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Property in Le Marche, Buying A House in Central Italy

Italian country house
Italian country house

PROPERTY IN LE MARCHE

If you’re looking to buy a property in central Italy, you’ve probably considered the two regions Umbria and Tuscany. However, in Le Marche (or Marche), property is less expensive and can also be absolutely beautiful.

This region offers a combination of mountainous terrain, rolling hills, countryside plains, and the sea.

For price estimates of properties, you can easily find the information you are looking for on Italy’s main real estate site: Osservatorio di Immobiliare. Also, click here for prices in this specific area.

Buying or renting in this region is a deal considering the prices here are the lowest in central Italy yet you can still buy property in very touristic and fun areas.

With a Le Marche property, you have access to all the magic of this part of the peninsula at a much cheaper price.

Country House Le Marche Property, Italy
Country House Le Marche Property, Italy

LE MARCHE PROPERTY PRICING

For prices recorded between January of 2017 and of 2018, the average cost of property dropped by 4%. The prices went from about €1.853/sq.m. to €1.774/sq.m.

Since the last official calculation, the prices have continued to drop significantly. Also, countryside homes are even cheaper than these recorded averages.

As a result, they could cost as little as €900/sq.m. City apartments are more expensive and bring up the average price of Le Marche property.

Additionally, if you are looking to buy property here in Italy, it’s important to familiarize yourself with certain terminology. Different types of property may not have the same names as what you are used to.

Therefore, begin your search with the right keywords. In the section, “property types” below, we have compiled a list of the property types. These are most likely the names you will see and we have explained what you can expect from them.

PROPERTY TYPES

  • Attico or Mansarda = Attic
  • Loft or Open space = Loft
  • Appartamento = Apartment / Flat
  • Villetta a schiera = Townhouse
  • Casa indipendente = Independent Home
  • Rustic or Casale = Country-style Home / Farmhouse
  • Villa = Villa
  • Palazzo or Stabile = Building / Mansion

Make sure you check out our post about The Magic of Le Marche for more information about the region!

Making a Real Estate Investment in Italy

What to know before buying property in Italy
What to know before buying property in Italy

REAL ESTATE INVESTMENT

If you are looking for a place with historical charm to make a real estate investment, Italy could be perfect. Northern and central Italy have some areas with good prices.

Regions like Le Marche could be a better option than the more expensive countrysides of Umbria and Tuscany.

With medieval towns and ancient architecture, Italian properties all have a certain quaint charm that is hard to find in other European countries.

Keep in mind the following if you’re considering buying a property in Italy:

BUYING A PROPERTY AND COMPLEXITY

buying property in italy

The process of buying a property can be a complex one. Even Italians are wary of certain things when buying real estate.

There are many complications can could arise regarding taxes, scams, missteps, and fraud. Unfortunately, some people will try to scam buyers.

We would advise to seek assistance from a law firm or real estate agency. It’s always best to have the opinion of reliable professionals on hand.

TAXATION

taxation italy

Taxes in Italy are overall quite high. It’s best to have an adviser who can help you understand the laws and regulations, especially because real estate taxes are quite complicated and change often.

Having a professional involved will ensure that you pay the appropriate amount of taxes for your property.

ITALY’S HOMEOWNERS

In 2008, Italy suffered from a terrible financial crisis; one that they still have not recovered fully from. Poor political decisions made it harder for the country to move on from this rough patch.

This has not been great for real estate investments. Real estate investments in Italy aren’t really a thing except for buying your first home. 85% of Italians own homes.

ITALIAN FOCUSED MARKET

The Italian housing market is mainly focused on the internal market between Italian sellers and buyers.

Your return on investment will reflect this as an outsider. Cities like London and Paris have more foreign buyers coming in and making real estate prices higher but Italy is quite the opposite.

This, of course, comes with some exceptions. There are still many rich foreign buyers in very touristic areas of Italy.

These are the Amalfi Coast, Lake Como, Cinque Terre, Venice, Capri, and areas in the wine-producing countryside of Tuscany. Prices in these areas can be higher because of foreign investors.

MONETIZING YOUR INVESTMENT

If you want to monetize your investment in real estate, there are a number of ways to go about it.

For example you could buy a cheap property and renovate it and then sell it for much more than the original asking price.

You could also try renting. Milan and Rome have much higher rent prices than other areas of Italy. So, if you plan on renting your property for long periods, these are the two of the best places to buy in.

Additionally, you can try posting your property on AirBnb and rent it out as a vacation home.

This will probably lead to the most return on your investment.

Buying Property at Court Auctions in Italy

Property auction in Italy
Property auction in Italy

BUYING PROPERTY AT AN AUCTION  IN ITALY

Some may never consider purchasing properties through court auctions. We are here to calm your worries and show you the advantages of doing this.

This way of purchasing property in Italy is actually a safe and appropriate way of purchase. This can often lead to a great deal on real estate.

In recent years, the housing market has become flooded with properties. Thankfully, buying property through auctions has been made more transparent, simpler, and quicker than ever before.

So, while you may have never considered court auctions, it could actually be a great way to buy a property in Italy.

In this article, we will outline the benefits of using a court auction to purchase real estate. In addition, we will give you some advice regarding the process.

BENEFITS OF COURT AUCTIONS

PROPERTY PRICE SAVINGS

First, it’s irrelevant if your property was bought on the private market or through a court auction. Buyers can take advantage of the first home tax benefits even when buying from an auction if this is in fact their first home in Italy.

Intermediate parties involved in the buying process in the private market charge a percentage of the property purchase price for their fees. These fees can be as high as 4% of the property cost.

Fortunately, buying through auctions cuts out the middle man. This allows you to completely avoid that extra fee.

Therefore, you can afford to spend more money into the actual purchase of a home.

Buy a property at Italian Auctions
Buy a property at italian Auction *

While shaving off additional fees is a great perk, you will save the most money through auctions because the house will simply cost less.

Typically properties purchased through these auctions sell for less than they would on the normal real estate market.

Sometimes, if there are no bidders, even the base price of the auctioned property is decreased. Ultimately, you can end up with a property worth well more than what you paid for it.

FINANCING OPTIONS

Many properties bought through auctions also allow for financing options. The courts have made deals with many banks to help auction buyers be approved for financing options.

This takes much of the risk out of the auction purchase, as there is a special relationship between banks and courts in order to help you through the buying process.

INCREASED COMMUNICATION TRANSPARENCY

Encouraging more transparent channels of communication, safeguards have been put into place.

While many say that there is a lack of honesty in the purchase, these court auctions have laws and practices in place to clear up miscommunications.

The Code of Civil Procedure rules are enforced and overseen by a judge throughout the auction process. This ensures transparency on all fronts.

The Court Expert evaluates and describes each property in detail. This expert accompanies the Custodian in establishing the auction’s base price for each property.

Auctions Property in Italy
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Appointed by the court, this Custodian is there throughout the entire process. They ensure a safe and smooth journey for all parties involved in the auction throughout all of the buying process.

This same Custodian personally visits the properties with potential bidders prior to the auctions, and provides whatever information the bidders may need or want.

All information regarding the real estate properties is publicized online at www.astegiudiziarie.it.

Any potential bidder can search online beforehand to see all listed properties and visit the place they are interested in buying before the auction takes place.

AMNESTY

In a similar line to this idea of transparency in the buying process, buyers are granted conditional amnesty. This helps make bidders feel secure when purchasing through court auctions.

This amnesty varies by property and can be time-specific. It ensures that the buyer will not be held accountable for work done previously on the property outside of the law or without authorizations.

To be clear about the details of this amnesty agreement and to make sure that the property is properly analyzed it is important for potential buyers to work with the courts.

OUR MAIN ADVICE DURING THE BUYING PROCESS

If you are unfamiliar with the process of buying real estate through court auctions, we advise you to hire legal assistance to help you through the process.

While strict rules are in place for the courts, there are also rules and regulations for buyers. It’s best to hire a lawyer to ensure you comply with all of these during this journey.

Your lawyer must have specific experience in court auctions and in real estate law. They can help you make the right decisions when bidding and when going through the finalization of payment in obtaining a property.

SO, HOW DO I START?

As mentioned before, the list of properties on auction is available for everyone at www.astegiudiziarie.it

This portal allows potential bidders to have access to all information and documentation on the properties.

The website also outlines the rules and procedures of court auctions for both the courts and the buyers. A potential buyer does not need to be present during the auction and can commission another party to handle it.

They can hire an attorney to attend the auction and operate on behalf of the actual potential buyer.

Do you want to know the position of the Italian provinces?
Use our interactive map!

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