Financial Times article: Lecce’s architectural wonders

Even the “fast” train from Rome takes nearly six hours to get to Lecce, labouring over the Apennines before dipping across coastal flatlands and endless olive groves, past places like Monopoli, whose names recall the Greek heritage of Italy’s deep south.
In the baking summer heat it is a relief to enter the walled city of Lecce – the harsh light is absorbed by the famed limestone of its buildings. Spared the hordes of foreign tourists that cram the renaissance cities of Venice and Florence, Lecce has a provincial charm. The churches are quiet, but this is a university town, with a buzz in the bars, pastry shops and bookstores.
The city is a delight to explore on foot, each turning revealing another architectural treat. To understand the story behind the architecture, I hire a guide, Simona Melchiorre, a local historian, who is passionate about her home city. She tells me the stately grandeur of courtyard villas, some occupied by descendants of their original owners, and the refined elegance of the churches conceal a darker passage in Lecce’s history. Following the persecution of Jews in Spain, Charles V expelled the city’s Jewish population in 1541. Wanting space to build a castle, Charles V moved the church and local nobility into the former Jewish quarter.
A stone foundation block below ground level in the Palazzo Adorno reveals an inscription in Hebrew, “House of God”, testifying to its origins in what had been the local synagogue. Other Jewish remnants went into the construction of Lecce’s Church of the Holy Cross, consecrated as a basilica by Pope Pius X in 1906. Building started in 1549 and took about a century to complete. While the side chapels are richly ornate, the basilica – in Greek-Roman style modelled on the Temple of Jerusalem – is light and airy, beautifully proportioned with 12 pillars.
There are several villages close to Lecce where the inhabitants still speak a form of ancient Greek, while at the Church of Saint Nicholas in Lecce the liturgy is in Greek according to the Byzantine rite.
Before moving on, my guide introduces a local, heavenly treat – black coffee doused with ice and almond milk (caffè in ghiaccio con latte di mandorle) and oval-shaped lemon custard pastries (pasticciotti).
Being inland, on the southeastern tip of Italy’s boot, Lecce was spared the sieges and destruction that befell the Norman cathedral ports, such as nearby Otranto where the bones and skulls of 800 Christians martyred by the Ottomans are on display in the crypt.
When the coastal towns declined in status with the discovery of the Americas and trade shifted from east to west, Lecce survived on the backbone of its rural economy and its importance as a religious centre.
Yet the 20th century was less kind and in the 1970s much of the city lay in disrepair, its tobacco and textile industries unable to match east European and Chinese competitors.
But efforts to regenerate the area, from the late 1980s, appear to have been a success. So much so that a visitor to the city could be tempted to place Lecce less in the company of chaotic southern cities like Naples and instead with the far away prosperous north. Yet the burghers of baroque feel very much of the south.
Lecce’s architectural history can be surveyed in one sweep across the main piazza, Saint Oronzo. Towering above the scene is a statue of Lecce’s patron saint (Saint Oronzo) perched atop a 25-metre-high marble pillar from Roman times that had been one of two marking the end of the Appian way, stretching across Italy to Brindisi. The column was donated to Lecce by the people of that Adriatic port to mark the saint’s reputed triumph over the plague in the 1600s.
Next to the square is the half-uncovered Roman amphitheatre, which was once big enough to seat up to 15,000 people. It was discovered in 1908, having been lost in the 1500s. Excavations were carried out under Mussolini, who was intent on rebuilding a national sense of empire. In the process, the renaissance-era town hall on the square’s edge was demolished, and municipal buildings erected instead.
The severe buildings are yet another reminder that Lecce’s compelling character has been forged out of so many diverse influences. Written by Guy Dinmore is the FT’s Rome correspondent
http://www.ft.com/cms/s/2/2f32b6a2-48da-11df-8af4-00144feab49a.html

Borgo Cenate, luxury villas for sale in Santa Caterina di Nardò, Salento, Puglia


New development of 6 luxury villas for sale in Santa Caterina di Nardò, south-western coast of Puglia Italy. This unique development in XIX-century style is located in one of the most exclusive area of Puglia and next door to the most important villa of the Cenate, ancient borough where noble families from all Italy used to spend their holidays and own their villas. This under construction development consinst of 6 independent semi-detached villas each spread on two levels: ground and first floor, with terraces, private garden and car parking. The villas will be built in 3 different sorts and each will have 3 bedrooms, 2 bathrooms, living room with dining area and kitchen corner, garden, car parking and storages. The development will be finished with high standard specification following the character of the region and its typical materials. Part of the building will have vaulted and star ceilings and part with particular and original roofing tiles. The villas will be elegant and comfortable at the same time, will respect the building character of 19th century and the existing environment. The location will be unique: next door to the most exclusive villas of Puglia, only 10 minutes walking from Santa Caterina beach and piazza, 5 minutes driving from Nardò town centre, 10 mins from Gallipoli, 20 mins from Lecce and 50 mins from Brindisi international airport. Become an early owner of one of these unique villas, with a little payment you will book it, fix the price and not pay the agency commissions. Full details on http://www.sispropertyandtourism.co.uk/public/Sale/Villa/SV695LS.php

Italy: mortgages for overseas properties.

The Italian market is slowly becoming more accessible to non residents, despite the fact that very few Italian banks provide a customized non-resident service and many agreements are made on a case by case basis. Although a few major players have withdrawn their non-resident offerings from the market in recent years, there are other Italian banks entering the playing field, who in contrast, are warming up to the UK borrowing culture by developing their product range to better service the non-resident market. We are excited to announce that we are now able to offer finance for the purpose of Bed & Breakfast acquisitions, (on a case by case basis) and in the near future, will be able to expand to other small commercial loans.
Attractive new products now available for our clients are capped rates that guarantee a cap on the increase of the monthly repayment; in addition, mixed rate products are available for our clients who want to feel free to switch between variable and fixed rate during their term. For those products ask us to introduce you the Baydonhill financial services.

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Brits reject far-flung destinations in flight to safety‏

British overseas home buyers are reverting back to more traditional second home destinations, according to a survey of 1200 second home owners by Savills International. During the overseas property boom, the proportion of Brits buying outside of Western Europe grew significantly as buyers became motivated by the potential for capital gains. However, since the market turned in September 2008, buyers have returned to the traditional favourites of Spain, France, Portugal and Italy.
“In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots.” Says Charles Weston-Baker, Head of Savills International. The survey data also confirms that 2009 was one of the worst years for the industry. 70% of respondents invested in overseas property between 2003 and 2008 but just 2% had in 2009. Rebecca Gill, research analyst at Savills International comments. “Whilst UK overseas home ownership has doubled since 2001 recent global recessionary trends have seen take-up levels dramatically slow. Factors such as fewer overseas holidays, reduced leisure spend capacity and financing availability, unfavourable exchange rates and declining house prices have impacted second home purchasing activity.”
20% of owners plan more purchases. The positive news is that a fifth of respondents said they are considering or planning additional holiday home purchases in the future. The top ten destinations being considered were France, Spain, Portugal, the US, Italy, Greece, Cyprus, Morocco, Brazil and Turkey. However, further property price falls, better mortgage availability and a strengthening of sterling against the Euro are all necessary conditions before we see the market return to anywhere near the transaction volumes of 2007.


Article from http://www.globaledge.co.uk/news/brits-reject-far-flung-destinations-in-f-38270

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Tips for Planning a Successful Overseas Inspection Trip

After spending two or three weeks surfing the net, most property investors have chosen their market, and selected a few dozen properties that need to be inspected. An agent may be available to plan a viewing excursion, but don’t count on it.
Before making travel arrangements, make a list of things you need and want to see in the property. Create a ceiling, and a basement price. Do not deviate from these prices, no matter what ‘deals’ the agent may have found after hearing of your travel plans.
Pick a target location, and stick to it. An agent can waste countless hours driving ‘just over here’, taking the investor hours out of their way, to look at an unsuitable property. Time is at a premium. Do not plan to visit restaurants. They may be non existent, or unable to comprehend the meaning of a rush, or the importance of your valuable time.
Send the list to the agent with the properties you are interested in viewing. This will give them a general idea of your wants and needs. Make it clear that you will not view properties that do not meet the criteria.
Email or telephone the agent directly. Do not work through an office. Try to communicate several times. Look for good communication skills, helpful advice, and a friendly manner. Try to find out whether they are familiar with the properties. Ask them how long it takes them to get to the property, how far out of the down town, or tourist, core the property is. Look for any hint that the agent is not serious about the sale, or feels they can sell you anything when you finally arrive.
Take a print copy of desirable properties. Take a video camera, notebook, and itinerary. It is very easy to confuse properties after three or four days of viewing. There will also be properties you’d like to look at again, and compare. It is easy to download video to a computer, and keep unlimited files in your email inbox.
One good way to test the agent’s knowledge of the property is to ask them for pictures taken from a digital camera, or a cell phone. Paying for a cell phone conversation from a foreign country may be expensive. But that ten minute call, and viewing of the property via your cell phone, or the internet, may prevent a disaster.
source http://www.buyproperty4less.com
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UK Overseas Property Investors Could Be Winners

New research claims that Britons who bought overseas properties four years ago in property investment hotspots (but without a foreign mortgage) could cash in on significant gains, despite the recent volatility in global property prices…
New research claims that Britons who bought overseas investment properties four years ago in investment hotspots (but without a foreign mortgage) could cash in on significant gains, despite the recent volatility in global property prices.
According to Close Treasury, a division of merchant bank Close Brothers, those who bought an Italian property in Euros in June 2005 would have seen the Sterling value of the property increase by around 65%, four years later.
The calculation includes a 30% rise in property prices over that period, supported by the 27% increase in the value of the Euro compared to Sterling, over the same period.
In another example, those who invested in property in Spain in June 2005 will have seen the Sterling value of their investment increase by 59% four years later, due to a combination of rising investment property prices and a fall in the value of Sterling against the Euro.
Close Treasury’s head of foreign exchange, Mark Taylor, comments: “When British investors calculate the value of an overseas property they bought a few years ago, they not only need to look at how real estate prices have changed, but also what has happened to the exchange rate between Sterling and the local currency.”
He adds: “Even though overseas property prices tend to have fallen in the last year, in many cases the fall in the value of Sterling will have offset this, and many people may still have seen the value of their homes increase in Sterling terms.”
In recent week, Foreign Currency Direct has made a similar point, reporting that some Britons are actually choosing to sell up and make a profit by taking advantage of a weaker pound.
The currency exchange specialist said it had seen a significant increase in the number of British clients selling property abroad and transferring their receipts back to the UK.

One of top 10 cities in the world… Lecce, Italy (Best in Travel 2010, Lonely Planet guide)

Lonely Planet is the largest travel guide book and digital media publisher in the world. It has published over 500 titles in eight different languages with annual sales of six million guidebooks as well as TV programmes, a magazine, mobile phone applications and websites.

Global travel guidebook giant, Lonely Planet this week released its Best in Travel 2010 book with 10 top travel cities and other useful information on travel in 2010. The top 10 cities were Abu Dhabi, Charleston (South Carolina), Cork (Ireland), Cuenca (Ecuador), Istanbul, Kyoto (Japan), Lecce (Italy), Sarajevo, Singapore and Vancouver (Canada).

Lecce (Puglia region, Italy): How to experience the historical, cultural and culinary wonders of Italy without endangering your finances? The answer is simple: head to the good-value south, where the cost of living is low and simple pleasures are many.Puglia is the sunbleached rural region that has only recently found its place on the tourist map, and Lecce is its most beautiful city. The pace of life here is slower than the north, the summers longer and more idyllic, wine flows more freely (fill up a bottle, gas-station style, at a local winery) and white-sand beaches are within easy reach. Lecce is a burnished, brilliant city, the gleaming prize of the Salento region – a lively, laid-back university town that seems to have been carved from solid gold.Defining experienceEating Pugliese soul food: orecchiette (pasta shaped like “little ears”), washed down with local wine, then a long snooze before spending the afternoon at a local beach, followed by dinner, then an evening passeggiata (little walk) and gelato, before dancing off the calories to a taranta (traditional folk music) band.
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