Buying Guide Details
Buying Property in Le Marche
Where to buy property in Le Marche
As overseas buyers have found property prices in Tuscany and Umbria rising and rising, they have started to look a little further west for their ideal Italian home. Le Marche is the latest central Italian region to capture the imagination of British investors attracted by undulating countryside, some splendid coastal resorts and picturesque, historic towns.
Direct flights from the UK to Ancona have brought the Adriatic coast within easy reach of home, and there are some great beaches along it, with resorts such as Pesaro in the north and San Benedetto del Tronto in the south particularly noteworthy. Already popular with holidaymakers from northern Europe and Italy itself, a property in Le Marche can bring in healthy income from tourist rentals.
The Conero Riviera, just to the south of Ancona, has a varied coastline and towns such as Portonovo and Numana provide great natural and architectural beauty. In the southwest, the park around the Monti Sibillini mountains is also a nature lover’s dream, with some remote and inexpensive properties.
Urbino, Macerata and Ascoli Piceno are among the most prominent towns for urban property searchers, but it’s only a short journey to unspoilt countryside and the kind of rural property in Le Marche that captivates UK buyers, either as a habitable home or inexpensive renovation project. Prices for this type of home can be considerably lower than a Tuscan or Umbrian equivalent.
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The Process of Buying Property in Le Marche
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Le Marche is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy an Italian property 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 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 Le Marche up to 17% for a rural property in Le Marche. Most homes are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new property in Le Marche 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 Le Marche
- 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
Ancona is the main regional airport, though flying to Forli or Rimini airports in Emilia-Romagna may be as convenient for the north of the region.
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