comes against the background of the continued increase in the number of building starts, the lagged effect of the increase in the interest rate, measures introduced by the Bank of Israel affecting mortgages, and steps taken by the Ministry of Finance in real estate taxation. The effect of these moves is expected to continue and be evident going forward.

Pacific housing markets heading down

In New Zealand, median house prices were down 4.30% from a year earlier, with a quarterly house price fall of 2.26%. However, there is optimism in the housing market buoyed by low interest rates and recovery following earthquakes in Christchurch.

High interest rates and global economic uncertainty have continued to impact the Australian housing market, and it slumped 5.55% in the year to Q3 2011, the third quarter in which annual house price falls were reported this year.

Accordingly, the Reserve Bank of Australia (RBA) lowered the benchmark interest rate in November, the first time since April 2009, moving to boost the nation's economy amid uncertainty stemming from Europe's debt crisis. The benchmark rate is currently at 4.50%.