Buying Guide Details
Buying Property in Abruzzo
Where to buy property in Abruzzo
Buyers looking to buy property in Italy may not have considered buying property in Abruzzo, but with prices for property in Abruzzo some 50% less than property in Tuscany and Umbria, there are bargains to be found in this unspoilt region of central Italy, nestled between the Apennines to the west and the Adriatic Sea to the east.
Skiing is very popular in the mountainous west, with the town of L’Aquila being ideally located to reach the resorts, as well as the Gran Sasso national park. It is a working university town, combining modern life with centuries of history and tradition. This and its proximity to the ski resorts give it excellent property investment potential.
On the Adriatic coast, Pescara is an important regional hub. In addition to the region’s airport, it is well connected by road, with the coastal highway to other resorts in the area and beyond, and by sea, with ferry services across the Adriatic to Croatia. And there are miles of sandy beach too, making it an appealing destination in its own right, along with the likes of Vasto, Ortona and Giulianova up and down the coast. Coastal property is some of the most expensive in the region.
Traditional rural property in need of renovation is always popular with overseas home buyers, and there are great bargains to be had in this untamed region if property development is your thing. Farmhouses left abandoned by depopulation to industrial centres mean that there are numerous opportunities to buy more cheaply here than some of the more fashionable regions of Italy.
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Buying Process
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Abruzzo is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in Abruzzo must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main buying stages. The buyer makes an offer, which commits him/her to buying the property at the given price. If the seller accepts, a deposit (usually 10%) is paid
- Both parties then sign a legally binding buying proposal (compromesso di vendita). This outlines the details of the transaction, including the scheduled completion date
- Should the seller withdraw, they must pay the buyer double the value of the deposit. If the buyer pulls out, he/she loses the deposit
- On completion, both parties sign the final contract (rogito) in the presence of a notary, who then issues the deeds and informs the land registry to transfer ownership. The remainder of the balance, plus all taxes, must then be paid at this point.
Homes Overseas Property Club
Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.
The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.
For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com
Fees & Taxes
- Buyers of property in Abruzzo should set aside around 15% of the purchase price to cover costs
- Stamp duty/land registration tax for non-residents (i.e. second-home owners) varies from 10% of the declared price for urban property up to 17% for a rural property. Most homes are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new properties ranges from 10 to 20%, depending on whether the property is considered a ‘luxury home’. This is usually included in the price
- Reduced rates of 4% VAT are available for those who build their own property
- Estate agent’s fees are usually between 3 and 5% per cent, notary fees average around 3% and legal costs tend to amount to around 2% of the purchase price
- Local taxes (ICI) of between 0.4 and 0.7% also apply to anyone owning a home in Italy.
Getting there
Pescara is the main regional airport – services from the UK are limited. Alternatively, fly to Rome and drive to the region.
View property for sale in Abruzzo
Buying property in Abruzzo