Palermo Property Market and Real Estate Guide
(Palermo, Sicily, Italy)
Palermo is an attractive place to buy property, especially for those who value authenticity over pretence. Palermo is overflowing with eclectic architecture leftover from the many kingdoms that have ruled here, but also boasts a thriving modern quarter with excellent dining, entertainment and shopping options.
Property in Palermo is relatively affordable by European standards, but ample international interest practically guarantees that prices will hold over the long term. Investment is ongoing, and Sicily remains one of few Mediterranean islands that has yet to see major development. Over the long term, real estate values appreciate four percent or more each year.
Within Palermo, the most popular places to buy property or arrange holiday rentals include Il Ballaro, with its Baroque squares, and Il Capo, known for its many decaying palaces. However, most people choose to live in the safer new city, with its many amenities and services.
Renting Serviced Apartments
Serviced apartments are widely available in Palermo's new city, where the broad avenues are well-suited for private cars. These units are close to popular theatres and dining areas, and residents are never short of ideas on how to spend an evening. Everything from large apartments to modest studios is on offer.
The price of a serviced apartment is higher than that of an unfurnished apartment, but this type of accommodation offers value for money over comparably sized hotels. Serviced units usually include a kitchen and finer furnishings than in hotels that are in the same price range. The best savings are available to those who stay for several weeks or longer.
Buying Apartments and Houses
It is increasingly popular for foreigners to buy property in Palermo for use as a vacation rental or holiday home. There are two major steps in buying property in Palermo. First, a preliminary contract must be signed with the seller, at which time a deposit is paid. Buyers are advised to work with an attorney at this stage.
A registration tax of three percent applies to the purchase price for foreign nationals who intend to make this their primary residence. Otherwise, the fee rises to ten percent. Second homes may also incur a four to ten percent value-added tax, but this could jump to 20 percent in the case of a 'luxury' property.
Real Estate Agents
Potential buyers are advised to secure a knowledgeable, English-speaking real-estate agent early in their search for Palermo property. The best real-estate agents have no qualms referring buyers to property lawyers who can help with establishing tax residency and other nuances of buying property in Palermo.
Check out the following Palermo real estate agents:
Address: Viale Regione Siciliana 3350, Palermo, IT-90145, Italy, IT
Tel: +39 091 676 5347
soloSicily specialises in holiday villas and boutique rentals in Palermo.
Servizi Immobiliari Di Grigoli
Address: Via Cavour 70, Palermo, IT-90133, Italy, IT
Tel: +39 091 611 8721
Servizi Immobiliari Di Grigoli is an all-purpose real-estate agent with an extensive portfolio of properties in Palermo.
Immobildue Di Giovanni Armetta
Address: Corso Vittorio Emanuele 87, Palermo, IT-90133, Italy, IT
Tel: +39 091 424 243
This local branch of the Unicar network has a comprehensive portfolio of local holiday rentals and sale properties.