Buying Guide Details

Buying Property in Calabria

Where to buy property in Calabria

Forming the toe of the ‘boot’ of Italy, Calabria is well-known to Italian holidaymakers but not so much to overseas property buyers. Blessed with over 800 kilometres of sandy beach and a typically hot and sunny southern Italian climate, it is an ideal region for sun worshippers, though its relative remoteness means that outside of Italy, it is not widely recognised as a holiday destination.

Prices of property in Calabria are generally low – the region has historically been very poor and it is still a predominantly agricultural society. As with other poor regions, the local population has moved away steadily over the last century, leaving behind rural property that cries out for renovation.

It is undoubtedly the coastal resorts that will see the biggest changes in the coming years. Regional capital Reggio di Calabria has benefited from investment in its renovated seafront and has the potential to be the next holiday hotspot. Some of the most expensive property in Calabria are found in the more established resorts such as Tropea and Scalea have, but prices of property in Calabria are still some way short of the equivalent property on the Amalfi Coast.

To the east, facing the Ionian Sea, the landscape has an untamed quality, with a dramatic rocky coastline and beaches untouched by tourism. Property prices here are lower than the Tyrrhenian coast.

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The Process of Buying Property in Calabria

While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Calabria is actually pretty straightforward – if somewhat time consuming
Anyone wishing to buy a property in Calabria 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 Calabria 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 in Calabria
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 is one route from Stansted to Lamezia. There are other routes from the UK to Palermo (in Sicily) and Naples (in Campania).

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