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Italy to introduce REITS by July
The Italian finance ministry's decision to introduce REITs by July 2007 has given Italy's property market a much needed boost, reports Property Investor News...
The Italian finance ministry has announced that REITs will be introduced in Italy by July 2007. Known as SIIQs, these new investment vehicles are expected to give Italy's domestic property sector a boost.
The announcement has pushed up share prices of Italian property companies and is also attracting the attention of international investors. Italy has earned a reputation as a hard place to invest in property but at least the government's decision to introduce REITs is generating renewed interest in the country.
Andrew Smith, head of research at Arlington Property Investors, said: "Italy is the fourth largest economy in Europe but it doesn't punch its weight in terms of property investment. REITs won't remove these concerns but they will generate more interest in Italy than previously seen."
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