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Knight Frank, an international real estate agency, says that Britons are increasingly purchasing Italian property. The agency expects next year’s Universal Expo in Milan to generate extra investor interest.

According to the agency, UK expats are currently their top purchasers for properties in Tuscany, Florence, and Umbria, and second – behind Italians – for the Italian Lakes, Rome, and Sardinia. There is also some interest from British buyers for properties in Venice and Liguria.

Rupert Fawcett, who is a Partner in Knight Frank’s Italian team, said that foreigners buy properties in Italy primarily as a lifestyle choice, rather than as an investment. However, he predicted that the Universal Expo will lead to investors perceiving better value in the Italian market, and he explained that there is already rising interest in Italian property for commercial and residential property from investors from China and other Asian markets.

He added that there has been a recent upturn in interest for Rome, Venice, Milan, and Florence, but that prices are expected to remain stable for at least the next few years. Fawcett also noted increased demand in the semi-commercial vineyard market, with buyers seeking a holiday home that also generates income.

For more information visit:

http://www.expatbriefing.com/expat-news/British-Expats-Increasingly-Interested-In-Italy-66458.html

The Italian property market received a boost in sales in the third quarter of 2014, the country’s revenue agency said on Thursday.

UK and US buyers are increasingly looking to Italy to buy property. According to Robert Fawcett, a partner in Knight Frank’s Italian team, Italy’s traditional treasures – food, culture, wine, architecture – continue to attract overseas buyers.

Italy is still struggling to free itself from the after-effects of the 2008 crash and the Eurozone debt crisis, but a weak Euro has actually helped to bring in foreign buyers attracted by favourable exchange rates. ‘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’ banks faring badly in the latest stress tests,’ Mr. Fawcett said.

However, he has noted increased interest this year in homes in italian cities and especially an improvement in activity levels in Venice, Milan, Florence and Rome. ‘Rome has returned positive growth in the last quarter,’ Mr. Fawcett points out, ‘for the first time in several years. Venice is showing increases at the upper end and all cities have seen increased sales activity.’

Across the world there is a tendency for splits to develop between the rural property market and large cities, with stagnation in one and high growth in the other. Additionally there is a split within cities between luxury properties and other classes of property. That pattern is repeated in Italy. In rural areas, there continues to be downward pressure on prices coming from a large available stock, which tends to result in buyers deliberating for longer when searching for the perfect property.

In rural areas where pricing takes into account market conditions, there’s often no shortage of buyers, sometimes including multiple offers simultaneously, but where vendors are not flexible as to price they’re often left out in the cold.

While UK and US buyers have begun to enter the Italian market, Russian buyers have been less interested. There has particularly been a decline in Russians interested in property above the €5m mark, especially in the traditional retirement areas like Tuscany and rural Sardinia. However, Russian interest has revived at lower price points in areas like Liguria.

The influence of US and UK buyers has increased as both the pound and the dollar have strengthened against the Euro. British buyers tend to favour properties in Tuscany as well as in Florence and Umbria, while Americans are more interested in the Italian Lakes, Rome and Sardinia.

And there’s another set of buyers from outside Europe involved in the Italian market, says Mr. Fawcett: ‘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.’

The Italian market has suffered in recent years, with other European countries – including Switzerland – overtaking the once-favourite destination in Brits’ eyes. But it looks as though Italy might be staging a comeback, driven by its traditional appeal, currency differences and changes to the Italian Land Registry laws.

For more information visit:

http://www.property-abroad.com/italy/news-story/uk-and-us-buyers-head-back-to-the-italian-property-market-19317988/

The owners of dozens of castles across Italy have been forced to put their properties up for sale as they struggle under the weight of mounting maintenance costs and high taxes, with the majority of interest so far coming from Russian buyers.

Property finder, home hunter, buying agent. Sono alcuni dei termini – non a caso, data la diffusione nel mondo anglosassone e la novità invece in Italia, rigorosamente inglesi – utilizzati per definire la figura del “cacciatore di immobili”, il consulente al quale ricorre chi cerca un servizio “su misura” per acquistare o prendere in locazione una proprietà che abbia caratteristiche specifiche, in base alle proprie esigenze, senza rivolgersi ad una agenzia immobiliare “tradizionale” o impegnarsi nella ricerca tra gli annunci.

Si tratta di una professione nata negli Stati Uniti negli anni ’90 e poi diffusasi anche in Europa, dal Regno Unito alla Francia. E che in Italia sta muovendo i primi passi. L’idea è quella di un professionista – non necessariamente un agente immobiliare – che ottiene un “incarico di ricerca” da un potenziale acquirente, disposto a pagare una provvigione più alta, rispetto a quella di una normale agenzia, per farsi trovare la casa “giusta”, che risponda in pieno alle sue esigenze.

Tra i primi a intraprendere la strada del property finding in Italia è stato Luigi Benedetti, agente immobiliare attivo nella provincia di Bologna da nove anni e da sei “cacciatore di case”. «L’agente tradizionale – spiega – parte dall’immobile e cerca qualcuno interessato ad acquistarlo. Il property finder invece fa il percorso inverso: si concentra sul compratore cercando la casa che fa al caso suo. Lavora su incarico del cliente e, se la ricerca si conclude positivamente, ottiene una provvigione media del 5%, invece del 3% di un’agenzia tradizionale».

A luglio scorso Benedetti ha dato vita, insieme a due colleghi (Massmiliano Russo e Valerio Corazzzin), a DesideraRe, primo network dedicato al property finding. «Per ora siamo in sei e operiamo in cinque realtà: da Milano città alle province di Bologna, Genova e Padova – afferma -. Abbiamo fissato alcune regole base, come quella che ciascun professionista, per fornire un servizio di qualità, segua al massimo tre clienti insieme. In generale – continua – la fase cruciale è la selezione del cliente: bisogna accertarsi che sia motivato, abbia idee chiare su cosa vuole e la disponibilità economica per l’acquisto. Altrimenti si rischia un buco nell’acqua. Il nostro servizio non si rivolge solo al segmento lusso, ma anche a chi, magari, cerca la prima casa e non ha tempo per trovarla». L’incarico, di solito, dura tra 30 e 60 giorni. Il property finder, poi, provvede alle verifiche tecniche (urbanistica, catastale, condominiale) fino alla eventuale predisposizione di una proposta d’acquisto.

«Il presupposto per fare questo mestiere è avere una profonda conoscenza del mercato in cui si opera – afferma Benedetti – e sapere utilizzare tutti gli strumenti possibili per scovare la casa giusta per il cliente: agenzie immobiliari (con cui si arriva anche a dividere la provvigione), annunci, portali, imprese di costruzione, attività di marketing dirette sul territorio». Non mancano le difficoltà: «Innanzitutto – prosegue l’agente – la poca predisposizione a collaborare di colleghi e agenzie: anche se ormai, con la crisi, è difficile che ci si lasci sfuggire l’occasione di vendere. L’altro nodo è che in Italia manca un vero sistema basato sulla condivisione di annunci e incarichi».

A dare uno spaccato di come lavora un property finder fuori dai confini nazionali è Gianluca Santacatterina, ceo di Luxury&Tourism, società specializzata da dieci anni nella ricerca di immobili all’estero per la clientela italiana. «Il property finder è il sarto su misura degli investimenti immobiliari. All’estero, soprattutto in Paesi anglosassoni, è una figura riconosciuta, alla quale viene spesso corrisposto un primo compenso già al momento dell’incarico – afferma – Lavorare in città come Londra, New York o Miami è più facile che in Italia perché il mercato è trasparente e la collaborazione tra broker automatica. Attraverso partnership, inoltre, accediamo ai sistemi Mls locali, database condivisi attraverso cui si ha una visuale completa sul mercato immobiliare».

For more information visit:

http://www.casa24.ilsole24ore.com/art/mondo-immobiliare/2014-11-04/property-finder-cacciatore-immobili-134229.php?uuid=Abr7QgaK

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BRIEFING_ Market reforms aim to make Italy a better bet

The Southern European markets of Spain and Greece have seen a significant rise in commercial real estate investment in 2014 with half-year figures representing 88% of last year’s overall investment volume total, according to agent Savills.

Following an active year in 2013, Italy and Portugal markets had a slower first half in 2014, but are expected to match or even exceed last year’s volumes.

Research from the international real estate advisor shows that investment levels in Southern Europe have been underpinned by buying activity from new and established REITs in these markets. In addition, Savills confirms that these investment vehicles have provided a platform for international buyers to achieve exposure in Southern Europe through indirect investments with figures showing that €820 mln and €2.55 bn were invested in Greek and Spanish REITs respectively by international investors in the past 12-18 months. 

‘REITs have provided a safe and efficient investment structure for overseas purchasers to enter the Southern European commercial real estate markets,’ said Eri Mitsostergiou, director of European Research at Savills. ‘In some cases, these investors do not know the local market well and the REIT vehicle provides them access to domestic players that are better positioned to expand and deliver effectively.’ 

Spain has reported the largest growth in investment activity, which increased by 168% in H1 14 compared to the same period in 2013 and this is set to continue with the country predicted to report a year-end figure almost double that of last year at more than €5 bn. Of the transactions completed so far in 2014, 21% was dominated by the new Spanish REITs (SOCIMIs) which have this year invested 44% in retail, 42% in offices, 8% in hotels and the remaining 6% in industrial. Madrid accounted for 52% of the SOCIMIs’ investments with Barcelona seeing 35%. 

In the Greek market the REITs, known locally as AEEAP, have accounted for 38% of investment activity over the past 18 months with offices representing 84%, retail accounting for 12% and the remaining 4% allocated to industrial. 

In Italy just two REITs (SIIQs) currently exist; however Savills indicates that a change in regulation in the country promoted by the ‘Unlock Italy’ initiative as well as a focus on attracting foreign investment into the Italian real estate market, may spur IPO activity and the creation of more REITs, similar to the Spanish market. This increase in Italian REITs could open up opportunities for those international investors that may consider Italy to be a complex market to enter.

‘REITs across Southern Europe have firmly established themselves as key and important investors in the commercial sector and this is something we expect to increase as these markets continue their recovery. We also foresee the demand from international investors using these vehicles to indirectly invest in these markets to maintain momentum,’ Mitsostergiou concluded.

For more information visit:

http://www.propertyeu.info/index-newsletter/foreign-investors-use-reits-to-catch-the-cycle-in-southern-europe-says-savills

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Foreign investors use REITs to catch the cycle in Southern Europe, says Savills

Italia, Firenze • Dario Nardella è da pochi mesi il nuovo sindaco di Firenze e subito ha presentato alcuni progetti di investimento alla fiera Expo Real di Monaco grazie alla promozione di Invest In Tuscany, della Regione Toscana, che favorisce l’arrivo di investimenti di larga scala sul territorio toscano. Il Comune di Firenze possiede già un regolamento edilizio ed un piano strutturale e si appresta ad approvare il regolamento urbanistico attuativo. “Il contesto delle regole di pianificazione è certo”, secondo il sindaco, e la promozione anche sui mercati internazionali può partire con basi solide. Un piano urbanistico “a volume zero” che ha lo scopo di trasformare l’immenso patrimonio immobiliare della città, storica, d’arte, turistica ma con vocazione anche industriale e produttiva. Parlando di immobili da riqualificare, ci sono 750.000 mq di immobili pubblici e privati che possono essere riconvertiti con le destinazioni già indicate, e con un tempo stimabile chiaramente grazie alla semplificazione amministrativa. Tre fattori chiave secondo Nardella, per valorizzare tutto il patrimonio immobiliare pubblico italiano: la creazione di una regia unica per evitare conflitti tra troppi poteri decisionali, una strategia unitaria per valorizzare le grandi aree urbane, servono procedure semplici e chiare per gli investitori. “Non è la complessità dell’investimento o la durata” ma è l’incertezza a frenare gli investimenti. A Firenze 5 mesi fa è stato firmato un accordo con l’Agenzia del Demanio e il Ministero della Difesa per il recupero e la valorizzazione di 8 caserme (totale 160.000 mq), operazione che era bloccata da vincoli burocratici.

For more information visit:

http://www.ilqi.it/quotidiano-immobiliare/175769

Sept. 16 (Bloomberg) — Italy’s steps to transform its real estate investment trust industry mirror changes made by Spain that helped attract foreign investors including Bill Gross and George Soros.

The Italian changes include lifting the maximum stake a single investor can hold in a REIT, known as a SIIQ in Italy, to 60 percent from 51 percent, according to a decree published in the state bulletin on Sept. 12. It also reduces the amount of recurring rental income the company must distribute to investors to 70 percent from 85 percent.

“Italy’s government has clearly had an eye on the robust health of the French REIT sector and how the changes to the regime in Spain and the launch of the structure in Ireland have spawned a series of successful IPOs,” Philip Charls, chief executive officer of the European Public Real Estate Association, said by e-mail. “This is an encouraging step.”

Reviving Italy’s slumping property market is key to Prime Minister Matteo Renzi’s plans to sell assets including publicly held real estate to bring in revenue as the country tries to trim its 2.2 trillion euros of debt. Italy may fail to achieve its fiscal targets for this year after the country’s economy unexpectedly contracted in the second quarter and entered a new recession, the European Central Bank said last week.

The Italian rule changes “are clear and very welcome,” Aldo Mazzocco, chief executive officer of Italian REIT Beni Stabili SpA, said by e-mail. “These are very important decisions that align Italy with the best European real estate markets.”

Italian commercial property transactions dropped 7.3 percent in 2013 compared to the prior year, according to data compiled by the Economy Ministry. The data excludes real estate used for industry and services.

Capital Gains

Under the new REIT legislation, 50 percent of capital gains must be distrubuted within 24 months of the year that they are realized, according to the state bulletin. Changes take effect immediately and the decree will go to the Italian parliament for ratification in the next 60 days.

Spain reduced the tax burden for REIT investors starting last year to boost investment after real estate values fell more than 40 percent from their 2007 peaks. Pacific Investment Management Co.’s Gross, Soros’s Quantum Partners LP and Paulson & Co. head John Paulson have since taken stakes in Spanish REITs that have staged IPOs in recent months.

Investment in Spanish commercial real estate more than doubled in the first half from a year earlier to 3.23 billion euros, according to data compiled by CBRE Group Inc. Investment for the year will reach around 7.5 billion euros, a figure last seen at the peak of Spain’s real estate boom in 2006 and 2007, said Patricio Palomar, director of research and investment strategy at CBRE Spain.

For more information visit:

http://www.bloomberg.com/news/articles/2014-09-16/italy-makes-property-investment-changes-that-helped-spain