Italy is not just a popular tourist destination in Europe, but it also works as a summer vacation home as well as great place for retirement. For the latter two reasons, one major requirement of course is the rental or purchase of real estate. Italy offers plenty of affordable real estate especially around the countryside, plus, Italy is a healthy and pleasant place to live in. Interested? Then, here are some basic questions that need answering.
Can foreigners purchase property in Italy?
Yes. There are few legal restrictions when it comes to foreigners purchasing real estate (https://www.bluehomes.com/Immobilien-Italien-kaufen-verkaufen/kat.html). Italy is considered an open expat property market.
Are properties affordable in Italy?
When it comes to real estate, Italy has plenty of affordable homes. Homes can be purchased on average of 2000 euros per square meter but can get lower in some rural areas. In cities, homes can cost up to 4000 to 8000 euros per square meter in cities like Rome and Venice.
Is it easy to purchase homes in Italy?
Yes. The process of purchasing real estate in Italy is fairly straightforward. Just be sure to hire a good lawyer/real estate agent to help in the process.
Is it affordable to live in Italy?
Yes, which is why it’s one of Europe’s popular migration or retirement destinations. It’s generally considered to be 35% cheaper than living in the USA. And it would be much better if in the beginning, you already own a piece of real estate. Italy’s rental rates can be quite expensive which makes purchasing more practical.
What are the requirements for foreigners to purchase?
For foreigners or expats, the requirements include a valid residence permit (for non-EU citizens), either from living there for some time or through special circumstances. There’s also citizenship to a country with a reciprocity agreement. Identification documents such as a passport. Proper documentation for the funds that will be used in the purchase. If these are on hand, buyers can proceed with the basic purchasing requirements and documentation.