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Buying Property in Italy

According to statistics of the portal 1‑property.ru, in 2018, more than 3.5 million applications for a Schengen visa were received from Russian citizens. At the same time, Italy is one of the most popular countries for holidays with Russians. Almost half a million people who applied in 2018 wanted to get to this country. Russians are the main core of tourists who want to see Italian landscapes.

Why do Russians buy property in Italy?
In Italy, foreigners have the same rights to purchase real estate as Italian citizens. When making a transaction, you do not need to obtain permits from local authorities. To purchase an apartment in Italy, the buyer is not required to have a residence permit.

The presence of ownership gives the holder the right to obtain a multiple Schengen visa. After completing this document, you can stay in Italy for 90 days for 6 months. For a longer stay, you must have a residence permit. Acquisition of real estate in Italy is not an automatic basis for obtaining a residence permit, but will be taken into account when considering the submitted application.

Purchase process
To acquire a property, you must first obtain an Italian tax identification code. After that, an account is opened in an Italian bank. Written negotiations (this is a prerequisite) are held with the seller and an agreement is reached on the transaction. A deposit of 5-10% of the value of the object is transferred and a preliminary contract is concluded. The notary checks all the necessary documents and certifies the preliminary contract.

The buyer in euros pays the cost of the purchased apartment in Italy. Then they proceed to the execution of the main contract of sale. He must sign in the presence of a notary. Before the buyer and seller sign the contract, the notary publicly reads the document out and eliminates all possible discrepancies. The main contract is signed by the seller and the buyer, certified by a notary.

After certification, the notary gives the buyer a certificate of the transaction, and the property passes to the new owner. The keys to the apartment are handed over to him, and the transaction goes through state registration. Registration can last from three days to three months. After registration, the new owner is issued the original deed.

Property prices
The cost of housing depends on the location. The highest is in tourist areas. The lack of developed infrastructure significantly reduces the price of real estate.

Each region of Italy is attractive in its own way for Russians. Often buy apartments in Rome and the surrounding area. However, in Rome, as well as in Milan and Venice, quite expensive real estate. Typical three-bedroom apartments will cost you more than 400 thousand euros. In other cities of Italy, prices are lower – from 1.5 to 5 thousand euros per square meter. m. In small towns, the cost per square meter per apartment starts from 700 euros. A house that needs reconstruction, somewhere in a remote rural area will cost you about 40 thousand euros. However, get ready to invest well in it.

Ski resorts in Italy (for example, in Cortina d’Ampezzo) offer prestigious real estate – one-bedroom apartments can be bought for 200 thousand euros, and a villa with two or three bedrooms for a million euros. Lake real estate is also from the luxury sector (for example, on Lake Como or Lago Maggiore) – apartment prices from 150 thousand euros. House prices on the Italian Riviera start from 300 thousand euros, 1-2 km from the sea, prices are already lower – from 150 thousand euros.

Acquired housing in Italy can be rented, receiving a stable income. Tourists, foreign students, seasonal workers, businessmen willingly settle in rented premises. It should be remembered that the lease must be registered with the tax office no later than 30 days after its execution. When renting, the landlord must pay income tax.

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