The benefits of buying real estate in Italy
If you are thinking of investing in property abroad, then you should take a closer look at the Italian property market as there are many great reasons to invest in this part of the world right now. In this article, we will take a closer look at the reasons why you should buy property in Italy.
Good value for money
If you are a non-European Union resident then you will find many affordable properties in Italy due to the weakening of the Euro currency, plus, you will find your living standards are likely to increase thanks to the cost of living being more affordable.
A good selection of real estate at great prices
The real estate market in Italy is a vibrant one, and you should have no problem finding a lovely property that will suit your budget, no matter whether you wish to live on the coast, near the mountains or in a more urban location.
The mortgage rate in Italy keeps getting lower
If you are looking to buy or renovate a property in Italy, then a mortgage to cover as much as 60% of the cost will be available to you, and the good news is that the mortgage interest rate in Italy continues to fall.
In 2013, the interest rate on a mortgage in Italy stood at 3.68%, but this has been falling steadily for several years now, and by the end of 2019 you could find a mortgage with an interest rate of a mere 1.44%. You can see for yourself how the mortgage interest rate in Italy has dropped here (https://www.statista.com/statistics/615002/mortgage-interest-rate-italy-europe/).
Good tax breaks
In 2001 the Italian government abolished inheritance tax, and although this was re-introduced a few years later, there is no requirement to pay inheritance tax so long as the value of the property is below €1 million. So, if you are looking to invest in Italian real estate with your children in mind, then this is another reason why you should take a closer look at investing in Italy.
As for capital gains tax, this stands at 20% of the total amount of profit from the sale of a property, but this can be avoided altogether if you wait five years before reselling and if you didn’t use the property as your first home.
Italy is a wonderful country with great food, welcoming and friendly people, beautiful scenery and fantastic culture. So, if you are in the market for a new home, now has never been a better time to invest in Italian real estate, so why not head for the sun and grab yourself a little piece of Italy?