With homes in Italian cities and the provinces consistently holding an allure for global buyers, Holprop, a top international listings portal, unveiled how the pandemic is supercharging the demand for Italian property from across the world.
“The pandemic has opened windows for global buyers to come to Italy and buy homes. That’s due to a wide array of tax incentives, incredibly low prices compared to many other countries in Europe and its potential as a great location for remote work,” says Tony, CEO at Holprop.com
In recent years, a spike of interest in buying homes in Italy, particularly rural properties, has been recorded from British and American buyers. Based on a September 2021 Knight Frank survey, Italy is now the top location for both British and North Americans to buy a second home – outside their home nations.
The residential market serves as the biggest sector in the Italian real estate market, covering more than 50 percent of overall transactions in the year 2020 alone. The dynamism of the residential market comes as no surprise since a significant number of Italians live in owner-occupied houses or flats considered as crucial investments.
Furthermore, Italy has no restrictions on foreign ownership. The closing is performed by a neutral public notary, selected and financed by the buyer. An attorney is not required if buyers complete the purchase as a private individual and do not move their residence to the country. The broker fees, stamp duties, as well as notary fees total to about 7 to 9 percent on top of the buying price.
In addition, buyers also enjoy lower transaction costs in Italy when compared to Spain or Portugal, based on the 2021 Knight Frank report. The Italian government has also rolled out a “super bonus” policy aimed at supporting housing improvements across the country. This means the state is contributing to renovations that improve properties’ energy efficiency levels.
Holprop is fully dedicated to helping people find the right property. It offers local search results and thousands of listings across Italy, providing buyers with impressive selection to choose from.
Holprop.com is a leading and trusted international property portal boasting both sale and rental properties of all types from commercial to residential in over 150 countries listed by agents and owners.
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Contact Person: Tony @holprop
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Website: https://www.holprop.com/