ARTICLE

Fly To Buy in Italy

Italy is a land of great diversity, effortlessly combining history, great architecture, art and idyllic countryside. Visitors experience a kaleidoscope of medieval hilltop villages, ski resorts, lakes, beaches and the vibrant buzz of espresso culture in its cosmopolitan cities. Rosie O'Connor and David Donaldson, our Fly To Buy couple, have certainly been seduced by its charms, but finding the property of their dreams when there is so much potential makes for a challenging project...

Fly To Buy in Italy

Tips for buying

  • There are no restrictions placed upon a foreign non-resident wishing to purchase a house in Italy, although there is a fair amount of red tape to plough through, particularly if you're working on a renovation project. Find an estate agent fully licensed by the Chamber of Commerce to help you.
    Depending on the location, the Italian climate can be very unforgiving with very hot summers and bitter winters. Extremes in temperature can limit your window of opportunity for holiday rentals.
    There are three stages to buying a property in Italy – the offer, 'Compromesso' and 'Rogito'.'If you see a property you love and don't want to risk losing it, sign a Proposta irrevocabile d'acquisto – an irrevocable purchase agreement – in which buyer and seller agree the price and give an expiry date for signing the Compromesso – stage two. You pay a deposit of around 10% at this stage and if you change your mind, you'll forfeit the money. The preliminary contract (Compromesso) commits both parties to the sale and establishes the terms and conditions of the final contract (Rogito). At this stage, you will need to pay a deposit of about a third of the purchase price. If you withdraw from the sale after signing the Compromesso, you lose your deposit. However, if the seller withdraws, they must pay you back double. Rogito, a document drawn up by a notary representing both parties, is the final stage of the process and transfers ownership of the property from the seller to the buyer.
    As well as paying the balance for the property, you will also need to pay purchase tax and the notary and surveyor fees.

Why Italy?
Aside from its obvious cultural and geographical appeal, the north of the Italy is still one of the most prosperous parts of the continent with a health service considered to be one of the best in the world. It is also a popular destination for low-cost airlines.

In spite of its high profile in Europe, large areas of the country remain relatively tourist-free. This makes for an accessible property market with surprisingly affordable prices.

Although there are strict planning rules, if you negotiate these, you stand to do well by looking to some of the more popular areas and investing in stone-built properties in need of renovation which can then be sold on or kept as holiday rentals.

Where to buy:
It is now possible to fly from the UK to Perugia in Umbria, one of the most beautiful regions in the country. The area has long played second fiddle to its much-celebrated neighbour Tuscany, but direct flights will give the local property market a significant boost and open up some fantastic rental opportunities in a less expensive area.

Perugia is just 20 minutes from Lake Trasimeno, Italy's largest non-Alpine lake, and a region full of art and history. The spiritual city of Assisi is also less than 30 minutes away, as well as numerous other medieval towns and villages set in spectacular countryside.

If you're not tied to one particular area and can be flexible, Liguria and George Clooney's favourite, Lake Como, also have investment potential, as do Le Marche and Abruzzo, a more remote, mountainous region epitomising the ancient spirit of Italy and offering a rich natural heritage.

Alternatively, look to Molise, a tiny, hilly area full of medieval hamlets, ancient ruins and one of the most untainted natural environments in Europe. If you want a renovation project, you will find plenty here.

Further south, the islands of Sicily or Sardinia have become far more accessible over the years and offer both old properties and new builds.

Related sections: Fly To Buy

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