Buying Guide Details
Buying Property in Lazio (Latium)
Where to buy property in Lazio (Latium)
With art, architecture and culture to rival any other city in the world, buyers of property in Lazio will find that the regional capital, Rome, has property prices that are among the highest in Italy. There is, however, much more to offer the overseas property investor in this diverse region.
Outside of the great city, there is the Mediterranean coastline, mountainous regions to the north and many rural areas offering the type of traditional property so popular with British buyers.
The northwest of the region, known as the Lazio Maremma, offers a landscape similar to neighbouring Tuscany and Umbria. Viterbo has centuries of history and good connections with Rome, and nearby Tuscania is a charming, reconstructed medieval town. The area around Rieti in the northeast is sparsely populated and has numerous dilapidated rural properties ready for renovation. The mountains of the Apennines further inland also have remote traditional homes to restore.
At the very bottom of the region, some of the beaches around Formia are well visited by tourists, while the town itself has a long and interesting history as well as being a launching point for the Pontines, a group of islands with stunning natural beauty to which many Italians flock in the summer months.
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The Process of Buying Property in Lazio
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Italy is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy a property in Lazio 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 in Lazio 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 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 in Lazio. 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 in Lazio 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 Lazio
- 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
Rome is the travel capital of the region. With two airports (Ciampino and Fiumicino) receiving flights from all over the UK, getting to Lazio is not a problem.
View property for sale in Lazio (Latium)
Buying property in Latium (Lazio)