When you are looking around for options of Investment in a foreign country what could be a better investment than the Real estate. Italy is one of the most popular destinations when it comes to buying real estate properties to retire.
The beautiful scenery of Italy shown in Hollywood movies has created a mesmerizing image of this beautiful place in everyone’s mind and it’s a dream for many to buy a house there.
In 2019 Italy won the crown for the most searched country on Google for travel purposes.
For more info, check out also this article about all the costs of buying a house in Italy, by Accounting Bolla.
Can Foreigners Buy Property in Italy?
Most probably yes. Of course, there are some laws for foreigners specifying who can and who cannot buy a house in Italy.
If you have been legally residing in Italy for at least 3 years, then you can buy a house there without implying with any other condition.
Those who do not fulfill the above condition can also buy a property in Italy if there is a reciprocity treaty between your country and Italy. That means if citizens of their country can buy immovable property in your country then you can also buy in theirs. However, this condition is not required for the citizens of EU countries.
Buying Property for Reselling Purpose
Now you must know that around 70% of people in Italy own their own house. While most of them inherit it from their ancestors, the others manage to buy a decent one by their own. Therefore, buying a house in Italy is not good from the perspective of reselling it later at a profitable price however if you are planning to buy one to live in it then you are good to go.
However, buying a house near tourist attractions in Italy is also a good option as you can earn well by renting it to tourists. This was a booming market till this year, due to the spread of COVID19’s virus which has definitely affected the Italian’s tourism. However this may be a very good moment to find very good deals since the prices in this real estate market has dropped.
Ways to Find a Good Property in Italy
If you have not been living in the country for a long time and do not know much about it then it is best to take the help of Real Estate Agents in Italy. While you choose to go with this option, be aware of the scams. Ensure that the agent is an authorized one before taking the things forward. There are many agencies in Italy like Accounting Bolla that is offering valuable consulting service regarding Real Estate.
Take your time to research the property, before making any payment. Check the certifications, the status of the house, if there are any unsettled mortgage on it, or any extra costs for the renovations you have not considered.
Another option of buying a house in Italy is to contact an agent or lawyer in your home country so that he can contact any trusted Italian real estate agency and establish communication. As they all work in the same field, they always have good networks.
Cost of a House in Italy
Well, the basic price is based on the location of the house. There are houses available at the rate of just 90 Euro per square meter, but the location would be in a village with very limited services.
If you are looking for a house near tourist attractions, then be ready to pay the rates of around 2500 Euro/square meter minimum.
Additionally, if you are a foreigner willing to purchase a house in Italy then there are many hidden costs as well. For a foreigner, the costs of buying a house in Italy will include basic price, Agency fees, Registration tax, Notary fees, Value Added Tax, Utility Fees etc.
Special Points to be Kept in Mind
As now you know that most of the Italians inherit their house from their ancestors therefore the house you are eyeing on may not be in good condition.
It is thus advisable to carefully inspect the property so that you can get to know if any plumbing or electricity fixing issue exists.
If any such problem is that, get it fixed before buying the property.