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It was the Romans who discovered Lake Como, and built their villas overlooking its stunning scenery. Today, the Mediterranean microclimate created by the lake’s waters is enjoyed as much as ever, though many now prefer an apartment in place of a villa. Aside from the views across the lake, and the uniquely benign climate it bestows on the area, the location has other attractions. To the north and west are snow-capped mountains and the border with Switzerland, while not far south is the bustling city of Milan.

Shaped as an upside down Y, the lake starts in the north at Colico, then splits near Menaggio with an eastern branch extending down to Lecco and the western finger having Como at its southernmost tip.

Property prices in the area are such that buyers generally purchase a home around the lake to actively use it, rather than purely for investment purposes. And while the Italian market has suffered, Lake Como retains an international appeal, meaning prices have been more or less resilient.

“We saw the Americans pull right back,” says Rupert Fawcett of Knight Frank’s Italian office, “but they have recently returned in strength. We’ve seen an immediate and very strong pull back from the Russians, but I’m sure the Russian market will be back.” Meanwhile, the Brits are showing stronger interest again and several agents are tipping UK buyers for a resurgence of activity in 2015.

Fawcett notes that the outlays on owning Italian property are relatively reasonable, with low local taxes and no fears of other wealth taxes being introduced.

“The majority of the product is period,” he adds. For those needing more space, there are villas on the market, while apartments are usually created from splitting larger old buildings. In such a setting, redevelopment sites are hard to find, but on rare occasions there is the opportunity to build new homes, such as those at Como Lake Resort.

Perched on the lake shore, the 13 apartments in the development near Cernobbio are arranged in two linked blocks, each angled to make the most of the views. The quality of the building and interiors is very much pitched at international buyers, says Fawcett, while the blocks offer a mix of shapes and sizes of apartments with between two and four bedrooms. Located on the western branch of the lake, they are just 30 kilometres from Milan’s Malpensa airport, and 10 kilometres from Como town.

Designed for lake enthusiasts, the apartments have lift access to a private boathouse beneath, with the capacity for dry storage, as well as space to tie up alongside. Cars are accommodated in three levels of parking directly off the Regina Highway at the rear of the site, accessed via two vehicle lifts. Residents share gardens, an outdoor pool and their own small private beach.

“Sales have been to an eclectic mix of nationalities,” says Fawcett. More than half of the 13 apartments are already sold, with those remaining priced between €1.2m and €2.8m. The views, however, are priceless.

For more information visit:

http://www.cityam.com/209844/room-view

A grand Italian mansion that Napoleon used as his headquarters has gone on sale – and it’s the same price as a two-bed flat in London.
Villa La Voglina was built in the 17th Century by the world-renowned Baroque architect Filippo Juvarra.
The historic property, in the Piedmont of Italy, is set in 61 acres (25 hectares and boasts 15 bedrooms, 10 bathrooms and a private chapel which seats 30 people.

In 1800, Napoleon used Villa La Voglina as his headquarters for the Battle of Marengo.
Napoleon’s forces overcame General Michael von Melas’ surprise attack on June 14, 1800, near the Italian city of Alessandria.
As a thank you to the French ancestors of the villa’s current owner, Napoleon ordered the captured Austrian troops to build the current terrace.

The property boasts formal gardens and terraces along with a vineyard which, if restored, could produce around 100,000 bottles of wine per year.
The owners have put the villa and its grounds on the market with Mayfair estate agency Beauchamp Estates.
The estate is on the market for £3.8 million – the same as a two-bedroom flat that Beauchamp has for sale in Eaton Square, London.

For more information visit:

http://www.itv.com/news/2015-02-08/italian-mansion-the-same-price-as-a-two-bedroom-flat-in-london/

Feb 4 (Reuters) – U.S. investment firm Cerberus Capital Management is set to finalise a deal to buy a portfolio of Italian state-owned properties by the end of February, a source close to the matter said on Wednesday.

A successful sale will bring 250 million euros ($286 million) into the coffers of real estate investment fund Fondo Immobili Pubblici (FIP), the source said. Other foreign investors were also interested in buying the package of properties being sold to Cerberus, which includes barracks rented out to Italy’s tax police.

The deal is evidence of a revival in foreign investor interest in such real estate assets after years of failed attempts by the government to sell some of its properties.

Blackstone bought a 250 million-euro package of properties from the FIP in December.

As of end June 2014, FIP had a total of 238 properties with a market value of 2.7 billion euros, according to its website.

CBRE Group is FIP’s adviser for asset disposals while the fund is managed by Investire Immobiliare Sgr, the real estate unit of Rome-based lender Banca Finnat Euramerica . ($1 = 0.8754 euros) (Reporting by Massimo Gaia; Writing by Francesca Landini; Editing by Greg Mahlich)

For more information visit:

http://www.reuters.com/article/2015/02/04/cerberuscapital-italy-real-estate-idUSL6N0VE3K420150204?irpc=932

Property prices are recovering – and your pound will go further. Telegraph Money research reveals where people are looking, and where the bargains can be found.

According to the OverseasGuidesCompany.com inquiries from would-be overseas buyers are up 17pc since 2013. Spain, France, Portugal and Italy are all attracting interest from Britons. And partly, that’s thanks to low mortgage rates.

Angelos Koutsoudes, head of OverseasGuidesCompany.com, said that nearly a quarter of its inquiries are from those wanting to buy in Spain, thanks to mortgage rates from 2.75pc and availability of cheap properties.

According to spanishpropertyinsight.com, there are around 1.4m empty properties in Spain. In the Malaga region – popular with UK expats – there are 120,611 vacant homes, depressing house prices. And while Spanish property prices have been rising recently, they fell back last month by 6.3pc. That takes prices back to levels last seen in March 2003.

Tancred de Pola of Costa del Sol mortgage specialists thefinancebureau.com says that Britons are keen to pick up property deals, and account for around a third of its business, having almost disappeared in the years following the crash. “Apart from the UK we’ve seen an increasing number of buyers coming from the Middle East, particularly Dubai, Abu Dhabi and Kuwait. They first came 25 years ago – but back then, they were cash buyers.”

If you don’t fancy Spain, the French property market is also attractive to British expats. John Busby of French Private Finance says that mortgage rates in France are now as low as a 20-year fixed rate of 2.9pc. He added: “When I first started in this market the thinking was that if you would be able to fix your mortgage under 4pc for 20 years, you would be onto a winner. Not many things are fixed or certain in this world but a French mortgage can be and I think you can be fairly certain about the value of 2.9pc fixed over 20 years.”

Italy is another popular location for UK expats to buy in and mortgages for expats go from 2.95pc. Mr Koutsoudes says that Italy has become more attractive thanks to a cut in property purchase taxes. He added: “Other reasons for its growing popularity include its lack of inheritance tax and no capital gains tax after five years.”

The Italian property market saw a 3.6pc increase in buying and selling in the third quarter of 2014, with city properties very popular. Most would-be buyers of fractional ownership company Appassionata’s latest property, Casa Tre Archi in the hilltop town of Petritoli are from the UK and US. A one-tenth share costs £65,000. Dawn Cavanagh-Hobbs, founder of Appassionata, said: “Given the average second-home owner is unlikely to use it for more than a few weeks a year anyway, fractional ownership makes perfect sense.”

For more information visit:

http://www.telegraph.co.uk/finance/personalfinance/expat-money/11308892/Mortgage-deals-proving-tasty-in-expat-hot-spots.html

Global real estate consultant Cushman & Wakefield reports commercial real estate investment volume in Italy during 2014 is expected to be in the range of 5 billion euros ($6.1 billion USD), including single asset and portfolio transactions for all commercial market sectors (office, retail, logistics and hospitality).
 
The provisional figures show more than 20% growth in comparison with the previous year and the trend is expected to continue in 2015, which is in line with the EMEA market, where volumes are forecast to increase 20% next year to circa 250 billion euro.
 
Foreign investors are the most active players and continue to show increasing interest in the Italian market, being focused either on core assets or added value opportunities.
 
The retail market continues to represent the dominant sector of activity, covering approximately 45% of the overall investment volume, followed by the office and the hospitality sectors.

In 2014 the Cushman & Wakefield Italian Capital Markets team successfully completed and advised on transactions close to 1 billion euro across all commercial sectors, strengthening their dominant position in the Capital Markets arena.
 
Retail has remained the investment asset of choice both high streets and shopping centres, as highlighted by the recent acquisition of the 8 Gallery shopping centre in Turin on behalf of GWM for circa 80 million euro.
 
Demand is strong for quality office investments and Cushman & Wakefield’s sale of the iconic trophy office building in via Santa Margherita, Milan for a record pricing level, further enhanced the demand from International investors for core assets in Italy.

For more information visit:

http://www.worldpropertyjournal.com/real-estate-news/italy/rome-real-estate-news/foreign-real-estate-investment-in-italy-rome-property-investors-cushman-wakefield-italian-capital-markets-joachim-sandberg-stephen-screene-8757.php

MILANO, 23 dicembre (Reuters) – Il volume degli investimenti immobiliari in Italia nel 2014 nel settore commerciale è cresciuto del 20% a circa 5 miliardi di euro e così dovrebbe continuare a fare il prossimo anno.

E’ la stima di Cushman & Wakefield, che parla di trend in linea con il mercato europeo, visto nel 2015 a 250 miliardi (+20%).

Il retail rimane il mercato preferenziale per gli investimenti, con circa il 45% del volume totale, seguito dal settore uffici e da quello alberghiero, dice la nota della società di servizi immobiliari controllata da Exor.

Il 2014 ha visto la conferma dell’interesse per l’Italia da parte degli investitori stranieri e l’aumento dei flussi di capitale internazionale. Questo slancio proseguirà nel 2015, sottolinea Cushman & Wakefield, che prevede “il ritorno di investitori italiani di tipo ‘core’ insieme ad una crescente domanda da parte di una nuova ondata di acquirenti provenienti dall’area dell’Asia Pacifico, che ora sono fortemente focalizzati sull’Europa Continentale”.

Sul sito www.reuters.it altre notizie Reuters in italiano. Le top news anche su www.twitter.com/reuters_italia

For more information visit:

http://it.reuters.com/article/itEuroRpt/idITL6N0U71ZT20141223

The last year has been a good one for the Italian real estate market and going into 2015 there are still good buys to be found in many areas, it is claimed.

‘If the first quarter of 2015 is as busy as the first quarter of 2014 then this will be a very positive sign indeed and I can see no reason why not. The Euro is weaker against the Pound which is a great advantage and of course encourages clients to purchase more readily,’ said Linda Travella, who has been working in the country’s real estate industry for over 20 years.

She has picked Puglia, Lake Como and Tuscany as the most popular areas for overseas buyers in 2014 and is certain this will continue into 2015 and pricing at the right level will still be the key to getting a sale.

‘The Tuscan market was hit the worst in the 2008 crash and that means that the possibility of finding a good buy in Tuscany is still excellent. If clients put their property on the market at an inflated value it will not sell as there are too many sellers prepared to negotiate to obtain a sale from a buyer who has the cash,’ she explained.

She points out that it is possible, for example, to buy a fully renovated two bedroom apartment close to Volterra furnished or unfurnished with shared pool, starting from as little as €260,000.

She predicts that British buyers will return to Lake Como in 2015 while Russian buyers have decreased. But Swiss and German buyers are still strong. Overall she expects the €500,000 plus market to be more buoyant in 2015.

Sales at the lower end of the market are expected to be strong. ‘The market at €150,000 and under returned in 2014 and I see this trend continuing. Why leave your money in the bank or building society and receive hardly any interest, shares also lost value between April and October 2014 so an investment in property seems a much better option,’ said Travella.

‘I think the first quarter of 2015 will show a great deal of interest with clients viewing in February, March and April. We are seeing more interest from the UK market than in the past five years with the Europeans still also very interested buyers,’ she explained.

‘The US market seems to be also showing some interest compared to the past years with some clients already talking of viewing in the first and second quarters,’ she added.

Her firm Casa Travella has also seen a huge surge of interest in 2014 in property in Puglia but many buyers were ‘just looking’. However, she expects these buyers returning to purchase in 2015.

She also believes that The Dolomites could be an up and coming area in 2015 as property is hard to find but a great investment and not just for skiing. Her other top tip is Southern Le Marche where property by the sea can be bought at a much better price than on the Tuscan coast.

For more information visit:

http://www.propertywire.com/news/europe/italy-real-estate-market-201412169940.html

The data from ANSA comes on the heels of an equally positive report from Knight Frank, who found that as well as increasing interest from Chinese and Asian buyers, American and British buyers are returning to Italy in ever-growing numbers. Part of the reason is the relative strength of both the pound and the dollar against the Euro.

According to Rupert Fawcett, a partner at Knight Frank, ‘Italy continues to face challenging market conditions with Europe again coming under the spotlight recently over its muted economic growth and with some of Italy’s banks faring badly in the latest stress tests. However, the food and culture, the wine and architecture and la dolce vita remains a permanent feature and continues to draw buyers wanting a slice of Italian life.’

‘There has been increased interest this year in city living,’ Mr. Fawcett went on, ‘with an upturn in enquiries for Rome, Venice, Milan and Florence. Rome has returned positive growth in the last quarter for the first time in several years, Venice is showing increases at the upper end and all cities have seen increased sales activity. We expect prices to remain stable in these locations over the next year, but we do not expect any price increase for at least the next few years.’

Much of Italy’s recovery in sales has come from overseas, a recovery that’s likely to be unstable in comparison to one with a foot in domestic demand, and that’s likely to continue until the Italian economy picks up. Meanwhile, the country continues to attract Russians as a result of ‘political uncertainty in Russia,’ says Mr. Fawcett, though mainly ‘at lower price points’ as wealthier Russians reduce their exposure to weather potential storms.

Finally, Milan is preparing to host the Universal Exposition in 2015, and this event is forecast to generate considerable invester interest in Italy. Together with an increase in the amount of capital coming into the country from Asia, particularly China, it’s a good indication of two things. One: the Italian property renaissance is real, and Two: it’s an investor’s recovery at his point. That means Italy still has bargains for buyers prepared to take the risk and that a real, sustainable recovery that includes price as well as sales and is powered by a recovering Italian economy is likely to be several years away.

For more information visit:

http://www.property-abroad.com/italy/news-story/property-sales-jump-in-italian-cities-19317991/

UK and US buyers are increasingly seeking properties in Italy as the challenging market conditions and currency shifts makes buying a second home even more attractive.

According to Rupert Fawcett, a partner in Knight Frank’s Italian team the food, culture, wine and architecture and lifestyle in the country continues to attract overseas buyers.

Italy may be still struggling to shake off the Eurozone debt crisis but with the euro significantly weaker against key currencies than a year ago there are deals to be found.

‘Italy continues to face challenging market conditions with Europe again coming under the spotlight recently over its muted economic growth and with some of Italy’s banks faring badly in the latest stress tests,’ said Fawcett.

‘But la dolce vita remains a permanent feature and continues to draw buyers wanting a slice of Italian life. Buying in Italy is primarily a lifestyle choice not driven by short term investment, but longer term enjoyment, and these factors continue to allow the market a certain level of resilience,’ he explained.

He has noted increased interest this year in city living with an upturn in inquiries for Rome, Venice, Milan and Florence. ‘Rome has returned positive growth in the last quarter for the first time in several years, Venice is showing increases at the upper end and all cities have seen increased sales activity. We expect prices to remain stable in these locations over the next year, but we do not expect any price increases for at least the next few years,’ he added.

In other areas there continues to be pressure on prices due in part to the availability of a large amount of stock which means buyers tend to deliberate for longer when searching for the perfect property.

However, Fawcett said correctly priced properties in the best locations are finding good interest and, in some cases, multiple offers. Where vendors remain reluctant to reduce prices buyers are often not even inquiring let alone viewing.

There has been a decline in interest from Russian buyers but both British and US buyers are returning to the Italian real estate market. There are fewer Russians at the upper end of the market around the €5 million plus mark and most notably around parts of Sardinia and coastal Tuscany, but there has been an increase in Russian interest at lower price points especially in Liguria.

The influence of British and US buyers has also increased as both the pound and dollar strengthen against the euro. British buyers favor properties in Tuscany, Florence and Umbria as well as the Italian Lakes, Rome and Sardinia while US buyers favor properties in the Italian Lakes, Rome and Sardinia.

French buyers are number one in Venice and also showing a lot of interest in property in Liguria and Rome. Germany buyers can be found in the Italian Lakes and Umbria while Scandinavian buyers favor Sardinia. For Dutch buyers Liguria, Venice, Tuscany, Florence and Umbria are the most popular.

Fawcett pointed out that Milan will host the next Universal Exposition next year between May and October and the consensus is that this will generate increased investor interest in the country as buyers perceive better value.

‘We have already seen rising interest for both commercial and residential property from China and other Asian markets. Another sector attracting increased demand is the semi-commercial vineyard market (more than hobby wine, but less than industrial), with buyers seeking a holiday home that they can also find some commercial output from,’ he added.

Linda Travella of Casa Travella points out that recent changes to the Italian Land Registry provide buyers with a saving of up to €1,260 for every €100,000 they spend and there is no capital gains tax after five years.

‘If you purchase from a private individual as a first or main home you will save €1,260 in every €100,000, a 1% decrease in costs on the purchase. If you are buying a second home you will save €900 in every €100,000, again another 1% decrease,’ she said.

She added that there is also no inheritance tax after five years of ownership as long as the property is left to a close relation.

For more information visit:

http://www.nuwireinvestor.com/articles/foreign-property-buyers-once-again-looking-to-italy-62260.aspx

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Foreign Property Buyers Once Again Looking To Italy