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Russian oligarchs are banned from Italian resort
5.07.2010 17:37
Russian oligarchs are banned from Italian resort

The mayor of the Italian resort place Forte dei Marmi will ban selling the new houses for 20 years to foreigners. The ban will restrict Russian oligarchs to boost local house prices.
      Local estate agents expect up to 500 Russian families to come this summer who is ready to rent villas for the season for up to ?100,000. Some Russian rich people are buying the biggest villas on the beach from ?5mln up to ?20mln. The locals have to sell their houses near the sea and move a few miles inland.
      The Forte dei Marmi mayor, Umberto Buratti, would like to have elegant simplicity of the town back. Since 90-es the local small shops have been changed to Gucci, Dolce & Gabbana. Ferraris are used instead of bicycles.
      Other Italian resorts which would like to protect and preserve their local and historical individuality will monitor the experiment with interest.


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