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Who can buy Italian real estate? What should foreign nationals know?
Italy is an appealing country for many foreign nationals to buy and invest in property. Italian weather is primarily warm and sunny, and there are many incentives to encourage more people to become property owners. In 2022, Italy's foreign population was 5.2 million; an increase from the previous year by an estimated 22,000 people.
This guide will explore the real estate market in Italy, whether foreigners can buy and invest in Italian property, and how international lawyers (or Avvocatis) can help.
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Discover what the property market is like in Italy, and how it has changed over the years.
Find out who can buy Italian real estate, including nationals and foreign nationals, and the benefits.
Discover the different advantages foreigners may expect when buying real estate in Italy.
Read about the most popular places to buy real estate in Italy.
Discover who Giambrone & Partners are, and the services we provide when buying Italian real estate.
Read the most common queries surrounding Italian real estate.
The stability of the Italian property market
According to the Italian property guides, the Italian real estate market is slowing but remains stable overall and is supported by strong demand. The COVID-19 pandemic caused a drop in these figures; however, the market remains stable for Italian nationals and foreigners looking to buy property. There has also been an increase in the rental market.
In addition, Italy has a strong culture for homeownership, and the rates have remained consistently between 72 and 75% of the population over the last decade.
Find out more about buying real estate in Italy here.
Can foreign nationals buy real estate in Italy?
In Italy, there are no restrictions on a foreign national buying Italian real estate. If you are an EU citizen or from a country with a bilateral agreement with Italy (such as Australia), you can purchase Italian real estate. Other foreign nationals may only purchase Italian real estate under a reciprocity rule; if an Italian can buy property in your country, you can purchase Italian real estate.
For a British national, you must obtain a visa and apply for permanent Italian residency, alongside other documentation. This includes:
An Italian bank account
A tax number (codice fiscale)
Look at mortgage options.
Instructing an international lawyer (Avvocati)
At Giambrone & Partners, our Italian real estate lawyers provide insight and expertise to foreign nationals wishing to buy Italian property. We can give assistance in gathering the required documentation and ensure the transaction process runs smoothly.
Contact Giambrone & Partners today for more information on Italian real estate.
What are the benefits of buying Italian real estate as a foreign national?
Many foreign nationals choose to buy Italian real estate due to the incentives the country offers. For example, the Italian government created the 110% "super bonus" building scheme, which encourages people to buy Italian properties to renovate them. Other rural towns are selling older and run-down properties for just €1 to attract investment.
Buying real estate in Italy is very straightforward and convenient for foreign nationals. Although buying property does not automatically mean obtaining a residence permit, many visas, permits and citizenship opportunities exist only for those looking to live in Italy.
Find out more about obtaining Italian citizenship and other visas here.
Where are the best places to buy Italian real estate?
Certain cities and areas in Italy are popular with foreign nationals looking to buy real estate.
Rome
Rome (Roma) is the largest city in the country and the capital. However, as Italy's capital city, Rome also has some of the highest prices in the real estate market. Foreign nationals can expect to pay more than €3,000 per square metre, compared to the average €1,800.
Despite this, Rome remains a popular destination for expats and retirees who embrace the city's vibrant culture and beautiful architecture.
Find out more about how to retire in Italy as a non-national here.
Milan
Milan (Milano) is a major commercial city which also is known for high-end events such as Milan Fashion Week and Milan Film Festival. Similarly to Rome, Milan also has high prices when it comes to its real estate. Foreign nationals can expect to pay around €5,000 per square metre.
Sardinia
Most cities in Italy's central and southern regions are typically more affordable for people looking to buy property on a budget. This also includes Sicily (Sicilia), Calabria, and Sardinia.
Giambrone & Partners is the only international law firm in Sardinia, and provides legal services such as assistance in buying Italian real estate. Our English-speaking lawyers (Avvocatis) have extensive experience in the real estate sector and will help clients regardless of their budget.
Discover more about Italian real estate here.
How Giambrone & Partners can help
If you decide to purchase Italian real estate, it is vital to seek legal assistance. Appointing an international lawyer provides you with representation throughout the proceedings.
Giambrone & Partners is an international law firm that operates in a wide range of jurisdictions. Our Italian real estate lawyers can help guide you through the purchase process; translating any documents and answering any queries. We can also help negotiate and draft commercial and/or residential leases.
Contact Giambrone & Partners today.
Frequently asked questions
Can you obtain Italian citizenship if you buy a house in Italy?
Buying property in Italy does not automatically grant Italian citizenship. There are various routes to citizenship, one of which is based on either jure sanguinis (Blood right), which means you may be eligible if you have Italian ancestors. However, there may be obstacles to obtaining citizenship, and it is important to seek legal advice as soon as possible.
Find out more about Italian citizenship and property here.
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