Knight Frank: latest report on Italy’s second-home market

Knight Frank analizes the Italy’s second-home market

Knight Frank’s new Italy Insight report assesses what impact the country’s recent economic challenges have had on its prime property market.

Traditional sources of demand (US, UK buyers) while still evident are now joined by other HNWIs looking to make a lifestyle purchase, these include Scandinavian buyers (particularly Danes), Russian and Benelux nationals who are all increasing their market share.

As well as providing an economic update and analysis of Italy’s mainstream and prime markets, the insight report assesses what impact Prime Minister Monti’s IMU property tax will have on prime sales and ncludes a snapshot of current market conditions across Italy’s second-home hotspots: Rome, Venice, Tuscany and Umbria, Liguria, Sardinia and the Italian Lakes.

Unlike the UK, US, Ireland or Spain, Italy did not experience a housing market bubble prior to the financial crisis. Although official data reports that mainstream prices are only 10.5% lower than their peak in Q2 2008, most analysts acknowledge that mainstream prices have dropped by around 30% over this period.

For many international buyers, Italy’s established prime locations offer a more secure second home option without the risk that many emerging European markets present.

A weaker euro in the first half of 2012 made very little difference to the volumes of sales but interest from non-Eurozone buyers improved once the euro reached 1.20 against the pound.
Buyers from the UK, US, Belgium, Denmark, the Netherlands and Russia are the most active. The one issue that connects these buyers is their level
of wealth, many are increasingly internationally-mobile with multiple residences globally.

In late 2011 Mario Monti’s new government of technocrats embarked on a strict austerity programme. For the first time Italians now have to pay tax on all their properties, including their primary residence. The IMU tax, which also applies to non-resident second-home owners, is expected
to raise €10bn in 2012 but many Italians consider it to be unfair given it is based on a public register which relies on an outdated ‘cadastral’ rental value for each home.
We do not expect the IMU tax to have a significant impact on Italy’s luxury housing market for two reasons. Firstly, because the sums remain
relatively small. Homeowners are due to pay 0.4% of the cadastral value on a primary residence and up to 1.06% on a second home. Secondly, despite the IMU tax changes Italy’s purchase costs and annual property charges continue to compare favourably with some of Europe’s other prime second-home destinations.

Key findings

  • Enquiries for homes above €3m are strong, along with demand for properties in new developments priced below €1m
  • Italian prime property has performed better than its mainstream counterpart. Although prices have fallen by c.20% since their peak in 2008 the market is now gaining traction
  • A weaker euro in the first half of 2012 had little impact on sales volumes but has provoked interest from non-Eurozone buyers
  • The introduction of the IMU tax by Mario Monti, although a complex tax, is likely to have little impact on the luxury homes market

Focus on Liguria

The prime market in Liguria has seen a higher level of activity in 2012. New stock being brought to the market is not only of good quality but is
being realistically priced. In contrast to some of Italy’s other prime markets Liguria has seen prices hold firm with small price rises observed in the best locations such as Portofino, Bordighera and Alassio.
British, Danish, Swiss, French and Russian buyers are the most prevalent with many seeking homes within the €500,000 to €1.5m price bracket. Above this threshold the region finds itself competing with the neighbouring Côte d’Azur.

Click here to read the full version of the Italy Insight by Knight Frank

Fonte: Kate Everett-Allen, International Residential Research, Knight Frank – Oct 2012

To know more about Knight Frank please visit www.knightfrank.com or call Mr. Matteo Scandolera on +39 334 9323000 or come to our head office in Liguria: LiguriaHomes, Via Matteotti n. 24, San Remo – Western Liguria

San Remo Music Festival 2012

San Remo is undoubtedly the most important Italian Music Festival, the song contest began in 1951 and has been held in San Remo every year since launching the careers of incredibly famous Italian singers, like Andrea Bocelli, Zucchero, Eros Ramazzotti, Laura Pausini, Elisa. Giorgia and Massimo Ranieri.

This week, RAI have released the names of the singers and songs competing in the 2012 62th edition of the festival. Italian pop legend Gianni Morandi will host the show with Tamara Ecclestone, daughter of Formula One group CEO Bernie Ecclestone, Ivana Mrazova, a Czech fashion model, and Italian actor/director Rocco Papaleo as co-host. Morandi hosted a very successful edition of the festival last year won by Roberto Vecchioni and launched Raphael Gualazzi in the best newcomers’ category.

The festival begins this year on the 14th of February and goes until February the 18th.

Watch out for a special evening on the 16th of February, as the festival will celebrate “gli Italiani nel mondo”, the achievements of Italians around the world, with a special evening entitled Viva l’Italia dedicated to Italian famous songs with participants singing a duet with international artists, including Brian May, Gary Go, Patty Smith, José Feliciano, Sarah Jane Morris and Shaggy.

Below is a list of the singers who will participate this year and the international guest stars and special songs they will perform on the 16th.

Nina Zilli and Skye, Morcheeba Never never never (Grande grande grande)
Samuele Bersani and Goran Bregovic My sweet Romagna (Romagna mia)
Dolcenera and Professor Green My life is mine (Vita spericolata)
Pierdavide Carone and Lucio Dalla with Mads Langer Anema e core
Irene Fornaciari and Brian May I who have nothing (Uno dei tanti)
Emma and Gary Go If paradise is half as nice (Il Paradiso)
Matia Bazar and Al Jarreau Speak softly love (soundtrack “Il Padrino”)
Noemi and Sarah Jane Morris To feel in love (Amarsi un po’)
Francesco Renga and Sergio Dalma El mundo(Il mondo)
Arisa and José Feliciano Que serà (Che sarà)
Chiara Civello and Shaggy You don’t have to say you love me
Gigi D’Alessio and Loredana Bertè with Nina Hagen Auf Der Welt (Piccolo Uomo)
Eugenio Finardi and Noa Surrender
Marlene Kuntz and Patti Smith The world became the world

Italian audiences will be tuning in for an extravaganza: music, fashion, entertainment and awards. But you don’t have to be in Italy to view the annual affair. To see international broadcasts, check the Rai programming schedule by selecting your geographic area. The festival will also be broadcast on Radio1 Rai.

The Sanremo Festival is always an Italian entertainment experience, and with special secret guests expected this year, there’s no excuse for missing the singing or the spectacle!

From: ItalyMag

Another good reason to visit San Remo and the Italian Riviera, Western Liguria ….

Italy’s Blue Flag Beaches: Liguria top region again

Italy has 233 top beaches, two more than last year, in 125 municipalities. The figures emerge from the 2011 Blue Flag table, which certifies the services and environmental friendliness of coastal and lakeside resorts, as well as the cleanliness of the water.

Blue Flags are international distinctions, created in 1987 and awarded every year in 41 countries with patronage and support from UNEP, the United Nations Environment Programme, and the World Tourism Organisation.

LIGURIA’S TOP SLOT – Liguria again tops the regional table with 17 flag-winning resorts. Equal second with 16 are Marche and Tuscany while Abruzzo on 14 has one more than last year. Campania is unchanged on 12 and Emilia Romagna has one more flag this time with nine. But Puglia lost two flags and is now on eight. Veneto has six blue flags and Lazio slips back to four, leapfrogged by Sicily with six and Calabria on five. Sardinia secured blue flags for all five resorts taking part in the scheme. Friuli Venezia Giulia and Piedmont both confirmed last year’s two resorts while Molise and Basilicata have one flag apiece. This year, a resort in land-locked Lombardy joins the line-up, Gardone Riviera on Lake Garda.

In Liguria these are the 2011 Blue Flags: Camporosso, Bordighera (Imperia); Loano, Finale Ligure, Noli, Spotorno, Bergeggi, Savona, Albissola Marina, Albisola Superiore, Celle Ligure, Varazze (Savona); Chiavari, Lavagna, Moneglia (Genoa); Lerici, Ameglia-Fiumaretta (La Spezia)

Blue Flags for Marinas & Small Boat Harbours

The Blue Flagis an annual environment award to Small Boat Harbours or Marinas that have focused on good management of facilities and services regarding the environment and nature, as well as provide information to their users about the environment. To be eligible for this award, the Small Boat Harbour or Marina has to fulfil a number of criteria related to education, information and environmental management, safety, services and water quality.

Even for Marinas, Liguria again tops the regional table with: Portosole in Sanremo, Marina degli Aregai (Santo Stefano al Mare),  Marina di San Lorenzo, Porto di Imperia, Marina di Andora, Porto Luca Ferrari in Alassio,  Vecchia Darsena di Savona, Cala Cravieu in Celle Ligure, Marina di Varazze, Porto Internazionale Carlo Riva in Rapallo , Marina di Chiavari, Marina di Porto Venere, Porto Bocca di Magra (Ameglia) and Porto Lotti in La Spezia.

The Blue Flag Programme for marinas and beaches is run by the non-governmental, non-profit organisation FEE (Foundation for Environmental Education). Today, Blue Flag has become a truly global programme with an ever-increasing number of countries participating in the programme.
The Blue Flag programme promotes sustainable development in freshwater and marine areas.
It challenges local authorities and beach operators to achieve high standards in water quality,environmental management, environmental education and safety. Over the years, the Blue flag programme has become a highly respected and recognised eco-label working to bring together the tourism and environmental sectors at local, regional and national levels.

To know more: www.blueflag.org/ 

Luxury Villas for rent in Liguria

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The San Remo Music Festival is coming!

The San Remo Music Festival is coming!

San Remo is a small Italian town near the border of France. Located on the Ligurian coast, San Remo is known as a beautiful resort town, but its true claim to fame is the music festival held there every year. The festival della canzone Italiana, commonly called the Sanremo Music Festival is one of the oldest singing competitions in Europe.

The song contest began in 1951 and has been held in Sanremo every year since. Well beloved in Italy and beyond, the Sanremo Music Festival even served as the inspiration for the Eurovision Song Contest.
The festival has launched the careers of incredibly famous Italian singers, including Andrea Bocelli, Zucchero, Eros Ramazzotti, Laura Pausini and Massimo Ranieri. But Sanremo is almost as much about the host as the talented performances. Every year, eager audiences tune in to see who will present the show. This year, Italian pop legend Gianni Morandi will host the show, with George Clooney’s latest love interest, Elisabetta Canalis and Italo-Argentinian model and TV star Belén Rodríguez as co-host.
The festival begins this year on February 15 and goes until February 19. On February 17, exactly one month before the 150th anniversary of the proclamation of a united Italy, the festival will celebrate the event with a special programme which will include Verdi’s “Va, pensiero”, “‘O sole mio”, “Viva l’Italia” and other songs that Italians love and which represent their history. Below is a list of the singers who will participate this year and the famous songs they will sing on the 17th.

Patty Pravo – Mille lire al mese
Nathalie – Il mio canto libero
Roberto Vecchioni – ‘O surdato ‘nnammurato
Giusy Ferreri – Il cielo in una stanza
Luca Madonia con Franco Battiato – La notte dell’addio
Max Pezzali – Mamma mia dammi 100 lire
La Crus – Parlami d’amore Mariù
Anna Oxa – ‘O sole mio
Modà-Emma – Here’s To You, La ballata di Sacco e Vanzetti
Tricarico – L’italiano
Al Bano – Va’ pensiero
Anna Tatangelo – Mamma
Luca Barbarossa e Raquel Del Rosario – Addio, mia bella, addio
Davide Van De Sfroos – Viva l’Italia

The song contest features many more participants than it has in the past and is now a huge television event. Italian audiences will be tuning in for an extravaganza: music, fashion, entertainment and awards. But you don’t have to be in Italy to view the annual affair. To see international broadcasts, check the Rai programming schedule by selecting your geographic area. The festival will also be broadcast on Radio1 Rai.

The San Remo Festival is always an Italian entertainment experience, and with special secret guests expected this year, there’s no excuse for missing the singing or the spectacle!

Imperia Classic Yachts: Vele d’Epoca Regatta

Vele d’Epoca di Imperia celebrate this year its 16th edition. Over the years, the Imperia Regatta has become one of the most important competitions in European vintage sailing calendar.

From 8th to 12th September 2010 Imperia Bay will be the setting for the 16th Edition of the “Imperia Classic Yachts”, one leg of the Panerai Classic Yachts Challenge 2010 international circuit, an unmissable event reserved for vintage and classic sailing boats , sponsored for the first time by the Ministry of Tourism.

This is an event which attracts increasing numbers of Queens of the Sea, each with her own fascinating story. But it is the warm hospitality and the series of events organised around the regattas which has drawn all eyes along the coast to this Italian town.
Visitors from all over the world are bewitched by the Riviera climate, the colours, perfumes and flavours of the Province of Imperia, and the breathtaking sight of a thousand sails silhouetted against the setting sun.

“There’s a lot of hard work on a classic boat…. no electric winches, only bent backs and arms hauling the sheets and hoisting the halyard on these masterpieces of the sea which the passion of a few have restored to their original splendour” – says Lucio Carli – President of Assonautica Provinciale di Imperia which has been the organiser of the event from the very outset.

The new face of PORTO MAURIZIO  means a more elegant setting for IMPERIA CLASSIC YACHTS: and improved facilities for participating boats which must have been built prior to 1950, the classic yachts built between 1950 and 1975 and their replicas recognised under C.I.M. regulations 2010-2013. Modern sailboats can also take part in the special “Spirit of Tradition” section if the design or construction materials are in the traditional style. Among these are the “classics” and the metric classes which include the 12 metre (International Rule), which have been the protagonists of the America’s Cup classic challenges.
2008 saw a new section with the invitation to craft in the historic “J Class” which will take part alongside the other well-loved sections. The “J Class” made history in the America’s Cup in the  30s thanks to characters like Lipton, Sopwith and Vanderbilt.
Since 2006 the Panerai – Imperia Classic Yachts event has been part of the “PANERAI

CLASSIC YACHTS CHALLENGE” which touches on some of the historic ports on the Mediterranean (Antibes, Cannes and Mahon) as well as overseas ones like Antigua, Nantucket and Newport. Every two years, Imperia is also part of the Circuit and plays an increasingly important role. Craft are divided into categories and challenge one another in exciting regattas.

The circuit, organised by A.I.V.E. (Associazione Italiana Vele d’epoca =Italian Classic Yachts Association) and C.I.M. (Comité International de la Méditerranée =International Mediterranean Committee) is divided into four regattas, plus some high seas races. At the end of the various trials, the Challenge winners will be declared in each class and category.

FRATELLI CARLI, AGNESI, has long been a byword for Mediterranean cooking and Imperia, together with FONDAZIONE BANCA CARIGE, PORTO DI IMPERIA SPA  and IMPERIA YACHT SRL, are present at this edition alongside the TITLE SPONSOR OFFICINE PANERAI and, together, have contributed much to a deeper understanding of the seagoing tradition. The Imperia Classic Yachts event will also see the Italian debut of EILEAN, the 22 metre ketch from Bermuda, designed and built in 1936 in the legendary Scottish Fife boatyards, recently restored to her original glory in the wake of conservative philological restoration which took over three years to complete. Officine Panerai, the Florentine luxury watchmakers and sponsor of the Classic Yachts Challenge was behind the purchase and restoration of this historic craft.
In order to celebrate the return to the regattas of this Queen of the Sea, there will be a real feast for all lovers of classic yachts, an exhibition along the quays recounting the story of the painstaking salvage and rebuilding which brought Eilean back to life, using original parts and historical photos of the boat.

Since the first edition, the Classic Yachts has been organised by the Imperia Sailing Association,  Assonautica Provinciale di Imperia, with a contribution from the Imperia Chamber of Commerce, under the sponsorship of the Liguria Region, the Province of Imperia, and the municipal authority and Prefecture of Imperia, with the administrative and logistical cooperation of the Harbour Office. The organisation and logistics of this event, one of the major ones in the Mediterranean, is possible thanks to the help of Yacht Club Imperia, Yacht Club San Marino,  Yacht  Club Marina degli Aregai, Club del Mare Diano Marina, Circolo Nautico Arma and Club Nautico San Bartolomeo al Mare.
The main area where the even will take place is in Calata Anselmi, the dock of Porto Maurizio but the entire city of Imperia is in a festive mood.

COLLATERAL EVENTS  to be held in the International Naval Museum on the western Riviera of  Imperia at Calata Anserlmi, Porto Maurizio from 8th to 12th September.

From: www.veledepoca.com

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