'Think about seasonality' when purchasing property in Italy

Investors considering sending money abroad and purchasing a property in Italy have been advised on what they should take into consideration before signing a contract.

Terry Hobbs, agents and media manager for Propertyshowrooms.com, explained how some parts of the country can be "seasonal" and urged individuals to be aware of this.

He described how while some regions may be extremely popular during the summer months, come winter they could be "practically boarded up".

Another point to remember is the property tax of three per cent that applies to first-time buyers in Italy, who register for residency in a local area.

It was noted by Mr Hobbs that this can increase to ten per cent if people already own a home in the nation or refuse to apply for citizenship.

Investors may be pleased to hear that Italy offers a good place to secure a second home as the housing market is "still strong" and prices have "not escalated with the ferocity" seen in the rest of Europe.

"The market is slower now than it has been for a long time however, which means you can pick up a bargain if you find someone who really needs to sell or move," Mr Hobbs added.

As a result, individuals were advised there is plenty of room for negotiation when it comes to prices, particularly in comparison with one or two years ago.

Mr Hobbs also suggested people would be able to rent out their home easily as Italy "remains a very popular holiday destination".

For those who prefer the idea of purchasing a place a little closer to the UK, managing director at Spanish-Living.com Adrian Warriner commented on how the Balearics and Canary Islands have a large rental potential.

Posted by Thomas Smith

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