The property market in Italy

Following the euro crisis, which hit Italy hard, the property market has recovered steadily since 2014. And property prices in Italy are still relatively affordable. Exceptions are sought-after addresses in the centre of metropolises or in prime coastal locations. Around 80 per cent of Italians own property, most of whom use it themselves. The supply of rental flats is correspondingly small: Often you will only find holiday homes or furnished flats. Most property transactions in Italy are handled by estate agents. Anyone looking for houses or flats in Italy should therefore look for a competent local contact.

Popular cities and regions

In addition to cities such as Rome, Venice, Florence and Milan, it is the regions in the north and centre of Italy that are particularly popular with foreign buyers - especially Tuscany. Bargains can be found in the north of Tuscany in particular, as the region between Florence and Forte dei Marmi is in an excellent location, but is hardly known to Americans and Asians. As a result, houses in Chianti fetch top prices and are no longer suitable as investment properties. Towns such as Lucca, Montecatini Terme and Pietrasanta are hardly inferior to Chianti in terms of their charm and offer excellent opportunities for value appreciation.

Additional costs when buying property in Italy

However, international buyers or investors should obtain detailed information about the property and the additional costs incurred before buying a property in Italy. In addition to any estate agent's commission and notary fees, which can be up to two and a half per cent of the purchase price, there may be translation costs, VAT, registration tax and land transfer tax. This makes the additional costs of buying a property some of the highest in Europe. - However, notary fees, for example, have been negotiable for some time now. It is therefore worth comparing. Talk to us!