Real Estate & Tax News in Italy from Propertyshowrooms.com

Italian property market 'will remain buoyant into 2012'

Wed, 14 Dec 2011 00:00:00 GMT

The real estate market in Italy is expected to remain "buoyant" for the first half of 2012, one expert has claimed.

Linda Travella, who has been involved in the country's property sector for more than 20 years, predicted the high levels of interest experienced in the final three months of 2011 will carry over into next year.

"The last quarter of 2011 is the busiest it has been for four years, with a surprising amount of enquiries and sales of Italian property," she stated.

Ms Travella added interest is coming from a variety of sources, with buyers from the UK, Russia, Canada, Norway and Switzerland all keen to own a home in the nation.

She also revealed investors hoping to generate a reasonable return on their capital should keep a real estate asset for at least three years, although holding it for five years can be more beneficial when it comes to taxation.

Earlier in December, the Italian cabinet decided to reintroduce a property tax on first homes that was abolished by former prime minister Silvio Berlusconi. This may be something potential buyers want to bear in mind before committing to a purchase.

Italian cabinet votes to reintroduce property tax

Wed, 7 Dec 2011 00:00:00 GMT

A tax on first homes is to be reintroduced in Italy, it has been revealed.

Following talks over the weekend about how best to reduce the country's budget deficit, a package of austerity measures has been finalised.

Among them is to bring back a levy charged on first home purchases that was abolished by the previous government under Silvio Berlusconi.

New prime minister Mario Monti, who was sworn in on November 16th, will now take the proposals to the country's parliament and if approved, it is thought the steps will save €30 billion (£25.79 billion).

Last month, a letter sent by former economy minister Giulio Tremonti to European Union authorities suggested that abolishing the Italian property tax may have cost the country as much as €3.5 billion in lost revenue each year.

In November, president of Istat Enrico Giovannini told Reuters that, as so much of Italians' wealth is tied up in real estate, a permanent tax on such assets would help produce income for the government.

Could Italy reintroduce property tax?

Fri, 25 Nov 2011 00:00:00 GMT

Italy's new prime minister Mario Monti was sworn in last Wednesday (November 16th) and has proposed a number of measures to help tackle the country's public debt.

Among the suggestions is the reintroduction of a property tax that was abolished under former leader Silvio Berlusconi in 2008.

Former economy minister Giulio Tremonti estimated that cutting the real estate tax has cost the Italian government around €3.5 billion (£3.02 billion) in lost revenue over the past three years, in a letter he sent to European Union authorities before leaving office.

According to Reuters, Mr Giovanni pointed out that much of the country's wealth is tied up in Italy's property sector.

"How do you get this wealth to produce income and growth? The first hypothesis is a property tax, not a one-off tax, but a permanent one," he suggested in this letter.

Earlier this month, Global Property Guide published figures from think-tank Nomisma, which showed that the value of real estate in Italy fell by 0.7 per cent during the year to June 2011.

Italy and UAE. Pershing Luxury Beach Residence to be part of Marine Legends real estate project

Mon, 22 Sep 2008 00:00:00 GMT

Pershing, the famous Italian yachting brand, presents its “Pershing Luxury Beach Residence”, a luxury twin-tower residential complex on the Dubai Waterfront. As announced at the beginning of 2008, the Pershing mother company, the Ferretti Group, a worldwide leader in...

Tax reforms set to attract investors to Italy

Tue, 22 Apr 2008 00:00:00 GMT

Forthcoming government reforms could trigger a period of renewed growth in Italy's housing market, according to experts.

Foreign Property Buyer said prime minister Silvio Berlusconi pledged to scrap the main tax on properties during this month's election campaign.

The website believes that since the country also offers exemptions from capital gains tax, this latest reform could act as a further incentive to buy an Italian house.

Commenting on its investment potential, it said: "Fees and taxes are a large part of any overseas property investment.

"The abolition of any of these will make a significant difference to property purchasing in the country."

Foreign Property Buyer added that if Berlusconi does act upon his promise, this could push property prices up.

Therefore, investors could possibly get considerable tax-free returns should they sell up further down the line.

Italy's appeal to foreign property buyers was recently highlighted by NuWire Investor, which said demand for accommodation in popular tourist spots makes it a particularly good investment.