COVID-19: Effects on Italian property prices

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Three main impacts of COVID on the Italian property market but the outlook is optimistic

The Italian Property Market And COVID. What Is The Outlook?

The Italian property market has taken a hit from the COVID health and economic crisis.

Wide-ranging central bank and government policies and stimulus packages are supporting the economy. As emergency restrictions ease, the outlook is optimistic.

The impact of COVID-19 on the Italian residential property market is threefold. Firstly, it creates a natural tendency to worry, making all but the most committed buyers more cautious in the short term. Secondly, on a practical front, travel restrictions have impinged on buyers’ and sellers’ ability to transact, as restrictions limit people’s ability to go about business as usual. Thirdly, the situation generates economic effects which impact the traditional drivers of affordability.

Prior to the COVID pandemic, Italy was experiencing a healthy upturn in its economy

The residential real estate sector particularly in the north of the country was showing a rise in demand for properties and residential construction was increasing.

The uncertainty surrounding the health situation and its duration have seen many would-be investors put their plans on hold. Data for online property listings show a fall in the number of Italian properties on the market. In addition, searches by potential buyers has decreased sharply.

Essentially, the impact of the pandemic on the economy and on property markets extends worldwide. It is not restricted to Italy. Provided that the situation continues to improve, we will likely see a negative effect in the short and medium-term on the real estate market in Italy. However, we expect to see that bounce back as vaccination continues apace and economic recovery gathers momentum.

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The Italian luxury real estate sector reports decreased activity but it is far from paralysed

Initial information shows that luxury real estate is weathering the storm. Although they have slowed, transactions are continuing. It is too early to tell how the situation will evolve economically. However, it seems likely that investors will seek to protect their assets by focusing on safe securities such as luxury real estate. The perceived safe-haven of bricks-and-mortar investments in times of uncertainty helps to underpin values of high-end properties.

Experience from crises such as the recession in 2012, shows that once the most critical period passed, the Italian real estate sector gradually recovered.

Volatility in financial markets and low-interest rates continues. This means the real estate sector could again become a strong investment opportunity as we emerge from the COVID pandemic.

Italian property prices may fall before they rise

There is a general expectation that there will be a fall in property prices for a while. This would make Italy a buyers’ market. Thereafter, in the medium term, prices should increase to previous levels. This means sellers will need to be pragmatic on pricing in the short term, as demand becomes more dependent on needs-based and opportunistic buyers.

Having come through a global financial crisis in 2008, governments and central banks have a better understanding how to act in the face of uncertainty. Since then, they have moved quickly to implement measures to combat economic downturns. The approach of the European Central Bank’s (ECB) and the Bank of Italy’s monetary policy suggests that the low-interest-rate environment is likely to continue.

The Italian government has introduced stimulus packages to support property investments

During the pandemic, the Italian government quickly activated its wide-ranging fiscal easing measures in its, “Cura Italia” decree.

The government later announced a further stimulus package in its “Rilancia Italia” decree. Measures include property-related subsidies and tax benefits to support relaunch and investment in the Italian housing and construction sectors.

The combination of the central bank and government policies should support the economy through the current recession and what could otherwise have been a much stronger blow to economic growth. Furthermore, since the 2008 crisis, obtaining mortgage financing in Italy has become easier and this looks set to continue.

The pandemic has driven new ways of working

Many real estate agents and legal professionals took advantage of the pandemic lockdowns to plan how they will manage business in the future.

As restrictions lift, professionals have turned to technological innovation to serve clients. For example the use of using video calls. This could become the new normal.

At De Tullio Law Firm we have seen an increase in clients using our Power of Attorney services. This allows us to organise clients’ property sales and purchases remotely as well as manage many other property-related matters on our clients’ behalf.

Finally …

If you are thinking of investing in Italian property and would like to talk to us about any aspects mentioned in this article, please get in touch.

We are aware that the pandemic has left the signing of many Italian residential property transactions in the air. Many are worried that they may be in breach of contract. This is particularly relevant if there is no specific reference to a pandemic as a force majeure in their contracts. If you need a legal strategy session to discuss your situation, we are here for you.

You may like to watch our useful info videos about buying property in Italy.

What is an Attestato di Prestazione Energetica

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What is an Attestato di prestazione energetica (Italian Energy Performance Certificate)?

If you are purchasing a property in Italy, an Italian Energy Performance Certificate (EPC) –  Attestato di Prestazione Energetica (APE)  is an essential document.

In Italy, only an accredited engineer or surveyor can issue an EPC. As well as describing various aspects of the property such as its dimensions, condition and age, an EPC estimates energy costs for an average household. For instance, costs for lighting, heating and hot water.

An EPC provides an assessment of energy efficiency on a scale ranging from A to G. Category A is the most efficient and G is the least efficient.

Is an Italian Energy Performance Certificate mandatory?

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Italian law made EPCs mandatory in 2013.

An EPC helps inform the sale or purchase price of an Italian property.

When buying a property in Italy, we highly recommend that you ask to see its EPC as part of your due diligence. You should see the EPC before  you sign a deed of sale.

An EPC is valid for 10 years and the onus is on the seller or landlord to provide a potential tenant or buyer with an EPC.

How do you get an EPC in Italy?

In order to obtain an EPC, you need to engage a technician accredited by the relevant Italian Regional authorities. By law, only accredited technicians can issue an EPC certificate in Italy.

In order to issue an Italian EPC, the technician performs a site inspection of the property to assess it. The technician evaluates heat transfer and the health and safety of indoor environments.

Following a thorough analysis, the professional determines which category the property falls into and enters this on an EPC form. The EPC is then delivered to the new owner or tenant of the property.

Do I need an EPC to rent or buy an Italian property?

When buying or renting a property, it is important to view its EPC so that you can budget for heating and power. This way you can estimate future costs of your utility bills.

Finally …

If you would like more information about the Italian EPC, you can read more here or, get in touch with us at info@detulliolawfirm.com We are legal specialists for Italian property matters.

You may also be interested in Certificate of Habitability (certificato di abitabilità).

You may like to watch our useful info videos about buying a property in Italy.

Buying Italian Property: Personalise Your Preliminary Contract

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Should you use a one size fits all preliminary contract for your Italian property purchase?

Before you sign a preliminary contract when buying an Italian property, it is crucial to think about your personal situation. For example, is your purchase contingent on getting a mortgage or do you need to sell another property in order to complete this purchase? If your purchase is subject to certain circumstances, you should personalise your preliminary contract by adding conditions precedent.

Italian estate agents often use a standard preliminary contract template. This type of one size fits all preliminary contract may not be appropriate for your situation.

In fact, generally speaking, this type of standard preliminary contract may expose you to legal risks and financial penalties. In a worst-case scenario, you may end up in court.

Tailor the preliminary contract to fit your specific needs by adding conditions precedent

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Conditions precedent protect all parties when buying and selling property in Italy. However, to provide protection, conditional clauses must actually be written into the preliminary contract in order for them to be legally binding.

During the due diligence process, if you find you are unable to meet the conditions precedent in the preliminary contract, you may withdraw from the purchase process. Examples of conditions precedent include:

– a property purchase being contingent on the buyer obtaining approval for a mortgage

– a buyer needing to complete the sale of another property to free up funds for the deal to proceed

– a buyer agreeing to purchase a property if it passes a property inspection and/or survey

– an offer hinging on approval from the local authorities for zoning and building permits for improvements such as changing the internal layout, an extension or installing a swimming pool.

What sort of conditions are valid in an Italian preliminary contract ?

Any condition precedent must be objective and cannot depend exclusively on the will of one of the involved parties.

According to Italian law, a condition is null and void if it is considered as merely potestative, i.e. it is considered as being in the sole interests of only one of the parties to the contract.

The most frequent and important example of a condition precedent in Italian preliminary contracts relates to mortgage approval. It is clear that all parties to the transaction stand to lose out if the buyer cannot obtain a mortgage. Under Italian law, this condition precedent cannot be classified as a purely potestative condition.

If you are not fully certain of having the financial means necessary to complete your real estate investment and you are negotiating with a bank to obtain a mortgage or, if you need to sell another property to finance the purchase, we strongly advise that the preliminary contract should indicate this as a condition precedent.

We would recommend that you personalise your preliminary contract with conditions that fit your situation. You should always seek independent legal advice if you are buying property in Italy. Have your lawyer examine all paperwork before you sign anything.

Finally …

If you are thinking of buying an Italian property, why not talk to us? De Tullio Law Firm can advise and guide you throughout your Italian property purchasing journey. We have over 55 years of experience working with clients on their Italian and cross border property, family and inheritance matters. Get in touch.

 

You may also be interested in Buying property in Italy.

Buying real estate in Italy: De Tullio Law Firm Advice

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Buying basics: the Italian conveyancing process

In a previous contribution in The New York Times, De Tullio Law Firm focussed on buying real estate in Italy with particular focus on Rome.

This time, The New York Times explores purchasing property on the Ligurian Riviera.

Information that De Tullio Law Firm provided is however also relevant for the whole of Italy.

The New York Times includes information about legal and notarial fees and Italian property tax costs.

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“There are no restrictions on most foreigners buying real estate in Italy”, said Giandomenico De Tullio, a managing partner at the De Tullio Law Firm, which has offices in Italy and Britain.

“For complicated transactions and sales involving foreigners, it is a good idea to hire a bilingual lawyer as well”, said Mr. De Tullio, who estimated that a lawyer’s fee would be about 1 percent of the sales price. “In addition, there is a 22 percent value-added tax on both services”.

“The stamp duty is the buyer’s biggest closing cost, at 2 or 9 percent of the property’s assessed value, depending on whether it will be a primary residence or a second home”, Mr. De Tullio said. (“To get the primary-residence tax break, buyers must typically establish legal residence in the municipality within 18 months of buying the property”, he said.)

“Other closing costs include a building registry tax of 50 euros (about $62) and several other taxes and fees that add up to a few hundred euros. A rough estimate of closing costs on a 1 million euro property is around 30,000 euros (about $37,000)”, Mr. De Tullio said, but he added “that it can vary greatly.” Read the full article here.

Finally …

De Tullio Law Firm is an Italian property, inheritance and family law specialist. We have been assisting and guiding our clients with Italian investments for over 55 years. If you would like to discuss your investments in Italy, we are here to help. Please get in touch.

 

you may also be interested in Celebrating 55 years of De Tullio Law Firm

Resident in Italy for tax purposes?

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One or more of the following conditions makes you resident in Italy for tax purposes

According to the provisions of Article 2 (2) of the Italian tax code, Testo Unico delle Imposte sui Redditi (TUIR), if you spend more than 183 days per fiscal year in Italy, the Italian tax authorities will consider you resident in Italy for tax purposes.

If you meet one of the following conditions, you qualify as a resident for Italian tax purposes:

– you have registered at your local town hall’s (comune) registry office;

– you have your domicile in Italy, i.e. your principal centre of business, economic and social interests, e.g. your family, as defined by paragraph 1 of Art. 43 of the Civil Code;

– you have your residence in Italy, i.e. your habitual abode, as defined by the paragraph 2 of Art. 43 of the Civil Code.

The requirements indicated by TUIR are stand-alone: the occurrence of one of the above conditions is sufficient for the Italian tax authorities to consider you resident in Italy for tax purposes.

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Registration at your local comune confirms your residence for tax purposes in Italy

If you spend more than 3 months in Italy you must register at your local comune.

Your registration with a comune presumes your residence in Italy for tax purposes.

At the end of your stay in Italy, you should de-register from your comune.

Double Taxation Agreements for residents of two countries

Double taxation agreements (DTA) protect a government’s rights to collect tax and protect against attempts to avoid or evade tax. DTA contain provisions for the exchange of information between national taxation authorities. There are more than 3,000 DTA world-wide.

If you can prove you are resident in two countries, you may have recourse to the application of Article 4 of the relevant DTA in order to resolve any conflict of dual residence for tax purposes. You can find more information about DTA here.

The onus is on the taxpayer to provide documented evidence of tax residence outside Italy

You will need to request a certificate of tax residence under the relevant DTA. It is also important to keep records such as travel documents and receipts. These help evidence how long you were physically present in Italy in any given fiscal year.

Finally …

For over 55 years, De Tullio Law Firm has been providing international clients with independent legal advice. If you need support with your Italian and cross border tax matters, we are here to help.

You may also be interested in Elective residence Visa Italy: general information

How to get a mortgage in Italy

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Can foreign nationals get a mortgage in Italy even if they are not residents?

The short answer is yes. However, compared to foreign nationals resident in Italy, obtaining a mortgage in Italy is more complex for non-resident foreign nationals with an income from outside Italy.

There are fewer options when it comes to lenders who offer mortgages to non-residents in Italy, and receiving a negative response from lenders is not unusual.

It is crucial to follow the right procedures and seek advice from professionals. Providing a mortgage to non-resident foreign nationals differs from the domestic market. This is mainly because lenders put constraints on the level of mortgage borrowing. Usually, lenders will only offer mortgages of up to 60% of the property purchase price.

Lenders have to take a number of factors into consideration pursuant to the European Mortgage Credit Directive. These include the currency of your income and your age. Generally, the mortgagee should not exceed 75 – 78 years of age by the end of the mortgage term.

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A lender will also take into account the level and the source of your income; whether you are self-employed or employed for example.

In addition, a lender will required proof of creditworthiness and that you have sufficient funds to make Italian mortgage instalment payments on top of any other mortgages and loans elsewhere.

What are the steps to getting a mortgage in Italy?

The first stage of the mortgage application procedure includes gathering documents. We would always recommend that you seek independent legal advice at this stage. Your lawyer will be able to advise you what documents you need, identify whether you qualify for a mortgage and how best to proceed with your application.

Usually, obtaining financial pre-approval from a mortgage lender takes 3 – 4 weeks in Italy. The second stage of the mortgage application involves due diligence requested by the lender. This will entail getting a legal report and a technical survey of the property you want to purchase. If technical and legal assessments are accepted by the lender, the mortgage application will progress to the lender’s final approval.

It is essential to highlight that the real estate you wish to buy with your mortgage must be habitable and in compliance with current Italian technical, energy performance and building regulations on the matter. In the event that finalising your Italian property purchase is contingent on obtaining a mortgage, it is vital that the property you wish to buy meets the stated requirements of habitability and technical regulations. You should also make sure that the preliminary contract reflects the fact that your purchase is subject to getting a mortgage.

Finally …

For over 55 years, De Tullio Law Firm has been providing international clients with independent legal advice. We offer services in all the major fields of Italian law with particular expertise in real estate and inheritance matters. Get in touch.

You may also like to watch our info videos on the subject of Italian property law.

Divorce in Italy: How is property divided?

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How is property divided in a divorce in Italy?

This article explores Italian matrimonial regimes, or marital property systems, and how property is divided in a divorce in Italy.

Matrimonial regimes in Italy

“Regime patrimoniale dei coniugi” in Italian.

Because matrimonial regimes regulate financial affairs between couples, matrimonial regimes may become a significant aspect in a divorce settlement. This is particularly relevant if one or both spouses are not Italian nationals and own immovable assets such as real estate in Italy.

In Italy there are two main matrimonial regimes: the community of assets “comunione dei beni” and separation of assets “separazione dei beni”.

Community of assets

This regime means spouses own all purchases they make during the course of their marriage in common.

The community of assets regime excludes certain personal items from common ownership. These include assets that spouses owned prior to marriage and gifts or inheritance assets the couple acquires during the marriage.

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The main aspect of the community of assets regime is that even if the other spouse was absent at the time of the purchase, both spouses own an equal share of the purchase. Of course, there are exceptions. Each case is different and requires examination.

Separation of assets

If the couple, prior to or during the marriage, adopted a separation of assets regime, each spouse is the sole owner of any purchase they make.

The only commonly owned assets will be those the couple specifically purchases together.

In order for a separation of assets matrimonial regime to be legally valid, a couple needs to put a written agreement in place.

If a marriage is subject to Italian law, couples can draw up an agreement when they marry or at a later stage.

Foreign couples may make an agreement when they purchase a property in Italy – should they wish the asset to be in the name of only one spouse.

Default position

Italy has a Civil Law system, whereby codified statutes predominate. Italian family law provides that a community of assets is the default matrimonial regime.

For foreign nationals, although a marriage is subject to the spouses’ national law, the Italian law may still be relevant. In particular when it comes to purchasing and owning property in Italy.

About 80 countries have Common Law systems which defer to country laws of the property’s location. Therefore, your national law may defer to Italian law when it comes to property purchases and matrimonial regimes.

What is the matrimonial regime applicable to your assets in Italy?

As previously mentioned, unless spouses make a written agreement, the default regime applicable to purchases during the marriage is the community of assets.

To legally adopt a separation of assets matrimonial regime, spouses must make a notarised deed.

Unless you have a notarised deed, doubts and issues can arise during divorce proceedings. In this case the default community of assets regime would apply.

A separation of assets clause in a deed of sale for a property signed by only one spouse is not sufficient to determine a matrimonial regime from a legal point of view.

Without a notarised deed regarding your matrimonial regime, if only one spouse signed a property deed of sale, Italian law will still consider the property as belonging to both spouses.

Generally speaking, a community of assets regime does not impact inherited or gifted properties. These remain in the name of the sole spouse who inherited them. However, there may be exceptions depending on the exact wording of any gift deed or will.

Finally …

Division of Italian assets between spouses in the event of divorce in italy depends on matrimonial regimes. It is important to understand if you own the property in common with your spouse. If you need assistance or would like to discuss your personal situation. please get in touch with us.

 

You may also be interested in How to protect inheritance from divorce.

You may also like to watch our info videos.

De Tullio International Law Firm

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De Tullio International Law Firm. Solid, strong, stable legal expertise

At De Tullio Law Firm we provide independent legal advice in all areas of the law. The majority of our work focuses on managing a wide range of Italian and cross border legal matters. We are specialists in property, family and inheritance law.

A passion for the law led us here

De Tullio Law Firm: Combined experience of 55 years

Giovanni De Tullio. Founding Partner at De Tullio Law Firm.

Giovanni De Tullio founded De Tullio Law Firm in 1965. In addition to being a lawyer, Giovanni was a notary (notaio) for over 30 years. As a result, Giovanni brings tremendous experience and knowledge of Italian legislation to the team. Whether clients are purchasing or selling a home, gifting a home to a child, making a will or incorporating a company in Italy, Giovanni’s understanding of the Italian State’s requirements is an invaluable resource.

Following in his father’s footsteps, Giandomenico De Tullio also became a lawyer.

Giandomenico De Tullio. Managing Partner.

After a decade working overseas at international legal firms, as well as at the European Commission, Giandomenico joined Giovanni at De Tullio Law Firm.

Aside from being a member of The Italian Bar Association, Giandomenico is also a full member of Society of Trusts and Estate Practitioners. STEP is the world’s leading professional body for practitioners in the fields of trusts, estates and related issues.

Giandomenico is also an active representative in a number of not-for-profit government organisations whose aim is to develop and promote economic and cultural relations.

Right beside you

Because we have over 55 years of experience providing independent legal advice, we understand that property investments, or planning inheritance is not just a complex legal journey but also a personal one.

Our knowledge of Italian and cross border property, family and inheritance law gives us unique insights into the processes involved. We pride ourselves on giving each of our clients the individual care that their case deserves.

Thanks to the dedication of our lawyers, associates and professional staff, we offer an extraordinarily high level of service, responsiveness and attention to detail.

De Tullio Law Firm. Serving clients worldwide

Clients include both individuals and companies seeking legal advice, support and services. Our multi-lingual team serves clients throughout Italy.

Finally …

Thank you for visiting our website. We hope you find the information useful. If there is anything you would like us to cover in an article or, if you would like to discuss a legal matter with us, please get in touch. We look forward to hearing from you.

Buying Property in Italy

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The Italian property market

Dreaming of buying property in Italy? The country’s rich heritage, magnificent buildings, cities steeped in history and regions with landscapes are as sublime as they are varied. This territorial diversity and widely different prices per square metre of property make the Italian real estate market very interesting.

Property Prices

The average price per square metre for Italian property was around €2,300 at the end of 2019.

However, it was much lower in southern Italy. In Puglia for example, it is possible to buy a house for 1,300 €/m².

If you’re looking for a property in Florence or Venice, prices are much higher: expect to pay more than 5,000 €/m² for an apartment in Venice.

Fees and taxes

Before committing to the purchase of a property in Italy, it is essential to consider the inherent costs.

First of all, as a foreign national, you are more likely to use a real estate agent. Estate agent fees vary and can be as much as 4% of the selling price, i.e. €12,000 for a property worth €300,000.

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In Italy, a notary public (Notaio) must oversee the transaction on behalf of the Italian state. The notary’s fees are also variable: allow for between 2% and 4%.

However, in Italy, the most important fees are the registration fees, which represent 9%, or €27,000 for a property worth €300.000. That said, these costs should be put into perspective, as the rate is based on the land registry (cadastral) value of the property, which is generally lower than the actual value.

As for property taxes, they vary between 0.46% and 1.06% per annum. Nonetheless, these are costs that should be anticipated before buying a property in Italy.

Buying property in Italy: the legal steps

It is crucial to clarify the situation before buying. Italian property law is complex and may differ from your own country. You should always seek independent legal advice before signing any paperwork.

Reservation Offer

Once you decide to purchase a property, you and the vendor will sign a reservation offer. This is an irrevocable letter of intent to purchase (proposta irrevocabile d’acquisto) and means the vendor agrees to remove the property from the market for a defined period of time – usually two weeks.

Due Diligence

While the property is off the market, you should conduct legal checks and searches into the property. This includes verifying property ownership, planning permits, zoning regulations and mortgages on the property. In addition, we would recommend that you have a property survey conducted.

Deposit

Following your due diligence if you decide to proceed with the purchase, you will have to pay a deposit. If the sale falls through, you will get your deposit back in full. If on the other hand you continue to completion, the deposit will form part of the agreed purchase price.

It is advisable to sign a preliminary contract (contratto preliminare di vendita), even though it is not a compulsory step in the process. Having a preliminary contract allows you to fix terms and conditions of the sale based on your due diligence.

Deed of Sale

Any conditions contained in the preliminary contract will be included in the deed of sale (atto di vendita), which you sign when you complete the transaction.

It should be noted that when one of the two parties does not understand Italian, a second draft of the deed in your language is required, but the Italian version of the deed will prevail in a court of law.

Finally …

For more comprehensive information about the Italian property purchasing process, you might like to read our guide. If you would like to discuss your situation or, if we can be of assistance, please get in touch.

1 Euro Houses in Italy

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1 Euro houses in Italy: too good to be true?

In recent years, to combat dwindling populations in rural areas of Italy, a number of Italian villages, have been launching charm offensives by putting a number of houses up for sale for the symbolic sum of 1 Euro.

The aim of local municipalities is to attract Italian and foreign investors to revitalise their areas. Cinquefrondi in Calabria is the latest Italian town to launch 1 Euro houses in Italy for sale.

Although these 1 Euro property schemes seem attractive, it may be wiser to pass on them. The €1 schemes are widely advertised and, with so many people expressing interest in these homes, there are always more applications than homes available.

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How do you buy 1 Euro houses in Italy?

Whereas other towns selling homes for 1 Euro have required a deposit of up to €5000 that buyers forfeit if they fail to renovate the house within three years, Cinquefrondi is requesting an annual €250 fee for an insurance policy, payable until renovation works are complete.

Located in the historical centre of Cinquefrondi, properties are roughly 40 – 50 square metres in size. New owners will be liable to a fine of €20,000 if they do not complete their renovation projects within three years.

1 Euro houses at auction

As with all 1 Euro house schemes around Italy, sales take place in public auction (vendita con incanto).

It’s impossible to tell what you are taking on just from looking at a few photos of a property.

In some countries house auctions are common. In Italy however, they are not. The vendor’s lawyer does not prepare a set of documentation known as a, “legal pack”. Legal packs contain essential information including official titles and searches, property information and planning permission are therefore not available. In effect, you are responsible for conducting property-related searches.

To avoid buying what seems like a bargain but subsequently turns out to be a money pit, it is advisable that you go and inspect the property before you decide to make a bid. Obviously, this may not be possible because of time constraints and it can become costly. As you may not speak fluent Italian or have the expertise to assess what you are bidding for, we would recommend that you seek independent legal advice and professional expertise in Italy to evaluate the property before you submit a bid.

1 Euro is just the opening bid for properties

In fact, usually properties end up costing at least €20.000 at auction. On top of this, there is the legal requirement to renovate within a specific time frame. These properties therefore often end up costing a minimum of €50.000.

There are plenty of other reasonably-priced houses in Italy without the terms and conditions attached to €1 property schemes. These properties may be a better option for you.

Finally…

If you are thinking of applying to buy a 1 euro house in Italy, or any other property in Italy, at De Tullio Law Firm, we can help you with everything from property checks and searches, to facilitating the transaction, liaising with construction companies, obtaining Italian residence and providing tax and inheritance advice.

 

You may also like to read: Homes for 1 Euro in Sambuca, Sicily (Italy). You may also find our info videos about buying property in Italy useful.