Houses to be restructured in Italy, real estate investment opportunities

  How the housing market changes due to redevelopment and urban restructuring In Italy, no new houses are being built, while the Italian housing stock is outdated, as it was mostly built before 1990. The demand for rental and purchase of real estate changes, as 2 million square meters of housing remain empty in Italy. But if at first sight this may seem a critical problem, on the other hand, it represents a huge opportunity. The renovation of real estate is the opportunity for the whole industry and for foreign or Italian investors Italy is a country of 20 million home owners. However, the properties are often empty, blocked by the small number of real estate transactions. In this scenario, the renovation of Italian real estate is the future of construction and industry. Already, in fact, 19 percent of sales involve renovated homes. Gaetano Courage, from Paspartu Italy explains how the market evolves and how to meet the new demands of transformation today. A connected, modern house. But also effective The beautiful home is a healthy one, and online. The revival of Italian real estate is an opportunity for the entire industry. Today already, in fact, 19 percent of sales relate to the renovation of homes. Environmental sustainability and energy savings are some of the key requirements According to the “first report on the resumption of construction in Italy”, produced by Scenari Immobiliari (real estate scenarios) in collaboration with Paspartu Italy and presented in Milan, 62.2 per cent of the properties were built before 1990 (30.1 per cent even before 1970). An outdated, energy-consuming heritage, often insufficient to answer the question that has been raised in recent years. On the other hand, there are at least 147 million square meters of empty and ready-to-sell properties, compared to the 123 million square meters of inadequate and unresolvable housing. With this framework, it is clear that the recovery and restoration of real estate assets could represent today one of the best opportunities for the whole sector: a market potential of 50 billion euros. “We have to create a new market,” explains Mario Breglia, president of Scenari Immobiliari. “And this role can be played by the restructuring of existing assets. Interventions that can render homes more comfortable, more pleasant, more beautiful. We can no longer consume land, so we have to take action on buildings, not just on individual apartments. “

Real estate foreign investments boom in Italy in 1st half 2017

Why foreign investors invest in real estate in Italy Six main reasons for investing in real estate in Italy if you are a foreigner There are plenty of creative Italian companies that are exporting a lot, at relatively competitive prices. These same companies are often bought by foreigners at reasonable prices Italy is beautiful, rich in artistic and cultural heritage, dotted with tourist springs and cities of art, having magnificent beaches. The purchasing power of the Italians, affected by the crisis more than in the rest of Europe, has brought down the price of real estate in Italy, which are now relatively cheap. There are many judicial auctions where you can get bargains Its climate is mild and temperate Its population has the reputation of being cheerful and friendly Italian real estate market boosted by foreign investment in second quarter of 2017 During the second quarter of 2017, nearly € 4 billion was invested in the Italian real estate market, representing € 5.8 billion for the first half of the year, with a 58% increase compared to the same period last year – and thus establishing the largest volume of real estate investment ever recorded in a period in Italy. Interest in the sector is therefore very strong in the first half of the year, with dynamic activity “plus” and growth in both the average value and the number of transactions compared to the first half of 2016. This is what emerges from the analysis of CBRE, the leading real estate consulting firm. 80% of investments in Italian real estate came from abroad Foreign capital accounted for 80% of total investment in the first half of the year, at around € 4.5 billion, an increase of 67% compared with the first half of 2016. The share of Italian investment continues To improve with more than 1 billion euros invested in the first six months of 2017. In terms of sectors, offices still have the largest share of investments: 2 billion in the first half of 2017 (+ 30% compared with the first half of 2016), followed by retail sales totaling 1, 2 billion (+ 76% compared with the first half of 2016). The volume of replacement investments is high at 992 million, almost twice as high as the first half-year 2016. Logistics, which began this year, continued to attract investors’ interest in To reach a total of approximately 800 million investment (+ 291% compared to the same period in 2016). Even the hotel sector, with 770 million (+ 49% in the first half of 2016), continues to attract more and more investments. As regards geographical areas, there is an improvement in the Roman market, with € 1 billion invested in the first half of 2017, an increase of 30% compared with the same period in 2016. Milan reached an investment volume of 1.8 billion euros, 25% more than in 2016; of these, 48% relates to the office sector. Milan and Rome then confirm that they are the most attractive places for investors, accounting for 50% of total investments in the first half of this year.

What attracts foreign investment to Italy

Foreign investment in Italy, latest trends There are several factors that could have a positive effect on the attractiveness of Italy, but the necessary reforms must be carried out. Italy is becoming less and less attractive to foreign investors. The country loses positions in international rankings, and the AIBE index, developed by Censis (the National Research Institute) with the Association of Foreign Banks, is down to 40.3, from 47.8 in 2016. Being given that 100 is the maximum value, Italy is therefore considered to be a country where investing is not very practical: among the main causes are the tax burden, the slow times of the civil and regulatory bureaucracy and the justice. The most attractive are China and Germany, followed by the United States and India. Nevertheless, we can remain optimistic However, there are several factors that could have a positive effect on the attractiveness of Italy, from the Industry Program 4.0. Even Brexit could favor Italy, while the Trump Presidency is seen as a negative factor, as well as domestic political instability. Strengths remain for fashion and luxury investors (91.3%), food (60.9%) and mechanics (60.9%). They are followed by tourism and pharmaceuticals. Among the internal factors, of great importance is the quality of human resources. The main mode of investment is indicated in the merger and acquisition, for the prestige of its brands, the quality of products and services and the acquisition price considered relatively low. It is hardly the case to note that even real estate prices are relatively cheap, especially in some areas. Residences on the sea front can be found around 1000 € per square meter, especially in the south of the peninsula. In short, Censis concludes, Italy’s external perception is better for the country’s structural aspects such as human resources, infrastructure, the banking system and the flexibility of the labor market. While investors remain chilly in view of the aspects that involve the public administration. What slows down investment may disappear in the long run If we look at the last administrative elections in mid-June, the extremist parties lost ground. This could allow the governing parties to carry out the reforms that Italy needs. On what Italy should bet to improve their “convenience framework”, as defined by the Censis survey? For the vast majority of respondents (who are entrepreneurs, managers, banks and foreign correspondents), it is essential to continue the reforms: 72% declare it. The reform of public administration, the simplification and certainty of a more effective fiscal policy, the reform of the civil justice, continue to return to the center of the concerns of the foreign investors.

Purchasing real estate at the judicial auction in Italy

Property can be purchased at bargain prices at judicial auctions Given that the financial situation of more than 10% of Italian families is rather precarious or disastrous, with many foreclosures, the amount of real estate offered at auction is very important. So there is a way to do good business, often well below the market price of the property sold at auction. The assistance of a real estate lawyer is valuable because these goods are sold as they are, no recourse is possible in case of hidden defects or monetary obligations regarding the property, which will be borne by the purchaser. What are judicial real estate sales Judicial auction sales are the instrument by which the judicial authority sells assets of foreclosures, bankruptcies, etc. All except the debtor, may participate in judicial sales without the assistance of a lawyer or other professional (art.579 of the Code of Civil Procedure). The goods are generally estimated by experts appointed by the Court. In addition to the price of the hammer, purchasers pay the sales tax and taxes, if any. The sale takes place in the situation where the real estate is located and is not subject to the rules regarding the guarantee against defects or lack of quality, nor will be resolved without reason. The existence of any defect, the lack of quality or non-conformity of the thing sold will not give rise to any refund. The property is sold in the state of law in which it is and you acquire it as it is. Numbers may not respect cadastral compliance, construction may even be unauthorized. That is why the assistance of an Italian real estate lawyer is almost indispensable. Rules of sale of real estate at auction The following guidelines are of a general nature and vary according to the practices and regulations adopted by the competent Court. ALWAYS MUST BE REPORTED to the information in the order AND / OR SALES PROCESS on hold. Presentation of offers to the auction without direct verbal auction Offers must be submitted in a sealed envelope addressed, in sales made personally by the execution of the judge, to the Executions Section or to the Commercial Delegate of the competent court according to the schedule and content following the notice of sale and established by the law and by the competent court. The offer on stamped paper (with stamp affixed) must contain: Name, date and place of birth, social security number, address, marital status, telephone number of the person paying the property, who will also be present at the hearing set for sale, or via its attorney. If the tenderer is married under a legal regime of communion of goods, the corresponding data of the spouse must also be provided. • the identity of the property for which the offer is being offered; • indication of the price offered, which can not be lower than the minimum price indicated, under penalty of exclusion; • the deadline for payment of price and tax charges, not exceeding 60 days, as well as the terms of payment of the prize and any other information relevant to the evaluation of the bids; • the express statement that you have read the assessment. In the envelope all documentation must be inserted. The deposit will be withheld if there is refusal to purchase. The offer presented in the auction is irrevocable. The amount of the tax burden will be indicated to the successful tenderer after the award and must be paid in the same period of the balance due. In the event of default, the sale will be canceled and the winning bidder will lose the deposit. If several tenders are valid, an offer will be made on the basis of the best offer. How to participate in a direct, verbal auction To participate in the auction, you must pay the security deposit equal to 10% of the base price in the time and according to the rules established by the competent court. The warranty is returned immediately after the end of the auction. • Auctions are not effective if they do not exceed the base price or the previous offer to the extent provided. • Tenders must be made in person or by a representative with a special power of attorney. • After the end of the auction, bids can still be made within ten days, but they are not effective if the price offered does not exceed one fifth of the bid price. • The sale must be paid within 60 days of the award by a bank check. The sale takes place in the factual and legal state in which the goods are located, with all the possible relevance, accessions, lands and actions, servitudes. The existence of any defect, lack of quality or non-conformity of the goods sold, costs of any kind – including, for example, those arising from the possible need to adapt the property to the laws in force, monthly payments for the current year and the previous year that are not paid by the debtor – for any reason not considered, even if hidden but not highlighted in the report, will not give rise to any refund. Costs and expenses for successful auction In addition to the auction price, only taxes are paid. The sale is not affected by notarial deeds, unless there is remuneration for a notary who carried out the auction by delegation of the court.

Unemployment rate falls in Italy, which is expected to stabilize house prices

The unemployment rate drops to 11.1% in April: minimum since 2012 To celebrate these are above all those who are over 50 years old: compared with the year 2016, there are 277 thousand more employees, thanks to the growth of 362,000 at work. The unemployment rate is stable among young people at 34 per cent. Net decrease in the unemployment rate in Italy: in April the figure of unemployed is down to 11.1 percent, down 0.4 percentage point in one month and 0, 6 points over the year, reaching a trough In September 2012. The annual decline is 4.8%, in the amount of -146,000. Among youth, the unemployment rate remains at 34%. Last month, the Italian labor market saw employment growth of 94,000 people. + 0.4% compared to March at 57.9% and the highest since 2009. But the statistics highlight a phenomenon that marked the resumption of work in Italy in recent times: the increase in employees – particularly for men, affects people over the age of 50, and to a lesser extent, those aged 25-34, while there is a decline in other age groups. Still on an annual basis, in April, the unemployed (-4.8%, equal to -146,000) and inactive (-1.4%, equal to -196,000) were reduced. Consequences for the real estate market If there are more workers, there are more people who can borrow to buy real estate. The real estate market can only benefit from a decrease in the unemployment rate. The chart below shows a decline in real estate prices in Milan from 2015, which had already begun to stabilize somewhat in recent months. Now let’s look at the chart showing the evolution of rent prices in Milan, again for the same period: the constant increase predicts that sales prices will soon follow the same direction of rent prices, because rents increase only when there is a corresponding increase in purchasing power. Increase that will benefit the price of real estate. Conclusion: it’s a good time to invest in real estate in Italy Indeed, given the economic recovery that seems to be consolidating, everything predicts that real estate prices have reached their bottom, and will start to rise, albeit slowly.

The obligation to keep auxiliary warehouse registers

The circumstances under which the law demands auxiliary warehouse registers According to the wording of Article 14 of Presidential Decree 600/1973 and Article 1 (1) of Presidential Decree 695/1996 taxpayers are required to keep auxiliary warehouse registers as of the second tax period following that in which, for the second consecutive time, the amount of the products and the total quantity of stocks are higher by 5,166,569 EURO and 1,032,914 EURO respectively. As a result, if an enterprise in years n and n + 1 has exceeded the above limits, the inventory accounting obligation will start from year n + 3 (second period after tax). In order to exclude the obligation to have to take over the daybook, the book of inventories and documents required for VAT their ancillary warehouse entries, you must then carry out a separate check of the two values indicated: Revenues and inventories. It becomes essential to understand, for both income and inventory, what items to include or exclude. In terms of turnover, considering that in the event of the start of the business or tax year not coinciding with the calendar year, the same should be converted into one year, should be taken into account: The proceeds from the disposition of the property and the provision of services; The proceeds from the sale of raw materials and semi-finished products; The consideration for the sale of non-mobile equipment; Fees for the sale of trading securities; The value of the goods that are consumed or destined for purposes other than those of the company; The insurance indemnity (for a discussion on remuneration see Tax Circular No. 18/2017) of commodities; The contributions due under the contract; Account / year contributions due according to the law. However, are excluded from the calculation: Capital gains; Potential assets; Account / capital contributions; The proceeds from the sale of mobile equipment; dividends; Interest income; Income from real estate. Please note that if multiple activities are exercised, the income to be taken into account are the total sum of the income from the individual activities. With regard to inventories, however, since these are the same rules for carrying out the activities referred to in the preceding paragraph, it should be noted that you should not update the accounting entries each year. For the elements included in the calculation, it is necessary to distinguish: Products whose production and exchange are commercial activities; Raw and auxiliary materials and semi-finished products; Work, supplies and services are performed at the end of the year. Credit-related securities are excluded. The obligation shall cease from the first tax period following that in which the amount of proceeds or the value of inventories for the second consecutive time is less than the limits indicated. Remember that auxiliary warehouse registers are not required for individual companies and companies that operate in simplified accounting, and business professionals. The legislature also excluded from the obligation to keep ancillary accounting of stocks: Retailers selling in places open to the public, in in-house stores or by automated equipment, mail-order, home or mobile; Persons who sell hotel services; Persons who sell food and beverages in public exercises, in company canteens or by vending machines. The obligation rests with these persons only if they use centralized warehouses which serve one or more shops and provided that at least one of them is situated in a different municipality from that where the activity is carried out. It was also pointed out that, in the case of the conduct of retail and wholesale activities carried out on the same premises, for the purpose of obligatory verification of the auxiliary entries of the warehouse, the same rules prevail as for retail trade. They are so-called freight companies or those that deal with the supply of goods and not their production. The wholesalers are obliged in any case to keep auxiliary records of the warehouse, while for retailers the considerations that precede apply.

Pension for divorce: the revolution of the Supreme Court

Divorce and separation: the criterion to be checked for the award of maintenance is autonomy and not the standard of living Thus, the Italian Supreme Court (Cassazione) in the judgment. 11504/17: “Support for divorce should not be given to those who are economically independent. In other words, to those who have incomes, assets, the real ability and opportunity to work and the stable availability of a home.” The Supreme Court establishes new standards for divorce verification: The criterion of independence or economic autonomy, and not the standard of living that they enjoyed during marriage, were to be used to award spousal support to whom needs it. Marriage ceases to be “a definitive economic arrangement”: to marry, says the Court, it is an “act of freedom and personal responsibility”. The Supreme Court rendered Judgment 11504, concerning a divorce between a former minister and an entrepreneur. The Supreme Court ruled that depriving the ex-wife of the former minister of the right to maintenance does not depend on the fact that she is supposed to have a sufficient income but on the fact that now times have changed and we must “go beyond the heritage concept of marriage understood as a final arrangement”. Indeed, “marriage” is now widely shared in social behavior as an act of personal freedom and responsibility, as well as a place of affection and communion of life, as such dissolvable. It must therefore be considered – concludes the Supreme Court – that there is no protected configurable legal interest of the former spouse to maintain the standard of living that he/she had during the marriage “. The Supreme Court has surpassed the previous consolidated jurisprudence, stating the independence and economic autonomy of the ex-partner who needs it as a parameter of the alimony. The Court has ruled that the standard of living that spouses enjoy during marriage is no longer a criterion to determinate the allowance of spousal support . “If it is determined – as can be read in the judgment  – that the applicant is financially independent or can be so, that right must not be recognized . This judgment is against a principle enshrined in 1970 by Law 898, which introduced the divorce in Italy. So this earthquake is a case law approach consistent with the guidelines of other European countries, where allowance of the alimony in case of divorce depends essentially on pacts before marriage.

Resolving a contract for non-performance in Italy

Non-fulfillment of obligations of a party leads to resolution of contract in Italy Termination of Contract for Non-Performance This is the case where the contract, at the request or initiative of the performing party, is resolved because of the non-performance of the obligations of the other party. It should be noted that, for a contract for which the main services are to be performed in Italy, the Italian contract law (lex loci) applies. The assumption is regulated in article 1453 of the Italian Civil Code. It responds to legal logic and reasons of common sense. Often, the resolution takes place amicably. In the event of a dispute, it’s better to rely on the services of an Italian lawyer, so as to properly apply Italian contract law. The assumption is regulated in article 1453 of the Italian Civil Code. It responds to legal logic and reasons of common sense. It is clear that if one party has fulfilled its obligations, it expects the other to do the same; faced with the persistent failure of one party, the other has two choices: 1. require performance of the obligations of the other party resulting from the contract; 2. terminate the contract. If the execution of the other party is still possible, the party who has already executed will still have an interest in its execution, but if the persistent incapacity causes him to lose confidence in the other party or In the case of an exception, the party having already executed may ask the judge to terminate the contract. However, this power of choice is not without limits. Article 1453 establishes a principle according to which: If you have requested the execution, you can still request the resolution, but if the resolution has been requested, then it is no longer possible to require the execution. Contrary to what happens in cases of nullity and cancellation of the contract, the resolution for non-performance is possible even if originally the contract had been concluded validly and was free from any defect. The types of contract resolution for non-performance indicated by the code are three: Termination for non-performance The first type of resolution is determined by the failure of one of the parties (which should not have little importance, as regards the diligent party’s interest, under art. 1455 CC). The non-defaulting party has the possibility to choose between the request for execution or the termination of the contract. In essence, the person who has fulfilled these obligations, in the event of default by the other party, may judicially bring two different types of actions: one aimed at obtaining satisfaction (see: action for performance of the contract) or another seeking to terminate his contract with a simultaneous claim for damages. There is also an alternative: a written notice can be given to the defaulting party, to comply within a reasonable time (which may not be less than fifteen days unless the parties otherwise agree or unless, taking into account the nature of the contract or according to usages, this appears a less appropriate term). This is a summation that, once this period has passed without success, the contract will be considered as definitively resolved. Unless the deadline expires, the contract is automatically terminated (without further activation by the diligent contracting party). With respect to effects, the termination of the contract for infringement shall have retroactive effect between the parties, with the exception of contracts for continuous or repeated performance, for which the effect of the resolution does not cover services already performed. Although it was expressly agreed, the resolution does not affect the rights acquired by third parties, subject to the effects of the transcription of the request for a resolution (see Article 1458 of the Civil Code). Let us summarize the characteristics of the failure that leads to the resolution. 1. must be attributable to a party; 2. must be relevant. On the second point, in fact, art. 1455 provides that: The contract cannot be resolved if the failure of one of the parties is of little importance in the interest of the other party. Termination of the contract for failure to perform A second type of resolution is that, once again in contracts with corresponding benefits, occurs when an execution has become impossible (for example, the object of a sale has been destroyed). Where the impossibility is only partial, the other party shall be entitled to a corresponding reduction in the benefit due by itself, and may also withdraw from the contract if it has no appreciable interest in the partial performance. Resolution for excessive toughness The last type of resolution, which is not applicable to random contracts, is governed by articles 1467 et following of the Civil Code. To this purpose, the legislature has provided that where the contract is in the course of continuous or periodic or deferred performance, if the performance of one of the parties has become excessively onerous for the occurrence of extraordinary and unforeseeable events, that party may request the termination of the contract, with the effects according to article 1458. “The Code, however, offers the party against whom the resolution is required a chance to avoid the resolution: it may offer to change the terms of the contract. So far, we have spoken of the judicial resolution, but the contract can be terminated very much without judicial intervention. We have three hypotheses: Notice to comply (Article 1454 CC), the non-defaulting party may give notice to the other party requesting the fulfillment of its obligations within a reasonable period of at least 15 days. After the expiry of this period, the contract will be terminated automatically without any judicial decisions. Express termination clause (Article 1456 CC) the parties may agree that a default of one or more specific obligations will lead to the termination of the contract. The resolution occurs when the creditor declares to the other party his intention to invoke the clause Essential term (Article 1457 (c)) if the obligation is not fulfilled in the period considered essential

Italians are the healthiest people in the world (according to Bloomberg)

For a long life and health, Italy is the place to live In the Bloomberg ranking, Italy happens to be the first country out of 163. Among the indicators, the quality and the life span. Not only counts wealth, but also counts the Mediterranean diet. Surprisingly, the peninsula, despite the crisis and the shaky economy, won the title of healthiest country in the world, jumping up the Global Health Bloomberg Index, first in the ranking of 163 countries with a score of 93.11 per cent. All countries in the index are ranked according to different variables: life expectancy, causes of death, health risks such as high blood pressure, smoking, availability of clean water and malnutrition. Life expectancy A child born in Italy can expect to live at least 80 years of age, compared with 52 in Sierra Leone, in the last place. Bloomberg also takes into account the quality of life. Italy, with 93 points, also exceeds other nations known for their longevity: those of Northern Europe (Iceland, the second at 91.21 points, Sweden at 88.92), those of Eastern Europe 89.15 Japan, Singapore 90.23). Spain is sixth with 89.19 points. Economic crisis Italy has been copingwith weak economic growth for decades, nearly 40% of young people are unemployed and is crushed by one of the highest public debt in the world. Yet, Italians are better than Americans, Canadians and British, most affected by high blood pressure, cholesterol, and mental disorders. Strengths: Physicians and Nutrition Among the strengths, the high number of doctors and especially the diet, rich in vegetables with extra virgin olive oil. Italy would even have “an excess of doctors,” says Tom Kenyon, medical director and head of the global organization Project Hope. “Not surprisingly, one of the most durable and followed television series is called “A Doctor in the Family”. But even that will be a criterion? According to Bloomberg Italy would indeed have a surplus of doctors. The OECD (Organization for Economic Co-operation and Development) in 2016 analyzed the total number of people in the world who are concerned with assistance and medical care. In Italy, there are 3.9 doctors per 1000 inhabitants. Italy, which ranks fifth in this special ranking, behind Greece (6.29 doctors per 1000 inhabitants), Austria (4.9), Germany (4.05) and Switzerland (4.04). A surprising number, however, are the everyday controversies about the objective lack of staff in Italian hospitals. The situation was created due to a lack of renewal of the generations of medical staff after the entry of the closed number in the Faculty of Medicine in 1999. Physicians are more numerous in Germany, despite that, in the ranking of Bloomberg this country, which enjoys an excellent economy, is only at the 16th place. Iceland and Switzerland on the podium To share the podium with Italy are Iceland and Switzerland, followed by Singapore and Australia. The United States is in 34th place, due to the overweight and obesity epidemic in North America, with a score of 73.05 out of 100. Far from our 93.11 out of 100.

The student housing industry grows in Italy

The student housing industry grows in Italy: it’s a real estate investment opportunity The student housing industry is mature throughout continental Europe: France, Germany, Ireland, Italy, the Netherlands and Spain are the six main markets identified for sustained growth over the next 10 years. Main trends in the student housing sector in Europe The real estate sector, which sees the student as a resource, is growing rapidly in Europe. Among the European markets, where the market is ripe and ready for sustained growth, there is also Italy, flanked by other countries of the old continent, such as France, Germany, Ireland, Netherlands and Spain. Housing for university students in European markets outside the UK is a real estate investment that is attracting more and more, especially institutional funds, private equity and established market players who want to diversify their portfolio In new markets. An interesting fact that drives interest in investment in this real estate sector is tied to the school curriculum entirely in English in countries where English is not the main language: the offer has gone from the 500 courses available 10 Years ago to the 6000 university courses of the current year. For example at the University of Ancona, in the picture above, there are several courses in English. This means that Italian universities are able to obtain an ever larger share of the international student market, currently dominated by the United States and the United Kingdom. Another fact to bear in mind in order to understand the interest in the university housing sector, is the rapid increase in the student population that requires quality accommodation. Such strong demand will only encourage more competition, so the number of international students worldwide is expected to reach 7 million worldwide by 2020, up from 4.1 million in 2014, with growing expectations for quality accommodations.

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