PROGRAMME 3
ITALY

GENERAL INFORMATION
The region lies on the eastern side of central Italy, between the Adriatic Sea and the high Apennine mountains and much of it remains unspoilt by mass tourism. It’s one of the greenest and prettiest countryside in Italy, with particularly friendly locals. It’s civilised and has some lovely Renaissance towns such as Urbino and Ascoli Piceno.

Few venture far inland from the beaches on the Adriatic coast. Many visitors who come to Le Marche are looking for a taste of the "real" Italy, unsullied by mass tourism, yet welcoming to foreigners. Skiing is also an option in Winter.

The market started taking off 4 years ago when Ryanair started its flights into Ancona airport and opened up the whole region. Before that the nearest airports were really Rome and Bologna, 2 to 3 hours drive from Le Marche.

PROPERTY INFORMATION
Marche is an attractive alternative to Tuscany and Umbria when it comes to price, being up to 50% cheaper than Tuscany and 25% cheaper than Umbria.

A top end 4 bed property on 20 acres and 4/5 beds and pool would cost €600,000.

Property on the coast is naturally more expensive, at least 30% more than inland.

The area around Ancona and north Marche is the dearest and Ascoli province the cheapest but increasing in price quickly as the pool of houses in the north to renovate has nearly been all used up.

Market trends over the next 1 year is 25%, 3 years 50% and 5years 75%. The
latest forecasts suggest this rate of growth.

An average Farmhouse in the southern area with 1-2 acres and 4 beds
restored would be €250,000 - €400,000; unrestored €80,000 - €200,000 depending on the number of beds and, more importantly the land with it.

5 years ago the market was stagnant and house prices were a third of what they are today

THE BUYING PROCESS IN ITALY
The first step is to put in an offer and agree a price with the vendor. As soon as vendors and buyers come to an agreement the agent writes the preliminary contract which is a private contract between buyers and vendors, where the agent specifies the buyer's and the vendor's details, the details of the house, the time and way to pay the first deposit and the time to complete the purchase.

As soon as both parties sign the contract, the buyer sends the deposit.
Usually the deposit (between 10 and 20% of the agreed price) is paid with a wire transfer into the vendors' bank account. The purchasers, in order to buy, have to apply for the "codice fiscale" (Italian tax code) and it is also useful to set up an Italian bank account, this is especially useful to pay all the bills when they are not here.

After the preliminary contract, the agency, together with a lawyer (when required, usually a local English-speaking lawyer) and the Notary, start preparing all the documents and commencing the search for the deeds.  
The deeds will be in Italian and in English, like all the certificates for the closing. In Italy Foreigners cannot sign anything they don't understand, so the translator will be present at the closing and will assist the purchasers until the sale is closed.

According to Italian law (article 1385 of the Codice Civile which is mentioned in the preliminary contract) says: if the vendors don't uphold the contract they must give the deposit back to the buyers and the equivalent of the deposit as a refund. In the case where the buyers withdraw from the Contract they will lose the deposit. The remaining money will be paid at the closing.

The Notary Fee is proportional to the taxes and to the values, to the length of the Deeds. The Notary must be paid at the closing together with the taxes. The Notary can send, if required, a copy of the Deeds (an authenticated one) a few days after the Deeds are registered to the Registry Office. He will also send you the evidence that the taxes have been paid.