Recall that Italian builders are considered the best in the world. And high-quality building materials and advanced technologies allow us to talk about excellent quality of homes. In addition, the price of housing in Italy is noticeably lower than in other European countries with similar levels and quality of life, and renting an apartment in Rome or a villa on the coast is considered a special chic today. It is no wonder that the Calabrian coast has been named one of the most interesting places for buying housing this year. It is hard to believe, but just a couple of years ago, an apartment in Calabria – a peninsula in southern Italy – could be bought for $15 thousand. It was quite possible to find a cheaper option, but then few people paid attention to the modest coastal towns that resembled large villages. Now the situation is changing – both in terms of prices and the attractiveness of certain areas. The more important it becomes to "jump on the departing train" – that is, to buy at an acceptable price.
Where to buy?
Prices for residential real estate in Italy depend on the number of rooms, location of the building, view from the windows, presence of a garden, veranda, courtyard and other additional amenities. And in most cases, the square footage does not matter much. Price formation also depends on factors such as historical, tourist or industrial significance.
The price range in Italy increases from south to north. And, of course, the cost of housing in cities on the seacoasts is considered one of the highest in Italy. For example, Naples, Rome and Venice are concentrations of the most expensive real estate, regardless of whether you buy a villa, a studio, a simple apartment or a condominium. But Sardinia and Sicily, with the same variety of residential real estate types, cost 3-4 times less. The reason is banal: these territories are not as attractive for tourists and, consequently, for investment. In turn, prices within a territorial group vary depending on the status and popularity of a particular type of housing. For example, a standard apartment will be half the price of a studio apartment, even if they are the same size, and a house by the sea is several times cheaper than a villa with its own vineyard.
Before buying real estate in Italy, it is necessary to determine the purpose of its acquisition: summer vacation, permanent residence, or investment aimed at generating profit. If you are looking for a house that can be used both in summer and winter, you should pay attention to housing near lakes. The town of Stresa on Lake Maggiore is about an hour's drive from any of the three Milan airports. Here you can enjoy skiing in winter and great relaxation on the lake in summer. Apartments in a multi-owner villa near golf courses can cost around 120 thousand euros. A villa with a shared pool can be purchased for 370 thousand euros. Two-bedroom apartments, with or without a pool, on Lake Como are very popular. In new buildings, you can order finishing to your taste. Two-room apartments usually cost about 150 thousand euros.
Two more interesting regions, Le Marche and Abruzzo, are located on the Adriatic coast. They have only recently gained popularity. We can recommend a very promising area near San Benedetto del Tronto. The beaches and nature here are magnificent. In these parts you can find a typical farm (renovated or awaiting restoration), or apartments with a beautiful sea view.
If you are interested in more southern regions, you can choose Basilicata. And buyers interested in Switzerland can look at suitable housing near Lake Lugano, which is located on the territories of both countries. Moreover, the cost of houses and villas on the Italian side is somewhat lower.
How to buy?
The purchase of real estate by a foreign citizen in Italy can take place under the following conditions:
- payment is made in a strictly defined manner;
- the buyer must legally be in Italy and must have an Italian tax code;
- the transaction must be registered in the state register.
The process of acquiring real estate in Italy takes place in three stages. First, the Italian agency draws up a document that specifies all the conditions and nuances of the real estate purchase; the buyer pays 5% of the cost as proof of intent. The check must be paid to the seller's company, but the money is not yet transferred to his account. The purchase offer is presented to the seller together with the check, which he can sign (and then the check is given to him) or make some changes to the document, for example, the method of payment. The buyer, having considered the seller's changes, may agree to them or not. If he is not satisfied with the new purchase terms, he has the right to withdraw from the deal. If the seller initially agrees with the document and signs it, but the buyer suddenly refuses, the money is not returned to him.
After the acceptance of the purchase offer, a preliminary contract is concluded between the parties, which confirms the exclusive right to purchase this property, which in turn is removed from sale. The existence of a preliminary contract obliges the buyer to pay another 10-20% of the real estate value, as well as to pay the agency fees.
Keep in mind that real estate from hand to hand will transfer only after 30-40 days, while the documents required for the transfer of ownership are being prepared. The parties to the transaction, as well as the agency representative, sign the deed of purchase in the presence of a notary. The buyer hands over a check for the remaining amount, pays the notary's fees, receives the keys, and from that moment is considered the full owner of the real estate.
When completing a transaction, the buyer pays for the work of the agency handling the transaction process. In addition, the buyer is responsible for paying the notary's fees, who registers the new owner in the property register. The cost of notary services (on average 3%) depends on the sale price of the property (the higher the price, the lower the percentage).
Illegals are not welcome here
Having a residence permit in Italy, you can take advantage of tax benefits when purchasing a home, saving an average of 7% of the property's value. However, this rule does not work in reverse: that is, buying property does not grant the right of permanent residence in Italy and is not a sufficient basis for obtaining a residence permit, although you can always count on a tourist visa.
And getting a residence permit is not so easy. Visas are quite easily issued to people "at the end of their active life period" (read: pre-retirement age) who have a high steady income. But such a visa does not grant the right to work in Italy. In other words: come, live, bring and spend your money here, but don't take our bread...
The fact is that in recent years illegal immigration in Italy has become a real problem. The standard of living here is quite high, and tens of thousands of illegals from Africa, Iran, Turkey, Albania, Macedonia are trying by fair means or foul (more often foul) to cross the coveted border and settle on the peninsula. An illegal's life in Italy is no picnic: official work, a roof over one's head, not to mention a social package, are out of the question. But migrant workers are ready to do anything for a piece of bread. Some of them join the criminal ranks, others try to legalize.
Not surprisingly, native Italians are not happy with this situation. Today's Italian laws against illegal immigration are among the strictest in Europe. So, if you decide to buy property in Italy, thoroughly study the relevant legislation and meticulously fulfill all its points. It may cost more, but life will be calmer.