Martedì 28 Marzo 2017 - Aggiornato alle 19:59
Italian real estate market. In 2016 over 1 million of sales
For the third year in a row, the 2016’s Italian real estate market continues to expand and grows by +18,4%, leading the total number of sales to exceed the one million’s threshold for the first time since 2011. The highest growth rate was represented by the industrial sector (+22,1%), followed by appurtenances (+19,2%), residential (+18,9%), retail (+16,6%) and offices (+12,5%). Among the cities, Torino showed the highest growth rate in housing market (+26,4%), resulted in 12.342 transactions. These are the main data reported by the Real Estate Market Observatory (OMI) of the Italian Revenue Agency- Agenzia delle Entrate - inside the Quarterly Note report.
The report of the Real Estate Market Observatory - Data used in the report are retrieved from different archives: the cadastral database, the land registry and the real estate market observatory, all managed by Agenzia delle Entrate. The cadastral database provides the information on cadastral typologies, while the land registry gives the number of real estate unit sold. Real estate units are grouped by use (housing, appurtenances, office, retail and industrial) according to the cadastral categories provided in the deeds of transfer. Data on real estate sales cover the whole national territory excluding four provinces (Bolzano, Trento, Gorizia, and Trieste) where the cadaster and/or the land registry are managed by local administrations.
Italian housing market - The residential sector grows by 15,2% in the last four months of 2016 (Q4), and by 18,9% during the whole year. Residential markets’ trends show no significant differences between main and secondary towns while, focusing on macro geographical areas, the North proves to be more dynamic than the rest of the Country. Transfers of bare ownership, that is when property is sold, but without the right to use and derive profits from it, amount to 23.955 transactions. House purchases made by households and financed through a mortgage placed upon the same property show notable increase during 2015 (+27,3%) reaching almost 250.000 units. This accounts for 48,5% of total household’s residential purchases. Average loan’s length stays stable at around 22 years, in line with previous years, while national average interest rate, referred to the first instalment of the mortgage, falls to 2,31% and consequently, the average monthly instalment payment decreases by 4% (568 €). Sales of appurtenances - consisting in units serving the main property (such as basements, garages or parking spots) - seem to show no sign of recession, increasing their rates by 18,4% in the last quarter of 2016 and 19,2% annually.
Residential market in the 8 largest Italian cities - In 2016 Torino and Bologna, along with the major cities in the North of Italy, confirm their leadership in the housing market, all increase by more than 20%. In particular, Torino improves their rates on the previous year by 26,4%, Bologna +23,7%, Genova +22,9%, Milano +21,9%. These notable rates are followed by Napoli (+17,1%), Firenze (+16,0%) and Roma (+10,6%). Palermo shows a more modest growth, with 4.795 transactions (+9,2%).
Offices, retail and industrial sales - Regarding the non-residential market, results are positive for all sectors, especially for the industrial one with sales up to +25,4% in Q4 and an annual average of +22,1%. Italian southern, although being a relative small market, hit record results in Q2 and Q4. Offices market, up by 12,5% in 2016, faces high volatility in central regions, with the north outpacing the rest of the Country. Retail market performs very positively through the year showing center regions lagging behind the national average. For further information, details and data references to the Italian version of the Quarterly Note, you can visit the website www.agenziaentrate.gov.it.
AIRE Registration. A further step towards the strengthening of the fight against tax evasion
A package of new fiscal controls in sight for foreign assets and income. Italy’s Revenue Agency is speedily sharpening its efforts and tools aiming at curbing international tax evasion and the amounts of capital income held abroad but still not declared, as due, by Italian citizens. With the Revenue Decision issued today, in fact, the Agency gives a full implementation to the Law Decree 193/2016, particularly Article 7, paragraph 3, which defines methods and procedures to apply for the acquisition by the Revenue Agency of a huge set of new fiscal data related to the Italian citizens who have transferred their residence abroad. At the same time, the new fiscal measure provide the criteria to follow to pile up specific selective lists based on these data.
The half a year new data-timing – As regard the timing, within six months after the call of AIRE registration, the Agency will receive by the municipalities the personal data of each single applicant.
It’s important to take in mind, as cleared by the Revenue Decision, that also those taxpayers who have moved their residence abroad with effect from January 1, 2010, will be included in the selective lists arranged to conduct future tax checks on financial activities and undeclared foreign capital investments, following the criteria listed in the new measure.
Resident or non-resident, this is the real tax dilemma - These criteria are primarily based on signaling of elements indicating an effective presence in Italy of monitored citizens, such as, for example, the headings of users active contracts, the availability of vehicles, the ownership of a VAT number and the residence of other family members. It will also take into account the accession to the voluntary cooperation procedure (voluntary disclosure), whose terms of were reopened with the same regulatory intervention.
For an accurate and prompt data crossing coordinated by the Revenue Agency, will be crucial to receive and assemble the data on real estate and financial assets held abroad that come from foreign tax authorities under European Directives and Agreements of automatic exchange of information. In particular, Council Directive 2011/16 / EU (the so-called DAC1) provides for the exchange of information, among others, relating to foreign real estate properties held by residents.
A further step forward in the field was taken thanks to Council Directive 2014/107 / EU (so-called DAC2), which introduced the mandatory exchange of financial information on accounts held abroad. Is important to notice how the same type of information can be exchanged, at extra-EU level, within the fiscal framework of international agreements based on the Common Reporting Standards.
Here’s the number of a new World-fiscal commitment - All jurisdictions that have committed themselves to exchange information according to the global standard starting from 2017 (so-called early adopters) are 53 (including the EU states) and, to date, 47 other jurisdictions have committed to the exchange with effect from 2018.
The Us special tax clause - With regard to accounts held in the United States, the exchange of information takes place on the basis of the Fatca agreement.