Florence Property

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Marvel at the glorious Renaissance artwork, silver, amber carvings, ivory miniatures and glittering tiaras in the Palazzo Pitti – originally home to the city’s rulers until donated by the Savoys to the state in 1919 – and then relax over a delicious lunch of crostini topped with chicken livers followed by Steak Fiorentina all washed down with the local Chianti wine; stroll across the famous Ponte Vecchio and spend the afternoon browsing through the arts and crafts shops of the city’s laid back artisan quarter before enjoying an ‘apperitivo’ at one of the city’s many bars; while away a relaxing morning sunbathing on the terrace of your luxury villa in the Chianti countryside and then take a short trip to the villages of Greve and Montefioralle to enjoy a private wine tour followed by a leisurely wine tasting. Straddling the River Arno and surrounded by the vine-covered hills of Chianti, there is an excellent range of Florence property for sale offering investors the opportunity to become part of this vibrant yet romantic city.

Rich in Renaissance art and culture, Florence is a lively city bursting with vibrant restaurants, buzzing bars, quirky shops and quality crafts. Famous for Michelangelo’s David and the Ponte Vecchio, Florence has a fabulous array of masterpieces by Botticelli, Da Vinci and Caravaggio and glorious Renaissance buildings such as the Duomo and its world-famous cupola designed by Filippo Brunelleschi.

The climb up the spiral staircase of the Duomo’s cupola is steep and narrow but the reward at the top is a breath-taking panoramic view of one of Europe’s most beautiful cities. Home to the world’s greatest collection of Italian Renaissance art, a visit to the Galleria degli Uffizi should be top of your list; bequeathed to the city by the Medici family in the middle 18th century on the condition that it never left Florence, the collection contains exquisite paintings by Botticelli and early works by Leonardo Da Vinci.

The Franciscan Basilica of Santa Croce is also well worth a visit. Clad in white marble the church has some beautiful frescoes and is the final resting place of the great and the good of Florence; Michelangelo, Rossini, Machiavelli and Gallileo are all buried here and there is also a memorial to Dante who was exiled from the city and is buried in Ravenna.

Florence is a constant draw for international buyers, and remains a desirable year-round location with world renowned historic and architectural interest. Consequently Florence property commands high prices and investing in a property to rent as a holiday home will yield excellent returns. There is a wide range of Florence property for sale to suit all tastes and budgets both in the city itself and in the surrounding areas ranging from apartments hidden away in the centre of the city to wonderful hilltop villas in the prestigious city suburbs of Bellosguardo, Fiesole or Settignano.

In Florence city there is a good range of property for sale. Two bedroom apartments start at around 300,000 EUR and are mostly modern apartments in lovely old buildings with either tiled or wooden floors and modern kitchens and bathrooms. For larger apartments in converted palazzos with wooden floors and traditional high ornate ceilings, prices begin at around 450,000 EUR going up to 700,000 EUR for properties by the river in the artisan quarter or right in the historic city centre. Three or four bedroom properties would be in the region of 700,000 EUR to 1.5m EUR again depending on location and features such as sun terraces and views.

Heading out of the city there is a wide range of Florence property for sale including modern houses, traditional stone farmhouses and luxurious hillside villas. There are a number of developments of modern houses and apartments with shared swimming pool and gardens where you would expect to pay around 150,000 EUR for a two bedroom property. Traditional stone houses typically start at around 380,000 EUR for a three bedroom property rising to 1m EUR for five bedrooms. For a five bedroom villa nestling in the hills with private swimming pool and surrounded by lush gardens expect to pay around 1.8m EUR. Properties further up in the hills with panoramic views and set within their own olive groves can be found for between 2.5m EUR going up to 4m EUR for the larger properties.

Florence property provides investors with the perfect opportunity to buy a property in one of the loveliest cities in Europe and enjoy a lifestyle embracing a rich cultural heritage, fabulous wine and food and of course a wonderful climate. Whether you decide to buy a luxury apartment with sun terrace overlooking the red-tiled roofs of the historic city centre or a renovated stone farmhouse in the countryside surrounded by olive and lemon groves, Florence makes a perfect holiday and investment destination.

1. Making the Offer to Purchase (Offerta)

Once you have found the property you wish to purchase you will start the process by making a formal offer to the vendor, the estate agent will act on your behalf and put forward the offer, a deposit will be made available, generally around (10,000 - 20,000 EUR). Once the vendor has accepted the offer it will be formalised in writing to the vendor in both English and Italian. If this is accepted the deposit (Caparra Confirmatoria) will be paid to the vendor. This will form a legally binding contract. Neither party may withdraw at this point, the sale can be forced by either party or a claim for damages can be made. If the purchaser withdraws their deposit will be lost, if the vendor withdraws the purchaser can claim twice the deposit in compensation.

2. Signing the Preliminary Contract (Compromesso or Contratto preliminare)

The next step will take place between 1 and 3 months after the offer has been accepted, this is a formal agreement between the vendor and purchaser to sell and buy the property, this agreement is the Preliminary Contract and will contain the conditions and terms of the sale. It is important at this stage that you have a full understanding of all the details contained in the contract. We would strongly recommend that you appoint a Notary who is fluent in English. This document will include the purchase price, a detailed description of the property including completion date and will cover any obligations placed upon the buyer and the vendor. All information relating to the property including any planning permissions for the property and the cadastral details (a public record, survey, or map of the value, extent, and ownership of land as a basis of taxation). Once the Preliminary Contract (Contratto preliminare) has been signed a further deposit (Caparra Confirmatoria) will be paid, this will generally be 10% - 20% of the purchase price. There will also be an estate agents Commission Fee (Provvigione) which will need to be paid at this point.

3. Signing the Final Deed of Sale (Rogito or Atto Notarile)

The purchaser must have a bank account in order to make the purchase on completion. The signing of the final deed of sale which will authorise the transfer of the property must be overseen by a Notary (Notaio). The buyer will select and hire the Notary, but they are members of an independent body of public/professionals who will draft the purchase deed, they will oversee the passing of the title legally from the vendor to the purchaser. The Notary will also verify the legality of the documentation and registration with the Conservatoria dei Registri Immobiliari and the Local Land Register.

4. Formalities to be observed after Completion

Foreign buyers should obtain a certified copy of the Purchase Deed (Rogito), which the Notary will have lodged with the authorities. Generally this will be available to collect around 2 – 3 weeks after completion. The Notary will also give you a form to complete for the the local authority (Questura) who will have been given formal notice of the purchase. Your Notary will help you to complete this form. You will need to contact the utilities companies to set up new contracts (power, water, telephone, gas etc.). If the property is a flat, the condominium manager (Amministratore del condominio) should be informed of change of ownership of the property.

Taxation

Various taxes must be paid on purchases. Registration tax / stamp duty (Imposta di Registro) is calculated on the government’s valuation of the property (Valore catastale). This will vary according to whether the property is being purchased as a holiday home, or as your primary residence. For a holiday home stamp duty will be 10% of the valuation. If you are intending to use the property as your primary residence and apply for residency (Prima casa), providing this is done within 18 months of the property transfer then stamp duty will be reduced to 3% for an existing property and 4% for a new build. This will be paid to the Notary on completion of the purchase.

Land registration, mortgage and cadastral taxes also need to be paid to the Notary on completion. These are one-off payments and are around €168 each.

Once the property has been purchased further taxes must be paid. There is a local council tax ICI/IMU property tax (Imposta Comunale sugli Immobili) of 0.4% to 0.9% of the property’s cadastral value. The rate for this is calculated annually by the council and paid bi-annually in June and December. This rate will be reduced if the property is the primary residence (Prima Casa).

If you are not resident in Italy you will have to declare any income gained from activities in Italy to the Italian Tax authorities. This income will also have to be declared in your country of residence, you will need a double taxation agreement to mitigate against paying twice. This declaration will apply to any income you might obtain from letting a property in Italy. Some expenses incurred on the property may be off-set against the income you derive from letting out the property. This can include management expenses, local taxes, repairs etc.

There is one tax which applies only to holiday homes, there will be a 20% Capital Gain on the difference between the buying price and the selling price if the property is sold prior to 5 years ownership.

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IMPORTANT - Disclaimer :
All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.

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