Mansion Global Daily: Wealthy Foreigners Are Powering Italy’s High-End Property Market

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News Briefs

U.K. Home Prices Are £7,000 Cheaper Than Last Summer

The average U.K. house price now stands at £286,896 (US$361,958), a figure that is £7,000 less than last summer, according to data from bank and mortgage provider Halifax. Values are still £28,000 higher than two summers ago as they continue to hold onto their pandemic-driven price appreciation. “While the housing market as a whole remains subdued, the number of properties for sale is also slowly increasing, as sellers adapt to market conditions,” said Kim Kinnaird, director of Halifax Mortgages. “Alongside a market-wide uptick in mortgage approvals, these latest figures may indicate a more steady environment.” This is Money

Texas Town Used for Arts Events and Festivals Is up for Grabs 

An entire West Texas ghost town is on the market. For some 20 years, Lobo has been owned by a group of friends from Germany, who bought the town and started using it for arts events. Now the group is offering the entire property at a base price of $100,000. “We have a physical and emotional investment in Lobo,” said Alexander Bardorff, one of the town’s co-owners. “If there’s somebody that I think is a good fit, then why not accept a lower offer and have that person do something?” Marfa Public Radio

Wealthy Foreigners Are Powering Italy’s High-End Property Market 

An influx of ultra-affluent foreigners, wooed by a favorable tax environment, are driving Italy’s luxury real estate market. In 2017, the country rolled out a tax incentive for the global super-rich. For an annual fee of €100,000 (US$109,542), individuals who take up residency in the country are exempt from paying tax there on income generated overseas. “Some of them bought properties that had just come onto the market, others bought properties that needed renovation,” said Diletta Giorgolo, head of residential property at Italy Sotheby’s International Realty. “Some rented top properties during their first year in Italy before buying. It has definitely been one of the best things to have happened for the top-level real estate market.” The Guardian 

‘Flying Nun House’ Hits the Market in Nebraska 

A stand-out home in Bellevue, Nebraska—10 miles south of Omaha—that’s known as the Flying Nun House has hit the market for $695,000. The mid-century property has a unique angular roof shape and a perfectly preserved vintage interior. “The grand foyer welcomes you with a wide hall and an original built in circular bench leading to a wet bar, an amazing open floor plan living room, and an astonishing custom stainless steel fireplace,” according to the listing. “You’ll be impressed with the half moon wall of windows, the beautiful solid wood paneling, the amazingly crafted light fixtures and the owner’s impeccable taste in building materials.” Yahoo

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