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Italy’s Flat Tax Is Quietly Reshaping Its Real Estate Market
In recent years, the global real estate market has been witnessing a significant shift in trends. Unbeknown to many, one of the most groundbreaking developments has been quietly unfolding in Italy. The introduction and subsequent increase of its flat tax regime has inadvertently reshaped the country’s real estate landscape.
As it stands, Italy’s €200,000 annual flat tax is proving to be an irresistible draw for high-net-worth individuals (HNWIs). This shift has resulted in unprecedented demand for prime residential properties, particularly in cities like Milan, Rome, and Florence. It’s not just the allure of lifestyle destinations that’s driving this trend; it’s the stability offered by Italy’s flat tax system.
One of the most striking outcomes is the explosive growth in Milan’s real estate market. The city has seen a staggering 15% to 28% increase in property values over the past five years, making it both the most dynamic and expensive market in Italy. In areas like Brera and Porta Nuova, prices are now exceeding €15,000 per square meter.
While this surge in demand might initially seem like an isolated phenomenon, it is, in fact, part of a broader trend. The influx of international residents is not limited to the north; we’re seeing renewed interest in regions that were previously overlooked, such as Campania, Puglia, and Sicily.
Source: www.forbes.com
