People buying property in Italy will soon be able to enjoy lower prices, after it emerged that the land registry charges when doing so are being restructured for the coming year. According to one expert in the Italian property market, the nation is the only one in Europe that has lowered charges, with most others raising what they charge in property taxes to buyers. Linda Travella of Casa Travella said this means it will become far more attractive for overseas buyers to invest in Italy in the coming year, providing a much needed boost to the market.
She said that the costs faced by buyers will fall by as much as one per cent this year, adding that this will make for substantial falls in the cost of purchasing property in the nation. " If you purchase from a private individual as a first or main home you will save €1,260 (£1,030) in every €100,000, a one per cent decrease in your costs on the purchase of a property in Italy, " Ms Travella added.
" If you are buying a second home you will save €900 in every €100,000, again another one per cent decrease. So if your Italian property is €300,000 you will save the sum of €3,780 on a first home and €2,700 on a second home. " She added that this would be seen as a bonus for first-time property buyers and investors alike. At a time when the cost of buying is starting to rise across the world, a nation where prices are falling - and not because of market depreciation - will be hugely favourable for buyers.
" It is also the time when property prices are still at their lowest but are starting to show signs of rising in the more popular areas, so now is a perfect time to buy a property, " Ms Travella explained, adding that investors who do not sell on a property for five years can also take advantage of the fact this will leave them exempt from paying capital gains tax that they would be subject to elsewhere.