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7 simple ways to house 7 billion

Ivan Radford — 04/11/2011 11:10:00

Photo credit: 7 Billion Actions / JJelenBass

This week, the world population hit 7 billion. The number of people on the planet has doubled over the last 50 years and there are now 21 mega cities around the world housing 10 million or more. According to National Geographic, “7 billion people could fit shoulder-to-shoulder in Los Angeles”, but what if people want a home?

With 5 people born every second, and life expectancy on the up, the population is expected to reach 9 billion within 35 years. Where will they all live?

Here are 7 simple ways to house 7 billion people:

1. Live in space

Photo credit: Ken Banks

With space filling up on the ground, there's lot of room in space. A fixed home, or hotel, orbiting the Earth could house humans tired of crowded cities, while outer space has an unlimited capacity for new developments. As the race for space tourism takes off, living in space is looking like an increasingly sensible option. Inevitably, the Russians are already working on it.

2. Live in the sea

Photo credit: Andras Gyorfi / Seasteading Institute

Over 70 per cent of the Earth is made up of water. It seems silly not to build a home there. Indeed, The Seasteading Institute are an organisation dedicated to constructing offshore platforms to turn into island cities. Earlier this year, Paypal founder Peter Thiel was reported by many outlets to have invested in a flotilla near San Francisco’s coast, to be built next year. These reports were all incorrect, but Thiel has definitely donated money to the company. And as land space becomes limited, the tide may be turning for aquatic homes.

3. Live between buildings

Photo credit: Arch Daily / FastcoDesign

As buildings run out of spare rooms, why not live between them? In Poland, Jakub Szczeny is already trying. His Warsaw house is just 4 feet wide, with its thinnest point barely reaching 28 inches. Is it the thinnest house in The World? It’s certainly the narrowest in Poland, although it technically isn’t classified as a house; officially, the project is an art installation to avoid planning permission issues. Designed as a workspace for writer Etgar Keter, the property proves that there is always space if you look between the lines. Construction will be complete in December.

4. Live in cars

Photo credit: If It's Hip It's Here

In 2009, there were 50,000 homeless people in Los Angeles. 10 per cent of those lived in cars, according to Time magazine. But if the prospect of an illegal vehicle home holds no appeal and you can’t afford the $2 million trailer that Simon Cowell has been living in, this VW Beetle-inspired house (and restaurant) in Salzberg provides a trendy alternative for those keen on automotive accommodation.

5. Live in a tree

Photo credit: Webecoist / The Independent

For people looking to find space off the ground, living in trees could provide a green alternative. It’s not just the vertical forests under construction in Milan that offer forest-based accommodation: tree houses are located around the world, including this spiral staircased property in France, located in the Rambouillet Forest.

6. Live in mobile homes

Photo credit: Webecoist

Mobile homes are an increasingly viable option for densely populated areas. The flat-pack houses launched this year by The Tumbleweed Tiny House Company in the USA provide an affordable answer, with miniscule models available from just £61. Meanwhile, modular homes, such as Matti Suuronen’s ski cabin above, are flexible enough to be constructed anywhere in the world (even on cliff tops), making mobile living both a cost-effective and practical solution.

7. Live in Australia

Photo credit: Melody Tan

After Mongolia, Australia is the world’s least densely populated country, with just 6.4 people living per square mile. That’s a lot of space for new residents. And with an increasing number of expats returning back to the UK after moving Down Under, there’s even more room available. Given the main reason for Britons leaving Oz was boredom, though, outer space might be a more exciting option.

Where would you like to live?

Browse our extensive range of overseas property, which hasn't quite reached 7 billion houses yet:

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

Milan goes green with vertical forest

Ivan Radford — 01/11/2011 11:44:00

Photo credit: Inhabitat.com

Milan is one of the most polluted cities in Europe, but the city is going green with a stunning new development: the world’s first vertical forest.

Bosco Verticale is a 27-storey tower development in central Milan, featuring 900 trees incorporated into the structure, as well as thousands of other shrubs.

The plants are designed by architect Stefano Boeri to work as an oxygenator, filtering out the fumes from the city. But the green technology doesn’t stop there: heating will also be controlled naturally by the trees, which feed off the unwanted water from the block and provide shade during the summer, while energy will be generated by sunlight and wind.

Stefano Boeri's design includes 900 trees

The buildings will introduce 10,000 square metres of woodland to the city within a compact space. Architect Stefano Boeri conceived the project as a response to the lack of nature in city landscapes. Located in the Isola area of Milan, the residential blocks are 110m and 76m tall, according to Inhabitat.com, and if built as stand-alone units, would cover 50,000 square metres of land.

The buildings are currently under construction:

Inevitably, this green revolution comes at a cost. Apartments in Boeri’s bushscraper will start at €750,000 and range up to €1.2m for prime tree-house property. But buyers will no doubt be attracted by Bosco Verticale's design and location - indeed, Italy remains the fifth most popular destination for house hunters, according TheMoveChannel.com's Top of the Props.

The cost isn't deterring other countries from following suit either, as Europe turns to real estate to reduce its pollution problems. Valencia has plans to construct Torre Huerta, a forest of tree-filled balconies and solar-powered energy, while Barcelona’s helical Stairscarper, which boasts gardens in each apartment roof, is scheduled for completion in 2015.

Barcelona's answer to Bosco Verticale
Photo Credit: Webecoist.com

Even London has seen proposals for a Farm Tower this year, as the Architecture Workshop in Rome launched a competition for the best agricultural and residential design.

As pollution and energy costs continue to hang in the Europe air, are vertical forests the way forward for overseas property? Or are developers barking up the wrong tree?

Looking to branch out into a second home?

Browse our tree-mendous listings of houses, apartments, and other overseas property:

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

EU crunch time: Your real estate escape routes

Ivan Radford — 26/10/2011 12:07:00

Photo credit: Eisenrah

The world is watching Brussels today, where EU leaders are meeting to discuss the eurozone debt crisis. Disagreements between country leaders have fuelled fears that the crisis will only continue. But as the 27 European Union leaders vote to finalise financial plans this afternoon, careful buyers can still make a sound investment in Europe. It's crunch time for the EU, so where are your real estate escape routes?

France

As countries such as Greece face an uncertain economic future, central eurozone markets (including the UK) remain a safe haven for many. French property, consistently the second most popular on TheMoveChannel.com, continues to attract investors, particularly in the high-end market, where Sotheby's have seen a jump of 38 per cent in luxury homes sold at auction, reports the Guardian. For UK buyers, taxes now apply to UK pension lump sums, but the country's cautious banks have helped France's economy to stay stable amid wider uncertainty.

Germany

Taking a similar approach to France, Germany's careful economy has made it an established market for house hunters with its high yields and low prices appealing to an increasing number of foreign buyers. While central locations, such as Berlin, are seeing house prices increase, real estate across the country has grown in popularity during the eurozone crisis, becoming one of TheMoveChannel.com's top 10 property destinations earlier this month.

Italy

Italy remains one of the main points of discussion in the EU talks. One of the key countries in the eurozone, other leaders are demanding that the country outline firm plans to reduce its large national deficit. While unconfirmed rumours suggest Prime Minister Silvio Berlusconi will resign at the beginning of next year, Italy's climate is still attracting new residents, although an awareness of seasonality is advised by experts. The property market is slow, but PropertyShowrooms.com suggests that this means lifestyle buyers can pick up houses "at bargain prices if they find someone who really needs to sell or move".

Spain

Spain remains the most popular destination on TheMoveChannel.com, and its low costs and sunny coasts have built up a significant expat community. 800,000 Brits are currently living in Spain, according to the Foreign and Commonwealth Office, and although exchange rates are less favourable than a few years ago and a wealth tax has just been introduced, property prices in more popular areas have reduced by up to 50 per cent, say recent reports. These bargain homes have seen foreigners invest €1.3 billion in Spanish real estate in the second quarter of this year, according to the Bank of Spain - an increase of 37 per cent compared to 2010. Buyers afraid of Greece or Italy can still rely on Spain for a second home.

Portugal

Portugal's economy has been badly hit by EU debt, but real estate activity was less negative in September than in August, say the latest figures. It helps that the market has not been crowded by an oversupply of property. Instead, "it is the demand side of the equation that is weighing down on prices in Portugal", according to the Royal Institution of Chartered Surveyors, a finding supported by the differences between regional markets. The Algarve, for example, is faring significantly better than Lisbon and Porto. Overall confidence In Portuguese real estate is low, but prices are too, kept down by the number of repossessed property banks are now putting up for sale.

Bulgaria

Bulgaria has been a surprisingly popular place for property buyers to browse in recent months. A boom in Balkan tourism has seen construction of holiday homes in Bulgarian resorts rise - there are 5.4 per cent more homes across the country now than in 2001 - and EU citizens, attracted by the non-eurozone market, currently account for 23 per cent of all foreign residents, according to a national survey published by BulgarianProperties.com. The latest data from the National Statistical Institute shows that apartment prices are falling in the country's regional cities, but like Portugal, this rate of decline is slowing, as signs of eventual market stability may be starting to show.

Turkey

Eastern Europe has delighted in Turkey, a country that has seen strong economic growth throughout the EU crisis. Investors have rushed to Istanbul for real estate and foreign buyers have poured over $1.3 billion into the country's property market over the years. Although lending growth has slowed since Turkey's phenomenal first quarter in 2011, a strong tourism industry continues to drive investment. "Mortgages represent just 5 per cent of GDP and there is a growing population that aspires to consume," one fund manager told Interactive Investor. Indeed, there is now a shortage of accommodation in Turkey, with a projected demand for 2.9 million houses by 2015. Turkey has been waiting to join the EU for a very long time, but as the leaders meet today to solve the major debt crisis, the EU's refusal to accept Turkey has only helped its property market thrive.

Where is your real estate escape route?

Avoid the EU debt crisis by browsing our listings of apartments, houses and other overseas property both inside and outside of the eurozone:

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

Is now the time to buy property in recession-hit Europe?

admin — 18/10/2011 10:35:00

Image: Flickr
The economic catastrophe that Europe is facing hasn't put a damper on British buyer's enthusiasm to purchase property on the Continent.

According to World First, the expert on currency exchange, holiday home purchase sales in Spain have more than doubled over the summer.

Italy, Greece and Bulgaria are also places of interest to British buyers who are in search of a bargain. However, no matter the location, buyers should heed to the same advice and do your research to avoid any pitfalls.

Mortgage Funding

Due to the effects of the global banking crisis, banks are less apt to lending money, making mortgages more difficult to obtain. Home buyers who need to borrow money from the bank in turn have to place a larger deposit just to get a loan from overseas banks.

The growing debt crisis has intensified in recent months, especially in Greece and Italy and several Greek banks have stopped lending money. Overseas property experts have said that banks are still lending mortgage funds to borrowers even in Greece, however, a deposit of approximately 30 to 40 percent will be required.

Banks in Spain and France are more lenient at present lending borrower's money with only a 15 or 20 percent deposit. However, if the financial crisis takes a turn for the worse, these figures could be tightened.

In Britain, some lenders allow homeowners to refinance their mortgage to fund holiday home purchases abroad however it's based on the individual's criteria. Most borrowers still need to have substantial equity in their British home even after funds have been released in order to qualify. If you haven't got enough equity in your UK property and are not prepared to sell a house to raise the funds then an overseas mortgage may be the best option for most.

Watch Out for Currency Risks:
Buyers need to keep in mind that due to the turbulent economic climate, Euro loans will present a currency risk for many British buyers if they are paid income in sterling.

The majority of overseas mortgages are on variable rates, instead of fixed, so it's imperative buyers are aware that their monthly repayments could go up.

Mortgage rates in Spain and France are frequently between 3 and 4 percent variable, however the rate may fluctuate depending upon the borrower's circumstances.

Planning Problems, Overvaluations and Dodgy Developers:
Numerous British buyers have become unfastened over the years by falling prey to planning restrictions and other laws that were broken unbeknownst to them before the purchase of their dream home.

Getting an accurate property valuation is imperative and in most cases, it's best to get a second opinion. By taking the word of the developer, you leave yourself open to a world of problems that may arise.

If you are purchasing from a developer, do your research. Get them to include a work history of how long they have been in business and past customer reviews. Check out the work that they have performed and see how well it has stood the test of time.

Language Barriers

Language barriers could compromise British buyers, so beware to never sign any contract that may be written in a foreign langue without proper translation. Buyers should make sure there is an accurately translated original foreign contract into the English version.

The Legal Obligations

Research and comprehend what tax, if any will be applied to your purchase and what capital gains tax could be applied on the final price of the home. In most instances, you can figure adding 10 to 15 percent of the purchase price of the property which covers fees for the agents, legal fees and taxes.

Investigate rules and restrictions of letting property if you are planning to have your purchase be used as a holiday let. Certain areas have specific restrictions, so know which rules apply in the area of your newly purchased home.

Find out why an owner is selling and have your lawyer investigate to ensure that all planning, building and habitation licenses are in order. An example of this could be a newly built development may have been repossessed due to licensing not being granted, thus it could not be sold originally.

Finally

Never make a decision in haste. Many buyers have been burned because of their passion for the particular property, or have fallen in love with the neighbourhood and never did adequate research before placing an offer.

Another common mistake happens when buyers are under a specific time limit or are under pressure from an agent or developer and need to make a quick decision.

While there may be some fantastic bargains to be had when it comes to purchasing property, make sure to take your time, do your research and get a legal property expert to inspect all transactions.

If you are thinking of selling a home in the UK then why not try selling with My Online Estate Agent. My Online Estate Agent is a low cost internet based estate agent that charges a fixed upfront fee and no payment on completion.

Top 10 houses that look like cakes

admin — 16/09/2011 11:04:00

Photo credit: Jo

It's National Cupcake Week in the UK and to celebrate, TheMoveChannel.com has combined its hunger for overseas property with its appetite for cake and combined it into one sweet list. From all around the world, here are the top 10 buildings that look like cakes.

1. San Francisco, USA

Photo credit: Jinx McCombs

This house, located on Fulton St near Golden Gate Park, boasts gingerbread house-style roofing, with a pebbled chimney to add to the effect. It's almost as yummy as some of the bargain properties currently available in Florida (which are easily reached by bus).

2. Ponce, Puerto Rico

Photo credit: Jose Oquendo

The Casa Wiechers-Villaronga is a Neo-Classical mansion from 1911. Designed by original owner Alfredo Wiechers Pierettiand and later restored in the 1960s, it now serves (rather fittingly) as the Museum of Puerto Rican Architecture. The delicate fence and elegant pillars are a tasty addition to the property, but the tiny peaks on the roof are the icing on the cake.

3. Rome, Italy

Photo credit: Glen Scarborough

No list of buildings that look like cakes would be complete without the Victor Emmanuel Monument in Rome. Built in 1935 to celebrate Emmanuel, the first king of unified Italy, its multiple pillars and semi-circle shape have led to disdain from many local residents, who refer to it as "The Typewriter". International tourists are closer to the mark with their nickname: "The Wedding Cake".

4. Barcelona, Spain

Photo credit: Isaac Bordas

Park Güell in Barcelona is a striking showcase for the work of architect Antoni Gaudí. Originally part of a failed housing estate, it was declared a monument of national historical interest in the 1960s and now provides Spain's most unique municipal garden.

5. Salta, Argentina

Photo credit: Mary Dimonaco

Salta may be Argentina's eighth largest city, but it boasts this impressive cathedral in its centre. Another Neo-Classical design, the cathedral is as pink as any fondant icing could wish to be.

6. Fuerteventura, Canary Islands

Photo credit: Jo

This home is located close to Jandia in Fuerteventura, Spain. Thanks to its bumpy design and white decorations, it is universally known as the "Icing House". Its owners are reportedly baffled by the number of people who stop outside to take photos.

7. Virginia, USA

Photo credit: David Hoffman

In 1918, this brick house was built by G. T. Lester in Martinsville, Virginia. Like the Victor Emmanuel Monument in Rome, it is often referred to as "The Wedding Cake House" because of its tall arches, crenellated parapet, white brickwork and layered structure.

8. Madrid, Spain

Photo credit: Doug

The sadly inedible Edificio Grassy holds the prestigious address of 1 Gran Via, the heart of the busy shopping district in Spain's capital city. Built in the early 1900s, it's topped by a cupola with a distinctly cake-like quality.

9. Valencia, Spain

Photo credit: Elem

Thanks to the country's VAT cuts, the appetising Spanish property market holds many delectable discounts. But it also holds this layered building in Valencia's Pla del Real district. Framed by the country's typically clear blue sky, it really does look like the miniature cake replica of a much bigger building.

10. London, UK

Photo credit: Ray Wewerka

You don't have to leave the UK to see one particular building. Lit up at night, The O2 in London often resembles a birthday cake covered in candles. But like most of the prime property in London at the moment, the price tag would be hard to digest.

Hungry for property abroad?

Browse our mouth-watering listings of houses, villas, and other overseas property:

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

Italy threatened with a national property tax

admin — 22/11/2011 07:57:00

Italy’s new Prime Minister Mario Monti, who was sworn into office on Wednesday of last week, is considering the re-introduction of the country's main property tax - known as ICI - which ex-premier Silvio Berlusconi abolished in 2008.

Berlusconi’s change is thought to have cost Italy as much as €3.5 billion per annum in lost revenue, former Economy Minister Giulio Tremonti told European Union authorities in a letter sent just before he left office.

And because the majority of Italian wealth is invested "in homes, properties, offices, and other forms of real estate, it's a little frozen", Giovannini said. "How do you get this wealth to produce income and growth? The first hypothesis is a property tax, not a one-off tax, but a permanent one."

While some of the parties supporting Monti's government in parliament have backed re-introducing a property tax, Berlusconi's People of Freedom bloc has opposed it.

Source: OPP.org.uk

Italian lakes 'prove popular with house buyers'

admin — 18/11/2011 06:03:00

An increasing number of people are looking into the possibility of owning a property in Italy alongside either Lake Como or Lake Maggiore.

This is according to Linda Travella, from local estate agency Casa Travella, who has noticed enquiries about homes in these areas are rising.

"There is something relaxing and romantic about being close to water and that is why more and more clients are choosing to buy property in Italy on either Lake Como or Lake Maggiore," she stated.

In addition to the stunning landscapes, Ms Travella pointed out that their proximity to Milan and its airport is another reason for the popularity of these lakeside locations.

Source: PropertyShowrooms.com

Video: Global property outlook 2012

admin — 14/11/2011 06:52:00

Patrick Summer, Head of Property Equities, Henderson Global Investors shares his outlook for global property markets in 2012.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/ask-the-experts-global-property-outlook-2012/

Italy warned by ECB and IMF over reforms

admin — 07/11/2011 08:13:00

A member of the European Central Bank's governing council has warned it may stop buying Italian debt if the government does not adopt promised financial reforms.

Luxembourg council member, Yves Mersch, made the warning in an interview with Italian newspaper, La Stampa published on Sunday.

The ECB restarted its bond buying programme three months ago.

However, the bank has said it will not buy bonds indefinitely.

Source: BBC

Yours for $28 million: Venice lagoon island complete with ruined convent

admin — 01/11/2011 10:18:00

Santo Spirito, an island in Venice’s lagoon with a derelict convent, has been put up for sale by Italian real-estate investors for more than 20 million euros ($28 million).

Holding company Poveglia Ltd. hired Colliers International to sell the 6.2-acre (2.5-hectare) island, which is a 10-minute boat ride from St. Mark’s Square, the broker said in an e-mailed statement.

As well as the 3,500 square-meter (38,000 square-foot) ruined convent, founded in the 12th century, the property has planning consent for 4,500 square meters of new construction. Colliers said Santo Spirito is the last complete island available for sale in the lagoon.

“Investors have the unique chance to customize an island to their needs,” said Massimo Saporito, head of investment in Italy for Colliers. The site would best suit a luxury residential development or a hotel, he said.

Source: Bloomberg.com

Leaders agree eurozone debt deal after late-night talks

admin — 27/10/2011 06:15:00

European leaders have reached a "three-pronged" agreement described as vital to solve the region's huge debt crisis.

They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital. Shares on European markets rose sharply on news of the deal.

The agreement is aimed at preventing the crisis spreading to larger eurozone economies like Italy, but the leaders said work still needed to be done.

After marathon talks in Brussels, they agreed a mechanism to boost the eurozone's main bailout fund to about 1tn euros (£880bn; $1.4tn).

Source: BBC

Video: Property values 'holding steady' in Europe

Ivan Radford — 21/10/2011 10:51:00

Low interest rates across Europe have helped boost property values, a positive trend for real estate securities in the region, according to Ernst-Jan de Leeuw, La Salle Investment Management's head of real estate securities for Europe.

He spoke with REIT.com at the European Public Real Estate Association's annual conference in London in early September and offered a range of opinions on commercial real estate investment in the current market. He said signs within the industry suggest that the current level of strong valuations is sustainable.

You can view the video on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/property-values-holding-steady-in-europe/

Permanent museum to open in Rome's airport

admin — 06/10/2011 08:18:00

Visitors to Rome will soon be able to get their first taste of great Italian art as soon as they touch down on the tarmac. Rome’s Leonardo Da Vinci Airport (also known as Fiumicino) has plans to inaugurate a new exhibition space on the 12th of October 2011.

Every year more than 36 million passengers pass through the Roman airport. Planners have devised a permanent exhibition hall that will allow them to transform part of the airport into an introduction to Italian cultural heritage for tourists to experience as soon as they step off the plane.

The art hall will be located in Terminal 1, which is already home to a temporary display of the most prestigious ‘Made in Italy’ brands. The new space, however, will host a permanent art collection modelled after the Amsterdam airport which has set up a branch of the city’s famous Rijksmuseum on site.

It is only fitting that the permanent space at Fiumicino airport will first host a Leonardo Da Vinci exhibit when it opens its doors next week.

Source: ItalyMag.co.uk

Think about seasonality' when purchasing property in Italy

admin — 05/10/2011 04:33:00

Investors considering sending money abroad and purchasing a property in Italy have been advised on what they should take into consideration before signing a contract.

Terry Hobbs, agents and media manager for Propertyshowrooms.com, explained how some parts of the country can be "seasonal" and urged individuals to be aware of this.

He described how while some regions may be extremely popular during the summer months, come winter they could be "practically boarded up".

Another point to remember is the property tax of three per cent that applies to first-time buyers in Italy, who register for residency in a local area.

Source: HiFX.co.uk

Madonna house hunting in Verona

admin — 30/09/2011 08:11:00

Just weeks after making disparaging remarks about Italy's politicians, Madonna is reportedly contemplating a move to the 'bel paese'.

The material girl would be in good company if she closes a deal on the 10 million euros flat she is supposedly interested in. Leonardo di Caprio has a house in Verona's Piazza Bra', and the Jolie-Pitts are just down the road in Valpolicella. Rounding out the list of glamorous neighbors, Emma Watson of Harry Potter fame is also house hunting.

The apartment that caught Madonna's eye is a two story, 500-square-meter penthouse on Verona's Piazza delle Erbe. The urban mansion boasts six bedrooms, five bathrooms and a loft.

Verona mayor Flavio Tosi is pleased to hear the rumors about Madonna moving to town. "'If they are confirmed, we will be happy. It would be a further confirmation of the strength and importance of the city image abroad."

Source: ItalyMag.co.uk

Expat businesswomen urged to plan for retirement

admin — 23/09/2011 07:52:00

Expat businesswomen should look to the long term to secure their finances for retirement as moving to different countries and working on short contracts can play havoc with their future security, it is claimed.

Experts will tell the Women’s International Networking global leadership conference in Rome next month that women face pitfalls when it comes to retirement planning.

Leading international independent financial advice group Guardian Wealth Management is running its specialist workshop examining the financial issues for international businesswomen and looking at some of the solutions to those issues.

‘As part of the event we will once again be undertaking a workshop presentation specifically aimed at helping the international woman to achieve financial success whilst avoiding the pitfalls that as advisers we know to be out there,’ said Gavin Pluck, European director at GWM and presenter of the workshop.

Source: ExpatForum.com

Video: IMF: World economy enters "dangerous new phase"

admin — 22/09/2011 05:23:00

The International Monetary Fund has said the global economy is in a "dangerous new phase" this week.

The IMF comments arrive as Standard & Poor lowers Italy's debt rating, in a week where financial forecasts are looking gloomy. On Monday, President Obama proposed $3 trillion of spending cuts and tax increases to help the US economy recover, but the IMF has downgraded its oulook for both the USA and Europe.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/09/imf-world-economy-enters-dangerous-new-phase/

Berlusconi denounces Italy debt downgrade

admin — 20/09/2011 08:08:00

The Italian prime minister has said that Standard & Poor's (S&P) decision to downgrade its unsolicited ratings on Italy did not reflect reality and said his government was already preparing measures to spur growth.

"The assessments by Standard & Poors seem dictated more by newspaper stories than by reality and appear to be negatively influenced by political considerations," Silvio Berlusconi said in a statement on Tuesday.

He added that his government had already approved measures to balance the budget in 2013 and was preparing growth boosting measures that aimed to bear fruit in the short to medium term.

Source: Aljazeera.net

All pets allowed! Italian proposal would outlaw pet housing restrictions

admin — 09/09/2011 08:34:00

No pets not allowed! That is the spirit of a new bill put forth by a member of the Italian Parliament that would erase all building regulations that forbid tenants from keeping pets at home.

The bill was drafted by Gabriella Giammanco, an ally of Prime Minister Silvio Berlusconi, and it has now made its way to Parliament's Justice Committee.

"The new law will not allow keeping all animals at home, but just the 'family's animals,' owned to provide company, not for feeding purposes," Giammanco says.

Italian families own some 45 million pets, including 7 million dogs, 8 million cats, 16 million fish and 12 million small-bird species and snakes. Currently, building regulations can clearly state that pets are not allowed. The bill aims to erase this option for landlords.

Source: Time Out

Venice tests the water with new tourist tax

admin — 25/08/2011 04:09:00

Visitors to Venice will find an unexpected charge on their hotel bills from tonight as the city becomes the latest destination to launch a tourist tax.

Anyone lodging overnight on the islands in the Venetian lagoon, or even in the dreary suburbs of Mestre on the mainland, will pay an imposta di soggiorno that adds as much as €10 to bills for double or twin rooms.

Research by The Independent shows that authorities worldwide, from the Maldives to the Rockies, have begun to exploit what they see as a rich seam of earnings.

The Comune di Venezia has produced a lavish brochure in nine languages to announce the tourist tax, promising visitors "you will become one of the city's sponsors, contributing to safeguarding it". The levy even has an official logo – a sticker reading "Thank you for being a sponsor of the splendor of Venice".

Source: Independent.co.uk

Expat lecturers in Italy win support of Prime Minister

admin — 18/08/2011 06:28:00

Briton Christopher Burchett, who has lived and worked in Italy for over 20 years, wrote to David Cameron to ask him to try and stop Italian university authorities discriminating against foreign language lecturers.

There are an estimated 1,500 such lecturers, commonly known as lettori, working in the country, many of whom claim that they are treated as inferior to their Italian counterparts. Common complaints include low or unpaid wages, a denial of promotion opportunities, and exclusion from staff benefits such as pensions.

In his reply to Mr Burchett – a prominent member of the Association of Foreign Lecturers in Italy (ALLSI), an anti-discrimination campaign group – Mr Cameron said that the lettori had “my complete support in ending this discrimination” and that he and his ministers would do “everything we can to resolve urgently a situation which flouts the core principles of the single market."

He added: “We cannot interfere politically in the Italian courts' legal proceedings, but...[we will] nevertheless do everything we can to maintain the political profile of the case, to forestall further unnecessary delays and try if at all possible for a negotiated settlement.”

Source: Telegraph.co.uk

'Bargains can be found' in Italian property sector

admin — 17/08/2011 07:04:00

Investors looking for a good deal on an Italian property should be able to find an asset at a reasonable price, it has been claimed.

Director of the international department at Savills Charles Weston Baker told the National buyers can now find houses in the country for 20 to 30 per cent less than their value in 2007.

He explained that stricter planning laws in Italy have resulted in less oversupply than in other Mediterranean nations, such as Spain, but that the weak market has still pulled prices lower.

Meanwhile, Harrison D'Onofrio, Italy sales manager for Hamptons, recommended that potential buyers look at regions such as Puglia and Calabria.

Source: PropertyShowrooms.com

Italy has taken "decisive action" with plan to cut deficit, Sarkozy says

admin — 15/08/2011 12:03:00

Italy has taken "decisive and rigorous action" with new plans passed on Aug. 12 to cut its deficit and balance its budget by 2013, French President Nicolas Sarkozy said in a telephone call with Prime Minister Silvio Berlusconi, the Italian government said in an e-mailed statement today.

Sarkozy and Berlusconi had a “long and cordial telephone call” and Sarkozy gave “words of appreciation” for the “speed with which the measures have been adopted,” according to the statement.

Source: Bloomberg

David Cameron's 'pukka' holiday at Jamie Oliver's Tuscan retreat

admin — 02/08/2011 12:34:00

He is the prime minister who has to play down accusations that he is too posh.

Now, it emerges, his holiday has a decidedly pukka feel.

The Tuscan villa chosen by David Cameron for his family holiday is a favourite retreat of Jamie Oliver, the television chef.

Oliver has been a regular visitor to the Petrolo estate, in the heart of the Chianti region, for almost a decade and is a friend of its owner, Baron Luca Sanjust.

The chef sources his olive oil and some wine for his restaurants from there and has obtained recipes from the estate's cook.

Source: Telegraph

David Cameron rents 18th century Tuscan villa for family holiday

admin — 28/07/2011 06:21:00

The Prime Minister has rented an 18th century villa near the town of Mercatale Valdarno in the Chianti region, where his neighbours will include the pop star Sting.

Mr Cameron, his wife and three children will share their holiday with two other families. They are paying £5,800 as their share of the 11,000 euro a week villa.

The estate is owned by winemaker Lucia Sanjust Bazzocchi, who with her son Luca produces Sangiovese and Merlot grapes from 77 acres of vines.

The rural area of Italy became known as “Chiantishire” after the regular visits by New Labour acolytes and Mr Blair, who was nicknamed “Tuscan Tony”.

Source: Telegraph.co.uk

Italy property prices could fall

admin — 20/07/2011 06:56:00

Anyone thinking of buying a home in Italy should keep a close eye on the country’s weakening economy which is having a negative impact on consumer confidence and in turn could cause property prices to fall.

The financial markets in Italy have already nosedived on the back of the eurozone debt crisis and property prices could follow suit.

The prospect of potentially cheaper property values would undoubtedly appeal to many Brits thinking of buying a holiday home in Italy.

The Italian parliament rushed through a multi-billion pound austerity late last week to help the country’s mounting debt crisis.

Source: APlaceintheSun.com

Euro, stocks decline on European crisis concerns

admin — 18/07/2011 11:08:00

The euro dropped the most in a week against the dollar, Italian and Spanish bonds slumped, while shares slid on concern Europe’s debt crisis is worsening. Gold topped a record $1,600 an ounce and silver rose for a fourth day.

The single currency sank 0.9 percent to $1.4022 at 3:31 p.m. in Hong Kong. Yields on 10-year Italian bonds increased nine basis points, while Spanish 10-year debt yields climbed 14 basis points. The Stoxx Europe 600 Index retreated 0.7 percent and the MSCI Asia Pacific excluding Japan Index lost 0.7 percent. Standard & Poor’s 500 Index futures fell 0.6 percent. August- delivery gold rallied for a 10th day and silver jumped 2 percent. Wheat and corn both declined at least 1.3 percent.

European leaders are holding a special summit this week as they seek to contain the region’s debt crisis, after eight of the region’s banks failed stress tests and European Central Bank President Jean-Claude Trichet reiterated the ECB won’t accept as collateral bonds from a nation that defaults. President Barack Obama continued to reach out to lawmakers in both parties this weekend in search of a deficit-cutting deal as the Aug. 2 deadline for raising the U.S. debt ceiling looms.

“What you have at the moment is a lot of indecision,” Simon Flood, chief investment officer at Lion Global Investors Ltd., said in a Bloomberg Television interview from Singapore. “The biggest risk that concerns investors at the moment is what is going to happen in the U.S. People are obviously watching the developments in Europe.”

Source: Bloomberg Business Week

Italian parliament adopts whopping austerity budget

admin — 18/07/2011 10:59:00

Italy's parliament on Friday gave final approval on Friday to a whopping 48-billion-euro ($68-billion) austerity budget aimed at slashing the public deficit by 2014 and reassuring nervous financial markets.

Adoption of the plan, which includes deep cuts to regional subsidies, family tax benefits and top-tier pensions, came just ahead of hotly awaited results of stress tests which were failed by eight of the 91 European banks being tested.

All five top Italian banks passed the tests with "an ample margin," the central bank said, adding the review showed that Italian banks were prepared even if there were to be a "sharp deterioration" in Italy's sovereign risk.

"Italy is stronger now, even though there are still uncertainties over the economic crisis and we have to overcome critical issues that prevent economic growth," Prime Minister Silvio Berlusconi said after the parliament vote.

Source: Bangkok Post

Italy is 2 percentage points from disaster, evolution says

admin — 12/07/2011 08:02:00

Italian bond yields are less than 2 percentage points away from disaster as its 10-year notes tumble, according to Gary Jenkins, head of fixed-income at Evolution Securities Ltd.

Yields on Italy’s benchmark 10-year bonds closed above 5 percent for the first time since November 2008 on July 6 and were at 5.55 percent, a nine-year high, at 1:45 p.m. in London today. Greece, Ireland and Portugal all had to ask for international assistance after their 10-year yields rose past 7 percent.

Italy is being dragged into the crisis because it has more than 1.6 trillion euros ($2.6 trillion) of bonds outstanding, the world’s third-largest pile of debt after the U.S. and Japan. Lawmakers are seeking to balance the budget by 2014 and plan to push 40 billion euros of deficit-cutting measures though Parliament later this year.

“It is worth remembering how quickly bond yields can get out of control by looking at what happened to Greek, Irish and Portuguese 10-year yields,” said Jenkins, who predicted Greece’s bailout last year and who was formerly head of fundamental credit strategy at Deutsche Bank AG and global credit-research chief at Barclays Capital. “What would keep me awake at night if I was a European finance minister is that we are only about 2 percent away from a potential disaster scenario.”

Source: BusinessWeek.com

Wealthy Italians splash out on private islands

admin — 12/07/2011 04:26:00

Italy's rich are taking the national obsession with private beaches to a new level by snapping up their own islands as rising seas and environmental damage spoil some of the trendiest bathing spots in the country.

While the middle classes make do rubbing shoulders with Eurotrash and regimented private beach clubs in Tuscany, Liguria and the Amalfi Coast, those that can are opting for a rather more exclusive alternative.

Last year a record 150 islands, from Croatia's coast to the Caribbean and the South Seas, were bought by Italians. Many VIPs who buy them like to keep quiet, but there were unconfirmed reports that leading Italian fashion designer Giorgio Armani had bought a small Greek island for more than £100m.

The smallest outcrops in less desirable areas went for as little as €20,000 (£17,700). But most buyers are prepared to pay €250,000 which, according to Mario Breglia of the Milan-based Scenari Immobiliari property research group, would get you a bolt-hole in Northern Europe, the Canadian lakes or Croatia. "Those who are able to pay more can look at more exotic places, particularly Central America," he said.

Source: Independent.co.uk

In Rome, Monti is a quiet treasure

admin — 04/07/2011 11:45:00

PEOPLE sometimes wander along Via Panisperna in Rome realizing they are lost, but not fretting about it. The view is divine from there, a slice of the Basilica of Santa Maria Maggiore sandwiched between 19th-century apartment buildings, dilapidated palazzos, the elevated Church of San Lorenzo in Panisperna and stores like Macelleria Stecchiotti, a butcher shop selling some of the best meat in Rome. The owner, Pietro Stecchiotti, a neighborhood notable nicknamed “Pol Pot” for his occupation and ardent Communist politics, claims to have planted the vines that drape across Via Panisperna in front of his shop, framing a quintessentially Roman streetscape.

This is Monti, Rome’s first ward — or Rione I, as marble street markers installed in the 18th century say — tucked between busy Via Cavour and Via Nazionale, east of the Forum. If not as well known to tourists as districts like Campo de’ Fiori and Piazza Navona, it is arguably more Roman: a working-class neighborhood in the heart of the historic center, gentrifying around the edges. It is a place where a knife sharpener still makes monthly rounds even as young entrepreneurs are opening artsy bookstore-cafes, vintage clothing shops, organic markets and galleries.

To spend time here is enough to make a tourist dream about chucking it all and moving to Rome. It happened to me. I once stopped along Via Panisperna and never forgot it. When I decided to move to Rome in 2007, I found an apartment down the hill on Via Baccina, which runs for a few brief, beguiling blocks between the Roman Forum and the endearing little Piazza della Madonna dei Monti, the neighborhood’s gently sloping, cobblestone-paved living room, where children play soccer after school, 20-somethings smoke while talking on cellphones and grandmas sit together, comparing notes about the remarkable occupants of their baby carriages.

The fountain in the middle of the piazza is a simple, two-tiered Renaissance affair with a few leering grotesques and a constantly flowing spigot from which the dogs of the district drink pure Roman water. April brings a festival to the diminutive piazza, I found, with free Italian oompah music, fava beans and jug wine. When a well-known local vagrant died last year, a homemade shrine with candles and handwritten eulogies appeared on the square.

Source: New York Times

Italy’s little secret’s is out

admin — 01/07/2011 02:44:00

Marco Montanari has flown over Italy many a time in his light plane yet although gazing down over endless vineyards and medieval towns is a familiar experience, one recent flight caused him to pack his bags again and head for pastures new.

In 2002, Monanari was out for a spin in his plane over Brisighella, south of Bologna in northern Italy, when suddenly something stirred in the heart of this Tuscany-based Swiss expat.

“I fell in love immediately,” reveals Montanari. The object of his affection is a spa town in the eastern foothills of the Apennines which has got a lot in common with Tuscany but fortunately is much less popular.

The countryside around the town is authentic, sometimes a little rough and ready and generally sleepy by nature. Oddly enough though, Florence is only 88 kilometres down the road, or 90 minutes by train, and Bologna can be reached in an hour by car. An unspoilt Adriatic coastline and the lively port of Ravenna are also equally close at hand.

Source: IOL.co.za

Italy property searches grow strongly In May

admin — 30/06/2011 06:33:00

Italy property is continuing to gain in popularity according to the latest release of the Rightmove Overseas Search report containing data from May. Italy held 5th place in the top 20 countries chart for the second month running, having climbed in April from 6th place in March.

With month on month search volume growth of 23%, Italy was the third fastest growing country in May, beaten only by Poland (+248%) and Thailand (+24%). This strong performance follows growth of 7% and 3% in April and March respectively.

Abruzzo was the fastest growing region in the regional breakdown with a 48% month on month increase in searches for Abruzzo property. This pushed it 19 places up the overall Rightmove chart to position 102, making it the 5th highest Italian region in the overall chart. Campania was just behind Abruzzo in terms of growth, with searches up 46% on the month, taking it to 94 where it is the third highest placed Italian region, behind Toscana at 47, and Lombardia at 90.

Calabria’s performance was also noteworthy; with searches up 25% on the month it climbed 7 places to 111 on the overall chart.

Source: Novrealty.com

Italian holiday homes for food-lovers

admin — 29/06/2011 10:09:00

By day, they press their own olive oil from the groves around their farmhouse, peruse the produce at local markets and organise tours of the vineyards. By night, they cook meals for their guests, or host wine-and-food matching events. Martyn and Margaret Lewis, from Oxfordshire, are living every food lover’s dream.

They bought Casa Lavanda, a beautiful six-bedroom farmhouse in the Florentine hills just north of “Chiantishire”, with eight acres of wild-rosemary meadows and gardens with fig, apricot and cherry trees, in 1999. “We were always switched on to the Mediterranean lifestyle, particularly the food,” says Martyn. “It was meant as a semi-retirement holiday home, but we found a way to spend more time here.”

Although every region of Italy has its allure for epicures, the Emilio Romagna region, where the Slow Food Movement began, is considered the “official” gourmet capital of Italy (it boasts Parma, Bologna and Modena, home of balsamico vinegar), Tuscany and Umbria. And, according to agents in Italy, after a very tough couple of years for its international property market, it’s this heartland that’s starting to whet second home buyers’ appetites again.

“Since the spring we have seen an increased number of sales,” says Gemma Bruce, of GK Italian Property. Tuscany has stood up well, “due to its beautiful landscape, the culture cities of Florence and Siena and its world-renowned vineyards. At least 80 per cent of our buyers have chosen Italy for a second home due to its fantastic food and wine.”

Source: Daily Telegraph

Clash over new high-speed rail tunnel in Italian Alps

admin — 28/06/2011 06:54:00

Police have clashed with demonstrators in the Italian Alps over the construction of a new high-speed rail link with France.

Tunnelling is set to start for a line from Turin to Lyon, which is expected to cut the travel time by nearly half.

Local residents built barricades to prevent heavy machinery from starting work in the picturesque Val di Susa, in northern Italy.

Police used fire hoses and tear gas to disperse them.

Source: BBC.co.uk

Italian region looks for foodies in bid for tourism boost

admin — 27/06/2011 11:43:00

Long mocked for its poor weather and relatively obscure for many foreign tourists, the Piedmont region in northwest Italy is bidding to become a new destination for food and wine lovers.

With Tuscan cities like Florence and Pisa regularly overrun by the summer hordes, tourism officials in Piedmont say their region has been spared and is a better fit for higher-spending foreigners who want some peace and quiet.

"Bed and breakfasts, charming hotels and farmhouses - that's the tourism we like, not mass tourism," Maria Elena Rossi, head of the tourism department for Piedmont told reporters on a media tour aimed at boosting the region.

Inside the fresco-filled Castello della Manta, a mediaeval manor set on a wooded hillside southwest of the regional capital Turin, the talk at the gourmet restaurant is about making the most of the local cuisine.

Source: Relax News

European holiday favourites benefit from boost in buying interest

admin — 27/06/2011 11:18:00

France, Italy and Germany are all attracting more interest from overseas property buyers, especially areas popular with Brits such as the Dordogne, the latest Rightmove Overseas index shows.

In May, some 56.2% of indexed locations saw increases in searches, 43.7% saw decreases, 0.1% no changes at all. Overall, searches for overseas property rose 15% in May.

Poland has broken into the top 20 countries for the first time, with searches increasing by a huge 248%. Top ten climbers include several French regions. The Dordogne was up 74%, Aquitaine up 47% and Limousin up 39%.

Italy also continues to attract a lot of interest with 17 out of 20 Italian regions see increased user activity in May. While Bavaria in Germany was the top climber for May with 82% more searches month on month.

Which country has the funniest people?

admin — 13/06/2011 12:29:00

No joke, Americans win, according to a just-released survey of 30,000 people in 15 countries conducted by something called badoo.com, billed by its publicists as "the world's largest social network for meeting people worldwide."

Folks from the USA were voted the world's "funniest nationality ... best at making people laugh" in the survey. (Now, that might not be a total compliment. I remember some French people telling me that they think Americans are "clowns," because we tend to smile a lot and dress in silly fashion, such as wearing T-shirts with slogans and walking around elegant Paris in shorts and athletic shoes.)

Some might say that Britain, the land of sophisticated, dry humor, complicated Cockney jibes and Monty Python, would rank high, but the survey found Brits "not as funny as they think," according to a summary (Brits finished seventh). The Spanish came in second and Italians third.

The list of funniest nationalities:

1. American

2. Spanish

3. Italian

4. Brazilian

5. French

6. Mexican

7. British

8. Tie: Dutch, Russian

10. Belgian

Source: USA Today

Buyers Bagging Bargains In Europe, But Italy Property, Really?

admin — 10/06/2011 07:19:00

The Daily Telegraph has just published figures from foreign exchange firm Currencies.co.uk, which shows that British buyers are heading to Europe’s distressed markets to snap up bargain properties, with Spain, Greece, Ireland, Portugal and Italy being mentioned as benefiting from the trend. However, in the case of Italy property it is entirely possible that something else is driving demand.

This has to be said because according to the Bank of Italy, Italian property prices have not fallen anywhere near as drastically as those mentioned above, and have shown real signs of stability in recent times, according to the figures recently published by the Global Property Guide. Thus it is entirely possible that the waves of buyers are heading out to buy property in Italy because it has been proven a stable asset capable of holding its value even in torrid times.

Then you have Calabria. During the last 18 months of the boom, Calabria property rose to fame as an emerging market within an estabilished market; in that it offered property at emerging market prices, within the established market of Italy. Now, with the EU just having pledged millions of Euros of investment into the region, and a slew of new flights from the UK, including — low cost flights –, Calabria is once again seeing rising popularity among foreign property buyers.

That is not to say you can’t find bargains in Italy. If you listened to the official Spanish indices you would only think Spanish property prices had fallen about 10%, but agents tell of drops of up to 40%. It is the same in Italy, official figures are one thing, but you find a property that needs a bit of work, or has been on the market a bit long for the owner’s liking and you stand a good chance of securing a bargain.

Source: NovRealty.com

Train link from Mersey to Milan may be back on track

admin — 09/06/2011 07:00:00

The Port of Liverpool could revive proposals to link the city's docks complex with a train link that takes it to the centre of industrial Europe.

Before Peel Holdings took control of the city's ports six years ago, plans had been mooted to establish a direct train link from the Mersey to Milan.

Now, new plans by Peel Ports to transform Liverpool's docks and the Manchester Ship Canal into a 44-mile "logistics platform" could see the European rail link being on the agenda once again.

Peel unveiled a 20-year development strategy which outlined plans for expansion that it said will establish the port and the canal as an "integral part of the supply chain".

Source: Guardian.co.uk

New flights make Italy 'more accessible'

admin — 08/06/2011 08:27:00

New flights to Lake Garda in Italy will make the region even more accessible for tourists and property hunters.

Low-cost carrier easyJet has announced that it will be running a new route to nearby Verona from London Gatwick.

The news has been welcomed by the Italian State Tourist Board, which has recommended that visitors to the country spend time taking in the sights that Lake Garda, the Dolomites and other historic towns such as Padua and Mantua offer.

Stefania Gatta, a spokeswoman from the Board, added that for those who want to explore the city of Verona itself there was still plenty to do.

Source: PropertyShowrooms.com

New air route from Skopje to Venice for Wizz Air

admin — 26/05/2011 06:44:00

Wizz Air, the low fare – low cost airline in Central and Eastern Europe has announced that it is launching a new route from Skopje to Venice Treviso. The first flight will take off on the 20th of September 2011 and will, initially, operate twice a week.

Tickets are already available from as low as EUR 24,99 (all inclusive, one way) on wizzair.com or by calling the Call Center.

Wizz Air announced its entry into the Macedonian market as the first low cost carrier on 16th February by opening the Skopje – London Luton route from 19th June 2011. The airline has already sold more than 5.000 tickets, even before the launch of operations.

Source: TravelDailyNews.com

Italian women face 500 year wait for equality

admin — 24/05/2011 03:30:00

A demographer for the National Research Council, has run a statistical projection to determine when men and women will finally reach gender equality. She found that things in Italy will finally be fair in 2601.

Rossella Palomba crunched the numbers in search of a target date for equality of the sexes. By comparing the amount of men and women working in high-profile careers, the researcher was able to project how long it would take for there to be an equal number of males and females on the job.

It will take until 2063 for women to equal men as professors. For doctors, it won’t happen until 2095.

The purely mathematical calculations do not take into account outside factors that might influence the date, but Italy ranks in at a disheartening 74 out of 134 when it comes to equality measurements. Equality may come before 2601, but there is certainly a long way to go.

Source: ItalyMag.co.uk

Milan Furniture Fair: Week of wonders

admin — 16/05/2011 11:30:00

Many fashion houses join the design world when it focuses its sights on Milan each April, some with more rigour than others.

This year Balenciaga staged a photographic exhibition of its boutique concepts, Emilio Pucci hosted an installation about 'the values and magic of the Pucci world’ and Marni replaced the camellia trees in its Villa della Spiga courtyard with lavender, herbs and mulberry bushes 'to pay tribute to Italian flora and encourage the return of plants to our urban centres’, the label’s designer Consuelo Castiglioni said.

Few, however, got into the spirit of a furniture fair quite like Hermès, the French firm best known for its leather goods and printed silk scarves. In what was one of the most talked about displays, the company presented a furniture and furnishings range overseen by its creative director, Pierre-Alexis Dumas, a fifth-generation member of the Hermès family. With key pieces designed by the architect Antonio Citterio (best known for his work with B&B Italia and Maxalto) and Enzo Mari, the 79-year old master of Italian design, it is clear that Hermès is taking this new direction seriously. B&B Italia will produce the range, but it remains a thoroughly Hermès product – sophisticated, with a restrained palette and use of materials. There is plenty of saddle-stitched leather, too – a distinct feature of the company’s fashion accessories.

Completing the offering is a range of furniture designed by Jean-Michel Franck in 1924, which Hermès quietly released towards the end of last year. China and silverware is being produced by the great German tableware firm Rosenthal, and new wallpaper and furnishing textiles designed by Philippe Dumas, the grandson of the company’s founder, Emile Hermès.

Source: Telegraph Online

The 10 best places to retire overseas

admin — 09/05/2011 11:51:00

There are parts of the world where riding out the economic storm in retirement is going to be a lot more enjoyable than in Britain. Savills estate agents’ latest Global Residential Review reveals that an increasing number of those in their more prosperous fifties and sixties are looking for a foreign retirement bolt-hole where the living is easier than in Britain.

Here are 10 hot spots for anyone looking to buy and retire overseas:

America

Florida, really. On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.

Barbados

Britons are the biggest expat community in Barbados. Celebrity owners include Sirs Cliff Richard and Andrew Lloyd Webber, as well as Cilla Black and Simon Cowell. Estate agents Cluttons (www.cluttons.com) report a 70 per cent increase in sales in 2010, compared to 2009.

Cyprus

It’s not just the sunshine that makes the Greek part of Cyprus a haven for Britons. Spend more than 183 days on the island, in one financial year, and you become a tax resident, liable for as little as five per cent income tax.

France

Brits tend to opt for coastal properties (39 per cent), rural (37 per cent) and mountainous (19 per cent), which means the likes of Aquitaine, the Dordogne and the Languedoc remain popular. But the prospect of spending a year (or longer) in Provence, à la Peter Mayle, is as attractive as ever. Overall, prices in France are eight per cent down on their 2007 peak.

Italy

You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.

Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built Town house in the village of Collodi Castello.

Mauritius

Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valraiche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa (www.cluttons.com)

South Africa

Cape Town is where most Brits gravitate, with its equable climate and fine beaches. Prices can be 50 per cent less than the most expensive parts of Europe, too.

Spain

Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-Side homes for sale, at below-par prices. Property sales in Majorca are also up (by 14.5 per cent in 2010), as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900 (www.taylorwimpeyspain.com).

Switzerland

“Switzerland was generally unaffected by the recession and the property market remained buoyant,” reports Hannah Coppersmith, managing director of Pure International (www.pureintl.com). The company organises free seminars to help with the laws on purchase in the cantons.

Turkey

During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion. Not quite as good as the 3 billion of the boom years (2006-08), but enough to persuade accountants Price Waterhouse Coopers to name Istanbul the best European city for investing in property during 2011.

Source: Telegraph Online

Clooney's holiday haven an affordable option for buyers

admin — 04/05/2011 11:42:00

Lake Como has been synonomous with George Clooney in the last few years and that is not about to change as he will be celebrating his 50th birthday at Villa Oleandrea on the shores of Lake Como this Friday (6th May).

Linda Travella has been selling property on Lake Como for almost 25 years, well before it was discovered by Clooney. "The most important point for clients to realise is that to enjoy a property on Lake Como you do not have to spend millions" says Linda. property in Laglio itself has become expensive since Clooney purchased and Linda suggests buying in other parts of the lake for better value.

If you are looking for a villa which is not quite as grand as Clooney's, then Linda suggests looking to Lake Maggiore. For €850.000 you can buy a 4 bedroom, 4 bathroom villa close to Stresa with garden going down to the lake. Como and Maggiore are equidistant from Milan. "If you are looking for a property that you can use as a first or Send home wthout worrying about the value depreciating then this is the ideal location" says Linda.

Source: Casa Travella

European property stocks return 3.6% in April

admin — 03/05/2011 10:32:00

European listed real estate, as represented in the GPR 250 Europe Index, ended April 2.6% higher, with the strong performance being driven by UK stocks. On a country by country basis, the UK topped the ranking with an increase of 5.9% in April, while Norway came second returning 5.5% in the same period.

Switzerland, Italy and Turkey rose 5%, 4.2% and 4% respectively last month, while France, the Netherlands, Sweden, Austria, Germany and Belgium all remained in positive territory returning between 2.7% (France) and 1% (Belgium) in the past month.

Meanwhile Poland, Finland and Spain all posted a loss in April, with Spanish stocks shedding 3.7% of their value during the period.

The GPR Europe Index focuses on 56 listed property companies throughout Europe.

Source: Property EU

Italy and France ask EU to revise Schengen border treaty

admin — 27/04/2011 09:45:00

Italy and France asked the European Union today to revise the Schengen border treaty that permits passport-free travel through Europe to take into account "exceptional" situations like the recent massive flood of Tunisian immigrants.

France has harshly criticized Italy for granting temporary residency permits to some 20,000 Tunisian migrants who have arrived in Italy since the North Africa nation's dictator was overthrown in mid-January. Most Tunisians want eventually to get to France, Tunisia's former colonial ruler, where many have relatives.

Italian Premier Silvio Berlusconi and French President Nicolas Sarkozy said they had signed a joint letter to the EU during a summit on Tuesday and had appointed officials to work on the issue.

"We want Schengen to survive, but to survive Schengen must be reformed," Sarkozy told reporters after the meeting. "We believe in free circulation but we believe in a state of law and a certain number of rules."

Source: Associated Press/The Independent

Tuscany still popular with Brits buying property in Italy

admin — 26/04/2011 13:41:00

Owning a farmhouse in the beautiful rolling landscape of Tuscany is a dream for many Brits. Whilst large farmhouses may be out of the reach of many British buyers, it is still possible to pick up affordable property in Tuscany. And, with property prices in Italy not suffering in the same way as in other countries over recent years, the potential for capital growth is good.

Property price in Italy will stabilise over the long term

Karen Ross of Casa Tuscany recently gave readers of the Daily Mail the benefit of her advice. She said: “Consider a house or an apartment in a village, not a city. Tuscany is expensive in most areas, but for more affordable prices, look to the north of Lucca. It is beautiful, reasonably close to both the sea and the mountains and only an hour from Florence.”

Small apartments can offer good value

The Daily Mail highlights the value available in some smaller property in Italy. The newspaper reports that ‘the seven one-bedroom apartments and other properties that remain of the 40 faux-medieval homes built in the hamlet of Guardistallo match the architectural splendour of Tuscany’s ancient buildings.’

Source: Homesgofast

For sale: entire medieval Italian village for £485,000

admin — 19/04/2011 07:51:00

It sounds almost too good to be true: an entire medieval village in Italy for sale for the price of a modest flat in London.

But for anyone tired of Britain's crippling property prices and inclement weather, £485,000 will buy the historic village of Valle Piola, which is surrounded by wild and mountainous terrain in the heart of one of the country's biggest national parks.

Italy is littered with abandoned hill villages but Valle Piola is a particular gem, consisting of 11 crumbling stone buildings, including a half-ruined 13th century church and two shepherds' houses.

It lies in the middle of the Gran Sasso national park in the central Abruzzo region, an area that has been severely depopulated by a decline in sheep farming.

Source: The Telegraph

European Central Bank raises interest rates

admin — 07/04/2011 13:12:00

The European Central Bank lifted interest rates for the first time in almost three years to quell inflation even as Portugal became the third nation to succumb to the region’s sovereign debt crisis.

ECB policy makers meeting in Frankfurt today raised the benchmark interest rate to 1.25 percent from a record low of 1 percent, as predicted by all 57 economists in a Bloomberg News survey. It also raised the marginal lending rate to 2 percent from 1.75 percent and increased the deposit rate to 0.5 percent from 0.25 percent, maintaining 75 basis-point corridors either side of the benchmark.

While ECB President Jean-Claude Trichet said last month that a move today is “certainly not the start of a series,” investors expect two more increases to 1.75 percent by the end of the year as inflation accelerates and Germany’s economy booms. The risk is that higher borrowing costs may boost the euro and exacerbate the sovereign debt crisis, which last night forced Portugal to follow Greece and Ireland in seeking a European Union bailout.

“The ECB has decided that it will tighten policy for the core countries like Germany that are doing well and leave the non-standard measures support in place for the periphery countries,” said Silvio Peruzzo, an economist at Royal Bank of Scotland Group Plc in London. “The rate increase is appropriate and there will be another one as early as June.”

Source: Bloomberg

German, Italian real estate values fell slightly, report says

admin — 06/04/2011 12:24:00

The real estate markets in Germany and Italy saw capital-value declines in 2010, according to Investment Property Databank (IPD), but both look to be recovering.

Despite a 0.9% capital depreciation, total returns for German real estate were positive at 4.2% last year.

Meanwhile, Italian commercial property values finally stopped falling over the second half of last year, registering zero capital growth, according to the IPD Italy Bi-Annual Property index.

As a result, the first indication of the Italian market's full-year capital growth is still negative, at -0.3% – making it one of only three European commercial real estate markets that have so far registered annual capital depreciation, behind Ireland at -3.3% and Germany at -0.9%.

Source: IPE Real Estate

Italian investment fund buys Milan's Rinascente

admin — 25/03/2011 12:56:00

Italian fund manager Prelios Sgr has announced the sale of the historic Rinascente building located in Milan's Piazza Duomo for EUR 472 mln, representing a gross yield of 4.7%. The landmark department store was sold to the Ippocrate investment fund, which is majority-owned by the privatised pension fund for Italian doctors and dentists (Enpam) and is managed by Italian fund manager First Atlantic Real Estate.

The sale of the asset, with a total surface of 53,000 m2, will generate EUR 108.5 mln in gross capital gains for Prelios. First Atlantic is believed to have emerged ahead of other bidders including Sorgente in the competition to acquire the flagship property controlled by the Retail & Entertainment fund, which is managed by Prelios (formerly Pirelli Real Estate) and is owned by Prelios together with Investitori Associati, Deutsche Bank's RREEF and the Borletti family.

First Atlantic, which is in the process of finalising its merger with Fimit, is also said to be in negotiations to acquire the other Rinascente department store at Via del Tritone in the Italian capital for a price of around EUR 260-270 mln.

Source: Property EU

Libya's stake in European property causes alarm

admin — 24/03/2011 12:32:00

Regardless of how the Libyan revolt plays out, in the global economy the humanitarian crisis is just one deadly aspect of the fighting. Thousands are believed dead, and the fabric of society has been shredded in what has become a civil war. But to the nations of Europe that have come to rely on a steady flow of oil and petrodollars from Moammar Kadafi's nation, the destruction of what could be called Libya Inc. is likely to be the most painful blow.

When the United Nations lifted sanctions on Libya in 2003, after Kadafi's regime accepted responsibility for the bombing of a Pan Am jet over Lockerbie, Scotland, many European countries rushed to do business with Kadafi, despite his erratic history. Why? Because Libya was sitting on a deep, largely untapped reservoir of oil and a mountain of cash.

Seeing the opportunity, Europe pounced. As a result, today just about all of Libya's major trading partners are European. Take Italy, for example. Italy is by far Libya's most active business partner, with more than $12 billion in two-way trade annually. Libya supplies almost a quarter of Italy's oil, and Italy is the world's largest importer of Libyan crude. Libya also owns 7.5% of the Italian bank UniCredit and has investments in Fiat, the defense conglomerate Finmeccanica, the energy company ENI, the soccer team Juventus and a variety of other Italian businesses.

In many ways, the nation with the most at stake economically is Britain. Although its annual trade with Libya amounts to less than $2.5 billion, Britain has recently emerged as a major target for Libyan investments. Libya has spent hundreds of millions of dollars on prime London commercial real estate. And last year, a senior executive with the Libyan Investment Authority announced that the fund had earmarked $8 billion exclusively for Britain. This pledge was welcome news for the British government, which has been trying to sell more than $40 billion in state-owned property to help address its yawning budget deficit. In short, it needs the money.

Source: Los Angeles Times

HSBC releases online app for expats

admin — 23/03/2011 11:16:00

HSBC Bank International has today announced the launch of its new interactive Expat Explorer tool, an online resource providing users data from the company's annual Expat Survey. While we're not big on sifting through massive amounts of data, the reports available could easily prove useful to people looking to spend extended amounts of time living and working in another country.

One of our favorite features? The three categories, Economics, Experience and Offspring each have easy-to-use dropdown tabs to categorize countries by qualifications that matter to you, including "healthy diet," "organizing school for my children" and "social life." Plus, each unique query generates its own link, which can be shared with friends and family and across social media sites, which easily can provide a colorful picture of what life will be like in a new location.

Of course, the survey isn't perfect - from the boxes we checked, we'd be best off living in Bahrain ... naturally, the findings are based on 2010 survey data and not current events.

"Considering a move abroad can be a daunting prospect, often involving a huge amount of research," said Lisa Wood, HBSC Bank International's head of marketing. "[H]opefully through our new online resource we'll provide some really useful insights for any potential expats."

Source: Gadling

Monaco tops world life expectancy list

admin — 22/03/2011 12:11:00

"Old people" - we all hope to live long enough to earn this distinction. In some countries, the probability of living well into your eighties is much better than in others. The worldwide average for life expectancy is just a smidge over 67, with the highest and lowest countries fluctuating by over 20 years in each direction.

39 of the bottom 40 countries are located on the African continent, and 3 of the top 5 are European micro-states. The United States ranks in at number 50, boasting a life expectancy of 78 years old.

At the bottom of the list is Angola, a country in southwestern Africa. The average life expectancy in Angola is almost 39 years old. At the other end of the spectrum is Monaco (pictured above). Monaco is a micro-state in Europe with an extremely high standard of living. The average person there lives to be 89 years old.

The 50 year gap between these two countries represents the difference between yacht ownership and subsistence farming, and every other country falls somewhere in between.

For the full list, check out the world fact book at cia.gov.

20. Bermuda

19. Anguilla

18. Iceland

17. Israel

16. Switzerland

15. Sweden

14. Spain

13. France

12. Jersey

11. Canada

10. Italy

9. Australia

8. Hong Kong

7. Singapore

6. Guernsey

5. Japan

4. Andorra

3. San Marino

2. Macau

1. Monaco

Source: Gadling

Italy's south coast offers property bargains

admin — 18/03/2011 12:10:00

An apartment of 50 sq. mts. (537 square feet) in the prime spots of northern Italy’s cities can be expensive–as much as $650,000. But look to its warmer southern regions and property prices in Italy fall dramatically.

In Ragusa, on the island of Sicily, you can pick up an Italian property in the sun for 450 euro ($621) per square meter. Equate that to dollars, and it means you could have a similar sized apartment (537 square feet) for just over $30,000. Why the huge disparity? Well, unemployment in this region has been historically high for generations. This is reflected in both the purchase price of property as well as long-term rentals in the south of Italy.

Published in February this year, the latest research from Borsino Immobiliare di Confedilizia pinpoints Venice as Italy’s most expensive city for property buyers. Its watery beauty comes at an eye-wateringly steep cost. In central neighborhoods, $12,972 is the square meter average.

Contrast that to Vibo Valentia, a city that also gives its name to a province in Calabria. On the western coast of Italy’s ‘toe’, it offers almost 50 miles of coastline, archaeological sites and a mountainous hinterland. The average price in the center of Vibo Valentia is $1,104 per square meter; on the periphery, $690 per square meter.

Source: International Living

Capri outlaws noise pollution from builders, gardeners

admin — 11/03/2011 11:33:00

The island of Capri, exquisitely beautiful but a bit on the prim side, was never going to rival Ibiza, Mykonos or Ayia Napa, in the hard-partying stakes. And now, 2,000 or so years after the Emperor Tiberius held his bacchanalia there at the Villa Jovis, local authorities in the exclusive Bay of Naples resort, where 1930s singing sensation Gracie Fields lived for more than 40 years, are guaranteeing visitors complete quiet in addition to the breathtaking panoramas.

In Capri, there's not a foam party in sight; instead the rich and famous recline by the pools of luxury villas and discreet hotels that dot its mountainous green slopes, perhaps looking up occasionally to admire the view across the bay to the chaotic port of Naples. And no doubt they all appreciate Capri's relative calm. The ones without gym-toned bodies might even approve of existing regulations that forbid immodest dress in its pretty central square, La Piazzetta.

Local police chief Marica Avellino this week signed ordinance number 30, which from April to October allows for fines ranging from €50 to €500 for local people who make too much noise – and disturb the tranquillity of tourists.

The building and gardening industries will be worst hit, with only two, two-hour slots in which machinery can be used – noon till 2pm and from 6pm till 8pm. In the peak season from the end of July till the start of October, the noise police will be even more insistent, with a complete ban enforced on any sort of machinery or gardening equipment, from diggers to annoying strimmers that could disturb a tourist's 40 winks.

Source: The Independent

More European tourists opt for rail travel

admin — 04/03/2011 11:41:00

As the world's fliers grapples with high oil prices, horrendous baggage fees and new government taxes, it seems that the leisurely, gentle train journey looks set to reap the rewards. Eurail, the company which sells InterRail tickets for train travel around Europe, reported last week that the number of passes it sold to visitors to Europe jumped by 11.9 percent last year, to 427,000.

Interestingly, although there were predictable rises in the number of people buying rail passes from growing markets in Asia, it appears that the biggest jump has been in travelers from South America, where sales were up by a third.

It seems that more people than ever are looking to take the train - even Europeans, often unreservedly critical about their own rail systems, bought 6.2 percent more passes to explore their continent by rail last year. Eurail says that of the one-country passes it sold, Italy's was by far the most popular last year, followed at a distance by Spain and in third place, Austria - France and Germany, with their modern, high-speed rail systems, apparently didn't get a look in the top three.

Souce: The Independent

Tod's to pitch in for Pompeii rebuild

admin — 21/02/2011 13:56:00

An Italian shoe magnate is preparing to step in and help to save the ancient site of Pompeii from disintegration, following last year's headline-grabbing collapses in key buildings.

Diego Della Valle, the owner of the luxury shoe brand Tod's, has said he "will give a helping hand" to rescue the ancient Roman city and World Heritage Site. In December, it emerged that Mr Della Valle had put his hand in his pocket and produced €25m (£21m) to help to save the Colosseum in Rome.

"The businessmen and people of Naples have to grab the opportunity to involve themselves in the restoration of Pompeii. If it's needed, I'm ready to lend a hand," he was reported as saying in Il Giornale dell'Arte magazine. A spokeswoman for Tod's told The Independent that Mr Della Valle was indeed ready help.

Nine people have been placed under investigation by the Italian authorities in connection with damage to the ruins last November. The House of the Gladiators and part of the House of the Moralist fell in quick succession at the 2,000-year-old World Heritage Site, prompting outcry.

Pompeii's former superintendent Pietro Giovanni Guzzo and excavations director Antonio Varone are among those being investigated in connection with the collapses, it has emerged.

Source: The Independent

Site of Berlusconi sex scandal up for rent

admin — 17/02/2011 13:51:00

He has property inside and outside of Milan, a palazzo in Rome and a villa in Sardinia, and yet all these lovely locations aren't enough to host Italian prime minister Silvio Berlusconi's retinue of call girls. According to the Telegraph UK and intercepted communications, Silvio's dalliances have lately been focused instead on a rented 15th century castle just outside of Rome—the Castello di Torcrescenza.

What Berlusconi hosts there are "dinners" with former Playboy models and other beautiful women, likely prostitutes procured from various sources he has, sources which are now being publicly named. Thus, we can only believe the his castle "dining" is over and you can look into renting the place for your next wholesome family vacation in Italy...or for other things.

It does sound nice: The castle's website says it is surrounded by extensive parkland and a golf course and is the private home of Princess Sofia Borghese Ferrari Sardagna di Newburg and Hohenstein, a direct descendant of Pope Paul V.

Oh, so the place is owned by a descendant of a Pope? That means Berlusconi's scandal is hardly the first illicit affair this place has known. Sadly there's no published rental prices for the place, but you can stay in another castle somewhat nearby for the reasonable rate of 169 Euro (and up) per night. That's the Castello Della Castelluccia, but unfortunately you'll just have your one room and now a whole house for storing your lovers.

Source: Jaunted

Fuel price rises discourage tourists

admin — 11/02/2011 11:58:00

Soaring airfares have some travelers worried they'll stay grounded this summer. CaSandra Minichiello, 37, said getting away from her home in Clarkston, Georgia, is difficult to imagine when international flights -- nearly identical to those she booked in recent years -- are hundreds of dollars more expensive.

"In 2008, I went to Rome for about $1,200, but those prices have grown by about $500 for the same time frame," she said. "I'm disappointed, a bit angry. I understand that economic factors cause a lot of price increases, but it just seems like regardless, people want to travel and will usually fork up the extra costs. It's almost like the airlines are taking advantage of that."

There's no denying airline operating costs have gone up. "The cost of refining oil has doubled in the past two or three months," said FareCompare.com CEO Rick Seaney. "When the cost of fuel rises, so do surcharges and ticket prices."

This month, British Airways, Singapore Airlines, Australia's Qantas Airways and other international carriers raised fuel surcharges on flights abroad by as much as $200. Smaller increases -- from $4 to $10 -- have been added by American carriers on domestic routes.

Source: CNN

CityJet launches new London-Florence service

admin — 07/02/2011 11:37:00

Getting to Florence just got a little bit easier with the launch of CityJet's new flight from London City – doubling non-stop services from the UK to the Italian city from one to two (the alternative is flying with Meridiana out of Gatwick).

It's a great excuse to return to this living museum and if you travel now, before the weather improves and the crowds descend, you might have to pack a raincoat and a brolly and miss out on strolling around with one of the city's famous gelati in your hand, but the pay-off will be relatively unfettered access to some of the world's art treasures.

Compact and eminently walkable – how better to admire its quaint medieval streets – Florence is split into two by the River Arno. The Centro Storico is home to most of the historic and cultural sights, where you can also learn about the legacy of the Medicis and the influence of politics and trade on the fabric of this city, and understand the influence Florence had beyond its walls.

The south side of the river, Oltrarno, traditionally the artisans quarter, also has important historic sights, not least the Pitti Palace, but this is the place to get more of a taste of Florentine life.

Source: the Independent

Bankers remain insecure over Euro market

admin — 04/02/2011 11:15:00

A hoped-for turnaround in European real estate is unlikely to materialise this year, with the markets' optimism hammered by the weak economic recovery and persistently poor debt conditions, a survey said on Friday.

PricewaterhouseCoopers (PwC) and Urban Land Institute (ULI), which interviewed 600 industry players including investors, developers and bankers, said respondents' hopes of a quick rebound in last year's survey has waned this year.

"In January 2010, the sunny uplands did not seem too far away, but they do now. Optimism dissipated as every month came and went. It was battered by events," ULI and PWC quoted one interviewee as saying.

The property industry also faces the threat of further shocks from stressed countries such as Italy, Portugal, and Spain, the report said. The sharpest wake-up call in 2011 will be felt in the secondary, or "non-prime", property market, where many believe the real hangover from the bursting of the property bubble in 2008 has not yet set in, it added.

Source: Reuters

Johnny Depp buys luxury Italian palazzo

Sarah Kendell — 31/01/2011 10:59:00

Johnny Depp has bought a £8.58 million palazzo in Venice after falling in love with the city last year. The actor, 47, spent several months in the Italian tourist hotspot while filming The Tourist with co-star Angelina Jolie last year. And it appears he was so taken with the City of Bridges, he won a bidding war for the 17th century Palazzo Dona Sangiantoffetti.

According to local newspaper La Nuova Venezia, the Hollywood star outbid an Arab prince for the empty building for 10million euros. The Palazzo is one of the only available buildings overlooking the Grand Canal and is situated in the Santa Croce area of Venice, not far from the Santa Maria Mater Domini Church. While it needs some restoring, it includes high decorated ceilings, a roof platform and ornate columns.

The palazzo would be a holiday home for Depp, his French singer/actress partner Vanessa Paradis and their two children Lily-Rose, 11, and Jack, eight. During his promotional tour for The Tourist, Depp spoke highly of his love for the City Of Bridges. He admitted he loved walking through the quiet alleys late at night when the paparazzi who photographed him and Jolie filming during the day had gone home.

Tod's to revamp Colosseum

Sarah Kendell — 24/01/2011 10:46:00

Since the collapse of the House of the Gladiator's in Pompeii in November, the Italian Ministry of Culture has been under fire to restore historic monuments before they are irreparably damaged. The government has begun to seek private donations to finance the renovations.

Answering the country's call, on Friday, the owner of Italian luxury brand Tod's pledged 34 million Euro to restore the Colosseum.

When the source of the proposed funding was first revealed, concerns where raised about corporate sponsorship. In an announcement about the large donation, Tod's founder Diego Della Valle pledged that he would not exploit the restoration project for commercial purposes. Della Valle assured the public that he was happy to give back to his country and would not use the sponsorship to advertise his private brand in any way.

After the British Museum in London and the Louvre in Paris, the Colosseum is the third most visited cultural site in Europe. The donation will ensure that the historic structure remains open to the Colosseum's six million annual visitors. The money will be used to clean and reinforce the façade, as well as restore some of the inner galleries and underground spaces.

Euro hits three-month low

Sarah Kendell — 10/01/2011 16:10:00

The euro has traded near a three-month low on speculation European nations will struggle to raise funds, diminishing the allure of their assets.

Europe´s currency declined versus 13 of its 16 major counterparts before Portugal, Spain and Italy sell government debt this week.

"It looks as though the market is pricing in some further deterioration in the sovereign debt story," said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. "Obviously the Portugal auction on Wednesday will be closely watched. I see euro weakness continuing."

The euro was at $1.2904 at 8:30a.m. in Tokyo from $1.2907 in New York on Jan. 7, after touching $1.2867, the lowest since Sept. 14. The single currency traded at 107.26 yen from 107.32 yen last week, when it reached 106.95 yen, the weakest since Sept. 14.

The Vatican prepares for christmas

Catherine Deshayes — 10/12/2010 12:25:00

St Peter's Square has witnessed the arrival of a 110-foot, 94-year-old Christmas tree cut from a forest near Luson in Trentino-Alto Adige...

Every year a different part of Italy or a different European country donates a fir tree to the Vatican and to do so is considered a great honour.

This year's tree is being decorated with 3,000 gold and silver balls, 1,500 energy-efficient lights plus ribbons and a star. The lighting ceremony will take place at 16.30 on 17th December, when folk groups and choirs from Trentino_Alto Adige will sing traditional songs.

The Trentino-Alto Adige region has also donated 50 other, smaller fir trees and these will be used as decorations inside the Vatican.

This Christmas tree tradition was the inspiration of Pope John Paul 11 and the first tree donated, in 1982, came from Italy. Countries such as Romania, the Czech Republic and Austria have also donated trees in recent years.

On Christmas Eve a life-sized Nativity scene will also be unveiled in St Peter's Square.

Pope Benedict's Christmas schedule has yet to be announced.

Source: www.italymag.co.uk

Eternal City rolls out hotel tax for tourists

Catherine Deshayes — 07/12/2010 18:37:00

Tourists staying overnight in Rome will be charged an accommodation tax from 1 January next year, officials have confirmed...

Guests staying at four and five-star hotels will be pay €3 (£2.50) per night and there will be a €2 (£1.70) per night tax on all other accommodation.

Tourists will be advised about the 'Contributo di Soggiorno' tax upon arrival and they will have to pay the levy before they check-out.

The maximum number of nights taxable per stay is 10, a charge of up to £25. Children under two and youth hostels will be exempt from the tax.

Local councillor Frederico Guidi said: 'In order for the city of Rome not to tax Romans, we have decided to tax the tourists.'

It follows the news earlier this year that Venice is drawing up plans to tax visitors in an attempt to raise revenue for the city.

Tourists could be charged an entrance tax when they arrive in the Italian city, either by train, plane or cruise ship, under new plans being contemplated by the Italian government.

The tax is expected to raise much-needed revenue for the city, whose palaces, churches and monuments are in urgent need of restoration.

Source: www.dailymail.co.uk

Colosseum sponsorship bid flops

Catherine Deshayes — 06/12/2010 19:10:00

An attempt by Italian authorities to raise millions of euros in private sponsorship to restore Rome's Colosseum has flopped, the Repubblica daily has reported...

The bid was hailed as a model for financing Italy's cultural heritage when it was announced in August but the deadline for tenders was October 31 and no outcome has yet been announced by the culture ministry, it said.

"The offers received have been categorised as not appropriate. The administration will now launch a negotiation procedure," Roberto Cecchi, the ministry's secretary general, was quoted by Repubblica as saying.

"Restoration put off as sponsors flop," Repubblica's headline said.

A ministry spokesman could not immediately comment.

Repubblica said the most promising bid, led by shoe tycoon Diego Della Valle, had failed to find sufficient financial backing. It added that the magnate was now considering a solo 23-million-euro (30-million-dollar) bid.

The mayor of Rome, Gianni Alemanno, said at the time when the Colosseum project was announced earlier this year that it was "a national and international example of bringing together private and public funds."

Restoration work on the crumbling symbol of the Italian capital was expected to be completed by 2012, organisers said at the time.

The ancient Roman arena's facade is weather worn and blackened by car fumes.

The monument's dilapidated state was dramatised in May when large chunks of mortar and lime fell from the walls.

Source: AFP

Unesco inspectors to visit Pompeii

Catherine Deshayes — 03/12/2010 11:12:00

Experts from UNESCO are to visit the ancient city of Pompeii today to inspect recent damage to the site involving the collapse of four structures...

Three weeks ago the House of the Gladiators collapsed following torrential rain and on Tuesday, following further rainfall, it was announced that part of the garden wall of the House of the Moralist had collapsed. On Wednesday the upper parts of two more walls, one a partition on the via Stabiana and the other a part of the "Small Lupanar" or brothel. [This was not the famous frescoed brothel but a smaller structure which was not open to the public.] The Archaeological Superintendent of Pompeii said that the latest collapses did not involve buildings of artistic interest.

Ancient Pompeii, which was buried under ash when Vesuvius erupted in AD 79, became a UNESCO World Heritage Site in 1997. This means that its loss would be a "harmful impoverishment" to the world. UNESCO inspectors have expressed their concern over maintenance at the site and they may be able to point out other buildings which are at risk there during today's visit.

Culture Minister Sandro Bondi has faced fierce criticism over the events at Pompeii and is holding urgent meetings to try to ascertain what can be done to preserve ancient buildings all over Italy.

Source: www.italymag.co.uk

Invest in the Colosseum

Catherine Deshayes — 03/12/2010 11:09:00

Italy's archaeological heritage has recently hit the news for various disasters and lack of preservation efforts, and the Colosseum is no exception...

Last May a chunk of masonry fell off an interior wall and this was just the latest in a long trail of bits the 2,000-year-old monument has shed over the years. Recently, the Mayor of Rome has admitted that the Colosseum is "a daily worry" to him and that the next step is to attract private sponsors to fund a 23-million-euro scheme to clean and restore the entire site.

But if you cannot afford to become a private sponsor to the restoration of the Flavian Amphitheatre, you can at least contribute by visiting the Colosseum when you go to Rome. The administration of the site has taken some interesting steps to boost visitor numbers even further and make the visit even more enjoyable: opening the undergrounds gladiators' pits and the 33m-high third storey of the amphitheatre (closed since the 1970s) which offers a breathtaking view of Rome.

The pits were the areas where gladiators and wild beasts waited before being winched from darkness into the light of the killing ground. According to Rossella Rea, the Colosseum director, the gladiators' areas are all the more interesting because "they were completely buried in the 5th century AD and have been perfectly conserved".

The 'hypogeum' (the underground) was restored in a multi-million-euro project which also included special lighting effects, in the hope, as Rea claims, to recapture " the atmosphere" of the breathless moments before the games started, when the fighters and the wild animals were hauled up through 80 trap-doors.

The visit starts from the Porta Libitinaria, through which the gladiators marched in and from which their corpses were taken out at the end of the fight.

A wide corridor then leads to the various rooms of the 'hypogeum', some of which were also used for storing the stage props and scenographical effects that enhanced the central combat. Visitors are allowed in strictly by reservation in groups of 25, to discover this incredible underground world.

Source: www.italymag.co.uk

Makeover for Trevi Fountain

Catherine Deshayes — 26/11/2010 13:21:00

Who has been to Rome and not visited the Trevi Fountain? And who has not thrown a coin into this most romantic of fountains in the hope of returning to the Eternal City?..

Now everyone's favourite fountain is to receive a 1-million-euro makeover: the statues will be cleaned, there will be new lighting and streets in the surrounding area will be widened. The fountain, built between 1732 and 1762, was last restored in 1998.

The nearby Piazza San Silvestro will be pedestrianised and two new pavements will be built there. The piazza will also be revitalised with new lighting and plants. Work will begin on the project after consultation with residents and shopkeepers in the area.

Source: www.italymag.co.uk

'Veniceland' residents up in arms

Catherine Deshayes — 15/11/2010 20:44:00

Residents of Venice in northern Italy held an ironic protest on Sunday against rising prices and tourist traffic, saying their picturesque city had become a Disney-like "Veniceland"...

"Venice has become an entertainment park for the 20 million tourists that benevolently invade us every year," Matteo Secchi, a spokesman for the Venessia group behind the protest, said in a statement.

The resident population of Venice is only about 59,000.

"All we can do now is hold a party and inaugurate the 'Veniceland' theme park. It's an ironic provocation for the city administration, which appears not to be able to reverse the tendency," he said.

Protesters wearing theme park costumes conducted a procession along the Grand Canal in around a dozen gondolas in front of puzzled tourists and then sold tickets for "Veniceland" at the city's main train station.

Venice mayor Giorgio Orsoni said he would work with Venessia "to find the best solutions for possible action".

"I hope your demonstration will ... use joy, playfulness and good humour to raise the questions that this administration must deal with," he added.

Source: AFP

Rome's biggest temple reopens to tourists

Catherine Deshayes — 15/11/2010 20:35:00

The biggest temple of ancient Rome reopened to the public on Thursday after nearly 30 years amid heavy criticism of Italy's management of its artistic heritage after the collapse of a house in Pompeii...

"We're restoring to Rome one of the most important symbols of the power and greatness of the Roman Empire," Claudia Del Monte, the architect in charge of repairing the Temple of Venus and Roma, said at the opening.

Designed by the Emperor Hadrian in the 2nd century AD, the shrine occupies a large area in the Roman Forum -- one of Italy's most popular tourist sites.

The temple, measuring 106 metres by 48 metres, once had dozens of columns flanking an enormous nave and a coffered vaulted ceiling.

Only 16 of the original white marble columns are left standing.

The temple site was used as a car park until the 1980s and has been undergoing intermittent restoration work since then.

Erected on the remnants of Emperor Nero's villa, the temple had two main chambers arranged back to back, each containing a giant statue -- one of Venus, the goddess of love, and the other of Roma, the goddess of Rome.

The cult of Venus played an important role in many Roman religious festivals and myths and Julius Caesar claimed the goddess as an ancestor.

Roma faced west to look out over the Forum, while Venus looked out over the Colosseum, with majestic staircases leading down to the ancient arena.

Historians say the orientation of the two statues represented the unity between Rome's past and present, between the Orient and the West.

"We've worked meticulously to restore every single stone of the temple that remains, cleaning away the smog and filth caused by years of urban misuse," said Del Monte, who began working at the site in the early 1980s.

"When we began restoring the stucco we found traces of gold leaf that would have adorned the apses above the statues. Though the sculptures have long been lost, we've done our best to return the temple to its former glory," she said.

Also visible to the public are the detailed carvings on the apses and some of the restored patterned floor, as well as parts of the temple preserved inside a Catholic church built over part of the site.

Del Monte said that elements of the restoration -- such as pinning together parts of the apse that were cracking -- would not have been necessary had the ancient site been better cared for.

"Italians need to be aware of their patrimony and stop abusing it," she said.

Italy is currently gripped by a tense debate over the future of heritage and cultural sites, as the sector faces severe funding cuts and critics blame the government for failing to protect historic monuments from ruin.

Hundreds of museums, libraries and historic parks are set to close across Italian cities on Friday in protest against the cuts -- a debate that has become inflamed after the House of Gladiators collapsed in Pompeii last week.

"This monument should be the envy of the world, but it was completely abandoned and left in the most degraded state," Francesco Maria Giro, Italy's junior culture minister, said at the temple opening.

The collapse of the ancient Roman house in Pompeii has provoked outrage and calls for Culture Minister Sandro Bondi to resign.

"Unfortunately these are very fragile archaeological areas, they're extremely old, in a chronically bad state in parts, so there is always risk problems will crop up," Giro said.

"The area that collapsed recently had been identified as an area at risk, but not an emergency," he said.

"The problem is not the collapse in itself, it's the degradation. We all need to examine our consciences," he added.

Though closed to the public until now, the temple has been used since John Paul II's papacy as a platform for Good Friday ceremonies when the pope leads pilgrims in meditations on the Stations of the Cross.

Tickets to the temple will cost 12 euros ($A16), granting access to the temple itself, as well as the Forum, the Palatine and the Colosseum.

Construction of the temple began in 121 AD, and it was officially inaugurated by Hadrian in 135.

Source: AFP

Italian mortgage rates from 2.5 per cent

Catherine Deshayes — 31/10/2010 21:47:00

Brokers with clients considering a property purchase in Italy can access mortgage rates starting at 2.50% and LTVs of up to 80% for loans with a minimum value of €250,000 through overseas mortgage specialist, Conti...

Clare Nessling, Conti's Operations Director, said, "The Italian property market has remained remarkably intact, primarily due to the country never being heavily involved in the sub-prime lending market.

"Nor has it suffered the effects of the over-development of property, like Spain for example. These new rates will therefore provide an even greater incentive to buy property there."

Venice plans to charge tourist tax

Catherine Deshayes — 22/10/2010 13:30:00

First it was controversial advertising billboards on the Bridge of Sighs and now Venice is drawing up plans to tax visitors in an attempt to raise revenue for the city...

Tourists could be charged an entrance tax when they arrive in the Italian city, either by train, plane or cruise ship, under new plans being drawn up by the Italian government.

Officials have drafted a plan that would allow Venetian authorities to charge visitors a one-off fee when they arrive in the city, The Telegraph has reported.

Over 20 million people visit Venice each year and the tax is expected to raise much-needed revenue for the city, whose palaces, churches and monuments are in urgent need of restoration.

The plan has been drawn up by Renato Brunetta, the minister for public administration and innovation, and has been supported by Venice's mayor, Giorgio Orsoni. The cost of the tax is not yet known.

Orsoni recently defended a controversial money-making scheme which has seen advertising billboards placed across some of the Lagoon City's most famous sites.

The large advertisements for Coca Cola, Bulgaria and other commercial brands cover the front of some of the most famous buildings in the city, as well as the Bridge of Sighs, and have been branded a ‘violation' of one of the world's greatest treasures.

The Bridge of Sighs is barely visible underneath the advertising billboards, leading locals to rename the tourist attraction the 'Bridge of Signs'.

Orsoni defended the billboards by saying the city needed to raise revenue for repair work. He said: 'The only way to get around the problem would be to have a magic wand and repair all the buildings in Venice without having to cover them up.'  'These days public money is tight. I would be very happy to accept donations...if they're willing to give them.'  Finding funds to restore the crumbling facades of Venice has dogged the city's administration for decades. The restoration costs for the Doge's Palace - the seat of government when Venice was an independent state - could cost over €2.8million.

Most of these costs are now expected to be met through the advertising billboards.

Source: www.dailymail.co.uk

Colosseum opens its grisly gates

Catherine Deshayes — 20/10/2010 07:14:00

The dark tunnels in which gladiators prepared to do battle in the Colosseum are being opened to the public for the first time...

But archaeologists are concerned about the impact of millions of tourists on the subterranean maze of tunnels and galleries as they seek to experience their very own Gladiator moment, re-enacting scenes from the Ridley Scott blockbuster starring Russell Crowe.

From this week, visitors will be able to venture into the bowels of the amphitheatre, the largest ever built by the Romans, exploring the cells and passageways in which wild animals such as lions, tigers, bears and hyenas were corralled.

They were forced into cages and raised with a system of winches and pulleys to just beneath the floor of the sand-covered arena, emerging from rope-operated trap doors to do battle with other animals or with gladiators. The largest animals - elephants, rhinoceroses and hippopotamuses - were too big for the hoists and would have entered through a gate directly into the arena.

Tourists will be able to see the remains of a sophisticated sewerage system, which provided the Colosseum's enormous crowds with dozens of drinking fountains and toilets and even enabled the arena to be flooded for mock naval battles involving hundreds of gladiators on ships.

Roman bricks still line the floors of the dungeons and tunnels, and stone stairways connect the underground levels.

Gladiators - who were mostly common criminals, slaves and prisoners of war - would emerge into the arena to the applause of 50,000 spectators. Those who were killed in combat were carried out of the amphitheatre through the Porta Libitina - the Gate of Death.

''You can imagine being a gladiator and listening to the roar of those 50,000 people coming through the floorboards - that is what is magnificent about being down here,'' said Darius Arya, the director of archaeology of the American Institute for Roman Culture.

Opening up the underground area is intended to relieve crowding at one of Italy's most popular ancient monuments - an average of 20,000 people converge on the Colosseum each day. Until now, only about 35 per cent of the vast stone-built stadium has been accessible.

The newly opened areas will be open to guided tours of 25 people at a time. Visitors will also be able to access, for the first time in about 40 years, the third highest of four tiers of seating, which in Roman times was reserved for poor citizens, freed slaves and foreigners.

The Colosseum was started by the Emperor Vespasian in AD70 and completed 10 years later by his son, Titus.

Source: www.telegraph.co.uk

Sharp rise in trade between Italy and China

Steph Engall — 08/10/2010 14:31:00

Chinese Premier Wen Jiabao has said that Italy and China are looking to more than double the annual value of their trade by 2015...

Trade between the two countries should be worth some $40 billion this year but was expected to rise to as much as $100 billion by 2015, Wen said at a ceremony attended by business executives and government officials at which several commercial accords were signed.

"I told Prime Minister Berlusconi that we can double the value of our commercial exchanges to $80 billion within five years but the premier said we could reach an even more ambitious target of $100 billion within five years," Wen said.

Officials in Rome said the two leaders had not discussed the European Union's differences with China over the yuan currency's exchange rate during their talks on Thursday morning.

On Wednesday in Brussels, the Chinese premier said China would implement a currency reform announced in June but he rejected calls for a rapid and substantial appreciation.

Emma Marcegaglia, head of Italy's main business lobby Confindustria confirmed the aim of reaching $80-100 billion in trade by 2015, compared to $31 billion in 2009, adding: "It's a difficult goal but we believe we can do it."

Source: Arab News

Foreign buyers finding the American dream

Steph Engall — 05/10/2010 13:17:00

Investors from as far as Argentina, Canada, Colombia, France and Israel, Italy, Norway and Venezuela have flooded Miami looking for property deals, making up almost 90 percent of the buyers...

The Viceroy, a swish condominium complex in downtown Miami, has seen 262 of its 372 units sold since January. Its story is playing out across Miami. Individual investors from across the globe are swarming the city's sales offices to get in on what they see as one of the greatest real estate fire-sales in the history of the United States.

At one time, these people would have invested in the U.S. stock market. Now they see the opportunity of a lifetime in the nation's debilitated housing market. The idea is to rent out the properties and then sell them once the economy turns around.

The math is seductive: Prices at the Viceroy are roughly 52 percent off the 2007 peak. Units once sold for as much as $670 a square foot. Today, the average price is $319.

"I have never seen such a high concentration of foreign nationals acquiring real estate," says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. "Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented."

Miami is hardly the only hot spot for buyers from outside the United States. Real estate brokers say they've seen a surge in Washington, New York, Las Vegas, Los Angeles and San Francisco.

"It's a positive in a sea of negatives," says Jonathan Miller, the chief executive of Miller Samuel, a real estate consulting firm in New York.

For the international investor class, the United States' bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer's market.

Source: Associated Press

Senigallia crowned Italy’s most energy efficient town

Steph Engall — 05/10/2010 12:52:00

The town of Senigallia in the Marche has been declared the most energy efficient in Italy at the Klimaenergy Fair in Bolzano...

The town's administration has, in recent years, installed 4,000 square metres of solar panels on the roofs of houses, warehouses and public and private offices besides installing 983.77 kilowatts of photovoltaic panels in the town, including ground-mounted systems.

Receiving the prize, the Mayor of Senigallia said his town had demonstrated what a committed administration can do with regard to using renewable energy sources. He said that the town had applied the Itaca Protocol on "green building" and , with the water and gas supplier Multiservizi, will be installing small hydroelectric systems in suburban aqueducts. He added that his administration is determined to pursue green energy policies in the future.

The towns of Torre San Giorgio, Vipiteno and Bolzano also received awards for their energy policies at the ceremony, organised by Legambiente and Kilmaenergy.

Source: Italy Magazine

Sale secured for Italian Power Plants

Steph Engall — 04/10/2010 12:38:00

An independent solar power producer is to acquire the equity in the first two phases of Italy's largest solar photovoltaic power park...

SunPower Corp. today announced that Etrion Corporation, an independent solar power producer, has completed the previously announced definitive sale and purchase agreements to acquire the equity in the first two phases of Montalto di Castro solar park, Italy's largest solar photovoltaic (PV) power park, for approximately euro 49 million.

"With the closing of this acquisition, we are well on our way to completing the monetization of 85 MWs in Italy this year," said SunPower CFO Dennis Arriola. "SunPower's world-leading technology and proven performance of more than 225 MWs of operational power plants in Europe has provided us with a strong set of potential financing partners, including many new participants to the solar market."

SunPower designed and built the 28 MW Montalto di Castro solar park in the Lazio region of Italy near Rome, and will provide ongoing operations and maintenance services. The 20 MW first phase was connected to the grid in November 2009, several weeks ahead of schedule and was acquired by SunPower upon the acquisition of SunRay Renewable Energy in May of 2010. The 8 MW second phase was commissioned last month. An incremental 44 MW is planned to be completed and monetized by the end of this year, bringing the total scale of the solar park to 72 MW.

The Montalto di Castro solar park uses high-efficiency SunPower solar panels, the most efficient panels commercially available, installed on a SunPower(R) Tracker system. The Tracker follows the sun during the day and delivers up to 25 percent more energy than fixed-tilt systems, while significantly reducing land use requirements.

Worldwide, SunPower has more than 600 MW of solar power systems installed or under contract, including more than 225 MW of operational power plants in Europe.

Source: Sun Power

Reviving the ‘Golden Island’

Steph Engall — 01/10/2010 12:49:00

Developers look to revive the legendary Lido in Venice...

A patchwork of abandoned fields and half-finished construction can be seen from the main road. Scores of charmless postwar apartment blocks fairly smother the Art Nouveau hotels and villas that mushroomed here nearly 100 years ago, when this narrow sandbar between Venice and the Adriatic still was known as the "Isola d'Oro," the Golden Island.

That golden era is what EstCapital SGR, a real estate fund management company based in Padova, Italy, is hoping to revive through its multimillion-dollar investment in several of the Lido's most prestigious assets.

Real estate analysts say current market trends are on the side of EstCapital. "The market is focusing on social housing and highest-end luxury residences," said Daniela Percoco, head of real estate for the consulting group Nomisma, which is not working on the EstCapital projects.

Venice is an island, or rather a series of islands, which inevitably limits construction and expansion - and affects prices. "The market is a luxury market," so any investments have to be on the high end, she said. "Exclusive residences have maintained their value because there is always a request, even if the market is in crisis."

And EstCapital's projects could be expected to have "a positive impact on local home prices" in Venice in general, she said. According to studies by Nomisma, prices decreased by 2.4 percent in Venice over the past year, in keeping with the Italian average trend.

Mr. Fusati, of Gabetti, said local real estate agents were "moderately happy" with the current market, though prices have been significantly lower than they were two years ago, "when apartments sold above the market value." The situation was similar on the Lido, he said, noting that there was a great demand for homes with spacious terraces, "especially on the part of people looking to buy a summer home."

Source: The New York Times

Italy to invest €3 billion in Bulgaria by 2020

Steph Engall — 30/09/2010 12:57:00

The next ten years will see investments by Italian companies in Bulgaria amount to €1-3 billion...

This figure was revealed by Massimo Bartocci, the head of Italian business association in Bulgaria, Confindustria Bulgaria, at a special news conference, which announced that the General Assembly of Confindustria Balcani, the union of Italian business associations in the Balkan countries, will take place in Sofia on October 13, 2010.

"The fact that we chose the Bulgarian capital Sofia for the meeting of Confindustria Balcani demonstrates Bulgaria's major role in the region, the dynamics of Italian companies working in the country, and its economic potential," Bartocci said.

Data of Confindustria Balcani shows that there are currently 800 Italian businesses that are active in Bulgaria. On this criteria, Bulgaria ranks second in the region after Romania, which boasts 4 000 Italian companies - a development seen much as a result of the fact that firms from Northern Italy started outsourcing some operations in Romania as early as the mid 1990s. Albania and Serbia come in next with about 300 active Italian businesses each.

Confindustria Bulgaria, which unites about 200 enterprises representing a total investment of EUR 2 B, with an annual turnover of EUR 1.3 B, and 20 000 Bulgarian employees, expects that by 2020 the number of Italian companies operating in the country will grow by 20-30% reaching at least 1000.

"Thinking about the Balkans as an organic and integrated reality is one of the keys for the future development of the countries from the region, which presents a strategically important market on the European and global stage. Italian entrepreneurship wants to play a central role in this development," Bartocci declared.

Topics related with Italy's investments and trade in the Balkans will be the focus of the general assembly meeting of Confindustria Balcani in Sofia on October 13. The meeting will be attended by representatives of Italian business associations and companies active in Romania, Bulgaria, Albania, Serbia, Croatia, Montenegro, Macedonia, Bosnia and Herzegovina.

Source: Sofia News Agency

Carlyle buys budget hotel chain

Steph Engall — 29/09/2010 14:42:00

US private equity firm, Carlyle, has bought B&B Hotel Group for €480m from European investment firm Eurazeo...

B&B Hotel Group, which launched in Brittany in France in 1990, is at the "high end" of the budget hotel sector attracting business and leisure travelers and has a total of 16,162 rooms across France, Germany and Italy.

Carlyle intends to expand the company by investing in the refurbishment of current hotels and stepping up the hotel opening programme across Europe. This will include expanding further into France as well as upping its presence in Germany where it only has 34 properties at present.

It will also open new hotels in Italy and expand into new territories such as Poland, Portugal, The Netherlands.

Franck Falezan, managing director at The Carlyle Group, said: "B&B has high customer satisfaction and has had strong market performances and strong business resilience during the downturn. We are confident in the continued high growth potential of the company in existing and new European markets. In partnership with our experienced real estate team and B&B's excellent management team, we look forward to helping B&B reach its full potential."

The real estate fund has recently bought the £671m White Tower portfolio and announced its planned investment into the London student housing market.

Source: Property Week

Britons finding market stability in northern Italy

Steph Engall — 28/09/2010 15:20:00

George Clooney isn't the only one captivated by the luring appeal of Lake Como as Brits are drawn to the lakeside properties...

With economic worries at home, record numbers of Britons are considering emigrating overseas, according to new research by the Foreign Office. Italy, with its temperate climate and affordable property prices, is a favourite.

In 2002, Hollywood actor George Clooney bought an £8 million mansion in the lakeside village of Laglio (population: 900), and he now spends April to September every year at his 30-room Villa Oleandra.

"What changed my life in a very pleasant and unexpected way was buying the villa in Laglio," Clooney, 49, said recently. "That was a pure investment decision. Then I realised how beautiful life was in Italy and how it really helped calm me and not feel so pressured."

In the restaurant on Comacina, Lake Como's only island, photos of diners include Arnold Schwarzenegger, Sylvester Stallone and Elton John. But despite the large numbers of celebrities per square mile, property prices away from the shoreline are surprisingly affordable. At the Regina apartments, a new complex at Sala Comacina, a one-bedroom apartment with shared pool and lake-view terrace, is just £188,000. Buy as an investment and you can earn £1,125 a week in rent. A two-bedroom apartment costs £325,000. Weekly rental income is £1,460.

Paul Belcher, managing director of Ultissimo, the Italian property developers who operate a private buying service in Como, said "The British now want to buy here more than any other nationality. It's been quiet for the past two years due to the crunch. But last year we were receiving 10 inquiries a month, and this month, we had 60. The Brits realise now is the time to buy."

"People back in Britain say the property market crashed, so it must do the same in Italy. But it hasn't. I'd have reservations about buying property in Britain now, with the risk of a second dip. In Como, I have real confidence in the market."

Source: Telegraph.co.uk

Spain, France and Italy join forces to attract emerging markets

Steph Engall — 28/09/2010 15:15:00

Europe's top three holiday destinations have teamed together in the hope of drawing tourists from emerging markets: Brazil, China and India...

"The goal is to improve the positioning of the nations of the Mediterranean Arc in distant markets where promoting Spain, France or Italy on their own is more complicated," Spain's tourism ministry said in a statement.

Under the agreement signed in Brussels, the three nations will jointly produce fliers and other promotional material for the three emerging markets that highlight their cultural attractions, food and shopping opportunities.

They will also organise promotional visits for journalists and tour operators from Brazil, China and India beginning later this year to boost awareness of their attractions in these countries.

Brazil, China, India and Russia, the so-called BRIC countries, are the world's top four emerging markets.

The four nations, which represent 40 percent of the world population, accounted for about half of global growth between 2000 and 2008 and will account for 61 percent global gross domestic product growth in 2014, according to the International Monetary Fund.

Source: AFP

Italy PM rival in real estate scandal

Steph Engall — 27/09/2010 14:38:00

A key rival of the Italian prime minister stands accused of improper real estate dealings...

Italian Prime Minister Silvio Berlusconi's arch rival Gianfranco Fini defended himself against accusations of impropriety, but said he would resign as parliament speaker if claims about a real estate deal were proven true.

The split between Berlusconi and Fini, co-founders of the ruling centre-right People of Freedom party (PDL), has brought the government close to collapse, and claims of smears and dodgy deals are flying ahead of a showdown in parliament.

Il Giornale, a newspaper run by Berlusconi's brother, has published a daily stream of articles accusing Fini of improper dealings over an apartment in Monaco, which was left as a gift to his former party, the right-wing National Alliance.

In a video message, Fini said it was time to end the media "massacre" sparked by accusations that the flat was sold at below its true value to an offshore firm that was a front for his partner's brother, Giancarlo Tulliani.

Fini reaffirmed that he did not know who owned the property,that he had checked with Tulliani several times and he had denied ownership.

"If it turns out that Tulliani is the owner and that that my good faith has been betrayed, then I will not hesitate to leave the presidency of the chamber," Fini said in the message.

But in a further twist, a lawyer and former senator for Italy's Northern League party said the flat was owned by his former client, and not Tulliani.

Fini has hammered away at the themes of legality and morality at a time when Berlusconi is fighting corruption and influence-peddling allegations against some of his closest allies.

Source: Buenos Aires Herald

Look to Italy for investment, says new report

Catherine Deshayes — 16/09/2010 07:27:00

The Italian property market offers good opportunities for investment, despite its reputation of being risky, according to a report from Henderson Global Investors...

 While the nation has been hampered by slow economic growth, the company suggests that there is more to the country than meets the eye, people interested in Regione Abruzzo property or property in Sicily will be pleased to hear.  

The analysts' report points to the fact that Italy has the seventh biggest global economy and is a member of the European Union as well as having a stable level of public debt and a resilient banking system, reports Property Wire.  "It becomes obvious that a closer look at the Italian economy reveals a rather more differentiated picture often missed by international observers.

As far as the property market is concerned, inside and outside views on Italy can be widely divergent. Foreign players mainly see risks, whereas locals praise the achievement of relative market stability," said Stefan Wundrak, European research manager at Henderson Global Investors. 

He added that investors who ignore the Italian property market could be "missing a trick".  Last week, it was reported that gross domestic product (GDP) rose by one per cent across the eurozone during the second quarter of 2010, which is good news for anyone thinking of investing in Italy.

Source: www.propertyshowrooms.com

Rome fights for Collosseum cash

Catherine Deshayes — 27/08/2010 11:09:00

The Colosseum in Rome is at the centre of a tug-of-war between city officials and the government over who gets to run the ancient monument - and who takes home the €35 million ($50million) in annual ticket sales, which today is pocketed by the national government...

After a similar struggle over Michelangelo's David in Florence, council officials in Rome are demanding almost a third of the money handed over by 4 million people who visit the Colosseum each year.

"The Colosseum is one of the symbols of the country and contributes to make Rome the gateway for national tourism," said the city's culture assessor, Umberto Croppi. "Rome bears the weight of millions of visitors without receiving any direct benefits."

Francesco Giro, from the national government, delivered a sharp response: "The Colosseum belongs 100 per cent to the state and I am amazed at this wish to profit from it."

He said the government's right to manage Italy's heritage was written into the constitution.

Built in the first century AD by the emperor Vespasian, the Colosseum was the largest amphitheatre built by the ancient Romans, hosting 50,000 spectators for gladiatorial battles, executions and enacted sea battles.

The modern clash over its future has emerged as the government prepares to sell monuments, buildings and land to local authorities in moves towards federalism.

Source: smh.com.au

Venice gets first female gondolier

Catherine Deshayes — 20/08/2010 11:56:00

Venice is to get its first female gondolier, ending nine hundred years of male dominance in the profession...

Giorgia Boscolo, 24, has become the first woman to pass the Italian city's strict gondolier exam and be granted a full license.

She will now join the previously all-male Venetian gondoliers' guild and can officially row tourists through the city's narrow canals.

The mother-of-two is also entitled to don the traditional white-and-blue striped shirt, black trousers and - as the gondoliers' code requires - matching shoes.

However, she can only stand in for a male colleague if he wants to take a day off.

The ancient profession used to be passed from father to son before a ‘school' for gondoliers was set-up.

Students spend hundreds of hours on the Venice canals learning how to handle and steer a distinctive banana-shaped boat.

They also have to demonstrate perfect knowledge of Venice's canals and the city's landmarks in a series of practical and written tests, which include exams in English and sailing law.

Two other women enrolled in the course, but did not pass the exam.

Boscolo can row tourists through the city's canals but only when a male colleague wants a day off

Venice's mayor, Giorgio Orsoni, admitted that there had been a 'tendency of excessive machismo' inside the 425-strong gondolier's guild.

'I'm delighted with Giorgia's achievement and I'm sure that following on from her example other women will pick up the coveted oar of a gondola', he said.

Boscolo said she had inherited her love for navigating the canals from her gondolier father, who retired last year.

'I've always loved gondolas and, unlike my three sisters, I preferred to punt with my father instead of going out with my friends', she said.  'I am so happy to be the first female gondolier. It feels as if I am in dreamland and I am delighted to have fulfilled an ambition I have always had as a child.'  

Boscolo's father Dante had some reservations about his daughter's new job but is confident about her skills: 'I still think being a gondolier is a man's job, but I am sure that with experience Giorgia will be able to do it easily.'   

And Boscolo has dismissed critics who have questioned whether women would be strong enough to control the large boats. 'Childbirth is much more difficult,' she said.

Source: www.dailymail.co.uk

Strict dress code enforced in Rome

Catherine Deshayes — 19/08/2010 07:32:00

Expats in Italy are being reminded that strict dress codes are being stringently enforced with many popular sites refusing entry to those deemed to be wearing less than suitable attire...

Top of the list is St Peter's Square in Rome where a new dress code has been introduced by the Vatican City. Some visitors turning up with bare shoulders and legs are being turned away.

It is not just tourists who are being caught out. Expats are not aware of the rules and even locals just popping out to Vatican City for a newspaper or loaf of bread are being caught out by the new rules.

Men visiting Vatican City this summer must wear T shirts and shirts with sleeves and long trousers, while women should have their shoulders covered and wear a skirt that falls below the knee. Under the rules skimpy tops, shorts and mini dresses are not permitted and similar rules apply to churches and other religious establishments and even some museums in popular places such as Florence and Venice.

‘This is the Vatican City and for reasons of respect, you are not allowed in with uncovered shoulders or wearing shorts,' Swiss Guard officers are telling people as they pull them aside for showing too much skin.

The city has always had a strict dress code in place but this now seems to have been extended to visitors to the Square itself, which is a favourite meeting spot for locals and tourists alike,' says Sarah Findlay, online marketing manager for insurewithease.com.

‘The new rules could catch a lot of people out with stories of some being forced to buy over priced long trousers and cover ups in local shops,' she added.

Although dress codes are more common in the Middle East and Turkey they are also found in places like Malaysia and Thailand. Some churches in France also ban shorts and vest tops.

Source: www.expatforum.com

Tax on Rome demonstrations proposed

Catherine Deshayes — 19/08/2010 07:30:00

The Mayor of Rome, Gianni Alemanno, wants to impose a tax on demonstrations and processions which take place in the capital...

The announcement, which he made yesterday, caused immediate outrage among members of the Opposition , who deem the proposal unconstitutional because the right to demonstrate is guaranteed in the Constitution.

Mr Alemanno says that policing and clearing up after a large demonstration can cost the city up to 200,000 euros and that it is not fair that the citizens of Rome have to pay every time. On average 525 national demonstrations take place in Rome every six months.

Meanwhile, Antonio Borghesi of the Italy of Values Party has come up with his own proposal - a "tax on words thrown in the wind by certain politicians".

Source: www.italymag.co.uk

Colosseum opens for night-time visits

Catherine Deshayes — 17/08/2010 07:43:00

Rome is to offer tourists a different view of one of its most celebrated sights this summer - when the Colosseum throws wide its grand entrance for night-time visits...

The great amphitheatre - which was named as one of the Seven ‘New' Wonders Of The World in 2007 - will open after dark on seven straight Saturdays, from August 21st.

However, numbers will be limited. A maximum of 40 people will be allowed onto the site per evening for these extracurricular snapshots, and the programme will end on October 2nd.

Normally, the Colosseum is only open during the daytime, but it hosted a brief run of night visits last summer, and the decision has been taken to repeat the scheme in 2010.

Access will be from 9pm until midnight, with visitors accompanied by an archaeologist.

Built between 70 and 80AD during the reigns of Vepasian and Titus, the Colosseum was one of the clearest symbols of the might of Ancient Rome.

At its height, it held 50,000 spectators, who gathered to watch the gladiatorial contests for which the structure is still famed, and even epic ‘sea' struggles, where the arena was flooded to let boats do battle.

It was still used for gladiator fights as late as the 6th century, long after the fall of the Roman Empire.

For those not lucky enough to be among the favoured 40 each Saturday night, another noted Roman landmark will also be available for moonlit exploration.

The Baths Of Caracalla, a public baths complex so epic that it hosted events at the 1960 Rome Olympics, some 1850 years after its third-century construction - as well as the legendary 'Three Tenors' concert involving Luciano Pavarotti, Placido Domingo and Jose Carreras in 1990 - will be open on Saturday nights between August 21st and October 23rd.

Source: www.dailymail.co.uk

Art show celebrating stolen treasures

Catherine Deshayes — 16/08/2010 07:19:00

An unusual exhibition at the Vittoriano Museum Complex [Victor Emmanuel Monument] in Rome pays tribute to Italy's "art police" and some of the works they have recovered...

Curated by Guardia di Finanza Major Massimo Rossi, the exhibition displays vases, plates, amphorae, jewellery, statues and paintings, all recovered by his colleagues. Among the treasures are busts from Ancient Rome, a Greek bowl dating from the fourth century BC and a third century chalice which the Finance Police believe came from Campania.

Art thieves, reports the Ministry of Culture website, will stop at nothing and the trade in stolen artefacts has taken on international dimensions with the Asian market being particularly lucrative. Sadly, when the items are recovered, their provenance and history are lost to art historians.

Between January 2008 and December 2009 the Guardia di Finanza recovered 11,258 pieces.
"Dal sepolcro al museo. Storie di saccheggi e recuperi" is at the Vittoriano until 22nd September.

Opening hours:

Monday - Thursday: 09.30 - 19.30

Friday, Saturday: 09.30 - 23.30

Sunday: 09.30 - 20.30

Tickets: €10.00

Source: www.italymag.co.uk

Italy house prices 'stable'

Catherine Deshayes — 10/08/2010 07:33:00

Italy's Agenzia del Territorio, which monitors house prices, reports that the 2009 housing market was steady...

Although there were less house buying and selling transactions than in the property boom of 2002 - 2004, there were 2.4% more transactions than in 2008. Residential property has been less hard hit by the recession than property in other sectors...

By the last quarter of 2009 business had increased in every property sector but especially with regard to industrial and commercial properties. Geographically, Northern Italy saw a slight drop in residential sales but the Centre and the South saw an increase, especially in cities.

Property values have risen by 28.7% since 2004 and are now more or less holding, with a drop of only 0.7% in the second half of 2009. Again, the South is performing better. One reason for the slight fall in values may be Italy's ageing population, a problem which can only be solved by immigration.

Another reason is that mortgage-funded property purchase is less common in Italy than in other EU countries, with the mortgage market comprising only 20% of GDP as compared with the 50% EU average. Lower interest rates, it seems, have only made Italians more cautious. This is good news for the potential foreign buyer as it is a situation which encourages stability in the market.

A study by the Italian estate agents' organisation FIAIP and the economic intelligence agency NOMISMA found that the second home market is holding. There are over three million second homes in Italy, mostly purchased by Italians, but smaller homes do attract other Europeans. Second home prices are expected to rise only slightly in 2011 with prices being higher on the outskirts of cities. Second homes would normally be defined as smaller houses by the sea or in the countryside where it would be impracticable or inconvenient to live all year round.

The most sought-after region is Tuscany and the most expensive is Veneto. The Daily Mail reports that low-cost airlines are also having an effect on property values, as their destinations are creating new property "hotspots" around cities like Turin and Cagliari [Sardinia].

In general, house prices in Italy are expected to fall by 1% in what remains of 2010 so property in Italy is not going to be ridiculously cheap in the near future but it is still a buyers' market.

Source: www.italymag.co.uk

Vatican tourists told to 'cover up or go'

Catherine Deshayes — 05/08/2010 07:33:00

The Vatican has imposed a crack-down on tourists' clothing and imposed a dress-code more commonly associated with the Royal Enclosure at Ascot...

'Inappropriately dressed' visitors to the Holy City have been told to cover up by Swiss Guards or face a ban.

Those entering St Peter's Basilica have long been required to dress modestly.

But since early this week the dress-code has been extended to St Peter's Square, which marks the border between the city state and Rome.

From this point, shorts skirts and bare shoulders are not allowed.

The guards drew aside men in shorts and women with uncovered shoulders and short skirts to tell them that they were not dressed properly.

Some female visitors were obliged to buy shawls and scarves from nearby hawkers, while men had to wander off to the nearest shops to buy long trousers.

However, most tourists were simply shocked at what they deemed to be the church's hypocrisy.

'Given all the scandals the Church has been involved in, what right can it have to be preaching about the morality of sleeveless dresses?' said Maria, an Italian visitor.

Tourist James Smith, 41, from Bristol, added that the rule was 'ridiculous'.

The new dress-code comes at a critical time for the Vatican, with senior figures, including Pope Benedict XVI, accused of failing to act against priests who sexually abused children.

The scandal first erupted in the United States a decade ago but in the last year has involved the Catholic Church in Ireland, Austria, the Netherlands, Scandinavia, Belgium and the Pope's native Germany.

Source: www.dailymail.co.uk

How to...Live like George Clooney

Catherine Deshayes — 02/08/2010 07:38:00

Its celebrity residents include George Clooney, Donatella Versace, Virgin tycoon Sir Richard Branson, soccer coach Jose Mourinho...and could include you - check out how to grab affordable property in celeb hotspot Lake Como....

The beauty of Italy 's Lake Como has long made it a magnet for rich and famous homebuyers. Nearly 200 years ago the Romantic poet Shelley said it "exceeds anything I ever beheld in beauty" while in Roman times the statesman Pliny the Younger owned not one but two homes on the lake.

The good news is that today's buyers can pick up a dream home there without having to pay anything like the US$10 million Clooney did. Even in Laglio - on the lake's south-western edge - where the Hollywood actor bought his 25-room villa in 2002, a converted warehouse development of 36 apartments came on the market recently with prices starting at just US$170,000.

In Lenno, some 12 miles away, you can pick up a new-build apartment for around US$200,000 while in nearby Tremezzo expect to pay around US$300,000 for a two-bedroom apartment with a view of the lake. If you are prepared to sacrifice the lake view, US$175,000 can get you a two-bedroom house. Bear in mind that purchase fees, commissions and taxes usually amount to an extra 12-15% on the price of new-build real estate , and 7-10% on other properties.

Prices become even more affordable if you venture further north to lakeside resorts such as Pianello Lario, Domaso and Musso, areas that can be particularly fertile hunting ground if you are shopping on a budget of around US$300,000 or less.

In Pianello Lario, a lake-view development a few hundred yards from the shores and complete with swimming pool offers prices starting at US$135,000 for a one-bedroom property, US$180,000 for two bedrooms and US$255,000 for a villa. The proximity of the Alps keeps rental demand pretty high, typically up to US$1,200 a week. Head to Gravedona just five miles away and a two-bedroom apartment with lake-view can drop to US$125,000.

Getting in and out of the area is no problem either, especially as no fewer than six airports lie nearby. The closest is 30 minutes away in Lugano, just across the Swiss border. Three more are in Milan , all within a 90-minute radius, while the other two are slightly further away in Brescia and Verona.

Despite the slowdown in property prices worldwide, the Lake Como property market has remained buoyant, helped in large part by strong demand from Swiss bankers to the north and well-heeled Milanese 40 miles to the south. One of the key factors behind its appeal to real estate buyers is its natural beauty, which has the added benefit of ensuring a steady stream of tourists and rental income. The lake, in the shape of an inverted "Y", is Italy's third largest behind Lakes Garda and Maggiore, measuring some 45 miles from top to bottom and with a 110-mile shoreline.

Its northern reaches draw skiing enthusiasts because of the proximity of Alpine ski resorts while the town of Como, at the lake's south-western tip, is particularly popular with golf fans as there are seven golf courses within a 10-mile radius.

But arguably the most sought-after and scenic part of Lake Como is its middle section, where it splits into its two legs. This stretch is overlooked by the towns of Menaggio, Varenna and the pretty town of Bellagio - dubbed the Pearl of the Lake. Prices tend to reflect the area's popularity, with $425,000 for a two-bedroom lake-view property in Menaggio being typical.

Written by www.nuwireinvestor.com

Check out homes for sale across Italy at http://italy.themovechannel.com/

Picture by ezioman

Milan fashion week to kick off in Sept

Catherine Deshayes — 30/07/2010 10:53:00

The next Milan Fashion Week, which will run from September 22nd - 28th, will be a show worthy of the city, Mayor Letizia Moratti has vowed...

In February the prêt-à-porter event was cut to four days to suit the schedule of Anna Wintour, the editor of American Vogue.

Italian, and particularly Milanese, anger over Wintour's behaviour took quite a while to die down and Mayor Moratti said, "No one, not even if her name is Anna Wintour, can take the liberty to do and undo our fashion schedule".

So clearly there will be no such concessions this time. Instead, the occasion will be celebrated for three weeks with innovative events both in the centre of Milan and on its outskirts.

Fashion, Mayor Moratti reminded journalists, comprises 11% of Italy's manufacturing industry and employs one million people with Milan as its undisputed capital.

Source: www.italymag.co.uk

Italy: one in five can't afford Dr visits

Catherine Deshayes — 23/07/2010 11:48:00

One in five southern Italian households cannot afford to see medical specialists, says the Southern Italian Industrial Development Association, Svimez, in its 2010 Report on the Economy of the South...

In Italy, appointments with a GP or family doctor are free but all but the very poorest have to pay a nominal fee for hospital appointments with a specialist.

As the recession hits southern Italy hard, the Association also reports that, in 2008, 30% of southern Italian households economised by not buying new clothing and 16.7% were unable to pay gas and electricity bills on time 21% said they could not afford to turn the heating on in winter and this figure rose to 27.5% in Sicily. 8% of households could not even buy food staples.

The report estimates that one in three southern Italians is at risk of extreme poverty because their wages are too low, as compared to one person in ten in northern Italy. 14% of families in the south are living on less than 1,000 euros per month and 47% of them are dependent on one wage only.

Again, this figure is higher in Sicily. In the south 100, 000 industrial employees lost their jobs in 2008 and 2009.

President Giorgio Napolitano said that radical changes in policy are necessary for the south.

Source: www.italymag.co.uk