Lake Maggiore Property
Soak up the warm sunny rays on the private terrace of your luxury villa before sailing off to one of the many charming lakeside restaurants to enjoy a dinner of freshly caught fish marinated in light and delicate local olive oil accompanied by a chilled glass of Nosiola - the regional white wine; explore the fabulous gardens on Isola Madre bursting with camellias, rhododendrons, white peacocks, exotic birds, tropical flowers and the largest Kashmir cypress in Europe; take a boat trip across the lake and explore Cannero Riviera - one of the prettiest towns on Lake Maggiore sitting amidst lemon and orange trees and olive-groves - and enjoy an al fresco lunch at one of the many lakeside cafés.
Located in northern Italy, Lake Maggiore is the most westerly of Italy’s three great lakes, acting as a boundary between the regions of Piedmont, Lombardy and Switzerland and spreading for nearly 70 kilometres from Arona in the south to Locarno in the north. Just 15km away from Milan Malpensa airport and with high speed train links through the Alps to Switzerland and then into France, Lake Maggiore property offers investors the perfect opportunity to own part of this beautiful and charming part of Italy.
The main town on the lake is Stresa - the ‘grande dame’ of Lake Maggiore's resorts. A graceful little town that came to life in 1906 with the opening of the Simplon rail tunnel, it quickly became a favoured holiday retreat for Europe's nobility. Located in the Gulf of Borromeo it overlooks the famous Borromeo islands and its Art Nouveau hotels and villas which overlook the lakeside promenade lend it an air of style and elegance.
A stay in Lake Maggiore must include a visit to the Borromeo islands. Owned by the aristocratic Borromean family in the 16th and 17th centuries, they transformed Isola Bella and Isola Madre into grand and luxurious residences whilst Isola dei Pescatori - an age-old fishing community, was left to continue its traditional way of life. At Isola Bella between 1650 and 1671, Count Vitaliano Borromeo created a splendidly ornate baroque palazzo and the fabulous Italian-style garden, rising in ten terraces to a height of 32 meters and covered with luxuriant southern vegetation. Rows of lemon and orange trees, cherry-laurels, tall cedars, magnolias, cork-oaks, sago-palms, carob-trees, camellias, and oleanders frame beautiful lake and mountain views, and parterres of brilliant flowers cover the ground supported by the stone terraces.
Buying a second home in Italy is becoming increasingly popular and Lake Maggiore property is attracting a large number of investors – 80% of which are international with a growing number of French and American buyers and the rest Italian buyers from Milan and its surroundings looking for a weekend home in the lakes. There remains a good supply of property and demand remains strong with premium prices continuing to be paid for properties with direct access to the lake or with a lake view. Being close to ski resorts in France and Switzerland helps so crucially Lake Maggiore property also provides a strong rental market which remains high all year around.
The choice and location of Lake Maggiore property is wide ranging from luxury villas and studio apartments in restored villas to modern apartments in new build development.
Villas with direct access to the lake or with good lake views are at the top end of the market but prices do vary depending on the location and condition. A 19th century six bedroom villa in Cannobio on the west coast of the lake which has been beautifully renovated with marble, intricate stucco and local stone and yet totally modernised with underfloor heating and modern kitchens and bathrooms could be yours for around €5m. 1.6m EUR will buy a four bedroom 19th century house just up the coast from Stresa with direct access to the lake but in need of restoration. There are also a number of apartments on the market both in renovated houses and completely new. A stunning three bedroom penthouse apartment with tiled floors, wooden ceiling, sunny terraces with stunning views of the lakes and the island and just a few steps from the promenade of Pallanza opposite Stresa would be 1.8m EUR. There are also a number of new build apartments available with either terraces or gardens in a new development near the centre of Stresa and all with great lake views with prices in the 700,000 - 800,000 EUR range depending on the number of bedrooms and apartment size.
Whether you decide to buy a beautifully renovated period villa with gardens flowing down to the lake or a modern apartment with sun soaked terrace and panoramic lake views, Lake Maggiore property provides investors with the perfect opportunity to buy property in one of Italy’s most beautiful locations. The combination of temperate climate, soaring mountains, diverse landscape, good wine, fabulous food and a relaxed approach to life makes Lake Maggiore a perfect holiday and property investment destination.
Guide to the Italian Buying Process
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.
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.
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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