Buying Property in Italy: Rome Property Guide
A handy property guide explaining the pros and cons of buying property in Rome. Plus, search properties in Italy.
Rome is the capital of Italy and is found in the Lazio region of the country.
Since Roman times the city has been an important centre for business, culture, religion and tourism and it remains so to this day. Luckily, its centre survived World War II comparatively unscathed, which means that much of the area remains essentially Renaissance and Baroque in character.
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Located at the confluence of the Aniene and Tiber rivers, the city has a total population of 2.7 million.
The conurbation is known by a multitude of names, including 'Caput mundi' (Capital of the world), 'la citta dei sette colli' (City of seven hills) and simply l'Urbe (the City).
The area is listed by UNESCO as a World Heritage Site.
The centre is dominated by the traditional seven hills of the city and features over 200 palaces, 900 churches and eight of Rome's major parks.
Some of the most important museums and galleries of in the city include the National Museum of Rome, the Museum of Roman Civilization, the Villa Giulia National Etruscan Museum, the Capitoline Museums, the Borghese Gallery, the Museum of Castel Sant'Angelo, and the National Gallery of Modern Art.
The city boasts a number of breathtaking buildings of historical and architectural significance. Among them, the Forum and the Coliseum are perhaps the most famous.
What's more, Rome is a paradise for shoppers. The Campo de' Fiori is the city's oldest market and the three streets of Via Condotti, Via Borgognona and Via Frattina are recognised as housing some of the world's top fashion boutiques.
Pros and Cons to Buying Property In Rome
With culture, shopping, food and night life, it is not hard to see why people from the UK would be keen to purchase a property in the Italian capital.
As a result, apartments and houses in the city are expensive when compared to the rest of the country and Europe in general.
Website globalpropertyguide.com showed that Rome is the seventh most expensive city in Europe, with property typically costing 6,083 euros per square metre. The figures indicate that a 30 square metre property costs on average 250,000 euros, while a larger 150 to 200 square metre dwelling will be between 850,000 and 1.3 million euros.
As a result of these prices, website shelteroffshore.com advised prospective buyers to consider renting in the city first to try to get a feel for the areas they like.
It added: "It is important to realise that living in Italy and buying property in Rome is different to the experiences in most other parts of the world and even other parts of Italy.
"Therefore, taking your time to really explore the possibilities and examine available properties, the best parts of the city for you and the most affordable locations for your budget is definitely the best way to go."
Recently, reports have emerged that some buyers are opting to purchase property in rural locations on the outskirts of the city. Indeed, the Global Property Guide's numbers confirm that prices here are far more reasonable than those in more central locations. It claimed that a suburban 70 square metre property would cost in the region of 450,000 euros.
Johannes Hermel of local property specialists Casambiente told the Independent: "We're seeing a new trend in people buying close to Rome - but not too close.
"Lazio is attracting buyers who appreciate it's a beautiful area less than an hour from the city and airport."
According to the report, apartments in these outlying areas can currently be picked up for around £20,000, while country homes in need of work start at £40,000.
What you Need to Know Before Buying Property in Italy
Buying a property in Italy is quite complex as the process is regulated. Someone who has found a home and secured a mortgage deal needs to make an offer through the selling agent.
Anyone with financial dealings within the country needs a Codice Fiscale - or tax code. This is obtained from the local tax office.
Finally, it is advisable to get a Roman lawyer when looking to purchase in the city as the process is "different to the experiences in most other parts of the world and even other parts of Italy".
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