International property buyers, including from UK, Germany, Russia, Scandinavia and USA are returning to Calabria in Southern Italy as the real estate market is boosted by low cost flights and positive tax implications.
No capital gains are payable in Italy if a property is held for 5 years or more – this is to encourage long term investment. However buyers would need to check their own liability in their own country.
Located on the tip of the southern Italian peninsula, Calabria has been very popular among overseas buyers before the global downturn but now aspects of the region that originally attracted people are coming to the fore again.
Calabria has not only a rich heritage and benign tax system but also comparatively low prices, stunning natural beauty and over 500km of Italy’s best beaches. Calabria is already seeing a surge in visitor numbers year on year due to these facts. It is expected that numbers will reach new highs this year.
The continued investment of the EU funding on projects such as Porto Violetta Marina and Resort as outlined in the 2007 – 2013 cohesion plan is also welcomed.
Italy’s abolition of inheritance tax is also a major draw for those considering a purchase contrasting markedly with other popular overseas property locations for UK buyers such as France and Spain.