Owning property overseas has been a dream of many real estate enthusiasts for years. If you are considering investing in Italy, this article discusses some of the things you need to know to protect your interests and get your dream second home. Buying property in Italy as a foreigner is allowed, so that’s one thing you can cross off your list.
The expenses that you’re looking at on top of the sale price round up to about 8.84% – 22.60%, including registration tax, land registration tax, notary fee, legal fees and real estate agent’s fee. Now that we’ve covered the technicalities, let’s look at some of the most popular regions in Italy for buying property on a budget.
If you are looking to spend between €25,000 and €200,000 for a second home in Italy, that’s entirely possible. Italians put a hefty price tag on property in urban areas, such as Rome, Florence or Milan, and on seaside property. As soon as you move deeper into the country, you’ll be saving tens of thousands of Euros just because you’re not picking the prime location.
Mind you, buying property in Italy still means getting good value as Italy’s popularity with tourists and globe-trotters never stops, so the property never really loses its value.
If your heart is set on northern Italy, fear not, you can still get an apartment in this region for less than €200,000 if you consider buying in the countryside of the Veneto region.
Central Italy can be quite expensive, as the region of Tuscany drives prices up, but luckily, if you choose Lazio or nearby Abruzzo, you can get a project home that needs restoration starting from €25,000.
If you don’t want a project, head for Lunigiana and Garfagnana areas of northern Tuscany where you can find a house that’s move-in ready for around €100,000. Another central Italian region that’s become very popular over the past 20 years is Le Marche. For a budget of less than €200,000, you can get a nice apartment or even a house that has a cottagey feel to it.
If you like the southern regions and plan to stay away from Amalfi Coast, Sicily’s Taormina or Sardinia’s Costa Smeralda, in the region of Puglia for less than €200,000 you can get a new two-or-three bedroom house or a nice apartment.
Buying property in Italy on a budget if you are a foreigner is entirely possible, and it certainly is an exhilarating experience that you’ll be able to cherish forever.