Venice is a beautiful Italian city, which attracts tourists from all over the world. It is unique in its location on the water, and instead of the usual roads and cars here you can find river streetcars and gondolas. These features make real estate in Venice a popular option for income generation.
Real estate in Venice: what to know before buying a home
Besides the fact that Venice is the only city in the world built on water, it attracts with its architecture. Luxurious mansions, spacious apartments in ancient buildings – real estate has always been in demand here. But if earlier it was purchased by the French and Americans, now there are more and more investors from Russia and other European countries.
Despite the uniqueness of the city and the beauty of its architecture, it is quite expensive to maintain housing in Venice. Apartments cost 115-120 dollars. Therefore, many locals sell houses and prefer to move to the mainland.
Before the financial crisis in 2008, the value of real estate in Venice grew steadily, but after the dynamics slowed down. The price per square meter in the city center ranges from 6.5 to 13 thousand euros. Housing, whose windows overlook the canal, is 10-20% more expensive. The ancient palazzo in the center is popular among investors, but in order to buy real estate successfully, you should know several features of its design.
The optimal solution is to use the services of a local real estate agency. A real estate agent will help with selection of the necessary object, execution of documents, and will take care of some troubles.
In order to speed up the process, save your time and expertise, we recommend you to clearly describe all the criteria of choice for housing. After the necessary variant is found, the price is agreed upon, all the nuances are discussed and the sales document is prepared. Usually, the buyer leaves a deposit of 20-30% of its value.
Before the deal is made the real estate and its owner are checked to exclude the situation of fraud. If everything is legal and there is no reason for refusal, the notary signs the final act.
If the buyer has decided to refuse the purchase, the deposit is not returned. If the transaction cancellation is due to the seller’s fault, the latter shall compensate for the inconvenience in the amount of 2-3 times the deposit left.
Renting real estate in Venice is a complicated task. The large flow of tourists all year round significantly limits the supply. Therefore, it is better to book accommodation in advance.
The cost of rent depends on the city district, in the center of the apartment will cost a thousand euros per month. If you are looking for a cheaper option – you can pay attention to housing in the suburbs, it will cost 2 times cheaper.