Buying Guide Details
Buying Property in Molise
Where to buy property in Molise
Along with neighbouring Abruzzo, property prices in Molise are among the cheapest in Italy, yet overseas home buyers have largely ignored this small region until very recently. It is very sparsely populated, unspoilt by commercialism and has a large part of it set aside as protected national parks.
There is some ski and beach tourism, and offers a large number of abandoned traditional homes that are ripe for renovation by intrepid overseas home buyers. With prices of property in Molise historically rising only very slowly, this is not an area where a property investor can expect short-term gains.
There are few tourists coming to Molise, though with some fine beaches and a growing reputation as a ski destination, visitor numbers will increase significantly. The main ski resorts are based around Campitello Matese in the south of the region, while on the Adriatic coast in the north, Termoli is perhaps the best known beach resort, along with Campomarino and Marino di Montenero.
With a large proportion of the region having protected status, a great diversity of natural beauty abounds in this region, and the low population and tourist numbers means that it’s largely deserted – a genuine ‘get away from it all’ destination.
The Process of Buying Property in Molise
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Molise is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in Molise 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 Molise up to 17% for a rural property in Molise. Most homes are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new property in Molise 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 Molise
- 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 no direct flights from the UK to the regional airport at Campobasso. Fly to Pescara in Abruzzo and drive from there.
Buying property in Molise