House Hunting in … Italy

House Hunting in … Italy

Foreigners who buy in the city tend to be from continental Europe, although the number of Russian, American and British buyers there is growing, Mr. Corti said. That may be because Milan is seen as an appealing place for corporations to relocate after Brexit, “particularly in the finance sector,” he said.

There are no restrictions on foreigners buyers in Italy, although nonresidents can buy property only if their home countries have reciprocity agreements or treaties with the Italian government, Mr. Guglielmi said.

The United States and Italy have such an agreement, so there are no restrictions on American citizens, Mr. Rossi said.

Typically, buyers hire a real estate agency to assist them in the purchasing process, for a fee of about 3 percent of the home’s sale price, Mr. Guglielmi said, although the commission can sometimes be as high as 4 percent, Mr. Corti said.

Buyers should be prepared to pay overall closing costs of 10 to 20 percent of the sale price, including the agent’s commission, taxes and other fees, Mr. Rossi said. (For most foreigners, who are buying part-time or vacation homes, this includes a tax of 9 percent on the assessed value, rather than the 2 percent paid by those using a home as a primary residence, brokers said.)

While foreign buyers may obtain mortgages from Italian banks, the process can be difficult and may require that they show proof of income in Italy, Mr. Rossi said.

Italian; euro (1 euro = $1.14)

This property has annual fees of 7,500 euros (about $8,550), which includes taxes, heating, electricity, and pool and garden maintenance, Mr. Corti said.

Dimitri Corti, Lionard Luxury Real Estate, 011-39-02-2506-1442; lionard.com

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