NEWS
THE ABRUZZO: ON THE RADAR WITH BUYERS
The Abruzzo region in central Italy is increasingly popular with buyers, according to the latest fi ndings from the overseas property portal
TheMoveChannel.com. Their recently published infographic,
which displays buyer activity on the portal from the last 12 months, shows that the Abruzzo attracted the most attention, receiving 24.09 per cent of enquiries for Italian real estate. Lombardy was in second place, attracting 17.42% of enquiries, while Tuscany, traditionally seen as a Brit enclave - but still relatively expensive these days, was in third place with 10.40% of enquiries. It is believed that price may well have been a factor in the move away from more
expensive Italian destinations such Tuscany, Umbria and the Italian lakes including the celebrity hotspot of Lake Como. Editor Ivan Radford comments: “Italy:
At a Glance shows some intriguing trends in one of Europe’s most familiar property markets. Unlike Portugal or Spain, there is no clear winner on the property map and Abruzzo’s slight authority remains surprising, especially given the comparative level of interest in close rival Lombardy [where the big lakes are located]. The popularity of destinations outside of Abruzzo suggests that many investors already know where they want to buy in
Italy, with that crucial extra 7 per cent attracted to the region for other reasons, such as price. “ The Abruzzo, or “green heart of Italy”, is a relatively undiscovered region which gets ignored in favour of Tuscany but it has wonderfully diverse landscapes, from dramatic ancient hill-top villages to lakes, gorges, national parkland and the Apennine mountains. It also has many local crafts, cultural events and food-related festivals. Properties start from as little as £37,000
for a one-bed apartment, according to Linda Travella of Casa Travella (
www.casatravella. com), or a four-bed “unrestored” home for a tempting £82,000. Molte bene, si?
See pages 61-64 for our feature on the Abruzzo, Le Marche, Lazio and Molise
LATEST NEWS ON RENTAL TRENDS: DEMAND UP FOR GREECE AND FLORIDA
The latest Travel Bulletin from leading rentals website,
holidaylettings.co.uk suggests that independent travellers are doing their bit to support failing economies. Whilst it’s of no surprise to learn
that the bulk of UK travellers are sticking to their favourite destinations of Spain, France (and the UK); trends over the last month show that savvy travellers are also opting for apartments and villas in both Florida and Greece. Demand for Greek holiday rentals is up 13 per cent year on year, whilst Florida enquries are up a whopping 101 per cent - showing that hikes in
APD (Air Passenger Duty) are not fazing families. DON’T FORGET: eligibility thresholds to qualify for Furnished Holiday Lets (FHL) tax reliefs increased - from 6th April. To continue to be eligible, owners of holiday lets in the UK and the European Economic Area (EEA) will need to let their property for an annual minimum of 15 weeks, up from 10 weeks. The property must also be available to let for an annual minimum of 30 weeks, increased from 20 weeks. “Filling the extra fi ve weeks may seem daunting but demand for holiday rentals is currently 20 per cent ahead year to date,” says Kate Stinchcombe- Gillies of
www.holidaylettings.co.uk. “The growth in demand, along
with improved marketing, should help owners achieve the extra weeks’ rental they need to continue claiming the FHL tax benefi ts.”
14
aplaceinthesun.com
STRONG EXCHANGE RATES GOOD NEWS FOR BUYERS
As we head towards summer the good news is that the Pound seems to be getting stronger. In contrast to the fi rst three months of this year, March saw the Pound fi nish higher against all major currencies - good news for buyers of overseas property, say Currency Index (
www.currencyindex.co.uk). The company’s latest ‘currency watch’ found that the most improved exchange rate in March was GBP-AUD, with the Australian Dollar over 4 per cent cheaper at the end of the month (a big relief for many Brits in Australia receiving a UK pension as only a month before it had been at a painful 27-year high against the Pound). Currency index also examined the ‘real’ cost of property to overseas buyers, by comparing the exchange rates with recent changes in local property markets.
Property in Greece topped the table with price drops of 6.31%, while Brit favourites France and Spain have seen prices drop by 0.42% and 3.28% respectively. “Some tentative signs of recovery in the UK have helped sterling, while new fears over government debt in Europe (Spain specifi cally) and structural problems in the US, have kept other currencies weaker,” commented Robin Haynes of Currency Index.
See further currency news on page 87
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