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Why Invest?
Italy has an unparalleled beauty with over 7,600 miles of beautiful shorelines, the majestic Alps in the north, spectacular scenery and ancient sites. The marvelous historical buildings, museums, rich and diverse art and culture of Italy brings a whole new world of colours and contrasts. The country has world famous cities each known for its own distinctive character and beauty.
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Market Report
Italy’s real estate market is attracting investors as Italy’s property market with growth potential and no risks represents a strong investment market. Despite the economic crisis there is activity in Italy’s property market. The investors who want to play it safe in today’s time of turmoil are turning to Italy’s established property market where the demand for Italian property has not decreased as reported by the property firms and Italian real estate agents.
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Economic Overview
Italy’s Economy is the world’s sixth largest economy according to the ranking by the World Bank and International Monetary Fund in terms of USD exchange rates. In terms of Purchase Power Parity it has been ranked as 9th largest economy by IMF and CIA world fact book. Italy as a member of European Union has risen as a powerful economy.
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Visa/Residency Issues
To travel to Italy a passport is required and for citizens of EU countries only a national identity card is required if they intend to stay for a period of 90 days. If the stay is for a longer duration of time then a passport must be applied for.
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Getting to Italy
People coming to Italy from European countries can either opt for train,plane or a ship. It only takes 2.5 hours approximately to get from London to Rome. Rome being a major tourist and business destination is still the center of transportation as it was in ancient times.
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Fees & Taxes
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Taking into account all the fees etc a buyer in Italy has to pay around 15% of the total purchase price.
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Stamp duty is usually between 10% and 17% depending on the location.
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10% is paid for most properties that come under the urban category, whereas 17% is paid for rural properties.
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If you intend on moving to Italy permanently then you will be required to pay 4% stamp duty.
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VAT on new properties can be from 10% to 20% depending on whether the property is classed as luxury.
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If you build your own property you can get a 4% reduction in VAT.
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Estate agent fees are between 3% and 5%.
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Notary fees are normally 3%.
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Legal costs in Italy are typically 2% of the purchase price.
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Local taxes (ICI) are between 0.4% and 0.7%.
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Italy
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Basic Information
| Population |
57.5m |
| Languages |
Italian |
| Area |
301,318 sq km |
| Currency |
euro
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| Dialing Code |
+39 |
| Emergency Services |
112 |
Italy Overview
IItaly offers stunning variation in natural beauty, from lakes, mountains and lush vegetation to rugged and sandy beaches. Italy offers varied entertainment activities from skiing, hiking, beach holidays to sightseeing and cultural activities. The countryside has picturesque beauty where you can enjoy nature’s simple pleasures and the simplicity of life while the modern cities are developed and offer a modern lifestyle. All this comes with the combination of history and culture quite unique and distinctive that attracts tourists from all over the world. The economic factors of Italy are another plus point that works in Italy’s favour making Italian investment an attractive option.
Average Property Prices
Most expensive properties in Italy are in Milan and Rome.
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Prime property in Milan.... €8,000 per m2
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Prime properties in Rome and Venice.....from €1,500 to €5,000
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Property in most cities is typically from €700 per m2 for old unrenovated properties
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New or renovated property in most cities.....€4,000 per m2
Buying Process
In Italy, the properties are passed off from generation to generation due to the fact that government has wavered off the inheritance tax. The majority of Italian population owns their own homes; the homeownership in Italy is 78%. Major incentive for buying property in Italy is provided by the government through laws, strongly in the favour of buyers.
- There are three steps in buying a property; proposal of purchase, preliminary purchase and final purchase.
- The first step towards purchasing your ideal property is to appoint a legal representative (notary), who will be responsible for searching the desired properties.
- As practiced in many countries, you obtain a tax identification number from the authorities. You will make an offer on the desired property; this binds you to purchase the property at the given price. The seller and purchaser then sign a legally binding proposal. In case the seller accepts the offer, you deposit the 10% of the original price.
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