Italy is a favourite for holiday homeowners and those seeking a slower pace of life, surrounded by countryside, nature and a rich history. It is also renowned worldwide for its excellent cuisine and wine. Some of the most popular regions include Tuscany, Campania, and Puglia. If you are contemplating emigrating, or are thinking about investing in a holiday home in Italy, you will need to consider the practical aspects of the property buying process. Here are some of the main reasons to buy property in Italy.
- Stable property market. Italy’s property market is notoriously stable and it remains strong and steady in its growth. It is fundamentally conservative because Italians generally don’t over-capitalize or over-mortgage and the average family owns only a single home, which is partly owing to tradition. This means that it is a comparatively safe market to invest in over the long term.
- Consistent rental returns. Italy’s most famous cities are a good place to invest. A steady stream of tourism to Rome, Venice and Florence both support the local economy and guarantee the prospect of a good rent stream and investment return throughout the year. Because of the temperate climates, the major cities are visited for comparatively long periods compared to many other European destinations (and at any time of the year), increasing your potential for income and reducing your investment risk.
- Italy has more UNESCO world heritage sites than anywhere else in the world. UNESCO world heritage status means that a location is protected from further developments and Italy has a plethora of these to offer. With 49 UNESCO sights including the city centres of Florence, Rome, Siena and Puglia you can guarantee the beautiful historic buildings and sights are there to stay.
- There’s no Capital Gains Tax after five years of ownership. Keeping your property for five years could increase your resale value by 20%. Just to reassure you, there’s also no gazumping in Italy if the purchase contract is drawn up correctly, because the contract is binding from the outset on both parties.
- It’s not as expensive as you think. Many people are convinced that buying property in Italy is far more expensive than its alternatives Spain and France. However, a typical budget you’d be considering for the likes of Mallorca or Brittany can actually find you a lot of properties in Italy. It might not be a luxury villa in Chianti but there are other options in prime locations such as Liguria that you can find with your typical budget.