Wander through the narrow cobbled streets of Perugia’s historic centre filled with fine Etruscan, Roman and medieval monuments before visiting the Palazzo dei Priori – one of Italy’s finest Gothic palaces – and home to a superb gallery of Umbrian and other art spanning several hundred years; take a gentle stroll along the shores of Lake Trasimeno to spot wildlife such as wild ducks, cormorants, kites and kingfishers before enjoying a lunch of locally caught fresh fish washed down with a chilled glass of local Grechetto wine; immerse yourself in the annual arts festival in Todi –combining art exhibitions and seminars with opera, orchestral and other musical events from mostly local and regional performers there is something to appeal to everyone. Located in the centre of Italy with excellent links to the international airports of Florence, Pisa and Perugia, Umbria property is increasingly being sought after by international investors wishing to own their own piece of undiscovered Italy.
Often referred to as “the green heart of Italy”, Umbria borders the southern side of Tuscany to the west, Le Marche to the east and the regions of Lazio and Abruzzo to the south. A landscape of gently rolling hills, lush green olive groves and wildflower meadows with medieval hill top towns bursting with fine churches, narrow cobbled streets and piazzas, Umbria is an unspoilt land of space and tranquillity.
Umbria property has been popular with foreign investors for over thirty years when the first visitors came in search of property which was then cheaper than its more expensive neighbour – Tuscany, although today Umbria property prices are comparable. Umbria property is incredibly diverse depending on your style and budget; from old stone farmhouses nestling in olive groves and in need of renovation, luxurious villas with swimming pools and panoramic views of the surrounding countryside to traditional townhouses off narrow cobbled streets in medieval hill top towns. Umbria property has some of the strongest holiday rental prospects in Italy; the region is very popular with foreign holidaymakers and property near to Assisi and Perugia will attract year-round rental income from Catholic pilgrims and students and tourists.
The three most attractive rural areas in which to buy Umbria property are the Upper Tiber valley in the far north and the Lake Trasimeno area in the west, which are both well situated for Perugia and the Vale of Spoleto in the region’s centre, which gives access to some of the region’s most beautiful hill towns such as Assisi.
Perugia is Umbria’s small and handsome capital perched on a hill above a valley through which the River Tiber swiftly runs; full of trendy boutiques and cafés the town’s historic centre is a maze of cobbled streets, arched stairways and bustling piazzas. The town’s student population of 30,000 gives Perugia a humming nightlife and every July the Umbria Jazz festival draws music enthusiasts from around the world. There is a wide range of Umbria property in and around the capital; a recently renovated light and airy two bedroom apartment with tall ceilings, wooden beams and terracotta tiled floors right in the heart of the town would cost in the region of €200,000 and at the other end of the price range a 5 bedroom restored stone farmhouse with panoramic views of Perugia and the hills and private swimming pool has a price tag of €2.5m.
There is also a good range of Umbria property around Todi – a small medieval town on a tall two-crested hill overlooking the east bank of the river Tiber and commanding distant views in every direction. Perhaps a luxuriously restored 5 bedroom traditional stone farmhouse perched on a hilltop in the rolling countryside near Todi with panoramic views of the surrounding land and valleys for €3.5m or if you have always wanted to own your very own castle then €4m would buy a restored medieval castle with its own amphitheatre and secluded swimming pool set in 2 hectares of garden.
The Vale of Spoleto also offers a good range of Umbria property for sale. Beautifully renovated stone villas with wonderful views of the countryside complete with swimming pools and terraces overlooking lush green gardens can be found for €350,000 to €500,000 depending on the number of bedrooms and locations. Or how about a secluded 8 bedroom villa with marble stairs, wooden floors and stone fireplaces and an infinity swimming pool with views of the valley below and the surrounding hills and mountains – yours for €1.65m.
A tranquil and peaceful region with picturesque medieval towns perched on hilltops surrounded by valleys of olive groves and rolling green hills, a richly spiritual and artistic heritage and a wonderful sense of community and kinship, the diverse range of Umbria property available provides investors with the perfect opportunity to buy property in the unspoilt ‘green heart’ of Italy.
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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