Here you can find a few hot topics about the process of purchasing a property in Italy. If you still have questions -
Take it into consideration that it might take 4-6 weeks to find an ideal property. The following 2 weeks will be spent on negotiation between our team and a seller as well as on preparing the initial contract (stating that a client and a seller will eventually sign a sales agreement in front of a notary).
If you cannot be present in Italy throughout the process of buying a property, we can help you sign the power of attorney (so that we can officially represent you): this procedure will take about 2 weeks. If you would like to apply for a mortgage in Italy, we can help you with this process as well (it might take around 1 month). The final step is meeting a notary and signing the main sales agreement which should take about 2 weeks.
Overall based on different scenarios it can take you anywhere from 2 to 4 months on average to buy a property in Italy.
Italian residents do not pay property tax. For non-residents the amount of this tax depends on cadastral value of a property and on average does not exceed 1% per year. Your monthly expenses typically include electricity, gas, water and sewage bills as well as trash and internet fees (if you need it). Depending on the condominium complex there could be a monthly homeowner association fee.
There is an Italian law referring to the commission payout to an agency by both a seller and a buyer. If there are several agents executing the deal, they will divide the commission accordingly. The amount of any commission is defined in a sales agreement beforehand. The notary is obliged to then forward this information to the tax office. So if you have an agent who is not asking for any commission from you, be very mindful of that. Most likely, the agency simply added that amount to the increased price of a property, on which you will have to pay also increased taxes!
While an agent is representing interests of both a buyer and a seller, objectively, a property finder is solely representing a buyer. A buyer is then paying for the services provided by a property finder, who in turn has to act in a buyer’s best interests. Nowadays it is more common for Italians and foreign buyers to hire a property finder instead of going to an agency. The great advantage of having a property finder is that he or she can present any property, from any agency, and then negotiate with a given agency on behalf of a buyer.
We highly recommend hiring an English speaking property finder as it will be much easier to understand all the peculiarities of a sales process and a sales agreement. Such a property finder is focused on his or her market and wants to create and protect the image. As a result he or she will do the best job in helping you buy a house.
If instead you decide to call a local Italian agency, chances are the agents do not speak English, or if they do they might be triggered to have a better deal for themselves than for you seeing that you are a foreigner and probably do not know much about Italian laws.
Typically, real estate agents do not provide post-sales services unlike a property finder. Finally, a property finder is a great contact to keep for the future years to come in case you have questions about your property.
There is an anti-money laundering law in Italy which prevents cash payments exceeding 2000 euros. It means you can spend 1999 euros in cash but no more than that. So how can one purchase a property in Italy? You have two options: wire transfer from your bank account to the account of the real estate company or a bank check. If you prefer you can also open an Italian bank account but it is not obligatory. Normally Italian banks charge a substantial monthly fee for their services, and many utility companies do not accept payments from local banks if coming from non-residents.
Our team will consult you on any additional questions about purchasing a property and paying bills in Italy.
Italy has seen a decline in property prices in 2021 and a new record has been set in October (since 2012).
At the same time, Italians are actively buying houses and apartments, which is associated not only with low prices, but also with many benefits and bonuses for buying a house here. On average, 1 sqm costs 1696 euros. In many provinces and cities prices fall by between 1% and 6%. Nevertheless, Bolzano is leading in terms of expensive housing, where it costs 3,852 euros per sqm, while in Biella you can find real estate for 581 euros per sqm. Major cities such as Naples, Milan and Rome have consistently increased real estate pricing, while Florence, Turin and Bologna have been dropping prices this year.
Our company will advise you on real estate in Italy and Spain, its trends and news, as well as where it is more profitable to buy a property at a given period of time.
Buying commercial real estate in Italy is a very profitable investment for both individuals and international organizations.
The fact is that Italy attracts a large number of local and foreign tourists, historically and also at the moment, and this in turn has a positive effect on the return on investment in commercial property. The Italian government is supportive of foreign investors and it offers help in terms of various benefits and bonuses for investments. In Italy, there is also a special visa for an investor, and for persons with especially large investments there is an opportunity to obtain a residence permit. It should be noted that the tourism sector is the most popular type of investment.
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