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Italy Property Investment News
Italian government supporting home owners
The Italian property market is expected to benefit from a number of steps taken by the country’s government to ease the cost of home ownership. The latest such announcement was an agreement between the government and the banks which means property owners will be able to return to 2006 mortgage rates, with payments made over a longer period of time, converting variable-rate mortgages to fixed-rate.
The agreement has been welcomed by the Italian economy minister, Giulio Tremonti, who thanked the banks and added that the step would “bring relief to the millions of families who have found themselves in the trap of having a variable-rate mortgage but a fixed salary.”
Investors in Italian property have also welcomed the promise made by the Italian prime minister, Silvio Berlusconi, to abolish the country’s main property tax in spite of the considerable cost to the government. An estimated €2 billion will be lost in revenue, but it is expected that this will drive up house prices in the country by making Italy a more appealing destination for investors. Also, according the Italian tax system, the capital gains tax payable on property is cleared after the property has been owned for five years.
The Italian government has also recently given the green light to plans for a suspension bridge to be built between Sicily – an autonomous region of Italy - and the mainland, as part of a larger initiative by Berlusconi’s government to improve the country’s transport infrastructure. The bridge will be the largest suspension bridge in the world, costing an estimated €3 billion, and the benefits to the Sicilian property market should be significant.
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