Buying an Italian resale property gets cheaper on 1st January 2014

Tuesday, November 12, 2013

Buying an Italian resale property gets cheaper on 1st January 2014

At last, the Italian government is doing something to help its ailing property market - it's reducing the tax that an individual pays when buying a resale property.

So, in a move that is far more sensible than increasing purchase tax (as the Spanish government is prone to do recently), the Italian government is reducing the Land Registry Tax on a second home purchase by €900 for every €100,000 of the sales price.

So if you are purchasing a €400,000 property as a holiday home in, say, Tuscany or Lake Como, you'll be paying €3,600 less than you would be if you complete after 1st January than if you complete during 2013.

The saving will be even greater if you are buying a prima casa, or principal home in Italy, because you are relocating there. The €1,236 reduction per €100,000 of the sales price will mean that a €400,000 resale property will cost €4,945 less after January 1st.

"This is a really positive step for the Italian property market," says Linda Travella of Casa Travella.

"I am advising anyone in the process of buying a resale property to postpone completion til after January 1st so they can make a considerable saving."

Search here for property for sale in Italy.

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A Place In The Sun