Is it still a buyers market to buy a property

01/01/2021 - 17:46

Is it still a buyers market to buy a property in Italy in Abruzzo or Tuscany area with the changes in taxation for foreigners ? I know this is a very broad question but we like to purchase a two to three bedroom house or aprt near coastal area . Thank you

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I agree with modicasa that I'm not aware of any changes. Seen some chatter on a wealth tax but that has also been floated in the UK. I still look at prices and it has been a buyer's market for a good while but just more so with less attractive properties in terms of location and/or quality. Quality still costs.

Good morning to you all

We have been contemplating on buying a small house that only needs little work since we are both retired and living in US. We want to enjoy it asap without too much fuss. We have been invited to listen in to real estate webinars and we all get all sorts of info as you can imagine. We do not plan to be resident of Italy so we expect more taxes for any purchase. It is quite intimidating to deal with Italian real estate requirements at this time but looking on the web properties it is still affordable in Italy than US for vacation home. What do you think of Abruzzo near the coast? We were planning to be there last summer to look till pandemic hit. Do you have any RE Agent or company you can recommend please? Thank you very much.  

I purchased a 2 bed detached house with 20ft terraces and stunning views in a small village in the mountains in Abruzzo. There are many bargains to be had inland and I would recommend mountain villages as there are many properties with beautiful views .(a stunning view to wake up to was my number 1 priority). My house is 35mins - 1 hr drive to 3 different blue flag beaches. Ski resorts are less than an hour away in winter. Airport 1-1.5hrs. I used Antonio Cieri who is registered with government as a bone fide real estate agent (many realtors are not to avoid paying the taxes if they are not registered steer well clear). Antonio is also a qualified surveyor (again registered). The website I used was http://www.betterpropertyitaly.com. Highly recommend, amazing service and no hidden fees. Antonio will advise on everything you need to pay and will also organise your tax number with the local office (you need to have an Italian fiscal code before you can buy a property). Abruzzo is beautiful, it really is the hidden Tuscany without the price-tag. If you wanted to rent your property out ads holiday let when you’re not using, Antonio will organise that too. There are blue flag beaches, the Majella National park ((a UNESCO world heritage site) thermal springs in the mountains, skiing in the winter. I think the region is on the verge of a property boom, so get in now while the prices are still low. Good luck. Sharon. 

Congratulations on your purchase! Thank you for all the valuable info you have shared. We can not wait to go back but some travel restrictions to Italy make it harder to travel there. We still have Abruzzo in mind. As you said it is best time to invest in Abruzzo. I will keep your agent in mind for future reference. 
Thank you again. 

I wouldn't bother with locally based webinars or be put off by the Italian buying process which may be unfamiliar but is straightforward. Obviously, you should research online using italian websites and then visit your preferred area and the local estate agents, you might need someone to help with language to be clear on what you are buying. My advice is make sure it is accessible with good transport links and understand the full costs such as second home taxes and any condominium charges. Personally I feel location and easy maintenance is more important than size so you can easily get from airport and not have to have a hire car. Finally remember that selling can take a while so choose with care but it can be great getting into a community.

 

I just purchased a property in Montesilvano Pescara - it’s right on the beach and decided to go with a new build as to avoid any beauracy in dealing with permits and also would like to avoid any mould issues that are quite common in older homes by sea. Yes it was more expensive and yes being a 2nd home you are going to pay a 10%vat tax on new property. I also ensured I purchased a home with a A4 rating in regards to efficiency as we all know everything is imported in Italy and fuel costs are huge. I did purchase a condo as I’m not a resident and only plan to use for 1 month a year and rent out remaining time. Besides the initial cost of the property (and keep in mind I’m from Canada - the euro at this point is quite high, the condo fees are only 60.00 euros a month. Huge difference from Florida were my husband and I thought to look where the fees for a similar two bedroom two bath condo were starting at 900.00 us a month.

I am fortunate enough to have relatives living in Italy who are lawyers and were able to review the contracts and make all necessary changes. A lawyer is a must and you will also require a Notary to lose the sale. We plan on having our children’s name on the deed to avoid transferring over and avoid having them pay an inheritance tax. If anyone has any questions, don’t hesitate to contact me. Looking forward to this pandemic coming to an end so that I can enjoy my new purchase.

Good afternoon to you - I didn’t use an agent and was able to save myself the fee. I did however look at different websites to get an idea of prices of homes for the area in the Pescara region. We had started looking in small towns and my husband was pretty insistent that he wanted to be close to the sea.  We choose Montesilvano on Lungomare right on the water. So you open up your door and can have coffee facing the sea with no obstructions.  Montesilvano coast is quite beautiful with bike and running trails and cafes right outside your door.  We also wanted access to very good restaurants and trattoria’s. They are building quite a few new builds as the town is expanding and I was to negotiate on the cost. Now just have to factor in the cost of adding the kitchen cabinets and bathroom cabinets and furniture. As in Italy cabinetry is not included in the purchase.

 

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Here you go:

https://www.abbaimmobiliare.it/waterfront/waterfront-montesilvano
 

I never took a seminar I did all the research myself. When I finally found something I liked I forwarded over to my cousin who is a lawyer and she tweeted it to include if building is more then 3 months late in completion I will receive a 20,000.00 euro refund. It was very clever on her part considering the covid could delay construction.  

 

I hoping to go In September to find a house, I want to move to the Lazio area, I did a webinar and I found it very helpful, finding out about the Taxes and how purchasing works. 

I did the webinar with a company called Rightmove, they had a lawyer, Banking Company that helps with banking and transferring to the local bank in Italy, a Financial Planner and a Realtor. On their website you can find houses. When I finally get the chance to travel to Italy and look for a place, I am going to use this company for the help. 

Hi Queencafe,

We are an Irish couple with a young family. We toured the Chieti region in Abruzzo extensively in 2016-17, with a view to buy a little holiday home near the sea. 

We had a cheeky offer accepted on a beautiful house in the Molise province near the end of 2017. The buying process is not for the faint of heart, but it has been so worth it. Unfortunately, due to covid-19 we were unable to visit last year, but I spent 9 glorious weeks there the previous year with the children.

My point is this: be brave, it is worth it. The buying process is frustrating. 

Also, consider Molise. It is a beautiful, unspoiled region. We have been made so welcome too. The town of Termoli is wonderful, with lots of smaller villages clustered around. And best of all, there are bargains to be had.

Good luck and hopefully we will all get to enjoy bella Italia soon again.

Thank you and congratulations on your purchase.
Your words and info are very encouraging.

I have few questions please.

How did you find your property?

 Are you close to the coast.?

Did the house require major renovations or not?

Do you mind sharing your agent or RE company ? 

Sorry for so many questions. . 

Thank you so much! We appreciate your time

 

We used the internet to research areas. Then got on the ground and drove all around the areas we liked. It really is the only way.

We are 20 minutes from the sea, but we have a lovely sea view from the house.

My agent was just a local man for that area. And yes, the house did need renovation. That was the most stressful part, but we were lucky and there were no nasty surprises involved. By using a local agent we got to know some people. That was a big help when we renovated.

So, I guess I would say to keep it all as local as possible. Boots on the ground though is really the only way, as we believed that Abruzzo was the right option for us. But when we got there it was Molise that captured our hearts. From that point it was far easier to look up property and email local agents.

Thank you for those great tips especially using locals for help. It helps develop that neighborly relationship for the future. Once pandemic is under control with vaccinations, we looking forward to travel to Abruzzo and rent for few weeks to get to know the different areas as you advised.

Have a great day 

Thank you again

If you want an idea what an area is like, use Google street view here. This is the Montesilvano build area. Using a PC you can drag the mouse around to view the place or click on the road in front to drive around. Basically it's a suburb of Pescara, personally I would look further North at somewhere like Silvi or Pineto. Note the railway runs the entire length of the coast between you and the sea.

I'm not too sure it is the same "Rightmove" mentioned in an earlier post, but this Rightmove site here has houses listed to get some ideas. However the best thing about it is it is telling you for each house who the agent is selling. From this you will be able to find their websites - good hunting!

There are obviously loads of sites. A decent italian one is immobiliare.it.  The other tool is to use TripAdvisor to get an idea of restaurants and attractions for tourism. You might want a quieter or lively place. And finally trenitalia will tell you how well connected it is for rail. All good fun.

Yes thank you. We have used some of those sites. We go to Lucca every year except 2020 due to pandemic. We cancelled all travel plans. We use trinitalia, frecciarossa trains a lot when in Italy. We need a region that is well connected to trains and I believe Abruzzo is. We can wait to go back to Italy. 
We just got our first dose of the Phizer vaccine and once we complete the two doses, we feel that we can travel again. Thank you

Congratulations on getting your first vaccine shot. We are in La Quinta, near Palm Springs, and are still waiting for an appointment.

We happen to have a property for sale in Tuscany not too far from Lucca. It might be more than you are looking for, small vineyard, large garden, etc. but you might check it out.

https://www.italymagazine.com/property-for-sale-in-italy/124005-have-tuscan-dream

https://larchitrave.com/en/234/casa-bernarda