The 2006 NAEA International Forum

The National Association of Estate Agents held it's annual International Forum on the 7th September at the prestigious Chesterfield Hotel in Mayfair, London. Hosted by the NAEA's President, Charles Smailes, together with Ian Tonge the Chairman of the NAEA's International Sub Committee, the Forum was a chance for those members interested in the international markets to hear some of the industry's top experts. Steve Emmett, Managing Director of Brian A French & Associates Ltd and Chairman of FOPDAC - and himself a Fellow of the NAEA - raised much laughter with his irreverant overview of the Italian market.

"After the collapse of the Roman Empire in the West in the fifth century A.D." he explained, "the peninsula and islands were subjected to a series of invasions, and political unity was lost. Italy became an unstable succession of small states, principalities, and kingdoms, which fought among themselves and were subject to ambitions of foreign powers. Popes of Rome ruled central Italy; rivalries between the popes and the Holy Roman Emperors, who claimed Italy as their domain, often made the peninsula a battleground. The commercial prosperity of northern and central Italian cities, beginning in the 11th century, combined with the influence of the Renaissance, mitigated somewhat the effects of these medieval political rivalries. Although Italy declined after the 16th century, the Renaissance had strengthened the idea of a single Italian nationality. By the early 19th century, a nationalist movement developed and led to the reunification of Italy--except for Rome--in the 1860s. In 1861, Victor Emmanuel II of the House of Savoy was proclaimed King of Italy. Rome was incorporated in 1870. The result is a country largely homogeneous linguistically and religiously but as diverse culturally, economically, and politically as it is geographically. It is this immense variety which provides the potential to attract and accommodate such a diverse range of people and interests."

Addressing the issue of investment potential he went on, "Many years ago a couple came in my office looking for a property. They were mid 50s. They explained they were second time around and trying to make plans for retirement. The woman said to me - 'It is always difficult to know what’s best. If only we knew what tomorrow had in store for us.' When I asked their occupations she said she was a clairvoyant. I cannot read the crystal ball. I can’t - and I don’t believe anyone can - predict the markets. But looking back at what has happened and taking the stance of ‘in all probability’ we can say that Italian property has been a very good investment. I believe it will continue to be so but that this will depend on the type of property and the area. In the sought-after areas of central Italy rises of 10% per annum are not rare.'

From Left to Right: Charles Smailes (NAEA President), Steve Emmett (FOPDAC Chairman and BAF Managing Director), Ian Tonge (Chairman NAEA International Sub-Committee) and John Mike (President of the Palm Beach Board of Realtors).