The Italian property market is expected to see a healthy boost following the lowering of the Italian resale tax that is due to start on January 1st 2014.
Property tax has been the main issue for prospective property buyers in Italy and with the considerable savings calculated for next year, experts have predicted to see a flurry of sales.
According to A Place In The Sun, a buyer purchasing a €400,000 Italian property can expect to save €3,600 in 2014 with the lowering of the Italian Land Registry Tax. Savings are also high for those buying an Italian property for residential purposes rather than investment and buyers can expect to save €1,236 for every €100,000 of the sales price.
Linda Travella, of Casa Travella, commented: “This is a really positive step for the Italian property market. I am advising anyone in the process of buying a resale property to postpone completion until after January 1st so they can make a considerable saving.”
Interest in buying Italian property has already been seen from overseas investors including outside the EU. Italy is still a prime holiday destination that many tourists flock to every year, therefore owning Italian property is an ideal investment.
This latest measure by the Italian government to lower the Land Registry Tax should result in the Italian real estate market seeing a strong recovery in 2014.
Sources: Property Showrooms, A Place In The Sun, Property Abroad