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Entire Italian Alpine Village for Sale on eBay

08-Jul-2014

It is not unheard of to find obscure items listed on eBay, but one Italian vendor has gone one step further and listed an entire Apline village for sale . The Italian village has gone up for sale on the auction site with a staggering price tag of just €245,000 - much less than the cost of a single family home in the UK! The picturesque village of Borgata Calsazio is comprised of 14 houses with a total of more than 50 rooms, and is located around 50km from Turin in the north-west of Italy. Calsazio is set close to the breath-taking...

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Italian Property to See Further Price Falls in 2014

25-Feb-2014

The Italian property market is set to continue to be slower in 2014 as prices are predicted to fall yet again, according to the latest reports emerging from the struggling nation. A weak domestic economic situation is the most likely cause for the weakness that looks like it will become inherent in the market, experts say, with the aftermath of the eurozone crisis leaving the nation in a state of economic hangover and reducing the levels of confidence in evidence in the property market. Prices have fallen in real terms by nearly six per cent since...

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Land Registry Restructuring Means Lower Property Prices in Italian Market

23-Jan-2014

People buying property in Italy will soon be able to enjoy lower prices, after it emerged that the land registry charges when doing so are being restructured for the coming year. According to one expert in the Italian property market, the nation is the only one in Europe that has lowered charges, with most others raising what they charge in property taxes to buyers.  Linda Travella of Casa Travella said this means it will become far more attractive for overseas buyers to invest in Italy in the coming year, providing a much needed boost to the...

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Housing Tax Could Damage Italian Property Recovery

17-Jan-2014

A housing tax that has been criticised widely in Italy could damage the country's slowly recovering property market once again, experts have warned. It had been predicted by a range of different commentators that this would be the year the Italian market would start to recover after years in the doldrums during its long recession amid the eurozone crisis. However, the first recovery in activity and prices could be severely hampered by the fact that the government wants to keep a much-maligned  property tax, despite changing its name and the...

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Amalfi coast: Options to suit every budget?

18-Dec-2013

The Amalfi coast is one of the most luxurious areas in Europe and, for many, Italian property dreams centre around the region. However, with the glamorous coastline and spectacular views comes a relatively high price tag. Of course, for investors looking to set high rents and enter the prime market, this isn't necessarily a bad thing. Yet, for others, the market can seem impenetrable. Nevertheless, Marta Calligaro from Italian real estate company Homes and Villas Abroad, claims there is property to suit every budget. Writing in Property Secrets,...

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Italian resale tax soon to be lowered

18-Nov-2013

There is just slightly more than a month to go until Italian resale tax on property is lowered and investors are likely to be waiting with bated breath. The measure, due to come in on January 1st 2014, has been heralded as vital for the country to address its depressed property market, A Place in the Sun reported. It will see Land Registry Tax on a second home purchase lowered by €900 (£753.28) for every €100,000 of the sales price . Such a move is expected to give Italian property a much needed boost and will no doubt encourage...

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Trulli in demand among holiday investors

23-Oct-2013

Investors on the look out for Italian property that can be used for holiday lets are turning their attentions to Trulli. These former farmer's sheds are the trademark of Puglia and can only be found in the Valley of Itria. They are round limestone buildings with conical roofs and were originally used to store equipment or animals. Now, they are being transformed into popular holiday homes, the BBC reported. Estate agent Alessandro Melpignano explained to the news provider that the "market really exploded" when the Trulli of Alberobello...

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Italian house prices continue downward spiral

07-Oct-2013

Italian house prices continued their downward spiral in the second quarter of the year, according to Istat's House Price Index . Official figures from the statistics office show quarter-on-quarter, values declined by 0.6 per cent - yet more bad news for the market which is suffering from instability. Year-on-year prices declined 5.9 per cent, while the costs of new dwellings decreased by 0.8 per cent compared to the previous three months. When measured against the second quarter of 2012, new dwellings saw their value fall by 2.6 per cent as demand...

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Will Italian instability prove off-putting for investors?

01-Oct-2013

Italy could once again find itself dangerously close to the edge, thanks to governmental instability that has ramifications for the country's economy and property market. Prime minister Enrico Letta has been forced to seek a vote of confidence after Silvio Berlusconi pulled conservative support. This may prove to be one of the biggest tests of Europe's ability to stave off another crisis, which saw property prices fall. As one of the countries hardest hit by the financial crash, Italy is in no position to see further value slides and currency weakening....

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Italian boat and yacht tax repelling investors

15-Sep-2013

Those looking for a life of luxury in Italy are increasingly turning their eye towards nearby Montenegro instead, thanks to an unpopular tax on boats and yachts. The Boka Group explained to Property Wire that even Italians are moving their assets away from the country, in a bid to escape the new levy. Over the last six months, the private equity real estate developer has seen a 175 per cent rise in interest and enquiries from Italian buyers. John Kennedy, Boka Group chief executive officer and founder, told the news portal: "This single measure...

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Italian property tax cancelled

02-Sep-2013

Umming and ahhing over Italy's controversial property tax has come to an end with prime minister Enrico Letta's decision to cancel the levy. In a bid to save the fragile coalition government and mend relations with Silvio Berlusconi, Mr Letta announced Italian property will no longer be taxed if it is a primary residence. However, a municipal levy will be introduced in 2014 to replace the outgoing tax. Whether in favour or against scrapping the tax, a conclusion to the debate will be welcomed, as Italian stocks began to slip on August 19th as talks...

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Italian property tax report ruffles feathers

18-Aug-2013

A new report by the Italian Treasury on property tax has ruffled the feathers of those that claim it should be abolished. Introduced by minister of the economy Fabrizio Saccomanni, the study looked at how local property tax (IMU) could be reformed and concluded it would be regressive if it were abolished altogether. This has thrown a spanner in the works for Enrico Letta's government, as former premier Silvio Berlusconi required the tax to be scrapped. A delay in the first IMU payment has already been put in place for September 16th, pending a...

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Unpopular Italian property tax could be scrapped by autumn

22-Jul-2013

An unpopular tax on Italian property could be scrapped for good by autumn, according to the country's industry minister. Flavio Zanonato told newswire Ansa: "I think that at the start of autumn it will be possible to announce that there will not be a point increase in VAT, and there will not be IMU (Imposta Municipale Propria - Italian property tax) on primary houses." Value added tax will also remain at current levels, with the government abandoning plans to introduce changes to bolster Italian finances. Mr Zanonato's statements come...

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IMF calls for Italian property tax reinstatement

04-Jul-2013

The International Monetary Fund (IMF) has called for the reinstatement of an unpopular Italian property tax. According to the body, the levy on primary residences must be returned to ensure equity and efficiency in the market. The tax has already gained much publicity, as former premier Silvio Berlusconi made the suspension of the charge a condition of his support for Enrico Letta's government. Current prime minister Letta claims his administration will decide later in the year whether or not to revive the tax, but bringing it back could lead...

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Mixed results for Italian prime property performance

16-Jun-2013

The performance of prime Italian property was mixed during the first quarter of 2013, according to a new study. Knight Frank's Italian insight report revealed that while Liguria and Venice have been going strong, Tuscany, Florence, Rome and Sardinia saw prices drop between January and March. This is not to say that the prime market performed poorly overall. In fact, super rich buyers are still attracted to Italy and Knight Frank agreed a record number of sales in 2012/2013. Political and economic fundamentals appear to be behind the ups and downs...

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Italian property needs support, says minister

09-Jun-2013

Italian property is in need of greater support, particularly from foreign investors. This is the opinion of Aldo Mazzocco, chairman of senior property association Assoimmobiliare. He claims that following remarks by a senior Italian minister that the new government is open to proposals on how to support real estate, the community must pick up the call to action and help to give overseas investors what they want. Currently, there are few real estate companies classed as 'listed' in Italy and it is well publicised that the sector is struggling....

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Buyers get bargains in Sicily

21-May-2013

Foreign buyers are taking advantage of low prices in the Italian island of Sicily, causing an influx of property investment. Houses in small villages on the island can go for as little as €10,000, ensuring international investors get a bargain. However, this investment is helping to prop up the housing market as Italy remains in one of its longest-ever recessions. At 20 months, the crisis is the most drawn out since 1993. Speaking to AFP, Salvatore Sansemi, mayor of Cianciana, near the southern city of Agrigento, said foreign nationals...

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Fractional ownership: The next big thing in Italy?

13-May-2013

Fractional ownership could well be the next big thing among people with their sights set on Italian property . The Global Property Guide reported that existing schemes are demonstrating that fractional ownership not only works, but can come with considerable benefits. True, the cost of owning Italian property is generally much lower than in recent years - thanks to the recession - but in areas of high demand, many are still priced out of the market. Fractional ownership negates this problem and ensures investors have access to a high-quality...

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Germans snapping up Italian property

07-May-2013

German investors just can't seem to get enough of Italian property lately. Bloomberg reported that there is a growing market of German investors who are snapping up real estate that locals can't afford to buy. So strong is demand, that according to Yasemin Rosenmaier, who has been selling homes in the country since 2005, there has never been a better time to work for a German broker. "I’d say 60 per cent of our closings are with Germans, which is much higher than in previous years," she told the news provider. This...

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Italian house prices to remain static

21-Mar-2013

Italian property prices are to remain static throughout 2013, according to one industry expert. Linda Travella of Casa Travella Ltd explained that while home values are at the lowest level experienced for some time, they are not expected to drop further. Even with the Cypriot bailout casting a shadow of uncertainty over the continent, it seems that demand will help to keep the Italian property market from falling to new lows. What's more, with real estate now more affordable than ever, it seems the sector is ripe for foreign buyers. However,...

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