« The Changing Face of the Portuguese Property Market | Main | Albania Property Market » |
See more properties in: Italy Property
Real Estate in Italy
By property | October 26, 2008
Italy seems to have it all, from beautiful mountains to exquisite countryside and seaside towns. Buying a property or real estate in Italy, whether for vacation, investment or residence, could be a dream come true.
However, it could also be a complicated nightmare if you don’t have a full understanding of the Italian real estate market and property laws. If you’re investigating real estate in Italy, keep reading for some tips that will show you how to buy prudently in Italy.
Be Ready for Red Tape
Italy doesn’t restrict foreign ownership, which means any citizen of any country can purchase land or property in Italy. However, there will be a lot of red tape. When planning on a purchase of property in Italy, be ready for a lengthy purchase process and higher closing costs.
Expect Higher Closing Costs
After lawyers and estate agents, closing costs in Italy can be as high as 20 percent of the purchase price. You must remember to factor that into your overall purchase budget.
Always Hire a Bilingual Local Lawyer
A local lawyer can help you navigate Italy’s complicated real estate laws. However, a good estate lawyer will generally charge between 4 and 6 percent of the purchase price. This person will check the title, any planning restrictions, and verify that the seller actually has the right to sell you the property.
Check for Property Debt
In Italy, debt remains connected to a property rather than the previous owner – even after a sale. So, if you buy a home that has a lien or debt against it without being aware, you’ll wind up saddled with that debt. A good lawyer will ensure any property you’re investigating is debt-free or that the debt is taken into consideration when setting a final price.
Consider Opting for Residency
Foreigners in Italy have to pay higher home purchasing taxes, while permanent residents pay less. Before you buy property in Italy, you may want to consider the feasibility of obtaining your residency status there.
Consider that a foreign national, or non-resident, pays an 11 percent tax known as a “purchase registration tax.” Meanwhile, an Italian citizen or permanent resident pays just 4 percent in purchase registration tax.
Prices Are Going Up
Since the inception of the European Union, foreign ownership of real estate in Italy has increased exponentially. Because of this surge in interest, particularly with countryside properties, prices are going up. Meanwhile, the demand for resort areas has gone through the roof, along with those prices.
|
For insightful information on new home locations, see homepropertytips.com, a popular site that assists in your search for the perfect home, including Washington DC homes for sale |
See more properties in: Italy Property | No Comments »
Tags: Italy Property, italy real estate