Buying Guide Details
Buying Property in Emilia-Romagna
Where to buy property in Emilia-Romagna
Those looking to buy a property in Emilia-Romagna, an affluent region in northern Italy, have a choice of countryside, coastal or town properties. The region is a little overlooked by tourists, who flock instead to the better-publicised charms of Umbria and neighbouring Tuscany. This is not bad news for potential buyers of property in Emilia-Romagna – properties in Emilia-Romagna are cheaper than in those very popular regions but of no less quality.
Emilia-Romagna is bisected from northwest to south east by the Via Emilia, a 2,000-year-old route built originally by the Romans. Along its length are a number of very old towns: Piacenza, Parma, Modena, the regional capital Bologna, Forli and Rimini included. Bologna in particular is a beautiful city that gets little tourist attention, with a renowned food market selling the vast array of local food now popular around the world – Parma ham, balsamic vinegar and parmesan cheese to name just three examples.
Renovation property in Emilia-Romagna is is easy to find and cheap to buy in the countryside, a common way for UK buyers to get a property in Emilia-Romagna which they can restore to former glory.
Rimini is perhaps the best known resort on Italy’s Adriatic coast, boasting 15 kilometres of beaches, a charming Old Town and a working marina in addition to numerous examples of buildings and art dating back as far as the Romans. Ravenna is an historic city located close to the protected Po river delta, a number of seaside resorts and ancient pine forests.
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The Process of Buying a property in Emilia-Romagna
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Emilia-Romagna is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy a property in Emilia-Romagna 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 should set aside around 15% of the purchase price of a property in Emilia-Romagna 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 in Emilia-Romagna 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 Emilia-Romagna ranges from 10 to 20%, depending on whether the property in Emilia-Romagna 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 property in Emilia-Romagna.
Getting there
There are regular flights direct from the UK to Bologna (Marconi), Forli and Rimini.
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