Buying Guide Details
Buying Property in Apulia (Puglia)
Where to buy a property in Apulia (Puglia)
With not just one, but two coastlines, the sea will never be far away from a property in Apulia (Puglia) have been rising at an above-average rate, which forms the heel of the ‘boot’ of Italy. Varying between excellent, sandy beaches and dramatic cliffs, the north of the region faces onto the Adriatic, while to the south lies the Ionian Sea and the Gulf of Taranto.
While property prices in Apulia (Puglia) are notably cheaper than regions such as Tuscany and Umbria, property prices in Apulia (Puglia) have been rising at an above-average rate. A long-standing favourite summer holiday destination for Italians, cheap flights to the area have opened up Apulia to UK visitors and home buyers, attracted by inexpensive character properties, good property investment potential and excellent food, wine and climate.
Around the town of Alberobello, the distinctive ‘trulli’, conical-roofed stone dwellings, provide a unique local architectural style that is proving very popular with overseas property buyers. Prices for property in Apulia (Puglia)vary enormously – it is possible to purchase a ruined ‘trullo’ in Apulia (Puglia) as a small but inexpensive renovation project, or spend rather more on a restored building incorporating several of these iconic structures.
Inland properties in Apulia (Puglia) tend to be favoured more by overseas buyers than the Italians themselves, who in general prefer a holiday home close to a beach. In and around towns such as Lecce, Foggia and Lucera there is a wide range of urban and rural property at modest prices.
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The Process of Buying Property in Apulia (Puglia)
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Apulia (Puglia) is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy a property in Apulia (Puglia) 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 Apulia (Puglia) 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 in Apulia (Puglia) ranges from 10 to 20%, depending on whether the property in Apulia (Puglia) 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 in Apulia (Puglia)
- 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
There are low-cost services from London Stansted to Bari and Brindisi airports.
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