Property prices in Italy range from the very affordable to the very expensive. Some areas, such as around the northern lakes or in Venice, have always been expensive whereas other areas, such as Tuscany, have only relatively recently started to attract very high prices. With these more traditional expat locations becoming less affordable, attention has turned to other areas. In particular, Umbria and Abruzzo have recently experienced an upsurge in interest from those looking to buy property in Italy. Further south, Puglia (or Apulia) offers splendid surroundings at much more reasonable prices than the pricier north. For those searching for a real bargain, however, Reggio di Calabria in the far south-west is unspoilt and offers plenty of choice.

As in many other areas of Italian life, bureaucracy plays a large part in the house buying process. Registered Italian estate agents, however, are able to do the initial conveyancing work so there may be no need to hire an English-speaking lawyer at that stage. The typical procedure for buying a house is as follows:

1. Agree price and sign a "compromesso di vendita" (preliminary contract)
2. Pay a deposit (usually 10 to 30%)
3. Upon completion both parties sign a document called "il rogito notarile" and the balance and fees are paid as appropriate

Fees for buying property vary but are usually between 10 and 15%. For those purchasers looking for a mortgage from an Italian lender the typical deposit amount would be around 20%. Also, mortgages from Italian lenders need to be cleared before the borrower's 70th birthday.

As far as tax is concerned, a purchase registration tax of 3-4% is payable if the property is the prinicipal place of residence (you will also be required to register as a resident within 18 months). If the property is not a principal place of residence then a tax of 10% is payable. Finally, a local property tax called ICI ("Imposta Comunale surgli Immobili") of 0.4 to 0.7% of the property value is also payable.

There are a few important points to be aware of when thinking of purchasing property in Italy. For example, after putting down a deposit, if a buyer pulls out they will lose the entire amount. If the vendor pulls out not only must the deposit be returned but often the same amount is required to be returned on top of that too. Also, be aware that buyers inherit unpaid debts on a property. Property can be repossessed and sold by a lender or local authority to pay a debt.

Terms to be aware of include the following:

- a "geometra" can be thought of as a combination of a surveyor and an architect employed to make sure that the correct documentation is prepared for sale "atto" or "rogito"
- a "perizia strutturale" is a structural survey
- a "stima" is a valuation