Tag Archives: city

Italy: The land of the forgotten property bonanza | Instant News


The colorful houses in Positano, a village on Italy’s southeastern Amalfi coast, are usually a draw for foreign tourists, but not in July 2020, when this photo was taken.

FILIPPO MONTEFORTE / AFP via Getty Images

Sell ​​Toronto, buy Tuscany. Or Sicily or Lombardy or Puglia or anywhere else in Italy.

Over the past 20 years, house prices have soared in much of the Western world, especially in Canada, but have barely moved in Italy, according to official data. They rose slightly last year, even as COVID-19 hit the country, but were flat for five years and fell by more than 10.

Many foreigners dream of owning property in Italy. Given the high – even outrageous – prices in cities like Toronto, where homes in the desired area routinely cost hundreds of thousands of dollars over the asking price, selling high in Canada and buying low in Italy is sure to tempt many Italians.

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The problem with the ‘bubble’: Why Canada’s sizzling housing market is against the boom

What did the $ 700K buy all over Canada? Properties priced (or thereabouts) the national average, coast to coast

Many Canadians leave cities for smaller settings, but the beautiful life doesn’t always go smoothly

Just don’t expect to make any money on your Italian investment. The dire economic and demographic forces working against the state suggest that a near-term property turnover seems unlikely even though Italian banks are now offering mortgages at 1 percent, or less.

Italy has been in an almost permanent recession since the 2008-09 financial crisis GDP shrank 9 percent in 2020, after becoming the first country in the world to enter into a full lockdown.

Meanwhile, Italy’s fertility rate is one of the lowest in the world, at 1.3 children per woman. In 2019, the number of registered deaths was 647,000, 54 percent greater than the number of births. In the year of 2020’s fatal pandemic, the gap is widening. The result is an overall population decline of nearly 400,000, the equivalent of a city the size of Florence, partly due to emigration as young people seek employment opportunities abroad. Only the largest cities – Rome (population 4.3 million), Milan, Naples, and Turin Palermo – barely survived.

OECD data show Canada has become the hottest property market in the world, and Italy the coldest. In Canada, real (inflation-adjusted) house prices increased 168.4 percent in the 20 years to last year. In Italy, the figure is only 7.3 percent. The next closest rival at the bottom is Germany, with a 30.8 percent gain.

ISTAT, Italy’s statistical agency, reported that house prices rose 1.9 percent in 2020 – a particularly strong figure given the country’s poor performance – but down 15 percent since 2010.

Housing markets in other major European economies fared much better, according to Eurostat, the European Union’s statistical agency. In Germany, prices are up 9.5 percent in 2020; in France 5.9 percent; and in Spain 2.8 percent. Figures for the UK for 2020 are not available, but all indications suggest that a post-Brexit buying frenzy is on the way, with house prices hitting a record. in April when the tax breaks on purchases and the lowest interest rates worked wonders. Homes outside London are increasing at the fastest pace as remote work takes off.

In general, prices for urban and rural property in Italy are very low by Canadian big city standards. They may retaliate lower, at least in tourism-dependent cities, as an abundance of vacant Airbnb properties pushed into the rental and sales market. Foreign tourist arrivals fell 60 percent in 2020, said the World Travel & Tourism Council, pushing many Airbnb owners into financial trouble.

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The Demographia 2021 International Housing Affordability Report shows a number of metropolitan cities are deteriorating, with Canada now holding two of the top five rankings. We compare what your money buys in Canada, and how far abroad.

Roma property agent Alessandra Puglisi, whose family runs the Re / Max Prodigy agency in the city’s historic center, said high-end properties are maintaining their value, even rising, but the mid-market is under pressure. “Anyone who has to sell faces a lower price,” he told me.

Luxury properties in Rome seem like a bargain by international standards – all the more so given the relatively low cost of condos and property taxes.

Ms. Puglisi showed me a preliminary list of new three-story villas, which cover 500 square meters (nearly 5,400 square feet) next to Villa Doria Pamphilj, Rome’s largest park, just outside the city center. It comes with a swimming pool, Turkish bath, large terraced garden, three fireplaces, solar panels, floor heating and a standby power generator.

The expected price is around 2.7 million euros, or $ 4-million. An equivalent property in London, Paris or Berlin might do to be 50 percent higher

Non-millionaire bargain hunters have plenty of options if they are looking for rural Italy property, due to depopulation. Cities and villages are pretty much everywhere, but especially in Mezzogiorno, the southern part of Italy (starting roughly from Rome), can become a quarter to half empty. In 2016, the Italian environmental group Legambiente said that around 2,500 villages across Italy were threatened with extinction.

Lots of dilapidated little gems from the Middle Ages, Renaissance or Baroque that the mayor solicits for buyers. “The prices for some of the beautiful villas are very low compared to the US,” said Brook Edinger, an American friend of mine who has lived in Rome for three years.

The main square of the medieval hill town of Montepulciano in Tuscany.

MIGUEL MEDINA / AFP via Getty Images

Multiple cities and regions attract all stops. Dozens of cities have joined the “Case a 1 euro” initiative – homes for 1 euro -, in which vacant or abandoned property is awarded for the price of a cappuccino as long as the new owners agree to renovate the premises, generating local work, within a few years. Some city councils offer renovation grants worth thousands of euros.

Extreme variations of this concept have seen the Molise region, a region of high unemployment in south-central Italy stretching from the Apennine mountains to the Adriatic Sea, paying newcomers 700 euros a month for up to three years if they move to one. of the 106 uninhabited villages. The catch? You’ll only qualify if you start a business – not an easy task when the streets are empty of customers.

Other initiatives will see Italy’s pandemic recovery plan, supported by more than 200 billion euros in grants and loans from the European Union, linking rural areas to high-speed broadband networks. With the pandemic still strong in place, the idea is to turn as many cities as possible into remote work hot spots.

This concept may appeal to young, tech-savvy entrepreneurs who cannot afford property in big cities, despite the fact that small, remote, and lifeless cities are unlikely to benefit. Those on a railway line fairly close to the city, and equipped with several lively bars and restaurants, will be the main beneficiaries. Ghost town status awaits most of the rest of rural Italy, and giveaway prices will become the norm.

Buying real estate for the first time means dealing with a whole new set of terms and acronyms. Below are some explanations for some of the most common things buyers may encounter. Globe and Mail

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Even Without Holidays and Offices, We’re Spending on Fashion and Food Again | Instant News


Woman says yes to the dress. Clothing has become one of the epitome of post-lockdown consumers, as economies slowly reopen in places like the US and UK.

And neater clothing is only the beginning of what may be a “big rotation” in consumer spending. At the end of last year, we thought that a vaccine-driven economic recovery would be successful divert what people buy – they’ll order less casual clothes and buy fewer pillows, but put more money on champagne, suits and experiences. In categories such as fashion and cosmetics, this shift is taking place; however, other areas such as dining, travel, and big events haven’t really worked out yet.

Until trips to the office and clear weather return to light, retailers and manufacturers will have to manage this choked up recovery and handle levels of demand that may be far more, or much less, than they expected.

Urban Outfitters Inc. is the first to hint at a return to dress up. It said that in her Anthropologie brand in the last week of February, seven out of 10 of her top-selling items online were dresses. Over the past year, one or two dresses would have entered the top 10 at most.

When UK retail reopens in June and December 2020, shoppers buy many of the same items they ordered when locked out – lots of casual wear and underwear. This time around, sales of women’s clothing – and especially floaty dresses of medium length – are on the rise, as have handbags and mascara (yes for make-up on masks). There is much less interest in comfortable clothes made for relaxing at home.

“Fashion is back,” said Associated British Foods Plc, owner of the Primark budget chain. Clothing undergoes its own metamorphosis: Skinny jeans, the women’s wardrobe workhorse for more than a decade, is on her way out; Mom’s jeans and other baggy-cut pants are taking over. This boosts denim sales, and should inspire sales of new tops and shoes to match.

Putting on the Glitz

Women are more drawn out of clothes than in casual wear

Source: Lyst


Returning to office life will also encourage more fashion shopping. Winser London, which specializes in stylish workwear for women, has seen the demand for more fitted dresses increase as cities reopen. Men’s clothing did not increase that much, but sales should recover when employers call workers back to headquarters.

Educate

While men have started dressing up again, a return to the office is necessary to actually increase sales of more formal items

Source: Lyst


While apparel cycles appear to be doing well, the picture is more complicated in other consumer sectors. In the food sector, for example, restaurants are getting busier, but people still cook and order at home a lot.

Nestle SA said it sees recovering demand for products used in restaurants, especially in China; at the same time, its Nespresso coffee unit still utilizes remote workers who become their own baristas. Rekki, a technology platform that connects independent restaurants with food suppliers, is also seeing an increase in orders as the hotel sector returns.

Starbucks Corp. is starting to see a recovery in sales in US stores in congested urban areas – the kind that relies on office workers and tourists. But growth in the domestic market in the last quarter was still supported by suburban locations and drive-thru windows, a sign that the pandemic’s routine is not waning.

Swallow

The restaurant is getting busier as hospitality reopens

Source: Rekki


The home improvement category hasn’t changed much, but spending on renovations and other projects is expected to slow down over time. Now that you’ve built your new shed and expanded that attic, you probably won’t be repeating the process any time soon. Some of the makeover projects expected to be in lockdown are still underway or waiting for available contractors, but will likely be fewer getting started as holidays and sports tickets reclaim a share of the wallet.

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Covid Travel News: Italy Island Ischia Is Ready To Win From European Tourism | Instant News


Residents of the tiny Italian island of Ischia hope the 19 miles of seawater separating them from the mainland will help save their economy from this summer’s disastrous tourism season.

They are patiently waiting for a ship full of vaccines, promised by a decree signed last weekend that would create herd immunity among the island’s 70,000 inhabitants. Once everyone is successful, they can declare the island a Covid-free zone, helping ensure an influx of wealthy visitors from across northern Europe and the US.

“A British man called yesterday to ask about holding a wedding at our resort this summer, but it seems very difficult to arrange because so many guests are supposed to come from all over the world,” said Giovan Giuseppe Mattera, 58, the owner. from the beach resort of Lido Ricciulillo and the restaurants of the island’s main town. “Now that I know the vaccine is coming, I think I’ll call him back.”

Giovan Giuseppe Mattera

Photographer: Alessio Alloyo / Bloomberg

Islands that could easily shut themselves off from the spread of Covid-19 will benefit the most from European tourism this summer in another example of how the pandemic has rocked the global economy, carving out new winners and losers. Greece, with its economy dependent on tourism, is far ahead of the game, having inoculated most of the population on the smallest of hundreds of islands.

In Italy, where most of the tourism revenue usually comes from the mainland, those who can’t rely on bodies of water to protect their businesses from the virus don’t just give up.

The mass inoculation of the country’s several dozen inhabited marine islands has been postponed until now by protests from regional governors, who argue that nothing should get priority treatment. Islanders argue that the move is an important step for Italy to stay competitive as countries compete for a smaller share of visitors.

No Rebound in Sight

Sales in Italian hotels and restaurants may remain below pre-Covid levels

Source: Italian accountants association


“There should be no battle over who wins and who doesn’t,” said Luca D’Ambra, chairman of the association of hoteliers Ischia and Procida. “Here in Italy, we’ve wasted a lot of time – Greece started talking about a Covid-free island a month ago.”

European tourism revenue is expected to recover this summer after the system vaccine passport ongoing. The document will provide evidence that the holder has contracted Covid-19 or has recently returned a negative test result. Fully vaccinated American tourists will also be allowed to visit the European Union following policy changes announced this week.

The Greek island of Skiathos hopes to have 6,600 residents vaccinated in early May in time to start attracting visitors at the start of the tourist season. Seasonal workers are expected to be next as soon as locals are protected, according to Mayor Thodoris Tzoumas.

“We are communicating directly with airlines and have seen unprecedented interest from tour operators,” said Tzoumas.

Island of Ischia

Renovation work at the beach resort of Lido Ricciulillo on the island of Ischia.

Photographer: Alessio Alloyo / Bloomberg

There are many things that could still go wrong, especially since the islands will not be able to completely shut themselves off from unvaccinated outsiders. An outbreak of the virus on an island with few hospital beds is much more risky than on land that is easily accessible from major cities.

Venice, which can accommodate more than 300,000 tourists in peak season, has only 75 hospital beds. COVID-19 patients had to be relocated to the mainland during the worst period of the virus outbreak last year. Skiathos has only a medical center and relies on army helicopters to transport patients to hospitals on the mainland in case of an emergency.

Michael Blandy, chairman of the Blandy Group, which has stakes in 15 hotels on the Portuguese island of Madeira and elsewhere, has warned that the passport system will only start functioning properly in the second half of this year after most Europeans have been fully vaccinated. By that time, the tour operator had missed most of the season. So far only 22% of people in the European Union have received at least one injection, even if the rate of inoculation has increased in recent weeks.

Island of Ischia

Visitors await Covid-19 vaccination inside a sports hall on the island of Ischia.

Photographer: Alessio Alloyo / Bloomberg

Venice, which experienced a tourism boom in the years before the pandemic after being featured in Elena Ferrante’s Neapolitan Novel, 70% of the population will be vaccinated by the end of May. The nearby islands of Capri and Procida will also undergo mass vaccination programs in the coming weeks. People working in the tourism sector on the mainland’s Amalfi coast will get preferential treatment only after the islands are completely closed, the regional governor said at a press conference on Monday.

“In seasonal tourism, every week matters,” said Mattera, owner of the Lido Ricciulillo beach resort. “The sooner we can start promoting our Covid-free status, the better.”

– With the help of Joao Lima, and John Follain

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image source

Covid Travel News: Italy Island Ischia Is Ready To Win From European Tourism | Instant News


Residents of the tiny Italian island of Ischia hope the 19 miles of seawater separating them from the mainland will help save their economy from this summer’s disastrous tourism season.

They are patiently waiting for a ship full of vaccines, promised by a decree signed last weekend that would create herd immunity among the island’s 70,000 inhabitants. Once everyone is successful, they can declare the island a Covid-free zone, helping ensure an influx of wealthy visitors from across northern Europe and the US.

“A British man called yesterday to ask about holding a wedding at our resort this summer, but it seems very difficult to arrange because so many guests are supposed to come from all over the world,” said Giovan Giuseppe Mattera, 58, the owner. from the beach resort of Lido Ricciulillo and the restaurants of the island’s main town. “Now that I know the vaccine is coming, I think I’ll call him back.”

Giovan Giuseppe Mattera

Photographer: Alessio Alloyo / Bloomberg

Islands that could easily shut themselves off from the spread of Covid-19 will benefit the most from European tourism this summer in another example of how the pandemic has rocked the global economy, carving out new winners and losers. Greece, with its economy dependent on tourism, is far ahead of the game, having inoculated most of the population on the smallest of hundreds of islands.

In Italy, where most of the tourism revenue usually comes from the mainland, those who can’t rely on bodies of water to protect their businesses from the virus don’t just give up.

The mass inoculation of the country’s several dozen inhabited marine islands has been postponed until now by protests from regional governors, who argue that nothing should get priority treatment. Islanders argue that the move is an important step for Italy to stay competitive as countries compete for a smaller share of visitors.

No Rebound in Sight

Sales in Italian hotels and restaurants may remain below pre-Covid levels

Source: Italian accountants association


“There should be no battle over who wins and who doesn’t,” said Luca D’Ambra, chairman of the association of hoteliers Ischia and Procida. “Here in Italy, we’ve wasted a lot of time – Greece started talking about a Covid-free island a month ago.”

European tourism revenue is expected to recover this summer after the system vaccine passport ongoing. The document will provide evidence that the holder has contracted Covid-19 or has recently returned a negative test result. Fully vaccinated American tourists will also be allowed to visit the European Union following policy changes announced this week.

The Greek island of Skiathos hopes to have 6,600 residents vaccinated in early May in time to start attracting visitors at the start of the tourist season. Seasonal workers are expected to be next as soon as locals are protected, according to Mayor Thodoris Tzoumas.

“We are communicating directly with airlines and have seen unprecedented interest from tour operators,” said Tzoumas.

Island of Ischia

Renovation work at the beach resort of Lido Ricciulillo on the island of Ischia.

Photographer: Alessio Alloyo / Bloomberg

There are many things that could still go wrong, especially since the islands will not be able to completely shut themselves off from unvaccinated outsiders. An outbreak of the virus on an island with few hospital beds is much more risky than on land that is easily accessible from major cities.

Venice, which can accommodate more than 300,000 tourists in peak season, has only 75 hospital beds. COVID-19 patients had to be relocated to the mainland during the worst period of the virus outbreak last year. Skiathos has only a medical center and relies on army helicopters to transport patients to hospitals on the mainland in case of an emergency.

Michael Blandy, chairman of the Blandy Group, which has stakes in 15 hotels on the Portuguese island of Madeira and elsewhere, has warned that the passport system will only start functioning properly in the second half of this year after most Europeans have been fully vaccinated. By that time, the tour operator had missed most of the season. So far only 22% of people in the European Union have received at least one injection, even if the rate of inoculation has increased in recent weeks.

Island of Ischia

Visitors await Covid-19 vaccination inside a sports hall on the island of Ischia.

Photographer: Alessio Alloyo / Bloomberg

Venice, which experienced a tourism boom in the years before the pandemic after being featured in Elena Ferrante’s Neapolitan Novel, 70% of the population will be vaccinated by the end of May. The nearby islands of Capri and Procida will also undergo mass vaccination programs in the coming weeks. People working in the tourism sector on the mainland’s Amalfi coast will get preferential treatment only after the islands are completely closed, the regional governor said at a press conference on Monday.

“In seasonal tourism, every week matters,” said Mattera, owner of the Lido Ricciulillo beach resort. “The sooner we can start promoting our Covid-free status, the better.”

– With the help of Joao Lima, and John Follain

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image source

The City of Baldia elects representatives for the NA-249 today | Instant News



Karachi is set to host the much-awaited by-election for the NA-249 (West-II) constituency, which includes Baldia City, on Thursday (today). Candidates representing Pakistan’s main political parties are expected to benefit each other well in what appears essentially to be nothing less than contention.

The National Assembly’s key seat has been vacant after Pakistan’s Faisal Vawda (PTI) Tehreek-e-Insaf resigned after casting his vote in Senate elections in March.

Election 2018

The 2018 general election has seen stiff competition in the NA-249, with Vawda securing 35,344 votes to beat Pakistan Muslim League candidate-Nawaz (PML-N) and former Punjab chief minister Shahbaz Sharif, who has amassed 34,626 votes.

Mufti Abid Mubarak from Tehreek-e-Labbaik Pakistan (TLP) and the Muttahida Qaumi-Pakistan Movement (MQM-P) Aslam Shah were in third and fourth place after bagging 23,981 and 13,534 votes, respectively.

Syed Ataullah Shah of Jamaat-e-Islami took fifth place securing 10,307 votes, while Qadir Mandokhel’s Pakistan People’s Party (PPP) garnered only 7,236 votes to take sixth place in the competition.

Multi-faceted contest

Unlike many other constituencies in Karachi, it is difficult to predict a clear winner from the by-election for NA-249. However, most political analysts believe that the real fight will happen again between the three main contestants: PML-N, PTI and TLP.

Meanwhile, MQM-P, PPP, and Pak Sarzameen Party (PSP) also emerged as the main contenders by intensifying their respective election campaigns ahead of the polls.

The PML-N fielded Miftah Ismail, the former minister of finance and the party’s provincial secretary general, for the by-election, and managed to win support from the Awami National Party, Jamiat Ulema-e-Islam-Fazl and Jamiat Ulema-e-Pakistan. PTI has deployed its district president Amjad Afridi, while the TLP has fielded Mufti Nazeer Kamalvi.

Mustafa Kamal, former mayor and head of PSP, is also running in the election, while MQM-P has fielded Mursaleem Ahmed for the general election. PPP again deployed Mandokhel, and managed to get support from Majlis-e-Wahdat-e-Muslimeen.

The TLP, however, is facing an internal crisis as one of its top leaders, Maulana Ahmed Bilal Qadri, has independently challenged the party’s nominated candidate. He is a former TLP candidate for the NA-248 constituency consisting of Lyari and the son of slain Sunni Tehreek founder Saleem Qadri.

Demographics

NA-249 has a population of 782,776, of which only 339,591 (over 43 percent) are registered to vote. There were 201,656 (more than 59 percent) male voters in the region, while the number of female voters was 137,935.

Ittehad City, Saeedabad, Mominabad, Swat Colony, Afridi Colony, Qaimkhani Colony, Delhi Colony, Mujahid Colony, Rasheedabad, Turkish Colony, Junagarh Muhallah, Kokan Colony and other areas of City of Kokan are included in the constituency, which is ethnically divided between Punjabi, Pashtuns , Hazarewal and Urdu speaking population. He also has

quite a strong religious sound bank.

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