Property in Italy

Getting to know Italy

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Italy has long enjoyed a reputation for being glamorous. There’s something about Italy that instantly evokes thoughts of stylish, well-dressed, people, sipping espressos at the local piazza or relaxing in a picturesque rural village, surrounded by olive groves. It’s, therefore, no great surprise that Italy is one of Europe’s most popular destinations for both overseas property seekers, and expats from around the world.

Rich in history and boasting picturesque, yet thriving cities, stunning rural scenery, fine wines, great cuisine, a decent climate, a much-lauded laid-back way of life, and even ski resorts, there is little doubt that those who spend time in Italy can rightly expect to enjoy a high-quality lifestyle.

From fashionable Milan, one of the world’s leading financial centres and home to some of the country’s finest architecture, to idyllic Tuscany, famous for its glorious landscapes, cultural and artistic heritage, and culinary traditions, Italy is synonymous with beauty, luxury, and good health.

At they say in Italy: La vita è bella (life is beautiful).

Property market overview

The Italian philosophy around homeownership is somewhat different from that found in other European countries. Property is predominantly considered a home, rather than an investment, with Italian homeowners likely to remain in their properties for an average of 20 years before moving. As a result, property prices do not tend to see the extreme peaks and troughs seen in other EU countries. As such, Italy didn’t suffer as much as some of its European neighbours during the financial and property crises of the late noughties, partly as they weren’t exposed to over-development in the same way.

That said, Italian house prices slowly decreased in recent years, making it a great time to buy a home in Italy. Recent data shows that prices are now showing signs of leveling out in some regions, and are expected to rise nationwide throughout 2018 (according to the ISAT – Italy’s National Institute of Statistics).

Having a property in Italy has plenty of appeal; there is the stunning surroundings, wonderful historical sites, bustling cities offering fantastic food and drink, shopping heaven, ski resorts and if you are that way inclined, a thriving nightlife. No surprise either, then, that Italy continues to appear on popular overseas property locations lists.

Fun facts about Italy

Almost four-fifths of Italy is either mountainous or hilly.
There are two independent states located within Italy: The Republic of San Marino (25 square miles) and the Vatican City (just 108.7 acres).
San Marino is the world’s oldest republic (it came into being in 301 AD), and holds the world’s oldest continuous constitution.
Italy has more volcanoes than any other European country. Three major volcanoes (Etna, Stromboli, and Vesuvius) have all erupted in the last hundred years.
From 1861 to 1985, more than 26 million people left Italy to seek a better life elsewhere. Many headed to the United States of America.
The Italian language has more Latin words in it than any other Romance language, and its grammatical system remains similar to Latin. Latin remains the predominant language of Vatican City.
The world’s longest land tunnel is the Lötschberg Base Tunnel, which proves a 22-mile railway link between Switzerland and Italy.
Italy was one of the founding members of the European Union and is also a member of the Group of Eight (G8).
The highest temperature ever recorded in Italy was 48.5^oC in Catenanuova, Sicily on 10^th August 1999. The coldest temperature was -49.6^oC, recorded in Levico, Trentino on 10^th February 2013.

Deciding on your preferred location and property type

When it comes to money and living standards, Italy has an obvious north-south divide, with southern areas generally much poorer and less developed than the Northern provinces – the major exception being the centrally located capital city, Rome. This divide also creates a clear difference in property prices, with house values in the northern regions tending to be far higher on average than their southern counterparts. Once again, Rome is the major exception to this rule.

There is not a wide range of different types of property available in Italy. Most apartments were built in the 1960s and 1970s and are all small and somewhat dated; you will need to be picky when it comes to what items you move over to Italy and how you finish the property. In contrast, you will generally find that standards are high when it comes to properties being in the correct working order, so you shouldn’t have to worry too much about maintenance and upkeep. Again, this is far more likely to be the case in the north rather than the south. You should also be aware that amenities are limited and pretty expensive, so you will have to ensure you factor this into your overall property costs.

Outside of the major cities, English is not widely spoken, particularly by the older generation, so the quicker you can learn to converse in – or at least understand – Italian, the easier you will find home ownership in the country. This is particularly important for those who are planning to relocate to Italy on a permanent basis, especially if you plan to settle in a smaller, more rural town and are in need of employment.

Tuscany

Located in central Italy, rural Tuscany, and in particular its capital Florence, is one of the most popular regions in Italy for expats and foreign property buyers. The region boats a total population of some 4 million people, approximately 7 per cent of whom hail from overseas. With a mild year-round climate (although temperatures can get chilly outside of the coastal areas), numerous medieval towns and villages, and an abundance of olive groves and vineyards, Tuscany is where those who crave a ‘traditional’ Italian lifestyle will likely find themselves drawn to. While Florence is certainly the region’s most popular city for newcomers, it is also one of the most expensive areas in which to buy property. Therefore, you may be advised to look for a home in a rural area just outside the city, or check out one of Tuscany’s other major towns or cities, such as Pisa or Siena.

Milan

The northern city of Milan is widely regarded as the fashion capital of the world, and is also one of Western Europe’s main economic centres. Located in the Lombardy region, the city is the second largest in the country – after capital, Rome – and as such is a thriving and, in some respects, highly industrial area. It is Italy’s main hub for a number of industries including the manufacturing of garments, textiles, automobiles and heavy machinery. Milan is also one of Italy’s most multicultural cities, with more than 360,000 residents of the city said to hail from another country. Be warned, though, as you would expect from one of Europe’s major cities, the cost of living is higher in Milan than it is in most other areas of the country. After a few years of property price decline, June 2017 figures from the observatory of the Italian Tax Revenue Agency revealed that prices have been rising in the Lombard capital for almost three consecutive years.

Rome

If Milan is Italy’s major industrial hub, then its capital Rome is undoubtedly the country’s cultural centre. An extraordinarily attractive city, filled with fine architecture and remnants from the city’s proud past, coffee shops and an abundance of culture, Rome is an area that will instantly appeal to many people who are considering a move to Italy. While the city, as with any major capital, does have a sizable expat population, it can actually be quite a difficult city to settle in. The bureaucracy in Rome is complicated and finding a place to stay or getting your identity documents validated may become a lengthy, complex task. Likewise, while Rome arguably offers the highest amount of job opportunities outside of Milan, finding work can be difficult without good contacts and a decent grasp of the Italian language. The economy of Rome is largely dominated by the service sector, due to its very touristic nature and the lack of heavy industry in and around the city. Like Milan, Rome is one of Italy’s most expensive cities to live and buy a home in. For investors who can afford it, though, Rome also offers the best potential rental yields in the country.

Umbria

Boasting a continental climate, with mild winters and warm summers, the central region of Umbria has long been a popular area of Italy for both tourists, foreign home buyers and expats alike. Often nicknamed the ‘green heart of Italy, Umbria is the country’s only region not to have a coastline or border with another country. Instead Umbria is famous for its rolling hills, medieval villages and fine cuisine. While the lifestyle on offer in the region is fairly affordable and property prices are, on the whole, low, the downside to this is that job opportunities are scarce. Most expats who move to the region end up working in a tourist related industry, with many starting their own businesses – bed and breakfast facilities are quite often owned by non-Italians here. Umbria’s main city, and capital, is historical Perugia, which has existed as a town for even longer than Rome. Assisi, Gubbio and Deruta are also popular large towns located in the region.

Campania

As previously mentioned, there is a distinct north-south divide in Italy, with the northern and central regions far more prosperous than the south. However, the region on Campania, located on the south-west coast has long been a draw for those home buyers and expats who do tend to look southwards – particularly, retirees looking for a destination boasting a warm climate. The average temperature in winter is around 10°C, while summers can reach 27°C. Campania is one of Italy’s main tourist destinations, home as it is to the Amalfi Coast, Mount Vesuvius and the island of Capri. This offers investors decent potential rental yields, especially as, on the whole, property is more affordable than it is in the north. The main city in the region is Naples, Italy’s third-largest city and one of the oldest continually inhabited cities in the world, while Sorrento is also popular as is the aforementioned Amalfi Coast. Although property prices in and around Naples can be fairly high (at least by Campania standards), they are still considerably lower than comparable properties in the more popular northern and central regions, and bargains can still be found throughout the region.

Map of Italy

Abruzzo

Although officially classed as a southern region of Italy, geographically Abruzzo sits centrally, and enjoys an Adriatic Sea coastline to the east. Abruzzo is a largely rural area that boasts acres of unspoilt, rolling countryside and offers similar lifestyle aspects to those found in the far more popular regions of Umbria and Tuscany. While Abruzzo does have a sizable expat population, many of the foreigners who live in this region have tended to be those from the poorer nations of Eastern Europe and also North Africa. This is largely due to the region’s relatively low cost of living and the extremely low property prices that are still on offer there. However, as Abruzzo is a region which is still relatively untouched by tourism (although some of the coastal areas are becoming increasingly popular), those who buy as an investment may struggle to let their property out, if this is what they are hoping to do. Likewise, those who move there permanently may struggle to find work. People who struggle to converse fluently in Italian may also find it difficult to settle here – especially if they do need employment to bankroll their move. Some of the region’s major towns are L’Aquila, Chieti and Pescara.

Marche

A hilly region which boasts one of the warmest climates in Italy, Le Marche has long been one of Italy’s most popular holiday destinations – especially the seaside resorts which dot the region’s 180 kilometre Adriatic coastline. Combining a hearty mixture of modern towns and cities with historical, medieval villages, the Marche region is already a fairly established expat location, especially for retirees who don’t necessarily need to work in order to support themselves financially. Tourism is the region’s main industry, especially in the more popular coastal resorts such as Pesaro and Senigallia, and there are numerous second homes here which are rented out to tourists during the summer peak season. The region’s capital is Ancona, which is one of the main ports on the Adriatic Sea known for sandy beaches, pebbled coves and limestone cliffs.

Sicily

The large island located at the toe of Italy’s ‘boot’, Scilly is not necessarily the first region those planning on buying a property in Italy will consider. However, with a Mediterranean climate and a laid-back lifestyle on offer, it is an area that has long been extremely popular with tourists – and as is so often the case, where holidaymakers go, property investors will surely follow. In recent years, more and more foreigners have begun snapping up properties on the island, which are, for the most part, still fairly cheap, and this has already led to an increasing number of expats starting to settle there permanently. The most popular area for those eyeing a new life in Sicily is undoubtedly Palermo, the island’s capital, located in the north-west of the region, although there are a number of popular expat communities located in the eastern region and the inland area on the slopes of Mount Etna. The baroque towns of Modica, Ragusa and Noto have seen a large increase in overseas property investors in recent years, especially in the countryside, so expect to see a growing number of expats settling here in the near future, too.

The territories

In addition to these ten provinces, Canada also has three territories which are located in the cold, vast northern reaches of the country – Yukon, Northwest Territories and Nunavut. Unlike the provinces, the trio of territories are not governed by the Constitution Act of 1867 and are instead ruled by federal powers. Due to the climate and sparse, largely uninhabitable, landscapes they do not tend to be at all popular with newcomers, attracting only hundreds of new immigrants each year. Mining tends to be the key industry in the territories.

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