Buying Guide Details
Buying property by the Italian Lakes
Where to buy property by the Italian Lakes
Buying a property by the Italian lakes is to buy in one of the most beautiful, and potentially expensive, regions in Italy. Set in the northern region of Lombardy, the lakes are renowned for their awesome scenery, rimmed by mountains and with beautiful resorts and properties perched in the hillsides and dotting their shores. Lakes Como, Garda, Lugano and Maggiore are the largest and most visited, Iseo and Orta are quieter and less exploited for tourism.
Buying a property in Italy by the lakes will require deep pockets, as there is huge demand for homes in this most picturesque of Italian regions. The breathtaking views and secluded locations command top prices, but those that can afford to buy a property in Italy by the lakes might well find themselves neighbours to some A-list global celebrities, Lake Como in particular attracting a very exclusive clientele.
The better news is that away from the lakes, set in the countryside around them but still within easy reach, property prices fall quite dramatically. Though not exactly cheap by Italian standards, properties here can offer good value by UK standards and still be very close to some of the most spectacular scenery in the country.
Looking for a property in Italy away from the most popular resorts, but in close proximity to them, can be a good way to benefit from the amenities of the expensive locations without paying the full price, getting maximum value from your home. With property development around these areas of natural beauty very limited, properties in the area are much in demand for tourist rentals.
View property for sale near Lake Como
View property for sale near Lake Garda
The Process for Buying a Property in Italy
- 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 Italy must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main stages to buying a property in Italy. 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 of the property. 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. 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
- 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 direct flights from several UK cities to Milan’s three airports (Bergamo, Linate and Malpensa).
View property for sale near Lake Como
View property for sale near Lake Garda