Buying Property in Italy. Pros and Cons

The Best Place to Buy Property in Italy

Choosing a region is the first thing to pay attention to.

You need to determine what is important to you and decide what budget you intend to spend.

For example, if you decide to buy a cottage by the sea, but still want to travel, real estate on the islands of Italy – Sardinia, Isca, Sicily - will not suit you. These are good resort regions, but they have serious restrictions in terms of movement. Real estate on the coast of Liguria, Tuscany, the Adriatic, or other coastal regions is more suitable for you. For example, you can check out property for sale in Scalea, since it is an affordable sea resort.

If you are going to rent out an object, please note that the rental market on the coast and the lakes are mainly seasonal. To conclude long-term contracts, consider large cities with universities, and offices of large companies, such as Milan, Turin, etc. They have a constant demand for rent, which does not depend on the season, as well as higher prices.

Can Foreigners Buy Property in Italy?

In Italy, equal rights to purchase real estate in the country for foreigners and locals are even at the legislative level. Foreign buyers do not need to request permission from the local authorities or obtain a residence permit in Italy to purchase real estate.

Owning real estate in Italy is a sufficient basis for obtaining a multiple-entry Schengen visa. You can stay in the country for up to 90 days in 6 months and travel to other Schengen states. If you want to stay in Italy longer than the visa allows, you need to get a residence permit.

You can get a permit by declaring your intention to live in Italy and proving that you have enough funds for this (the basis of "Chosen place of residence"/ residenza elettiva). When considering an application for a residence permit, the presence of real estate in the property will be considered an advantage.

Buying a Property in Italy Step-by-Step

Step 1. Prepare for the Deal

The first thing you need to start with is to get an Italian fiscal code (codice fiscale) to conduct many kinds of transactions involving local authorities such as getting medical insurance, getting hired, conducting business, signing contracts, etc. 

Potential buyers usually open an account in an Italian back for subsequent payments. They transfer the necessary amount of money from an already existing account in their country. In the future, it can be used for utility payments.

Another option is to pay straight from international accounts, but there is always a risk of delay. Money must be in the seller’s account before signing the sale contract.  

Step 2. Reserve the Property

Bargaining is a traditional element of the Italian real estate market. But all negotiations are conducted in writing. You can consider it as a local feature. 

The buyer transfers the deposit for the property when the seller accepts the buyer’s offer. Usually, it is 5-10% of the total cost. 

If one of the parties decides to sabotage the deal, they have to face serious financial consequences. 

Step 3. Conclude a Contract

It is common to start with a preliminary agreement, but not necessarily. Generally, such an agreement is needed if the deal takes a long time. The final contract can be signed, if the buyer is ready to pay the whole sum at once. 

The preliminary agreement must be notarized and contain the following information:

• personal data of a buyer and a seller;
• the price of a property, the payment procedure, and the number of deposits made;
• description of a property, inventory data.

The notary begins to check the property documents provided by the seller after signing the agreement. 

The seller does not have a right to backtrack the deal after signing the preliminary agreement. The transaction is considered completely irreversible. At this stage, the buyer pays the real estate agent.

The main sale contract (Contratto notarile di compravendita) is signed by the seller and the buyer and has to be notarized. But a notary has to read the contract out loud and exclude variability in the understanding of its points.

It is very important to remember that the buyer also has to pay for the notary’s service and necessary taxes beforehand. Only after covering these expenses, the contract can be signed. The property must be paid for at the same stage of the deal and confirmed with checks or pre-payment bank transfers. 

Step 4. Final Settlement

Payment in Italy is made by bank checks. The buyer must give the bank check to the seller on the same day when the contract is signed. 

Another common type of transaction is a payment straight to the seller’s account or a notary's trust account (which is even safer). The notary passes the money when every term of the sale contract is met.

The transaction must be paid in euros. 

It is forbidden to pay for real estate in cash.

Step 5. Register the Property

The transaction is officially registered after signing the main sale contract. The notary transmits all information to the relevant state authorities. 

Registration of ownership takes up to 3 months, depending on 

the cadastral office’s municipality. But the transfer of title is given with keys at the moment of signing the main contract.

The notary issues a certificate of the transaction immediately after signing the contract. 

What you can buy in Italy right now?

2 800 000 €

Villa in Italy

900 sq.m

Italy, Lazio, Rome district Villa in an elite residential area The villa has an area of 900 m2, 10 bedrooms. Swimming pool Garden 11000m2 Price: 2 800 000€

INDOM

Price on request

Villa in Milan, Italy

1500 sq.m 5 5

Just a few kilometres from Milan city centre, this prestigious building is for sale. Composed by eleven refined rooms, this livish palace is currently used as a tourist accommodation facility and boasts large rooms characterized by magnificent and well-preserved finishings, decorations and period frescoes, together with high ceilings and...

Lionard Luxury Real Estate

Price on request

Farm in Milan, Italy

3500 sq.m 4 7

This stunning estate surrounded by nature is for sale on the outskirts of Milan. This luxurious residence, which currently houses a tourist accommodation facility and a horse farm, boasts vast grounds that extend for ten hectares, two of which feature a perfectly kept lawn with a splendid courtyard and the remaining part is intended for the care...

Lionard Luxury Real Estate

120 000 €

Flat in Scalea, Italy

150 sq.m 5 3 2

Online Viewing Remote Transaction

Scalea, Calabria region (Italy) is one of the most popular resorts on the Tyrrhenian coast.If you decide to purchase a foreign property, then, without a doubt, sunny and warm Scalea is an excellent choice! A picturesque place, is very popular with lovers of beautiful landscapes. A mild warm climate, beautiful nature, rich cultural heritage,...

Gabetti

89 000 €

Flat in Scalea, Italy

100 sq.m 5 3 2

Remote Transaction

Scalea, Calabria region (Italy) is one of the most popular resorts on the Tyrrhenian coast.Real estate by the sea can easily turn from a dream into a reality. In big cities, we are surrounded by hustle and problems, so each of us at least once in our lives has faced such a desire as to leave everything and go to a place where the noise of the...

Gabetti

2 000 000 €

Villa in Como, Italy

540 sq.m 10 6 4

Palazzo Estate proposes a large recently renovated villa located in the renowned and elegant neighbourhood of “Villa Olmo”, with a splendid view of Lake Como. The villa has been wisely renovated very recently, leaving ample room for future owners to customize it according to their needs and individual tastes. The finishes are high-quality,...

Palazzo Estate

109 000 €

Flat in Scalea, Italy

60 sq.m 3 2 1

Remote Transaction

Scalea, Calabria region (Italy) is one of the most popular resorts on the Tyrrhenian coast.Daily walks along the sea line, enjoying unforgettable moments of communication with nature and the sea. Stand on the shore or on the balcony of your own apartment and feel the salty smell of the wind that blows from the sea. Beautiful nature and the...

Gabetti

860 000 €

Villa on Lake Garda, Italy

210 sq.m 5 3 3

Online Viewing Remote Transaction

In an exclusive hilly area, convenient to all communication routes and services, we offer recently built detached villa with private garden and swimming pool. The villa is on three levels: on the ground floor there is the living room overlooking the porch, the ideal place to dine with friends and relatives by the pool in complete privacy,...

GH Estate

78 000 €

House in Scalea, Italy

150 sq.m 5 3 2

Online Viewing Remote Transaction

Do not miss the opportunity to escape from stress and enjoy your vacation! We present to your attention a part of the house located in a quiet, picturesque and peaceful place on Santa Caterina Street. The residential complex "Veronika" is located on a hill with a stunning panoramic view of the sea and the city. The house has a living area of 100...

Scalea Realty

65 000 €

Flat in Scalea, Italy

56 sq.m 3 2 1

Online Viewing Remote Transaction

Scalea, via Faro : In a beautiful tourist area of the city, in the residence "Covit", we offer for sale a beautiful two-bedroom apartment with a sea view of 56 square meters on the ground floor. The apartment consists of: a large living room with a kitchen and a terrace with sea views, an entrance hall, a double bedroom with a terrace, a bedroom...

L'ARCO IMMOBILIARE

Price on request

House in Grosseto, Italy

1816 sq.m 35 9 7

The property is accessed via a stupendous avenue bordered by Mediterranean pines, at the end of which we find the main farmhouse of the property in question which develops a gross habitable area of ​​approximately 688 sqm, spread over two floors and divided into five apartments. Attached to the farmhouse there is an outbuilding of about 72 sqm,...

Great Estate

3 500 000 €

House in Volterra, Italy

875 sq.m 16 5 6

A few kilometers from Volterra, immersed in a dream landscape with 360-degree views of the rolling Tuscan hills, for sale sensational property consisting of a farmhouse of 985 sqm gross, an annex of about 275 sqm used as a tool shed, infinity pool and land of about 84 hectares. The main farmhouse is divided on 2 levels: on the ground floor we...

Great Estate

40 000 €

House in Chieti, Italy

178 sq.m 5 3 1

Online Viewing Remote Transaction

A rustic house (178 sq.m.) with a garage (~38 sq.m.) and a separate 2-storey stone building (~130 sq.m.) amidst silence and beautiful nature, but with a convenient entrance and only 1.5 km from the village. Suitable for creating an agrotouristic structure. The two-storey house is located in the municipality of Roccaspinalveti, just 1.5 km from...

AB PROPERTY

27 000 €

Flat in Scalea, Italy

45 sq.m 2 1 1

Online Viewing Remote Transaction

An offer that cannot be refused. In the resort town of Scalea on Enrico De Nicola Street, we offer a spacious one-bedroom apartment on the fifth floor in the Deva residential complex. The living area is 35 square meters. meters. The total area is 45 square meters. meters. There is no elevator in the house. The city center, about 600 meters from...

Scalea Realty

2 600 000 €

Villa in Alessandria, Italy

791 sq.m 30 10 7

Villa Gardini is an 18th century count's residence (built in 1720). Inside there are six apartments. A seventh apartment (made up of 3 levels) completes the residence. Each apartment has been individually designed and presents guests with its own character. All apartments are furnished with antiques (18th and 19th century furniture) and are...

Great Estate

Price on request

Villa in Capri, Italy

500 sq.m 5 5

This exclusive villa for sale is on top of a hill in Capri, offering views over the entire Gulf of Naples, the Vesuvius, and the Sorrento Peninsula. Located just 15 minutes from the famous Piazzetta, this house is immersed in the most typical Mediterranean nature. Renovated in full respect of Capri's typical architecture, this very modern and...

Lionard Luxury Real Estate

Price on request

Villa in Frosinone, Italy

1000 sq.m 10 8

In the very heart of the village of Ciociaria in Lazio, in the province of Frosinon, a wonderful old villa is sold, rebuilt from the former monastery of the XIV century. Villa with an area of ​​more than 1000 square meters with a private panoramic garden in 1600 square meters is located in the village of Bogille Ernik, a medieval pearl with an...

Lionard Luxury Real Estate

1 750 000 €

Villa in Palau, Italy

180 sq.m 4 4

This charming two-storey villa, located in Porto Rafael on Gallura's coast in Sardinia, offers luxury living in a picturesque setting. With an area of 180 sqm, the villa boasts four comfortable bedrooms and four bathrooms. Surrounded by a meticulously maintained 900 sqm hedged garden, it features a swimming pool and a panoramic roof-top terrace,...

Lionard Luxury Real Estate

1 950 000 €

House in Tuoro sul Trasimeno, Italy

1043 sq.m 40 12 12

La Dimora Storica is a completely renovated former 16th century convent of approximately 1,100 sqm and 12 hectares of land including an olive grove with 1,000 plants, a vineyard of approximately 1.6 hectares in production, breeding, woods and meadows. The majestic main stone farmhouse is on 2 floors. The expertly restored historic residence, a...

Great Estate

225 000 €

Flat in Pisa, Italy

120 sq.m 5 3 2

Five-room apartment Location - Piandisco, in the Tuscan hills - a quiet, sunny place An hour's drive- Pisa 45 min to Florence 40 min to Arezzo A kindergarten and a school are a 3-minute walk away Within walking distance there is a bus stop, supermarkets, shops and bars Area-120 m2 The apartment consists of: Large bright living...

VRC Idrisova

See more 3267 similar properties

The Pitfalls of Buying Property in Italy

When buying a real estate object as an individual, the law in Italy allows tax benefits: 

• 2% (instead of 9%) of the cadastral value when buying on the secondary market, 
• VAT in the amount of 4% (instead of 10%) of the commercial value of the object stated in the contract when buying a new building.

There are only three conditions for using tax benefits in Italy:

• the property should not belong to the luxury category;
• the buyer hasn't used the tax benefits in Italy before;
• the buyer must register the place of residence at the property address within 18 months from the conclusion of the purchase and sale agreement.

If you are not a citizen of a country belonging to the EU, then the first step to registering your place of residence is to obtain a residence permit in Italy. 

The use of tax benefits, but failure to comply with the requirements of the law in the future entails an obligation to pay the difference in tax rates with a 30% fine. 

Another striking feature of the Italian market was not formed in 2020 but has been known for several years – One-Euro Houses. At first glance, they are very attractive: you can buy a whole house for the price of a cup of coffee. However, there is always a catch: dilapidated houses are offered in almost abandoned villages on the outskirts of the country, far from tourist routes, and the buyer is obliged to restore the object in a limited time. It is unrealistic to get investment income from such real estate, and not always pleasant to live by yourself. Even the pandemic with its trend of secluded housing does not change the situation everywhere: good transport accessibility and fast Internet are needed in such places.

FAQs

Is it wise to buy property in Italy?
The answer depends on your goals, your budget, and the regions of Italy that you like.

Is it safe to buy property in Italy?
Buying real estate in Italy is a safe investment.

How long can you stay in Italy if you own property?
Up to 3 months if you have a visa, and up to 5 years with a residence permit.

Is it hard to sell a house in Italy?
The process is complexed. But you can do it with the help of professionals.

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