Luxury real estate in Venice

By Elena Moretti, Studio Dalla Libera & Partners

According to the Bank of Italy, the value of real estate is represented by "the estimated amount for which the property should be exchanged on the date of valuation between a willing seller and a potential purchaser. This is in accordance with normal market conditions after adequate sales promotion, in which the parties have acted with knowledge of facts, prudently and with no constraint.

In Venice the ratings take into account parameters such as exposure, whether the property overlooks the channels or canals, the brightness of the building, the floor, water or access to any boats, the view, the presence of terraces, gardens or courtyards, and a "single berth". These aspects considered, properties are then subject to increases of up to 30/40% of the listing price.

In San Marco, properties are valued above EUR 10,000/m2, compared with property in the rest of Venice, which tends to fall between EUR 3,500/m2 and EUR 7.500/m2. Historical buildings have a special preferential tax regime. If a building is considered to be "of historic or artistic interest", the property is subject to Article 4, Decree No. 16/2012, passed into law No. 44/2012. The cadastral offices ensure in this specific case that the revaluated cadastral income is reduced by 50% and if the property is leased to third parties, the annual fee used to determine the taxable income is reduced by 35%.

Investing in luxury properties in Italy, especially in the category of “historic or artistic interest”, is therefore still profitable despite the country’s generally rigid fiscal policy.

Elena Moretti
Studio Dalla Libera & Partners, Padova, Italy
T: +39 049 875 44 24
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DL&P was founded in 1996 as a joint effort between two consultants with wide experience in company regulations and tax and finance consulting for companies operating in the industrial sector. Their professional skills are further enhanced by qualified post-graduate education, including Masters. DL&P relies on consultants, both internal and external to the branch in Padua, carefully selected for their high technical profile and university background.

Elena Moretti is a trainee in the Finance field and works with Dalla Libera & Partners on issues regarding real estate and cross-border transactions.

published: February 2014

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