Buying property in Italy is a regulated process. The best way to buy property in Rome is by consulting an estate agency (agezia immobiliare.) Here are the basic stages of the buying process:
Estate Agent's Fees: Expect to pay between 1% and 4% (generally 2%) of the purchase price to the estate agency. Most of the agencies are willing to arrange a mortgage.
Legal fees: Italian solicitors' obligations include the following: drawing up contracts, contacting notary, paying taxes, and registering property with the land registry (catasto.) Expect to pay about 2% of the property's cost.
Notary Fees: The notaio is responsible for recording the transaction and contacting the relevant authorities. Fees are generally about 4% of the declared price.
Taxes: Registration tax will be a minimum of 4% for first-time buyers who are residents. You must also pay 20% VAT.
Council Tax: The Imposta Comunale Immobili (ICI) is the council tax and is between 0.4% and 0.7% of a property's value. The local authority decides the actual rate depending on the type, location and size of property.
For information on prices per square meter in all areas of Italy, including Rome, visit www.attico.it
Mortagages are available from some estate agencies, Italian banks and even UK lenders, for example. Maximum loans available from Italian banks are usually 50%-60% of the buying price for second homes and 75% for a main residence.
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