The average sale of a property in one of Italy’s large cities currently takes 22 weeks, a survey has revealed.
The 154-day period, a little over five months, is actually a couple of days down compared to six months previously, figures for January to June this year indicate.
The process of buying a property in Italy, explained elsewhere on our site – involves three distinct stages – signing the offer (the proposta irrevocabile di acquisto or irrevocable proposal to buy); preliminary sales contract (contratto preliminare di compravendita) and the signing the rogito (final contract) in a notary’s office.
It can seem unfamiliar and a little complex to many overseas buyers but it contains several checks and balances to protect the interests of both parties.
Typical property sale times in Italy’s provincial capitals such as Trapani in Sicily and Cosenza in Calabria are slightly longer, typically 181 days (up 14 from 167 in January). If buyers wish to head inland, it takes 184 days on average (down from 188 at the start of the year) to complete a property transaction.
Note that on average sales in the larger metropolitan centres are concluded more quickly than those elsewhere, thanks to their more dynamic market. No large city registered a sale length beyond 200 days, the analysis by Italy real estate conglomerate Tecnocasa found.
The cities of Palermo (Sicily), Bari (Puglia) and Verona (Veneto) are the ones with the lengthiest sales times – 181, 178 and 176 days respectively. Among inland locations, the provinces of Verona (216 days), Bologna, Emilia-Romagna (208) and Turin, Piedmont (205 days) showed the longest times.