where to Buy Real Estate in Italy



Italy as a country is very diverse, and has a number of different areas that will appeal to different people.  For example to the North of Italy you are treated to the beautiful landscape of the Alps & Apennines. Amazing mountains, woodlands and meadows dominate the landscape of this area.
 
In the North of Italy there is also the picturesque lakes, of which lake Garda is the most famous. Other popular areas to the north of Italy include North of Italy include Tuscany and Lombardy.
 
The south of Italy is completely different, very rural, with a landscape that is very dry and arid Napoli is one of the largest of Italy’s southern towns, famous as the birthplace of the mafia, Napoli is a vibrant city which has become very popular with tourists and has seen property prices rocket in recent times. Sardinia and Sicily are two of Italy’s largest Islands and both are stunning in their own way, what both islands have in common is a very buoyant property market, with Property for sale in Sicily, very popular with US and UK property investors.
 
                   Italian Real Estate-  Property for sale Italy, Sicily 
property Italy Sicily

 


Free House Agent recommends the Following locations as a good place to start when looking for an Italian property for sale.

  • Sicily
  • Sardinia
  • Napoli
  • Tuscany
  • Lombardy


Property for sale Italy

 
In Italy most Italian property for sale is Freehold like the UK. Property buyers in Italy will need at least a 10% deposit which is paid to a notary. With Italian property system there is for protection for the property buyer, for example after the initial contacts have been signed and the vendor decides not to sell his or her property the vendor is liable to pay back double the value of the deposit to the buyer.  The seller also has legal rights and they vary depending on the contract. Hire a property laywer who specializes in Italian property law to help you with this, but for some basic information the term “penitenziale” means if you pull out of the sale you will lose your deposit. “confirmatoria” indicates a more binding contract that could see you being taken to court if you pull out of the deal.

Buying a Property in Italy



Once you have decided to purchase a property in Italy, you need to sign an initial contract; it is wise to get this contract drawn up by a property lawyer.  Following this contract you may be asked to sign the compromesso, a legally binding contract which means the buyer is legally bound to the Italian property sale.


The Italian property sale will take place before a public notary, where the conveyances of transfer or property deeds are signed. Once you have a legal copy of this paperwork the property is yours.
Unless you are an experienced Italian property lawyer, Free House Agent strongly recommends you hire a lawyer to deal with all legal paperwork and documentation.


At this point it’s worth motioning the fees you might pay when buying a property in Italy.  In total you should budget to pay around 10 – 20% of the value of the property in Fees. These fees consist of the dreaded Stamp Duty which can range between 10% (in Urban areas) and up to 17% (In some Rural parts). Its not all bad news though, first time buyers should only have to pay 4% stamp duty. Legal fees are usually around 2% of the properties value and Surveyor fees are shared between both buyer and seller at around 2% of the property price.


On the purchase of any new Italian property you are liable to pay VAT from 9 – 19%. If you are buying a property in Italy in order to rent it out as a holiday home you may be liable to income tax which could be somewhere between 10 & 60% of total earning connected to the property. Even if you are earning no money from the property, you still have to fill out a tax return form. Any home owner is also liable to local property tax ICI, “ICHY” and this can be between 0.4 & 0.7% of the properties value, the rate depends on the size of the property, its location, whether it is fit for habitation and  local government policies.


Free House Agent recommends that when buying a property in Italy, take at least the same precautions as you would a British property. Make sure that you,

  • See the Property first-hand
  • Carry out a survey on the property
  • Hire a Property lawyer who specializes in Italian property law
  • Hire an Italian financial consultant


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