Overseas Property

THOUGH INVESTING in overseas rental properties has virtually ground to a halt, a Dublin-based company, IDP Invest, is hoping to tempt Irish people to buy apartments off plans in a beachfront hotel complex at Fortaleza in Brazil.

One-bedroom units are priced from €93,000 and, according to Donal Hayes of IDP, the average rental income should range from €650 to €780 per month. Buyers will be expected to pay an initial deposit of €10,000 as part of a staged payments process before the development is completed in May, 2012.

The apartments will be located in Colonial Residence, a high rise hotel complex which will have a swimming pool, sauna and spa, cinema, cafe and conference facilities.

IDP says there is a severe shortage of accommodation in the Fortaleza area which is a popular tourist location.

Hayes acknowledges that property investors are cautious about off-plan projects but says that the developer of Colonial Residence is “one of the most trusted in the market”. Long term rental contracts in the domestic tourist market are already in place, ensuring there would be “zero risk” for investors.

More information from Donal@ipdinvest.com

PALAZZO TORNABUONIis a 15th-century Medici palace in Florence where you can buy a slice of history, if you happen to have a spare million or more.

The private members’ residence has already sold apartments on a fractional ownership basis and is now releasing a limited number of whole ownership apartments onto the luxury market.

And it is a rarefied world – museum quality accommodation in a former pope’s palace with Renaissance painted ceilings, frescoes, a central courtyard designed by Michelozzo, and a baroque marble sculpture of Diana the huntress by architect and sculptor Gherardo Silvani that an art appraiser valued at €2m.

The interiors balance heritage with contemporary – an average ceiling height of 30 feet helps create a sense of grandeur. They were designed by Tuscan-born Michele Bonan, whose work includes the Ferragamo family-owned Lungarno Hotel Group.

Classic joinery and original features contrast with contemporary Boffi kitchens. The attention to detail throughout is delightful. The properties are sold unfurnished but can be furnished.

Whole ownership entitles you to rent out your property but terms and conditions are still being finalised.

Prices start from €1.06 million for the one-bedroom, 50sq m Ridolfi. One-bedroom apartments range upwards in price to €3 million. Two-bedroom apartments cost from €2.8-€5.5 million.

There are also hefty annual membership fees to consider. These range from €8,200 for a studio residence, to €13,200 for a one-bedroom residence and €21,100 for a two- or three-bedroom residence.

Palazzo Tornabuoni, Via del Strozzi, 8 50123 Firenze. For further details call Palazzo Tornabuoni on 00-39-055-268966 or call Simon Tyrie on 00-44-870 6098555 palazzotornabuoni.com

ALANNA GALLAGHER