Italy is currently experiencing extremely unusual circumstances with an extended period of confinement due to the coronavirus outbreak in the country. The crisis caused by the COVID-19 pandemic has not just been affecting the health of citizens, but has equally been paralysing economic and real estate activity around the world and will have lasting consequences.
In spite of this, the period of confinement at home can have positive aspects and is a time where you can make the most of the technology and tools available that you can use from the comfort of your own home. As you may find that you have some additional time on your hands, this may be the perfect opportunity to begin your property search online and start preparing the buying process, all of which can done without even having to leave your sofa. We have prepared a simple guide to help those thinking of buying, selling or renting a property in Italy, where we'll also look at the latest developments regarding the real estate market, economic consequences of the virus and tips for those looking for a mortgage, as well as some advice for those working from home.
Buying property
A global pandemic might not seem like the best time to buy or sell a property in Italy, but thanks to technological advances, the process is becoming much easier and accessible for everyone. At idealista we want to lend a helping hand and want to make sure your search for a new home is stress-free. This includes new features on our website where you can take advantage of virtual tours and view properties, all without having to leave your own home.
Renting property
Just like searching for a property to buy online, much of the rental process is possible online in Italy, even in the midst of confinement at home. Many companies are making the most out of online resources to make the process as easy as possible for both landlords and tenants alike. Let's have a look at both the challenges and process of renting a property online:
Mortgages
Despite the fact that the banks are considered an essential service in Italy, not all branches are open and the government still have measures in place so that citizens do not leave their homes unless absolutely necessary. Despite these measures, those who are thinking of taking out a mortgage in Italy shouldn’t worry as the Internet is a great resource and can be taken advantage of more than ever in the current circumstances, and you may even save money.
- Things to remember when taking out a mortgage during the coronavirus crisis
- How changing mortgage rates mean you could save money
The economy and real estate market
The COVID-19 crisis will also have visible effects on the Italian economy, although the full economic consequences and the effects of the pandemic on the real estate market in Italy will not be known until the weeks and months following the end of the pandemic. Due to the crisis itself and the measures the government has been forced to introduce, it is thought that the economy will be hit hard with direct consequences for activity, employment, debt and deficit in the country, but with a potentially quick recovery time.
Life at home
Last but not least, it’s just as important to look after your wellbeing and that of your family at home during this period of time. National lockdown is due to continue in the coming weeks which means that it’s not too late to get your house in order and make sure your living and working environments are safe and organised spaces.
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