Buying Guide Details
Buying Property in Trentino-South Tyrol (Trentino-Alto Adige)
Where to buy property in Trentino-South Tyrol (Trentino-Alto Adige)
The stunning scenery is probably the prime reason that property buyers might look in this region – actually two regions bolted together. Alto-Adige used to be part of Austria (known as South Tyrol) until 1919 and in its language, cuisine and customs, this Teutonic heritage remains. Most towns have a German and an Italian name, and signs are in both languages.
Property in Alto Adige is generally more expensive than in Trentino, though Trentino’s capital, Trento, is a popular hub for Alpine tourists. The capital of Alto Adige is Bolzano (or Bozen) which thrives due to its university and its wine-making industry. An apartment in the city may have rental appeal to students.
There are plenty of traditional mountain properties in the region going cheap, and with tourists coming for winter skiing and summer hiking and trekking, potential rental returns 12 months per year will interest property investors.
Perhaps the best-known resort is Val Gardena (Gröden), in the Alps, 40 kilometres northeast of Bolzano. In the south, around Trento, is the Dolomite mountain range, which also has a wealth of winter sports venues such as Madonna di Campiglio. Those looking for a holiday property will note good connections to the UK and Europe via road and air to the whole of the region.
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The Process of Buying Property in Trentino-South Tyrol (Trentino-Alto Adige)
- 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 property in Trentino-South Tyrol (Trentino-Alto Adige) must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main property buying stages. The property buyer makes an offer, which commits him/her to buying the property in Trentino-South Tyrol (Trentino-Alto Adige) 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 property 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
- If buying property in Trentino-South Tyrol (Trentino-Alto Adige), you 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 Trentino-South Tyrol (Trentino-Alto Adige) up to 17% for a rural property in Trentino-South Tyrol (Trentino-Alto Adige). Most properties 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 Trentino-South Tyrol (Trentino-Alto Adige) is considered a ‘luxury property’. This is usually included in the price
- Reduced rates of 4% VAT are available for those who build their own property in Trentino-South Tyrol (Trentino-Alto Adige)
- 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 property in Trentino-South Tyrol (Trentino-Alto Adige).
Getting there
The regional airport at Bolzano is not served directly from the UK. Fly into Brescia, Venice or Verona and travel by rail (3 hours from Venice, for example) or via excellent road connections.
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Buying property in Trentino-South Tyrol (Trentino-Alto Adige)