Buying Guide Details
Buying property in the Italian Mountains
Where to buy property in the Italian Mountains
Property investors looking to buy property in the Italian Mountains might be familiar with a ski few resorts: Sestriere, Courmayeur and Val Gardena (also known as Gröden) are perhaps the best known. But ski enthusiasts know that there are many more excellent skiing locations, and anyone seeking a property at a winter sport destination should consider some of these lesser renowned areas for a potential bargain.
There are properties for sale in the Italian Mountains across the whole of the north of the country, where the Alps and Dolomites dominate the landscape. From the region of Piedmont in the northwest to Friuli-Venezia-Giulia in the northeast, there are large and small resorts to suit most tastes. Property hotspots are the resorts with facilities to rival those of other countries’ ski destinations, or with plans to expand in the near future.
Mountain resorts need not be solely centred on skiing, and the Apennine Mountains that form the ‘spine’ of Italy’s mainland also have rural mountain properties that offer solitude and spectacular scenery the whole year round, from the north right down to the southern regions, and often at a price considerably lower than in the cities and countryside.
When buying property in the Italian Mountains as an investment or to rent out, the main considerations should be ease of access, eg proximity of airports and road connections, resort facilities, eg quantity and quality of winter and summer activities, and future plans to improve and expand the resort in the next few years – with competition from other countries, Italian resorts need to constantly maintain and push up standards to attract tourists.
The Process of Buying Property in the Italian Mountains
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in the Italian Mountains is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in the Italian Mountains must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main property buying stages. The buyer makes an offer, which commits him/her to buying the property in the Italian Mountains 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 property 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 the Italian Mountains, around 15% of the purchase price should be set aside 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 the Italian Mountains up to 17% for a rural property in the Italian Mountains. Most Properties in the Italian Mountains 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 the Italian Mountains 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 the Italian Mountains
- 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 the Italian Mountains.
Getting there
Various regional airports and numerous road and rail connections link the Italian mountains to the rest of the country, to mainland Europe and to the UK. See regional sections for more details, in particular Piedmont, Valle d’Aosta, Trentino-Alto-Adige, Veneto, Friuli-Venezia Giulia, Tuscany, Abruzzo, Molise and Calabria .
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