Nestled in the heart of the Istria region, Umag is a gem steeped in history. Rooted in Roman traditions, it is adorned with beautiful historical sights, serving as a testament to its ancient past. Unveiling the charm of the Adriatic, Umag is a coastal town that blends rich cultural heritage with stunning natural beauty. This unique geographical location, complemented by its year-round mild climate, has made it a hotspot for luxury living.
The Luxury Real Estate Market in Umag
The exclusive property market in Umag is currently strong and showing steady growth. The demand for luxury homes and apartments in Umag consistently meets the supply, making it a balanced and healthy market. Despite global economic uncertainties, the political and economic situation in Umag remains stable, contributing to the strength of the real estate sector.
When buying a house in Umag, both the buyer and seller can expect to pay around 3% in real estate commission. Besides the commission, it is crucial to account for additional costs such as transfer tax, notary fees, and potential construction inspection or legal costs.
What to Know About Taxes in Umag
Transfer tax on private property in Umag is set at 3%. The wealth tax on the private ownership of a house varies depending on the property's value. However, it is important to note that taxes on the profit made from selling a privately owned home can vary depending on whether the property was a main residence or a second home.
Corporate tax for registered companies in Umag is at a competitive rate of 18%. For registered residents, the income tax starts from 24% and scales up depending on income thresholds.
Financing a Luxury Home Purchase in Umag
Generally, mortgage requirements in Umag require a balanced ratio between own and foreign capital. Furthermore, proof of stable income is typically required. The maximum mortgage one can get on a property's purchase price in Umag largely depends on the individuals' financial circumstances and the property in question.
Dwelling in the Lap of Luxury: Life in Umag
Umag is home to some of the most sought-after residential areas. The coastal regions, in particular, offer a breathtaking view and easy access to the sea and are hence, highly demanded.
The city boasts an excellent transportation network, with efficient road and rail connectivity. Umag is just a short drive away from the bustling city of Trieste in Italy. Both autonomous and international airports are convenient and within a reasonable distance, with the nearest one being Pula Airport.
Education in Umag is heralded by several top-quality schools and universities. Institutions like the Umag Music School and Juraj Dobrila University of Pula are worth mentioning.
Exploring Umag: Nature, Lifestyle, and More
Umag is situated in the Istria province and is home to approximately 13,000 inhabitants. Boasting stunning landscapes, rich greenery, and the azure Adriatic Sea, Umag is truly a haven for nature enthusiasts.
Umag is known for its Mediterranean climate, ripening every season with a distinct charm. Sports activities are plentiful in Umag, with the ATP Croatia Open Umag being an annual attraction. Furthermore, the city is decorated with luxury stores and high-quality hotels such as the Meliá Coral, offering a truly exquisite lifestyle.
Well-known restaurants such as ‘Damir & Ornella’ and unique nightlife experiences at spots like ‘Prestige Casino’ add to the city's allure. Umag's cultural richness is reflected in events like the Sepomaia Viva festival and its culturally rich institutions like the Umag Town Museum.
The public infrastructure in Umag and the availability of amenities are commendable, ensuring that residents have an excellent quality of life. With top-class healthcare facilities available at institutions such as the Umag General Hospital, living in Umag is a synthesis of luxury, comfort, and convenience.
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