A restructuring of the land registry charges in Italy means that property buyers will pay less for real estate in 2014.
According to Italian real estate expert Linda Travella of Casa Travella, Italy is the only country in Europe that can boast lower rather than higher charges. The majority of countries are increasing their charges instead of decreasing them.
‘If you purchase from a private individual as a first or main home you will save €1,260 in every €100,000, a 1% decrease in your costs on the purchase of a property in Italy,’ said Travella.
‘If you are buying a second home you will save €900 in every €100,000, again another 1% decrease. So if your Italian property is €300,000 you will save the sum of €3,780 on a first home and €2,700 on a second home,’ she explained.
‘In these times when just about every which way you turn you are paying more, this is an unexpected surprise for many would be buyers. It is also the time when property prices are still at their lowest but are starting to show signs of rising in the more popular areas, so now is a perfect time to buy a property,’ she pointed out.
Travella, who has been selling property in Italy for 25 years, also pointed out that there is no inheritance tax in Italy as long as you leave the property to a close relation.
Also, of you do not sell the property for five years then capital gains tax in Italy is not payable.
This article was republished with permission from Property Wire.