Introduction Italian Real Estate

Notes of Interest

Technicalities incurred with purchase of properties in Italy are minimal: when a property is selected and a price agreed, a “compromesso” (preliminary sale agreement) is signed. Sometimes this is followed by a “promessa d’acquisto” (purchase proposal), this document states the full price to be paid for the property, plus modalities of payment.

Transfer of Deeds is called “Rogito” and is performed in front of a Notary Public, in Italy. He will have checked that the property being bought is free from liens, encumberments, etc.
Usually the Rogito is drawn when the balance is paid up, the deed being registered in due course in the Catasto (land registry) of the area where the property is located.

It may be useful to remember that, whereas the Preliminary sales agreement, or Purchase proposal shows the full price, the Rogito does not, the figure being set by the “Redditi” (rateable values).

Local rates and taxes

The local rates relate to garbage collection and drain system costs
And they are usually levied on the basis of approximately the Euro equivalent of 20 pence per square metre of floor area, each. The property tax (I.C.I.) is even less than that.

Purchase price

The purchase prices indicated for our properties are inclusive of commissions, surveyors and notary fees, stamp duty, government and local conveyancing taxes and registration costs.
The properties of the Rosapineta Complex in Veneto are also sold fully furnished.

Mortgage (Ipoteche) and other credit facilities

In Italy there are first and second mortgages (Mutuo Fondiario), the second usually granted over 15/20 years, at varying rates, on about 50/60% of the price paid. The mortgage is registered at the “Registro delle Ipoteche” (mortgage register), a charge being paid both for registration and cancellation.

Residence

All foreign purchasers of properties in Italy are issued with a “Codice fiscale” (tax number), which establishes the fact that they reside in a particular “Comune” (Borough). Owing to dual taxation between Italy and the U.K., if income is derived from the property it should be shown only on one return: consultation with one’s accountant is however advisable.
As members of the E.E.C., British citizens are entitled to settle in Italy without any hindrance, to work and to engage in any activity they choose, provided they comply with the local laws and formalities and register with the local police.

Title of property

All property, be it a flat or a house, is FREEHOLD.
Additional information can be obtained from the Italian Embassy, Consulate offices or from a firm of solicitors versed in Italian affairs.

Climate

Italy is known the world over for its climate, which is milder and more temperate along the coast.

Absence of great degrees of humidity makes it even more agreeable and the following table shows the variation in the seasons (average temperature recorded in Celsius).

Rental service and business opportunity

All properties purchase, once furnished, can be let to an even stream of clients from the UK, Europe and even Italy, wishing to rent accommodation from one week upwards.
Prices, broadly speaking, can be divided into three periods, High (6 weeks in July & August), Medium (June, July & September). Low (other months).

Some of the properties offered are large enough to be converted into several apartments. Management of such undertakings, even with the eventual addition of a swimming pool and other minor sport installations, will provide plenty of scope for enterprising people. Being simple and inexpensive to run, are preferred to guest house/hotels, which are likely to provide headaches with the personnel needed, especially if the supply of meals is contemplated.

Construction and repair of houses

Whilst a lot of work could be carried out by the purchaser, even helped by local labour, it is however conceivable that part will require specialized assistance.

To this end, all our local agents area geared up to obtain estimates for any work to be undertaken, and if necessary, we are in the position to assist with the execution of the work being monitored by surveyors and architects appointed by us.