Showing posts with label property in italy. Show all posts
Showing posts with label property in italy. Show all posts

Wednesday, 22 August 2012

Low house prices in Italy will stay low


Low house prices in Italy will stay low


According to one of the latest reports from Nomisma, Italian house prices are expected to drop again in 2012 due to the persistent recession and ongoing issues in the Eurozone. New Government plans are also predicted to help keep prices low for the foreseeable future.

The report expects the quantity of house sales to be at its lowest since 2000. It is thought that purchases may drop down to 529,306 (reduction of 12%). This estimate is based on the fact that the number of Italian property sales in the first quarter of this year dropped by about 20%. The same report demonstrates that the cost of a new house fell by 1.8% in the beginning of this year, and when compared to 2008, prices in the biggest Italian cities have fallen by 11%.

Nomisma has said.“The deteriorating economic context, coupled with more selective borrowing conditions and the widespread expectations of a wider depreciation than already recorded are the main reasons for the new halt to the real estate market.”

Bloomberg has predicted that the Italian economy may decrease by up to 2.4% this year, and that home sales are expected to fall further ‘amid rising unemployment and Prime Minister Mario Monti’s austerity measures weighing on consumer demand’

It was revealed by a Finance Ministry agency that, in June, the Italian property market posted its largest drop since the beginning of data collection in 2004  A new housing levy, marking the reappearance of tax on primary residences after four years, ‘won’t be an incentive for the market’ in coming months, stated the Agenzia del Territorio.

If you are interested in the Italian property market, would like to take advantage of Italy’s low housing prices or are interested in taking out an Italian mortgage, get in touch with Conti - Mortgages Overseas by exploring our website (www.mortgagesoverseas.com) or via telephone 08009700985

Monday, 13 August 2012

Best places to retire abroad


While we batten down the hatches and attempt to ride out the economic storm, there are places in the world that i know i would far rather ride it out.
People purchasing a holiday home buy it to rent out, or buy it for personal use, or even a bit of both, but research has found that increasing numbers of people over 50 years old are purchasing properties abroad to ride out retirement. 
There are four main incentives for people moving abroad  such as less tax a much nicer climate so heating bills arent as expensive, a general lower cost of living and with house prices across the world having been hit by the recession, there are SO many great deals around, it is the best time to buy.
Here are 10 places with some of the best deals for anyone looking to buy or retire overseas:

On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.
You can pick up a one-bedroom condominium apartment for £25-£40,000. A more spacious, and more rentable alternative, would be a two-bedroom, two-bathroom apartment for £55-£60,000 at Tuscana.This is a new resort just ten minutes from the Disney World Theme Park, in Orlando, and 45 minutes from the Legoland Park at Winter Haven, due to open in October.



Barbados
Brits are the biggest expat community in Barbados. Celebrities such as Sir Cliff Richard and Andrew Lloyd Webber are known to have brought property on the island. Estate agents have  reported a 70 % increase in 2010, in comparison to sales in 2009. This is partially due to house prices being lower in 2008 by 15%. The biggest discounts are on condominium developments.

Overall, prices in France are eight per cent down on their 2007 peak. 39 % of Britons moving to France tend to opt for coastal properties, 37% choose rural areas and 19% decide to recline in mountainous areas.
Areas such as Aquitaine, the Dordogne and the Languedoc remain very popular. However the prospect of spending a year or more in Provence, à la Peter Mayle, is as attractive as ever.
If you have a big chunk of money and are looking for a quick return, however, the historic centre of Paris is the place to buy. According to the British specialists Home Hunts apartment prices rose by 20 per cent in 2010.

Cyprus
While the beautiful Cyprian sunshine is just one of the reasons to consider moving to the Greek Island, if in one financial year you spend over 183 days on the island, you become a tax resident, liable for as little as five per cent income tax.
Corporate rates of tax are only 10 per cent. There are newbuilds at Limassol Marina, the Leptos Apollo Beach Villas, near Paphos, and the Sea Gallery Villas, at Amathus.
You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.
Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built town house in the village of Collodi Castello.
And £208,000 will buy you a three-bedroom hillside home with barn and garden, near Lucca. Purchase tax goes up to 18 per cent from 10 per cent if a property’s land is cultivable.

Mauritius
Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valriche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa.

South Africa
Cape Town is where most Brits gravitate, with its fine beaches and equable climate. Prices can be 50% lower than the most expensive parts of Europe, too.
You can buy a three-bedroom house, in a gated community, overlooking Hout Bay, for £500,000, and rent it out for around £2,000 per month. The two most UK-friendly areas are Clifton and Camps Bay, where 30% of the population is British.



Property sales in Majorca are up, as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900.
Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-side homes for sale, at below-par prices. A two-bedroom home costs £45,000 at the Camposol Golf Development, at Mazarron. 
Switzerland
You need to be rich to get in, but once you get in, you’ll get richer. In Switzerland, taxes are decided by an individual’s expenditure and standard of living, rather than income and assets.
 
During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion.
Not quite as good as the 3 billion of the boom years (2006-08), but enough to name Istanbul the best European city for investing in property during 2011.
Buy a place in this fascinating metropolis and you also have a ready supply of would-be tenants for when you’re not there. Istanbul has an estimated housing shortage of 250,000 units per year.
A one-bedroom apartment at the new Belgravia Residence development, in Bahcesehir, 20 minutes from the city centre, costs £48,000. 
 
Before you buy
Ten things to think about before you decide on moving:

·        Do your currency sums. What happens if the pound plummets – or soars?

·        Think jet lag – how many hours’ difference between there and GMT?

·        How dependent on low-cost airlines will you be?

·        Can you afford to keep the place for your exclusive use? Or will you need to rent it out?

·        If you’ve only been there on holiday, what’s the weather like during the rest of the year?

·        Have you a good local lawyer? Often, a mere notaire is not enough.

·        Do you speak the language? If not, you may want to buy into an expat British community.

·        How free (or otherwise) is health care out there?

·        How re-sellable is the property?

·        How easy (or hard) does the country in question make it for your descendants to inherit the place?


if you are thinking of moving abroad, and are looking into taking out an overseas mortgage, whether it be in France, Spain, Italy or South Africa, here at Conti overseas mortgages we can offer you great mortgage deals so you can start soaking up the sun.


Alternatively, if you are happy here in the UK and are in the process of moving but need conveyancing, visit us at www.helpfulconveyancing.co.uk for your conveyancing solutions today!!

Tuesday, 7 August 2012

Buying Property in Italy: A brief guide


After Italy was named one of the best countries for foreign buyers to invest in property, there has been a great rise in interest in purchasing property in Italy.

This could primarily be put down to the fact that Italy is one of the few countries to have managed to avoid the rises and falls that property markets across the world have experienced in recent years, and people like that stability when making an investment.

In addition to this changes Italy’s tax policies have reduced purchasing costs by 15%, making it the perfect time to invest in property in the country.

“1. Find an estate agent who is trustworthy
The educational qualification of the estate agent you choose should be in line with his profession. He should be registered with a local chamber of commerce, and have indemnity insurance and a license. He should be a member of the Federation of Professional Estate Agents, the Federation of Mediators and Agents or the Italian Association of Estate Agents.

2. Decide a realistic budget
Once you decide a budget you can stick with, look for areas where property costs are in your price range. In regions like Tuscany, which have cities like Pisa and Florence that hold a lot of appeal, prices will be very high. The likelihood that sellers will negotiate prices for properties in these areas is small. The only time you will get to bring down the price is if you go for a house on which you have to do a lot of rework. Also, as the value of property in Italy has not dipped the way it has in other countries, the biggest discount you may get on a property will be 10%.
Many who buy run-down houses are those who plan to transform it. However, before you purchase a house with this intent, you should consider the high cost and hard work it takes to make those changes. On average, a complete restoration drive will cost you €1,000-€1,500 per square meter.

3. Know the steps to buying property in Italy
Step 1: Once you find a property you like, at a price that suits you, hire a legal advisor who can tell you whether the deal is good. If the advisor gives his approval, make an offer and agree to deposit approximately 5% of the purchase price you agree on with the seller.
Step 2: Draw up a sales contract, called compromesso in Italy, and sign it with the seller. Set up a schedule according to which you can make payments. At this stage, you will have to make an additional deposit so that you would have paid 30% of the price.
Step 3: Sign the final deed of sale known as atto di vendita, which will be printed in Italian, at the office of a notary. If you don't know Italian, inform the notary. He will get the deed translated. The documents will then be examined and filed at the Land Registry. Following this, you have to make the final payment through an Italian bank. Request the tax office to provide a fiscal code which you have to use to apply for an account at a bank in the country.
If you are purchasing new property in Italy, you should add 12% - 15% of the total cost of the property to your budget, as you have to pay that as taxes.”

In addition, if you cannot afford to buy the property outright, and you need to take out a mortgage in Italy, Conti are a UK based company who specialise in mortgages overseas and can help you with any queries and questions regarding mortgages in Italy that you may have. www.mortgagesoverseas.com

alternatively, if you are moving elsewhere in the UK and are in need of conveyancing for your new property. visit us to compare conveyancing prices to find the best quality conveyancing for the best prices in your area!! www.helpfulconveyancing.co.uk


Information sourced from http://www.property-abroad.com/italy/news-story/brief-guide-to-buying-property-in-italy-19317420/ on 03.08.2012 at 15:05 GMT article originally Posted On: 27 July 2012 Written by Les Calvert.