New Legislation To Make It Easier To Rent Property In Italy

Italy is on the verge of passing a new law that could really reshape their rental market

, as they propose to fix tax rates at 20 per cent for rental income, cutting their current tax figure of 40 per cent down by half.

This proposed cut really serves to open up the market, making property rental a much more viable endeavour to many property owners of villas in Italy. Property owners will have a much stronger incentive to put their property on the market, yet those that will reap the most benefit are the renters.

Rental prices are expected to come to reflect this dip in taxes, but furthermore should lead to a more competitive market as it broadens, offering the customer a better deal than before.

This action seems mainly a ploy to encourage the purchase of holiday homes in Italy, as vacation rentals become an increasingly attractive option to tourists, the prospect of a holiday home with a mortgage partially paid by tourists becomes a more attractive option to investors.

This could be a helpful piece of legislation for a number of reasons. Firstly it could help the property market by encouraging outside investment in to the country. Secondly through building the vacation rental market Italy serves to attract a burgeoning form of tourism.

While the recession takes its impact many budgets have decreased and the vacation rental market addresses that problem, offering customers a much cheaper alternative, free of hidden costs and so forth.

While the legislation remains to be passed, it seems a good way to encourage tourism and investment in to the country from those interested in buying Italian property.

The Italian government has been discussing the introduction of this tax system for a fair while now, it is hoped to lead to a decline in the black market, should encourage owners to rent out previously un-rented properties, and reduce the heady rents charged in Italy's big cities.

Italian Prime Minister, Silvio Berlusconi, who has found himself in the middle of a political crisis is soon set to the discussion table, to consider this proposed law.

Tourists, tenants and property owners await their decision tentatively, hoping it will soon come in to action.

This year has seen a great increase in the vacation rental as an option for travellers. As the collective purse strings of holiday makers tighten, they are looking for cheaper options abroad, the vacation rental has come to offer a much cheaper and freer possibility than hotels.

If the tax measures do come in to place, this will aid Italy's involvement in a burgeoning industry and hopefully help to encourage buyers to holiday homes on their soil.

Successful destinations for holiday rentals this year have been the Costa Del Sol, along with Portugal, and villas in France being extremely successful. Perhaps Italy will soon to be joining this.

by: VacationRentalPeople

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