Still wondering whether the Italian housing market represents a safe investment for you? There are so many signals indicating this is the best moment to buy a home in Italy. Seize the day!
News and predictions on Italy’s property market
House prices in Italy are stabilising, with 2014 showing the first indicators of recovery since the economic crash in 2008. While they are increasing in many countries in the continent, in the peninsula prices are still falling even if at a slower rate with respect to recent years. In fact the country can offer some of the best deals in Europe at the moment.
This has made Italian housing market very affordable and accessible nowadays for both Italians and overseas investors looking to buy a property in Italy who are more and more interested in relocating to ‘the boot-shaped country’. So while prices are dropping, sales are increasing (+10% with respect to 2013) also thanks to more affordable mortgage tax rates and banks which are more keen to grant loans.
There are numerous good value real estate for sale in Italy available at the moment, particularly in the areas traditionally popular with worldwide investors, such as Puglia, Lake Como and Tuscany – as well as some ‘newly discovered’ spots like the Dolomites and Le Marche, where properties can be up to 1/3 cheaper than in Tuscany. Here you will find a wide choice of dwelling at very reasonable prices – and you may even still be able to barter prices down in some areas.
For bargain hunters, there was a growing market for solutions under €150,000, and this is expected to continue also throughout 2016. These investments gives them something they can use, and even generate further income from by renting it out.
The recovery has been evident especially in the large cities where prices fell by 30% if compared to ten year ago, and this wave is going to invest the entire peninsula very soon.
Of course, nothing is certain in currency markets making it important to be constantly aware of market movements and the factors that cause these.
Tax relief on you home in Italy for this 2016
Whatever the reason for investing in Italian property, it’s important to remember that buyers need around 10% of the purchase price to cover fees such as stamp duty, legal costs, agents fees, etc. However, the cost of ownership in the country is low, especially if compared to other countries, as there is no capital gains tax after five years and no inheritance tax. The country has also been feted in recent times for making the purchase process less bureaucratic and less complicated for overseas investors.
And what is more the Government has also reduced the fiscal burden on property taxes with theFinanziaria 2016. This means that owners of primary homes, unless they are luxury abodes, in 2016 won’t pay Tasi, which is the tax on municipal services, such as road maintenance or street lighting and cleaning, etc.
In case you buy a house in Italy and you decide to rent it out with a ‘regulated contract’ (locazione a canone concordato), you will benefit of a 25% discount on both Tasi and Imu. It is a renting contract with fixed duration that is regulated by the local authorities.
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