Medsea expecting healthy returns from Italian property

Mediterranean property developer Medsea has said that it expects the Italian property market to be popular this year and see a lot of inward investment.

Medsea's Italian unit offers low-cost beachfront properties and expects them to make a significant contribution to its earnings and performance this year.

The company also states that its interest in a number of other property markets is expected to improve, having invested in a number of areas recently.

Medsea has expanded its presence in Cyprus, Turkey, Portugal and Bulgaria and has continued to enhance its activities in Spain.

Tony Gatehouse, chairman of the company, said that it had "regained its momentum" and was expecting to report a "significant recovery" in its profits for the first half of the year.

"In particular our move into the Italian market offering low-cost beachfront properties in Calabria, Southern Italy, through our new brand, Italian Connection Properties, is proving particularly successful," Mr Gatehouse said.

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16/06/2006

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