Italy provides an attractive prospect for investors from abroad.
According to estimations made by "Scenari
immobiliari", 8 percent of residential commerce in
Italy is carried out by foreigners citizens.
A figure that could reach 45 million euros by the end of
2017.
Not only are those with foreign citizenship living in
Italy (over five million) buying houses,
investors are also attracted to Italy.
In 2016 more than half of foreign buyers were from
Eastern-Europe, followed by Indians,
Pakistanis and Chinese. The low
number of Chinese mortgage requests despite
Chinese investors being among the largest category of investors is
an exceptional case.
The figures come from a survey made by Facile.it and Mutui.it. These websites look
in particular at the dispensing of mortgages.
Mortgage Statistics
Thanks to the booming housing market that has
recently taken hold the banks seem more likely to give out
mortages.
Of the 3.500 mortgages given ( from January 2016-June 2017) a large
percentage, 6%, was granted to foreign
citizens.
Of the available statistics, it seems that on average foreigners
profit with amounts of 68% of the value of the property, around
109,800 Euros.
Considering the nationalities of those who have had access to credit, they reveal a large number of Romanian citizens (15.1%), Albanians (11.9%), Swiss ( 11.4%), Moldovian (6.8%) and German (5.9%). Chinese and Morrocans have a large presence in Italy, and should be noted for their limited requests for mortgages in banks.
One has to look closely at the figures, in order to understand the most meangful funding but they are in English or French.
From a geographical point of view buyers continue to prefer investing in North and Central Italy. For example, Lombardy attracts 29.7% mortgage requests at the bank.
How to obtain a mortgage
To request a mortgage in Italy you do not have
to be an Italian resident. Bank branches request the relevant
information concerning income, if you work or not and where you
live.
Italian residents abroad are able to request a mortgage. They have
to be registered as AIRE– Italian Registery
Office for Italians living abroad.
If you do not live in a country that has euros, problems bound to
the changing of money can be overcome by turning to a bank that
operates in both countries.
In cases where the mortgage is needed to buy the first house, you
have the right to concesssions even if you are not Italian, but it
must be reassessed in each case in order to see if you can take out
a mortgage.
The documents produced have to be certified and drafted in Italian. For those who permanently live abroad and request a mortgage it is important to be able to demonstrate your financial stability.
Boccadutri International Law Firm offers a premium services for
real estate.
Our team of lawyers are experts in real estate and are available to
anyone who wishes to
buy or sell property in Italy and
abroad.
One of the many skills of the advocates at the law firm is
conveyancing, namely the transfering of property in all its steps,
not least helping clients request mortgages. A consultant will be
there for the client at every phase of the process of the mortgage
request.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.