Perched on a hill in the heart of Italy, Bagnoregio is a gem steeped in history, inviting visitors to step back in time to a place of charming cobblestone streets, dramatic cliffside views, and beautifully preserved medieval architecture. Dating back to the Etruscan era, this ancient town now known as "The Dying City" is home to many historical sights including the Porta Albana, the Santo Spirito Church and the Cervara Nature Reserve. Bagnoregio is nestled in the province of Viterbo, in Central Italy's Lazio region. With its striking geographical location, it offers an exclusive lifestyle amidst historical charm and idyllic landscapes, making it an attractive place to settle in a luxurious home.
The Exclusive Property Market in Bagnoregio
The current exclusive property market in Bagnoregio is stable, reflecting a blend of local and international demand. Despite being a small town, Bagnoregio offers a supply of luxury homes and apartments that cater to the high-end market, often satisfying the needs of discerning buyers.
Economic and Political Stability
Bagnoregio enjoys a stable economic and political climate, which provides a secure environment for real estate investments. The local government maintains a focus on preserving the town's heritage while promoting modern amenities and infrastructure.
Costs Associated with Buying Luxury Property
In Italy, the average real estate commission varies between 1-3% for both buyers and sellers. Additional costs when buying luxury property in Bagnoregio include transfer tax (Imposta di registro), which is typically 9% of the property value for non-residents but can be as low as 2% for residents. Other costs include notary fees, and possible legal and construction inspection charges - rendering a comprehensive budget necessary for prospective buyers.
Tax Considerations
The wealth tax (Imposta sul reddito sugli immobili) on private property in Bagnoregio, as in the rest of Italy, is between 0.76% and 1.03%. Remember, you may be liable to pay tax on profit from selling a privately owned property, although principal residences are typically exempt. The corporate tax on profits stands at 24%, while income tax for residents varies progressively from 23% to 43%.
Mortgage and Financing
Mortgage lending rules are generally conservative in Italy. Usually, banks lend up to 60% of the property's appraised value for a term not exceeding 30 years. However, lenders consider an array of factors including borrower's age, income, and the condition and location of the property.
Desirable Residential Areas in Bagnoregio
The most sought-after residential areas in Bagnoregio include its historic city center and the surrounding cliffs, where residents can enjoy captivating panoramic views, seclusion, and a touch of grandeur.
Accessibility to Bagnoregio
Bagnoregio is accessible via the A1 highway and is served by local buses. It's a 90-minute drive from Rome and about two hours from Florence. The nearest airports are Rome's Fiumicino Airport and Ciampino Airport, both about 100 km away.
Education in Bagnoregio
In terms of education, Bagnoregio gains access to Viterbo's renowned institutions, like the University of Tuscia and various respected schools and training facilities.
Local Amenities
Living in Bagnoregio means being surrounded by stunning nature reserves, gorgeous landscapes, and opportunities for outdoor activities such as hiking, cycling, and bird watching. The town offers upscale boutiques, gourmet restaurants like Alma Civita, luxury hotels including La Pergola and Corte della Maestà, and well-maintained public infrastructure. For culture enthusiasts, Bagnoregio brags auditoriums, theatres, and galleries as well as annual events like the Civita Festival. Health facilities are also ample, including the nearby Belcolle Hospital in Viterbo.
Living in Bagnoregio offers a unique blend of cultural heritage, upscale rustic charm and an indulgent lifestyle. With its stable property market and rich historical background, it is a discerning choice for those looking to invest in luxury real estate.
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