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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”.

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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

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.

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BRIEFING_ Market reforms aim to make Italy a better bet