Buying Property in Italy: A Comprehensive Guide for Foreigners in 2024

From choosing a location to evaluating all the legal requirements, our comprehensive guide offers advice for every step of the journey. Whether you’re considering purchasing a vacation home or making a smart investment for the future, we discuss all the benefits, share up to date advice, and introduce the August pathway to buying a second home in Italy, ensuring you make an informed decision.

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Why Buy Property in Italy?

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Rolling countryside, romantic cities, colourful coastline. Italy has it all, making it one of Europe’s most enviable, and popular, tourist destinations. According to data from Statista, in 2023 alone, over 57 million visitors crossed its borders. With such a wide array of attractions, from famed vineyards to fine art galleries, and varied landscapes, from its northern lakes to southern shores, no wonder it’s top of your list when considering buying a second home. 

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But in addition to its list of benefits for holidaymakers and enviable lifestyle - including its favourable climate and charming culture - is Italy also a smart place to make an investment? The short answer is yes. Recent reports show the economy is seeing continued growth, having risen by 3.8% since 2019.

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In terms of buying a second home, this means there is also plenty of opportunity for long-term value appreciation. Buying a home in Italy could therefore be an investment in yours and your family’s future, not only securing a holiday home for future generations to enjoy, but also a valuable asset.

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Best Places to Buy Property in Italy

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Whether seeking a peaceful country retreat or a dynamic urban setting, Italy offers an abundance of choice when it comes to finding a destination with unique charm and also investment potential. At August, our Expert Advisors travel the world to scope out the best locations, considering factors such as accessibility, proximity to amenities and value for money. Here are two of our favourites:

1. Tuscany, renowned for its picturesque landscapes, historic towns, and vibrant culture, is a top destination for foreigners buying property in Italy. Its verdant hillsides, iconic vineyards, and mediaeval architecture make it ideal for those seeking an escape from the hectic pace of everyday life. Here, picture a larger family holiday home, such as a restored historic farmhouse, with ample outdoor space for entertaining.
   
   
2. Rome, the capital city, is another prime location. Known for its ancient history, stunning architecture, and bustling urban life, Rome attracts buyers travelling for both business and leisure and seeking a bolthole or jumping off point for exploring Italy. The city’s choice of neighbourhoods offer something for every kind of buyer, with a choice of characterful or contemporary apartments, catering to various styles and budgets.

Legal Requirements for Buying Property in Italy

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Buying property in Italy as a foreigner is a straightforward process, but understanding the legal requirements is key to a smooth experience. In 2024, foreign buyers from EU countries have the same rights as Italian citizens, while non-EU buyers may need to fulfil specific conditions, such as obtaining a residenza elettiva visa. The first step is securing a Codice Fiscale, also known as an Italian tax identification number. Engaging a local notary or notaio is also mandatory. These experienced lawyers ensure all legalities are followed, verify the property's legal status, and manage the entire transaction. A preliminary contract (compromesso) is usually signed first, outlining the terms and conditions, followed by the final deed of sale (rogito), which then transfers ownership. 

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Due diligence, including verifying property titles and resolving any legal issues, is also essential. Working with a qualified real estate agent and legal advisor can simplify the process and ensure compliance with all legal requirements, making your purchase smooth and secure.

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 Benefits of Co-Ownership of Holiday Homes in Italy 

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With August, purchasing a slice of Italy has never been easier. We offer a unique co-ownership model, creating Collections of up to five holiday homes across Europe, which are then renovated and curated for groups of like-minded individuals who become shared owners. August homeowners enjoy hassle-free holidays for an average of 12 weeks a year. With August taking care of all the maintenance, all that’s left is for them to enjoy their vacation homes in stunning locations, not only in Italy, but the South of France, the French Alps, Mallorca, the Cotswolds and beyond. 

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Our co-ownership model provides the perfect blend of comfort, convenience, and cost-efficiency, allowing owners to fully experience owning a second home in Italy without the stresses involved not only in purchasing a second home, but with property management as a foreigner. Whether it's a historic villa in Tuscany or a modern apartment in Rome, co-ownership with August makes owning a holiday home in Italy a seamless experience.

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Armed with the right knowledge, buying a house in Italy can be one of the most rewarding investments, whether you’re a European citizen or purchasing from further afield. Schedule a call with our Advisory team today to learn more about the August co-ownership model and how it can help you secure a second home in Italy with effortless ease. What are you waiting for? Your dream property could be closer than you think…