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09-Oct-2008
Mega Project Reflects Confidence in Tunisia
Mr Farhan Faraidooni, CEO of Sama Dubai, the property development arm of Dubai Holdings, recently announced that the development plans for the project dubbed “Century City” have been approved.
Property Investment in Italy 2008
Much of Italy has seen property prices grow recently as a result of the international property boom, a promising sign for profitable property investment. However, Southern Italy and Sicily are yet to follow the bullish international property markets with property prices remaining low. These regions indicate promising markets for investors as demand for property investment is sure to move away from the north to the south of the country.
According to an international property portal, Italy was the most enquired about country for overseas property purchase during February 2008, accounting for 8.5% of all searches. The country has also been named as the most sought-after location for British property buyers looking for overseas property investment.
Property prices have seen impressive growth - a positive indicator for property investment - with some areas and properties doubling in value over the last few years, according to local firm Sicily Property Company. In the last 18 months prices have risen by 44% in new developments in Calabria and annual capital appreciation forecasts for the southern regions of Italy are between 15% and 20% for the next 5 years.
Sicily was recently quoted in The Independent, "there's still one beautiful but often ignored corner of Europe, full of pretty towns, great food and fabulous beaches, where property won't cost you a fortune".
Sicily is one of the last Mediterranean Islands still underdeveloped for tourism and property investment. Prices still remain highly competitive yet capital appreciation is showing signs of some impressive growth to come. The southern regions of Italy and Sicily present great property investment potential for the overseas property investor where prices are forecast to experience similar growth levels to those in the rest of the country.
Italy ranks in the top 5 most popular tourist destinations in the world creating an ideal opportunity for buy-to-let property investment. International tourism arrivals reached 40 million in 2006, according to the UN World Tourism Organisation and rose by a further 17.2% in 2007. Natwest's latest Quality of Life Index showed expatriates rating Italy as the 4th best place to live, second only to Portugal in the European rankings.
Calabria and Sicily in particular have seen tourist and business numbers rise as accessibility has improved; tourism in Sicily has been steadily increasing for the third consecutive year with a notable increase in foreign visitors, according to the
Banca D'Italia.
Foreign direct investment (FDI) into Italy grew to $19.6 billion in 2005 and reached $39.2 billion in 2006, according to A.T. Kearney's 2007 Confidence Index, making the country the 5th largest recipient of FDI in Europe.
The European Union's Structural Fund alone has pledged €7.5 billion to be invested in Southern Italy and Sicily during the period 2007 to 2013.
Complimentary Property Investment Report
ITALY
Property investors in Italy are safe in the knowledge that the country ranks as the fifth most popular tourist destination in the world with more than 37 million visitors annually, creating the ideal opportunity for the buy-to-let investor. The irresistible combination of stunning countryside and stylish cities make Italy a favourite with tourists and property investors.
Italy's Emerging Markets
Any property investor cannot fail to be impressed by the fact that the perennially popular cities of Milan and Rome are included in the "Top 50 Most Expensive Cities in the World" by Mercer Human Resource Consulting. In addition, the Calabria region in southern Italy and its neighbour, the island of Sicily, are growing in popularity as holiday destinations and are now considered strong emerging markets for the overseas property investor. Both areas have seen a significant rise in tourist and business numbers as accessibility to the region has improved. Confidence in these areas is high and the European Union's Structural Fund has pledged €7.5 billion as investment in Southern Italy and Sicily during the period 2007 to 2013.
Italy's Property Prices
Traditionally, the north of Italy has been popular with property investors, but now property in Southern Italy and Sicily is beginning to attract serious investor interest. Prices remain relatively low indicating promising potential markets for the international property investor. Calabria in particular is increasing in popularity and annual capital appreciation forecasts for the southern regions of Italy are between 15% and 20% for the next 5 years. Sicily is one of the last under-developed Mediterranean Islands in terms of tourism and property investment and so prices remain highly competitive.
High Rental Yields
Property investors in Italy can be assured of high anticipated rental yields in the emerging region of Southern Italy. There is substantial domestic demand in addition to growing numbers of foreign tourists - the perfect combination for the international property investor in Italy.
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