Information about Italy

  



Introduction
Regional Locations
The buying Process
Legal Issues to Consider
Financing a property purchase
Investment Potential



Introduction:

If you are looking to invest or build up your property portfolio, why not consider Italy, a much loved country with frequent daily flights from the UK, and a property market which provides a vast choice of property. As a holiday destination and place to live Italy is a recurrent favourite with the British. Whether going to Italy to ski, enjoy the lakes, take in some culture, laze on the beaches, walk in the hills or just enjoy the Italians relaxed way of life, Italy is the place for you. And let us not forget the wonderful food and delicious wines. Strategically, Italy's location dominates the central Mediterranean was well as southern sea and air approaches to Western Europe.

 

During the past several years, many people have expressed a desire to acquire real estate in Italy, whether for vacations or future retirement. Sometimes they make this decision after realizing they visit Italy regularly, sometimes they want to move there because they have relatives or friends nearby, sometimes they are looking for an investment property. Italy is a dream destination for property purchase, boasting three of the world's most beautiful cities just three hours from the UK. The diversity of Italy is appealing to all, and it is in an undeniably good location for both business and convenience.

 

With more than 39.8 million tourists a year Italy is the fourth most visited country in the world, perhaps because from antiquity to modern times, Italy has played a central role in world culture. Italians have contributed some of the world's most admired sculpture, architecture, painting, literature, and music.

Italy occupies a Peninsula running southeast into the Mediterranean from the mainland of Europe. Its land borders in the North are with France, Switzerland, Austria and Slovenia. To the East, Italy faces former Yugoslavia across the Adriatic Sea. To the west is the Tyrrhenian Sea. In the North, Italy shares the Alps with France, Austria and Switzerland. A major mountain chain, the Apennines, runs down the centre of the country.

 

The population of Italy was estimated at 57.6 million in 2005 of which 98% are Roman Catholics. There are small numbers of German, French and Slovene Italians in the north. In the south there are some Albanian and Greek Italians.

 

The climate of Italy is highly diversified. The Italian weather is quite hot in summer, mainly in the south of the peninsula, with high nocturnal temperatures, whereas in the north of Italy there are usually thunderstorms. Winters are very cold and humid in the north and the mountainous zone. In spring and autumn, the Sirocco, a warm wind that comes from Africa, raises the temperature of the peninsula.

Regional Locations:

Italy also includes two separate principalities: Vatican City in Rome and San Marino. Rome is the capital city and among other important cities are Florence, Genoa, Milan, Naples and Venice.

• Umbria
• Tuscany
• Marches
• Lazio

• Florence
• Genoa
• Milan
• Naples
• Venice

Italy has many islands: the largest of them is Sicily. Sardinia, Elba and Capri are some of the other popular islands.

 

Umbria


                                                   

Located in central Italy and well known as the 'Green Heart of Italy'. Just the thought of Umbria brings to mind a picture of peace and tranquillity, with its blend of medieval cities, lush rolling hills, mountains and valleys. This landlocked region is only 8,456 square kilometres in size but boasts an extremely varied landscape.

There is an excellent road network enabling easy travel to Rome, the North and the Adriatic. There are wonderful museums in Perugia, Todi, Foligno and Montefalco, modern art galleries in Città di Castello, as well as the specialised wine and ceramic museums respectively in Torgiano and Deruta. Umbria offers great lakes, rivers and streams, such as Lake Trasimeno, Lake Piediluco, Lake Corbara and the river Tiber, the longest river that goes through the region from north to south.

 

The union of the rivers Nera and Velino, near the city of Terni forms the breathtaking Marmore Falls. Underground there are many caves and springs that are of enormous interest. Umbria is famous for its delicious yet simple cuisine. The principal products from the region include sausages, cheese, dairy products, legumes and truffles. The region's climate favours the cultivation of grape vines allowing for the production of world famous wines from Orvieto, Torgiano, and Montefalco. The region also offers many events during the year, including 'Umbria Jazz', the 'Two World Festival', the 'Sacred Music Festival, the 'Nations Festival'.

 

Tuscany

                                                    

Think of vineyards: rows of baby green vines, cypress trees, snaking sandy roads leading to rust-coloured farmhouses and moss coated castles, think Tuscany , a charmed land blessed by nature, a region rich in history and art. Tuscany will enchant you from the tiniest hamlet to Florence the Magnificent, a peerless city with masterpieces at every step, stroll along the elegant streets and through majestic squares. Siena is the heart of this land, with its famous Piazza del Campo set within a ring of palaces in a triumph of medieval architecture, Pisa with its famous Leaning Tower, Lucca with its still intact medieval village structure,and the grand Romanesque cathedral, don't leave town until you've had a chance to walk the ancient ramparts and enjoy a visit to the Puccini museum to honour the towns favorite son.

 

The Chianti hills is where the Manetti brothers bought their 22,000-acre estate and now the Fontodi Vigne is a prestigious wine known all the world over, Fontododi is derived from an ancient phrase fonte de oro, which means a place rich with water. All over this land, a calendar of timeless celebrations and traditions awakes your senses. A host of colourful outdoor food markets, spectacular natural parks, a mystery church, an ancient Etruscan mineral spa, and a thousand narrow farm roads waiting patiently for you to make the wrong turn and find your very own secret treasure, basking in the Tuscan sun, we dare you not to fantasize about living here.

 

Marches

Come to the Marches, try to understand its soul and its grasp of nature, its people who are polite and never meddlesome, a journey through Marche becomes a region of continuous surprise, with a reward of a deep memory that will last in your heart forever. Covering a area of just under 10,000 square kilometres, with four provinces, 1,000 monuments, 106 castles, and much more, Marche is a complex region, where history, culture and landscape have combined to create a unique place that is certainly worth a visit.

 

The Marche is right in the middle of the Italian peninsula, with the regions of Emilia-Romagana to the north and Abruzzo to the south, and from a narrow coastal plain the land rises sharply to the peaks of the Appennines which forms a natural boundary with Umbria and Tuscany to the west. Monte Vettore ( 2476 mts) is the highest mountain in the region, the rocky walls and crags have eerie names such as Devils Beard ( Pizzo del Diavolo) and Hells Gorge ( Gola dell'Infernaccio ) these are every bit as dramatic as the landscape of the Dolomites. The Frasassi Caves in the heart of the area are the longest and are amongst the most interesting in Italy with a 240 m high chamber which is large enough to hold Milan cathedral.

 

Lazio

There is much more to Lazio than just Rome ! Apart from the area of Rome the east of the territory is mostly plain and hills, with mountains. Latium ( Lazio in Italian) is a region of central Italy bordered by Tuscany , Umbria , Abruzzo, and the Tyrrhenian Sea. Latium is extremely important for history, art, architecture, religion and 'football'.

Taking a break from the madness of the city, do as the Romans do: discover the wonderful Castelli Romani where you can absorb 2000 years of history.

 

Just south of there, on the way to Naples , is the world-class spa town of Fiuggi , surrounded by a host of picturesque hill towns like the one featured in the movie For Rosanne. Head east to Rieti, where you can visit the tiny monasteries St Francis built, birthplace of the nativity scene and the Christmas tree. No matter whether you go north or south along the Latium coast, you will find wonderful sandy beaches and rocky coves for all tastes.

 

Florence

 
                                                    

Florence has the biggest population of all of the cities located in Tuscany. Florence is also the capital city of the Tuscany region of Italy and has a population of around 400,000 residents who live in the city.  The city of Florence lies on the Arno River and was originally established by Julius Caesar in 59 BC.

 

Famous people who have come from Florence include:

• Leonardo da Vinci
• Galileo Galilei
• Raphael
• Florence Nightingale
• Sandro Botticelli
• Salvatore Ferragamo
• Guccio Gucci

 

Genoa

 
                                                   

The city of Genoa is an important Italian seaport located in Northern Italy in the region of Liguria. The city of Genoa has a population of roughly 700,000 residents and 900,000 if you take into consideration the surrounding urban areas. The city is situated roughly 20 metres above sea level and covers a surface area of approximately 250 square kilometres. The city of Genoa is also home to one of Italy's largest universities ‘the University of Genoa' which is situated in the city centre and has a staggering 40,000 students.

 

 

Milan

 
                                                             

Milan is located in the region of Lombardy or more specifically on the plains of Lombardy. Milan is of course the capital city in the Province of Milano and with a population of nearly 10 million if you take into account surrounding areas is one of the busiest and largest cities in all of Italy. Milan is well known all over the world for design and fashion and in true Milan style is home to the oldest shopping mall in the world. The city of Milan is divided into 9 administrative zones.

 

Zone 1	Centro Storico
Zone 2	Stazione Centrale, Gorla, Turro, Precotto, Greco, Crescenzago
Zone 3	Porta Venezia, Città Studi, Lambrate
Zone 4	Porta Vittoria, Porta Romana, Forlanini, Monlué, Rogoredo
Zone 5	Porta Ticinese, Porta Lodovica, Vigentino, Chiaravalle, Gratosoglio
Zone 6	Barona, Giambellino, Lorenteggio, Porta Genova
Zone 7	Porta Vercellina, Baggio, San Siro, Forze Armate
Zone 8	Porta Volta, Fiera, Gallaratese, Quarto Oggiaro
Zone 9	Affori, Porta Nuova, Niguarda, Bovisa, Fulvio Testi

Naples

                                                             

Home of the Pizza, Naples is located in Southern Italy and is the historic capital city of the Campania region and the province of Naples. Naples is well known as a vibrant city that is rich in history and has a culture that dates back over 2500 years. Naples is situated between Mount Vesuvius and the Phlegraean Fields which are two volcanic areas. Unfortunately Naples does not have the best reputation and is known for having networks of organised crime groups which have been the subject of many stories and films in recent years. The city of Naples has been divided into thirty neighbourhoods.   

	1. Pianura	16. San Lorenzo
	2. Bagnoli	17. Mercato
	3. Posillipo	18. Vicaria
	4. Fuorigrotta	19. Stella
	5. Soccavo	20. San Carlo all'Arena
	6. Chiaiano	21. Piscinola-Marianella
	7. Arenella	22. Scampìa
	8. Vomero	23. Miano
	9. Chiaia	24. Secondigliano
	10. San Ferdinando	25. S.Pietro a Patierno
	11. Montecalvario	26. Poggioreale
	12. San Giuseppe	27. Zona Industriale
	13. Avvocata	28. San Giovanni a Teduccio
	14. Porto	29. Barra
	15. Pendino	30. Ponticelli

Venice

 
                                                             

Venice is the Capital of the Italian Veneto Region located in Northern Italy. If you look at the population of Venice along with Padua you get a staggering 1.7 million people. This city of water is an incredible tourist destination and receives thousands and thousands of visitors each year who come here to experience the unique features and rich culture of Venice. The city itself stretches across 118 small islands in the Venetian Lagoon along the Adriatic Sea. Venice has been described as the most elegant and fascinating city in Europe.

The buying Process:

Generally there is no restriction on Foreigners owning property in Italy, before buying property overseas it is worth investing professional advice. A local Real Estate or Conveyancing attorney will be familiar with local buying procedures and applicable foreign laws.

 

Once your offer to purchase has been agreed it is usual practise to pay 1% of the purchase price as a holding deposit, which will act as a gesture of good faith. It is important to remember that the holding deposit does not necessarily guarantee your purchase as the seller is still free to accept other offers.

 

Once the seller has agreed to the offer, a preliminary contract will be drawn up which will confirm the details of the purchase. Upon signing the preliminary contract the buyer will usually be required to pay between 10 and 20 percent of the purchase price. If the buyer pulls out of the purchase subsequent to signing the preliminary contract the seller may seek legal action to enforce the purchase, and if the seller pulls out he may be liable to return double the deposit paid.  

 

Completion dates are often set between six to eight weeks after signing the preliminary contract; a notary appointed by the seller will then be responsible for performing the due diligence for both parties. A completion payment will be required on or before the set completion date, once paid the buyer will be required to sign the deed of sale. The notary will then issue you with a copy of the deed and present the relevant copies to the tax office and land registry. The Notary is also responsible for transferring the property to your name as well as informing local authorities of the change of ownership.  



Legal Issues to Consider:


Fees and Taxes

• Registration Tax - is 3 percent for those buying their main home.
• Registration Tax - is 7 percent for non residents and those second homes.
• Registration Tax - for buying building land is 8 percent.
• Registration Tax - for buying agricultural land is 15 percent.

Land Registry Tax is 2 % or a fixed fee of €168
Cadastral Tax is 1 % or a fixed fee of €168

VAT - is levied at 4% for first-home resident buyers, at 10% for second-home and non-resident buyers, and at 20% on luxury homes with a rating of A1 in the Property Register.

Notary Fees vary depending on the price of the property.

Estate Agent Fees range from 4 - 6 % and are usually split between the buyer and the seller.

 

Capital gains from the sale of a property in Italy are not taxable if the property was owned for more than five years. If the property was held for less than five years, the gains are taxed as income. Gains from the sale of a primary residence are not taxable.

Financing a property purchase:

Financing an overseas property purchase is easy when you deal with professionals...

 

If you are thinking about buying an overseas property, then you also need to be thinking about the best way to finance your purchase. At Sublime Location we work closely with a number of specialised lenders who have all been carefully selected based on trust, experience and reputation.

 

Selecting the right product and making the right decision when it comes to financing a large investment could save thousands.

• Expert advice on overseas property finance solutions
• Time saving rate comparison on mortgage products
• Competitive rates negotiated on your behalf
• Money saving tips
• First class service
• Impartial advice
• Unique products in various currencies
• Education on all aspects of overseas finance
• All areas covered including Legal costs and Tax issues



Click Here - Overseas Mortgages



Investment Potential: 

Much like anywhere in Europe, Investment potential exists depending on location, price and a number of other variables. Buying off plan properties have become more popular in Italy in recent years as they often work out cheaper and construction is quicker and easier.

 

Investment potential in Italy is also very good as the entire country is well known all over the world for it's many historical sites and rich history and as a result receives massive international interest every year. Italy has been popular for many years and has pretty much everything one could want, good food, good weather, good wine, good fashion and good people. 

 

The most visited Italian region by international buyers over the course of 2007 is Liguria as the area is close to the French border and offers buyers plenty of beauty. Tuscany is also a popular spot to invest in although it is much more expensive to buy here as the region is rich in history, food and wine. Umbria, Puglia and the Northern lakes have all proved their value when it comes to buying property in Italy. International interest remains strong and is expected to grow over the next few years.

 

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