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Are you planning to buy an overseas property in Italy in 2019? Is this the right time to be buying overseas property in Italy? We tell you all in this quick guide. Read on!
State of the Overseas Property Market in Italy in 2019
Finally, after a long, long time, Italy has a relatively stable government at the centre. This is good news for the economy and the property market in general. The overseas property market in Italy has anyway been resilient and was never really affected by whatever was happening in the country.
After all, regardless of the politics, Italy is fundamentally a very stable country, and a top tourist destination. The demand for overseas properties in Italy has always remained strong as Italy holds a special attraction for most international investors.
Who wouldn’t want to buy a cottage in an idyllic Italian village, or an apartment in Rome? A second home in Italy is a major status symbol for high net worth individuals from Asia, Middle East and South America.
Can Foreigners Buy Property in Italy?
There are no restrictions as such against foreigners buying property in Italy. If you’re from the EU, or from the UK, you have the same property rights as any local Italian resident.
However, if you’re from a non-EU nation, it becomes slightly more complicated because the new Italian government is not all that keen on fresh immigration to the country. Of course, this shouldn’t be an issue for high net individuals that want to invest there.
Where to Buy Overseas Property in Italy?
There are so many beautiful places in Italy such as Tuscany. Tuscany is famous for its lovely countryside and villages such as Chianti and Siena. There is a huge demand for cottages in Tuscany. Second homes here fetch a premium in the re-sale market as well.
Also very popular are the regions of Umbria, Le Marche and Lazio. The natural sceneries here are simply stunning. The quality of life is something to be envied. places like Puglia and Alberobello are no less beautiful, as are Calabria and the entire Lombardy region, where George Clooney has a home.
The Island of Sicily, made famous by the movie Godfather, has attractions of its own. Sardinia is another popular spot where you can buy very beautiful traditional Italian homes for a relatively low price.
How Much Does a Typical Overseas Property in Italy Cost?
A typical four-bedroom house in the Italian countryside costs between €150,000 and €200,000. In some of the pricier regions such as Tuscany, it could cost more, between €300,000 and €450,000. Apartments in Rome and Milan cost €250,000 or more. Italy is a first world country, so you should be prepared to pay first world prices.
You should seek out help from an experienced overseas property agent when buying a second home in Italy. This is a must! They would have contacts with people who want to sell their homes fast and can get you the best deals.