Property Week has launched what it claims to be the first online, interactive business magazine, Property Week Global Interactive.

PWGi, which is is free to read, will be published four times a year alongside the original Property Week Global, and emailed to its newsletter subscribers.

The publication is dependent on advertising, but publishers have not ruled out exploring other revenue-raising options in the future.

Property Week editor Lucy Scott said the launch is part of a long-term strategy.

“I think digital magazines will be a major part of publishing in the future,” she said.

“Reading habits are changing – Apple’s launch of the iPad shows that. Although we have websites where people can access the information they need, a magazine fulfils a totally different role in the way it is presented, the arrangement of content and how we prioritise that content.

The beauty of this format for a Property Week is that we can reach our global circulation instantly and therefore are not hostage to the perils of using the post to distribute the magazine. This was a major part of our decision to publish the magazine digitally.”

So what is it like?

The site loads in a page-style format, with fairly fool-proof links to video, audio and animation.

The user clicks the corners to turn the page and on the page to zoom, while a calendar-style contents page allows you to flick to any section of the magazine for a full story. The reader can also choose to to share the story or download it as a PDF.

However, aside from the reading options, the various clickable icons and the ability to view the content in any order in your own time, there is little real particpation on offer.

The publishers have relied on Ceros technology and Flash to offer interactive, three dimensional-feel content, but the result is strangely static.

While the magazine is ascetically pleasing and the layout impressive, I felt a little overwhelmed by the various flying images and garish colours.

Let me know what you think.