Buying Guide Details
Buying Property in Tuscany (Toscana)
Where to buy property in Tuscany (Toscana)
Perhaps the most famous and most sought-after of Italian locations by overseas property buyers, particularly the British, Tuscany offers the complete Italian experience – idyllic rural properties, Renaissance cities of global renown, cuisine admired the world over and a glorious climate.
It is true that certain parts of this region are very expensive indeed – the area colloquially known as ‘Chiantishire’, between Florence and Siena, has been fully developed for many years, with property prices that reflect the quality of the properties and their location. The Etruscan coast is another in-demand area – chic harbour towns and miles of sandy beaches at resorts such as San Vincenzo. The islands of Giglio and Elba are also holiday hotspots where property does not come up for sale often, but can provide excellent returns.
There are affordable country properties still awaiting renovation in some parts of the region. Areas of Tuscany further off the beaten track are not quite so convenient for the airports and motorways, but the pay-off for this compromise is cheaper property, for example in Arezzo province in the east and Grosseto in the south.
Property buyers can look to the mountains as another way of owning a piece of Tuscany on a budget. Pistoia, in the northern Apennines, has some remote but cheap traditional property, and is also convenient for Florence. The ski resort of Abetone is aiming to expand its renown outside of Italy, and new-build properties there offer not only winter sports; they are well situated to reach the rest of this beautiful region in summer too, offering good year-round investment returns.
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The Process of Buying Property in Tuscany (Toscana)
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Tuscany (Toscana) is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in Tuscany (Toscana) 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 Tuscany (Toscana)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
- Property buyers in Tuscany (Toscana) should set aside around 15% of the purchase price to cover costs
- Stamp duty/land registration tax for non-residents (i.e. second-property owners) varies from 10% of the declared price for urban property in Tuscany (Toscana) up to 17% for a rural property in Tuscany (Toscana). Most properties are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new properties in Tuscany (Toscana) ranges from 10 to 20%, depending on whether the property in Tuscany (Toscana) 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 Tuscany (Toscana)
- 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 Tuscany (Toscana).
Getting there
Florence and Pisa are the major airports in the region, and there are many direct flights from the UK to these airports from all over the UK.
View property for sale in Tuscany (Toscana)
Buying property in Tuscany (Toscana)