Restoration Row over Queen’s Former Home in Malta
It’s a little-known fact that Queen Elizabeth called Malta home for a period between 1949 and 1951. Before her coronation, the then Princess stayed in a villa leased by Lord Louis Mountbatten from 1929 while her fiancé at that time, The Duke of Edinburgh was stationed in Malta as a serving Royal Navy officer. Malta is the only country outside the UK, the Queen has ever lived in.
Now, the Queen’s former residence – called Villa Guardamangia – is at the centre of a row over its restoration. A recent survey conducted by the Telegraph revealed that 84% of respondents would visit the villa in Malta if it were restored and opened to the public.
The only property outside of the UK which the Queen has called home
Located on the outskirts of Valletta, the formerly imposing house is now in need of considerable renovation and being privately owned, there are conflicting opinions as to who should fund the work. Leading conservationist Astrid Vella feels that the government should foot the bill for the work which would considerably boost tourism on the island, already a popular destination for international holidaymakers.
” This villa not only has immense architectural value but it’s the only property outside of the UK which the Queen has called home, ” said Ms Vella from the steps of the villa itself. ” It is crucial to our heritage and our collective memory and could really boost quality tourist numbers, ” she added.
The row comes in the build up to the next Royal visit scheduled for November. It has been reported that on her last trip to Malta , the Queen requested she be able to visit her former home but the current owners did not agree to it. Mrs Vella believes the Maltese government has a duty to restore the building to its former glory as an important part of the island’s heritage.
She said: ” The only other solution is for the government to buy such houses outright and restore and maintain them at state expense, for public use. If these buildings are considered public heritage, then it follows that public heritage must not be maintained at private expense, enforced by law, but at public expense but with the consent of the owners and market-price compensation paid to the, and not through enforced expropriation or requisition. The government is, apparently, in negotiation with the owners to buy Villa Guardamangia, or so it has told the press “.
The row has prompted Malta’s government to issue a statement concerning the villa in which it says it has already embarked on a process to restore the property: ” Surveys on the property have been carried out and restoration costs estimates have been gathered. However, the government has no title on the property and this has created legal complications with its owners “.
Despite the legal issues, the government has confirmed the property will be expropriated, with full compensation to its owners because it ” believes that the property is one of historical heritage “.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Is It Boom or Bust for Israel’s Property Markets?
Israel’s government are seeking to introduce measures to cool investor purchases in its property as unprecedented interest pushes property prices upwards.
According to the nation’s tax authority, figures show a sharp increase in investor purchases over the last six months. The number of private individuals owning five properties or more rose 6.4% to 5,760 individuals, representing a record high. Out of this number, 331 investors own 10 or more properties, an increase of 7% the authority said.
The reality is that even these statistics understate the extent of multiple home-ownership in Israel as figures don’t include companies, trusts, individuals registering property in the name of relatives, foreign residents or those who have inherited a home.
Benjamin Netanyahu’s last government took some measures to rein in housing prices although the programs either never got off the ground or did so slowly to no effect.
New finance minister Moshe Kahlon has vowed to put a lid on rising home prices, including plans to sell land to contractors and others at lower prices with savings being passed on to buyers when the units are sold.
Kahlon is also considering plans to impose heavier taxes on property investors in an attempt to reduce competition for buyers seeking a principal residence. Economists argue however, that reducing demand by investors won’t address the supply-demand imbalance as the majority of investors rent their properties out.
Israeli home prices increased 4% in the first quarter of this year, with the sharpest increases in Ashdod, Ashkelon and Jerusalem at around 7%. At the other end of the scale, one of Israel’s prime markets, Tel Aviv remained flat during the first quarter, finally showing signals of cooling.
Tel Aviv’s prime residential market has grown more than 75.4% in the last six years. The city’s renaissance over the last decade has brought accolades for its restaurants, nightlife and arts scene together with an ever-increasing population. Israel’s most densely populated city has an average of 7,522 people per square kilometre compared with 5,750 per sq km in the capital, Jerusalem.
Real estate professionals in Israel wait with bated breath to see what cooling measures will be implemented by the new government and how they will impact price appreciation. As a reasonably affluent country, property prices are consistently high compared with Europe. The national average rent in Israel is €630/pcm, with average prices at a median range of €3,548/sqm.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Supply Squeeze Pushes Up Prices in Northern Ireland
Despite growing transaction activity, house prices in Northern Ireland are rising and set to continue on the back of a shortage of new supply.
According to the latest RICS/Ulster Bank residential market survey, housing supply remains a problem, forcing property prices higher despite increased sales. The survey reports new buyer enquiries are rising at a faster rate than new vendor instructions, putting additional upward pressure on Northern Ireland’s property prices.
Samuel Dickey, RICS ‘ Northern Ireland residential property spokesman said: ” Supply remains quite tight with not a lot of properties coming on to the market and this lack of supply combined with rising numbers of people looking to buy is leading to rising prices and the expectation of further rises in the months ahead “.
According to government figures, 10,066 social and affordable homes have been delivered to Northern Ireland in the last four years, much more than the 8,000 target set by the Department for Social Development (DSD). Out of this allocation 6,101 were social homes and 3,965 affordable and around £900m was invested over the four years.
DSD Minister Mervyn Storey said: ” Not only has this investment delivered 10,066 homes but it has helped support the construction industry and provided employment for many people through a difficult economic climate “.
Northern Ireland’s property market started 2015 as it had finished 2014 with prices house prices rising rapidly. Industry experts predicted that house prices would outpace those in the rest of the UK this year and it looks likely predictions are accurate.
Samuel Dickey of RICS Northern Ireland said: ” The local housing market is expected to benefit from the reform of stamp duty with the large majority of homebuyers here paying less of the tax. This will help encourage activity “.
” In terms of prices, the gap between demand and supply is creating upward pressure. However the slowing economic recovery and public spending environment will present challenges for the market. Overall, RICS expects prices to rise on average 4% this year, a moderation in growth relative to 2014, ” he added.
Article by +Roxanne James on behalf of Propertyshowrooms.com
British Buyer Interest in Italian Real Estate Soaring
Italian property portal Gate-Away has reported a massive 87.5% increase in search enquiries from British investors in the first quarter of 2015, compared with the same period last year.
Sterling strength against the euro has led to a significant upward shift in sentiment from British buyers since the beginning of the year. Interest was further buoyed when changes to UK pension regulations took effect in April, resulting in more than 200,000 new buyers entering real estate markets both at home and overseas.
Gate-Away also revealed that Brits are looking at more expensive property in Italy ‘s prime regions with budgets of an average €324,000 compared to €190,000 in the first three months of 2014. This is partially due to increased purchasing power resulting from sterling strength in euro denominated property markets.
Simone Rossi, commercial director of Gate-Away said: ” The average value of Italian properties sought by the British has grown tremendously in this first quarter and even beyond the depreciation of the euro against the pound. More and more Brits than ever are being driven by the favourable economic climate and are finding that the Italian real estate market is far from inaccessible and beginning to consider the idea of buying a house in Italy very seriously “.
Topping the list of most favourable buying locations was Puglia, knocking Tuscany off the top spot. 80% of searches by British visitors to the portal have shown interest in houses and 20% in apartments, with around 55.7% looking for habitable properties not requiring renovation.
Gate-Away shows that the UK generates the highest number of enquiries for property in Italy, followed by the Americans at 14.2% and French (9.3%). Interest from American buyers in Italian property markets is also expected to increase considerably in 2015 on the back of a rock solid dollar.
Article by +Roxanne James on behalf of Propertyshowrooms.com
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