Italy in numbers: Buying a property in Italy
Stunning landscapes; breath-taking cities; delicious cuisine; fine wines; winter sports and art and architecture galore – it’s no wonder that Italy is fast becoming a popular choice for people buying holiday homes abroad. Whether you’re after a rural retreat in Tuscany, a party pad in Milan or a ski-chalet in the Alps Italy has a lot to offer!
If you’re considering buying a property in Italy here are a few facts that might just swing it for you…
Although the climate in Italy can vary dramatically from one region to another, on average Italy enjoys 223 days of sunshine a year averaging 22°C.
Mortgage lenders in Italy typically lend up to 60 per cent of the property value. So, you need to budget for a 40 per cent deposit plus fees when buying a property in Italy.
Italy boasts more than 300 different ski areas including the stunning UNESCO classified resort, Val Gardena, the famous Sella Ronda and Sestriere, which played host to the alpine skiing competitions in the in the 2006 Winter Olympics and Paralympics.
When buying a property in Italy you should budget for additional fees on top of the purchase price, including purchase taxes, Italian lawyer’s fees, land registry and notary fees. Typically, you can expect to pay up to 15 per cent of the purchase price for these fees. Make sure you know the full cost of buying property in Italy!
Italy has 7,600 kilometres of beautiful coastline bordering the Adriatic Sea, Tyrrhenian Sea, Ionian Sea, and the Mediterranean Sea.
If you spend more than 183 days a year in Italy you will become a resident of Italy for tax purposes and will be liable to declare your income to the Italian tax authorities and pay income tax under the Italian tax rules.
It’s not all pizza and pasta in Italy (although we’re partial to a Margherita or a good old carbonara!) From savoury delights to sweet treats, you can be sure that you’ll enjoy 365 days of great food every year in Italy!
When buying a property in Italy, if you’re transferring funds held in Pounds Sterling to Euros, you can save up to five per cent of the value of the property purchase by using a currency exchange specialist. They can help you to time the transfer and fix exchange rates, as well as save you hefty commission rates charged by high street banks.
Total Buying Abroad’s advice service is absolutely FREE! It will cost you nothing to get professional independent advice about buying property in Italy.
If you have any questions about buying property in Italy or need professional assistance – including a lawyer, currency specialist, mortgage specialist or estate agent – call our friendly team on 01244 478911 or email firstname.lastname@example.org. You can also download our handy, Buying in Italy Guide!
Article published: June 4, 2018