Is it a good time to sell property in Island of Capri Italy? Let’s briefly overview the Island of Capri first, before we discuss its market potential.
Capri is a small Italian island off the southern coast of the Gulf of Naples. There are two towns on the Island of Capri – Capri and Anacapri. There’s a village called Marina Grande on the Island of Capri as well.
The Capri town is the most cosmopolitan part of the Island of Capri, with a great nightlife. There are luxury boutiques, nightclubs and the very popular Piazzetta, which is the centrepiece of the island.
Anacapri is a bit quieter, less crowded and probably more intimate. Mount Solaro, the Punta Carena lighthouse and the Blue Grotto are the most popular spots at Anacapri. Both Capri and Anacapri are well connected by bus and a commute between the two towns hardly takes 10 minutes.
The weather on the Island of Capri is distinctly Mediterranean. June, July and August are the hottest months with temperatures between 22° C and 26° C and December, January, and February are the coldest with temperatures between 9 ° C and 13 ° C. You can expect thundershowers in the month of August. But apart from that, the weather is pleasant all through the year.
The best way to get to the Island of Capri is by helicopter from the Naples airport, in which case the flight takes 20 minutes. A more inexpensive way to get there is by boat – in which case it takes 45 minutes.
Now, there’s a huge market luxury homes in Italy in general. It slowed down a bit since the recession, but has picked up pace once again in recent months. As of now, it’s a buyer’s market in Italy with prices dropping by 10 to 20 percent, especially in the high end market.
It’s pretty much the same situation in the Island of Capri. Sales have been reported to be rather slow for the last couple of years because foreign buyers have been more cautious about buying homes here. But prices have more or less been steady, in spite of the slightly adverse circumstances. Most sellers in Capri have preferred not to sell and have held on to their properties hoping for a better price in the near future.
Properties on the Island of Capri are quite expensive. It’s hard to find a whole villa that sells for less than 4 million EUR here. So, most villas are divided in apartments or villettas that cost around 2.5 million EUR. The most valuable properties on the Island of Capri are those that are located close to the Piazzetta as well as around the beaches at Marina Piccola.
Properties on the Island of Capri are very popular with buyers from France, Germany and Austria. A few Russian and American buyers can be found as well. British buyers are not as prominent here as they are in the rest of Italy, but they feature as well.
It’s easy for foreigners to buy a property in Capri as long as they get a tax identification number. Getting this takes not more than 1 business day as long as you are an EU resident. For non-EU nationals, it takes longer, probably a couple of months or so.
Sellers have to pay a capital gains tax, but only if they sell the property within 5 years of having bought it. Generally, property transaction costs, which include the cost of hiring a lawyer, Notary fees and transfer taxes, amount to 30,000 EUR, but most of this is generally paid by the buyer.