Buying Guide Details
Buying Property in Liguria
Where to buy property in Liguria
Overseas holidaymakers and home buyers have been enjoying this region’s resorts for decades. Towns such as San Remo and Portofino share the elegant charm and climate of the neighbouring French Riviera, but property prices in Liguria are lower than in France. Inland, there are dilapidated rural properties for renovation, a popular course of action for British property investors.
The regional capital, the port of Genoa (Genova), offers urban living at a fraction of the price of Milan to the north, but it is undergoing infrastructure investment that is likely to make it a more attractive proposition in the future. It was also European City of Culture in 2004, a sign of the regeneration that has already taken place.
It is likely to be coastal and countryside properties in Liguria that attracts buyers from the UK above all. There are some great beaches and picturesque fishing ports along the coast, as well as the chic resorts and other tourist destinations, such as Imperia and Alassio. To the east of the region, in La Spezia province, the ‘Cinque Terre’ has been bestowed with UNESCO World Heritage status, its collection of tiny villages, dramatic coast and dry-walled, terraced vineyards dating back centuries. Property prices in this unique protected area are high.
Properties in the Alps and Apennines offer the chance to purchase a property in Liguria cheaply. Those with an urge to renovate a property in Liguria will find many examples of neglected homes ready for restoration, with the bonus of the beach just an hour or so away.
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The Process of Buying Property in Liguria
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Liguria is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy a property in Liguria 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 Liguria up to 17% for a rural property in Liguria. Most homes are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new properties in Liguria ranges from 10 to 20%, depending on whether the property in Liguria 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 Liguria
- 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 limited direct flights to Genoa from the UK. Alternatively, fly to Milan and get to the region by road. Or if you want to enjoy some spectacular coastal scenery, fly to Pisa, in the south, or Nice to the west, and drive from there.
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