Buying a Property in Italy

[jinkster]

If I was looking at buying a property in Italy and for example found one on Rightmove. What other fees would need to be paid? Never bought abroad before. Thanks

[mybrainhurts]

You're thinking of buying property in an economy like that..?

Brave move...

[jinkster]

its a hypothetical query! However, maybe some bargains to be had.

[mybrainhurts]

Going to get worse, isn't it...?

[Steven Quas]

I understand that there is an initial tax of 10% of the property value for non residents, plus the buyer pays the agency fees of around 3%. I think there are one or two more small taxes, so I would anticipate paying around 15% of the property value in tax. Friends of mine bought in the Dolomites about 2 years ago, so I assume it won't have changed much since then.

Steven Quas
Hamburg

[tinoproductions]

1) Heart ache and patience
2) Agency Fee - Circa 1%
3) Registry Fee - Circa 3%
3) Notary Fee - Circa 2%
5) If buying from developer - 4% VAT

There is also about 1000 euro in various legal fees and just 'other'.
You can use this to give you an idea.
Put the price in the first 2 boxes if buying cash, 3rd box is the agency fee, and 4th box is your mortgage amount with an Italian bank.

http://www.umbriacase.it/calcola/costo_casa_privat...

All in all, it will cost between 5 and 10% of the price paid in various fees.

Markets are fairly stable, but not as liquid as the UK one.
Prices have not really been affected by recent events.


Let me know if you need anything else.

[Steven Quas]

tinoproductions said:

1) Heart ache and patience
2) Agency Fee - Circa 1%
3) Registry Fee - Circa 3%
3) Notary Fee - Circa 2%
5) If buying from developer - 4% VAT

tinoproductions - I wonder if these fees you have quoted are for an Italian resident? The site you linked to appears to be aimed at them. I could be wrong, but I understand a non-resident must pay an extra 7% (10% instead of 3% from memory) to register the property. This is probably what you have listed as the Registry fee. German friends of mine were complaining to me that their buying costs were around 15%.

Steven Quas
Hamburg

Edited by Steven Quas on Friday 30th December 14:16

[Steven Quas]

A Google search brings this:


Purchase tax is levied at 10% for non-residents and at 3% for residents
http://www.properties-in-europe.com/info_italy_buy...


As I say, I don't know for certain that this is correct, but it fits with the experience of my non-resident friends.

Steven Quas
Hamburg

Edited by Steven Quas on Friday 30th December 17:53

[tinoproductions]

I guess you are right, I was looking at it as a local.
Best of luck!

[Steven Quas]

These are fairly prohibitive costs for non-residents, so I guess the OP has to be sure that this is the right property. I imagine there would be a way around some of the cost, possibly by buying in the name of a company, which seems to work in several countries.

Steven Quas
Hamburg