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Living in Rome: artistic treasures and where to live




An undisputed masterpiece of art and history, Rome is enhanced by a sky that is nearly always bright blue, the vicinity of the sea, magnificent art works and large nature parks. Its signature vibrancy, chaos and spirituality make it unique both as a tourist destination and a city to live in.

The city’s artistic heritage is exceptionally rich and familiar to all, especially some of its best known masterpieces: St. Peter’s Basilica, the Colosseum and the Trevi fountain. We have put together a list for you of some of lesser-known gems, to experience the city from our perspective.

In Rome, as in Turin, Genoa, Milan and Florence, we offer properties for sale or rent as a residence or a workplace.

What to visit in Rome


Castel Sant’Angelo

On the right-hand bank of the Tiber river, a short distance from the Vatican and built some 2000 years ago, sits Castel Sant’Angelo, also known as the Mausoleum of Hadrian. Originally built as a fortress, and having served over the years as a prison, a place of residence and, currently, a museum, it underwent various changes during the medieval era and the renaissance, while retaining traces of all stages of its entire ancient history.

A fortified elevated passageway, known as Passetto di Borgo, links it to the Vatican.  The St. Angelo Bridge connects it to the city of Rome. Standing atop the structure is an impressive bronze sculpture of theArchangel Michael by Flemish sculptor Peter Anton van Verschaffelt (1752), while the Terrace of the Angel offers views over Rome from up high.

Villa Doria Pamphilj

Villa Doria Pamphilj is a picturesque park, owned by the Municipality of Rome, which surrounds one of the city’s most important aristocratic buildings. Originally used as a country estate by the Pamphili family, it was extended over the years to its current size of 180 hectares, and houses a building surrounded by gardens, a pine forest and a farm. Its vegetation also earned it the name “Bel Respiro” (Deep Breath) after the Casino del Bel Respiro, also known as Palazzina dell’Algardi in honour of its designer Casino del Bel Respiro was acquired in 1967 by the Italian State Property Office and is currently the representative office of the Italian Prime Minister’s Department; visits can be booked.

Orange Garden

Rome has an abundance of romantic locations, but Giardino degli Aranci (Orange Garden), also known as Parco Savello, is worth a visit to experience the feeling of watching the great, majestic city from a secluded, almost mysterious garden.

Originally a Savelli-family fortress, it was subsequently donated to the Dominican friars, who transformed it into a garden. The first orange tree was introduced from Spain by San Domenico di Guzman, one of the friars, in the 13th century and, over time, the space was transformed into an orange garden. It was redesigned in the 20th century by architect Raffaele Del Vico, who included a boulevard lined with bitter orange plants, leading slowly towards the viewing point that looks out over Rome.

Caracalla baths

This awesome site offers first-hand evidence that modern spas have their origins way back in 217 A.D. We have Emperor Caracalla to thank for the relaxation and wellness spaces that we continue to enjoy to this day.

The large archaeological site, which spanned approximately 11 hectares, is today in a good state of repair. The plan and perimeter walls allow visitors to explore the ancient wellness route consisting of the frigidariumcalidarium and natatio, an open-air pool. It is clear that the baths were rich and luxurious, with columns and niches made from marble and colorful mosaics. While wandering through the site, a little imagination can easily evoke the atmosphere of the time.

It is fascinating to consider how the water supply, wooden furnaces used for heating, and drainage system worked.

The baths were surrounded by gardens and relaxation spaces, allowing the site to be used not only as a wellness space but also a place of meeting and exchange. A visit to the Caracalla baths is an experience not to be missed.

Living in Rome: houses for rent and for sale

It must be noted that Rome’s beauty and wealth of magnificent works is matched by its chaos and sub-optimal services. Choosing to live in Rome requires an open mindset and the organizational skills to arrange travel to and from work and to keep up with day-to-day commitments.

There are plenty of work opportunities on offer in the city, as it is home to large multinational companies, and it boasts accommodation to suit all needs. Unlike in Milan, reasonably priced properties can also be found in central areas. There is plenty of green space on offer on the outskirts of the city, as well as access to the sea for those who are interested.

We have exclusive and quality apartments available in Nomentano, home to “La Sapienza”, one of Italy’s oldest universities, as well as the Villa Torlonia museums and the Villa Massimo, German cultural institute. The complex has a unique style and is equipped with all modern conveniences, from automation systems to reserved bike parking, and makes living in Rome easy.

Find out more:


Article by: Interimmobili Agency studies office

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First-time home buyers’ concessions for under-36s available throughout 2023




The 2023 Budget Law has extended provisions introduced in 2021 to provide tax relief on the purchase of a “first home” and related structures by persons under 36 in the year of signing the deed of sale, and whose equivalent family financial standing (ISEE) does not exceed €40,000.

First-time home buyers’ concessions for under-36s

The 2023 Budget Law (no. 197 of 29.12.2022) contains numerous provisions applicable to the real estate sector. Of particular interest among these is the extension (art. 1, par. 74, letter c) of the first-time home buyers’ concession for persons under 36, which had been due to expire at the end of 2022, for the whole of the current year.

The concession was introduced on 26.5.2021 (“Sostegni” Decree Law no. 73/2021, art. 64, paras. 6 to 11) to “eliminate” indirect taxes due on the purchase of a “first home” and related structures (garage or parking space, basement or attic) for buyers who are under 36 in the year of signing the deed of sale and whose family financial standing (ISEE) does not exceed €40,000.

Initially available until 30.6.2022, the concession was first extended until 31.12.2022 and now until 31.12.2023.

Scope of the concession

As mentioned, the purpose of the “under 36” concession is to provide an exemption from the indirect taxes (registration or VAT, mortgage and land registry) normally due on the purchase of a “first home” for persons under 36 in the year of purchase.

Actually, it is a “concession on a concession”, as all persons purchasing a “first home”, regardless of age, have for decades been eligible for preferential treatment in the form of a significant reduction in registration tax or VAT (2% or 4%) compared to the standard rate (9% or 10%, respectively), as well as the application of fixed-rate mortgage and land registry fees (€50 each if the deed is covered by the registration system, €200 each if subject to VAT).

As such, if all conditions to qualify for the “under 36” concession are met, the buyer can in fact eliminate their tax liability for the purchase of a “first home” by availing:

  • directly of the exemption from paying the registration tax and mortgage and land registry fees (if the deed is subject to registration tax) to the notary, who then forwards such payments to the State;
  • indirectly, of the subsequent rebate of the VAT, which must in any case be paid to the seller company (if the deed is subject to VAT). Indeed, in this situation, the buyer must pay VAT to the seller at the time of signing, but can then reclaim it via a dedicated tax credit amounting to the VAT paid on the purchase, for which they are eligible by law and that can be used in various ways.

Specifically, “the tax credit can be used to reduce the registration, mortgage, land registry, inheritance and gift taxes due on deeds and returns submitted after the date of acquiring the credit, or used to reduce income taxes owed by natural persons on the basis of the return to be submitted after the date of purchase.  It may also be used to ‘offset’ other taxes and contributions via the F24 form” (tax code 6928).

It must be noted that the VAT tax credit does not, in any case, give rise to a right to refunds, but must instead be used to perform a “reclaim” using one of the methods set out above.

If, as is commonly the case, the purchase is funded by a mortgage, the buyer also has the right to exemption from the substitute tax, otherwise due at a rate of 0.25% of the total loan amount.

Conditions for availing of the “under 36” concession

Certain conditions must be met to avail of the “under 36” concession, and specifically:

  • the purchase must satisfy the criteria that all taxpayers must meet to qualify for the “first home” concessions;
  • the buyer must be under thirty-six years of age in the year the deed is signed;
  • the buyer must have a family financial standing (“ISEE”) that does not exceed €40,000 per year, based on the year preceding that immediately preceding the year of purchase (therefore, for deeds to be signed in 2023, the relevant year for financial standing purposes is 2021). A major caveat in this regard is that, for ISEE purposes, the “nuclear family” (under art. 3 of Italian Prime Ministerial Decree no. 159/2013) consists of the group of persons who make up the household on the date of submission of the Single Substitute Declaration (Dichiarazione Sostitutiva Unica­ “DSU”) for the purposes of issuing the ISEE, without prejudice to the exceptions set out in that article. As such, “moving out” from the nuclear family home must be planned in time to ensure that the personal ISEE amount is reduced to below the limit of €40,000 at the relevant moment.

Consequences of undue application of the “under 36” concession

Persons who avail of the “under 36” concession without being eligible, or who forfeit their eligibility status (e.g. by not transferring their place of residence to the Municipality of the property purchased using the concession within 18 months, as required by law), must pay the taxes that would have been due had they not satisfied the criteria, plus legal interest and a penalty of 30%.

Property that can be purchased using the “under 36” concessions

The “under 36” concessions apply to the same categories of property and/or rights covered by the “first home concession” and, specifically, can be used to purchase:full or bare ownership and the rights of usufruct, use and dwelling in relation to houses in land registry categories other than A/1 (“luxury homes”), A/8 (“villa homes”), A/9 (“castles and buildings of notable artistic or historical value”) and related structures, limited to a single unit in each of the land registry categories C/2 (basements and attics), C/6 (garages and parking spaces), C/7 (“Closed or open carports”).

Final considerations

Above is a summary explanation of the “under 36” concession which has seen significant uptake.

As always, there are many other issues that may arise in relation to the practical application of the concession. In that regard, the Italian Revenue Agency has provided useful information in circular no. 12/2021 and in certain subsequent responses to questions.

To conclude, it is worth noting that, more so than facilitating “young people” to move away from the nuclear family, the “under 36” concession instead makes it easier for young people who have already lived outside the family home for some time to purchase their “first home”. This is, in fact, a significant consequence of the fact that the ISEE is calculated on a family basis, and must be noted to ensure that the buyer can plan to “move out” soon enough to facilitate the subsequent purchase.

Article by Stefano Baruzzi, chartered accountant and legal auditor, real estate tax expert,
Head of Real Estate Contracts, Tax & Fiscal for Morning Capital Srl

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Living in Milan: artistic treasures and where to live




Milan offers a captivating living experience. A polyhedric city: its fashion, business, art, design, innovation and entertainment worlds make it rich and appealing, but also fast-paced, complex and demanding.

For starters, moving through the streets of the city center means journeying through ancient tradition and history embodied by monuments such as the Duomo, the Sforzesco Castle, and the Basilica of Sant’Ambrogio (the city’s patron), but just a few kilometers away, innovation reigns supreme!

Pausing to appreciate the Vertical Forest and the Porta Nuova project area, strolling through CityLife with its three iconic towers, observing the developments in the new Portello district, and checking out the residential center of Parco Vittoria, means experiencing transformation.

Never before as in recent years have so many young people from all over the world chosen to move to Milan to start a life there.

We have compiled a little list of our favorite spots to help you get to know the city.

What to visit in Milan

Sforzesco Castle

Commissioned by the Visconti family and built around the 14th century, it was destroyed a hundred years later and rebuilt by the Sforza family. Thanks to the work of Bramante and Leonardo da Vinci towards the end of the 15th century, it became one of Europe’s most splendid castles.

Today it is home to the Civic Museums, which house works by Bellini, Antonello da Messina and Mantegna, the Egyptian Museum, the Museum of Ancient Art, the Pinacoteca Art Gallery, Leonardo da Vinci’s Sala delle Asse, and Rondanini Pietà, a famous sculpture by Michelangelo.

The Castle leads to Parco Sempione, one of Milan’s most beautiful parks, which in turn leads to the Palazzo dell’Arte that hosts the Triennale.

The Palazzo dell’Arte and Milan’s Triennale

Home to Milan’s Triennale, the Palazzo dell’Arte is one of the city’s leading cultural spacesDesigned by Giovanni Muzio in 1932, its floor plan is reminiscent of a basilica. It boasts 12,000 m2 of exhibition rooms and public spaces, a bookstore specializing in contemporary art, a café, a theater, and the Museum of Italian Design. Italy’s Triennale is one of the leading forums of expression for emerging artistic and cultural trends.

Porta Nuova and the Vertical Forest

One of the historical districts of old Milan has been redeveloped thanks to the introduction of the Vertical Forest, designed by Studio Boeri and launched in 2014. The entire area has been revitalized with green spaces and elevated walkways, making it possible to walk from Porta Garibaldi station to Porta Nuova Varesine and Porta Nuova Isola. An experience not to be missed, it offers a journey through innovation, design, fashion and trendy venues.

Milan: fashion, business, art and night life

Wandering through the fashion quadrilateral to admire the window displays of national and international stylists, standing back to witness business people racing around the city launching new ideas, visiting the countless museums dotted around the city, and being reinvigorated by Milan’s night life scene means embracing all sides of the city.

Living in Milan: houses for rent and for sale

Milan has living options to suit all needs and, thanks to the recent upgrades to the metro line, it is now also possible to access the city center quickly from the outskirts. Interimmobili Agency has a range of property types available in the center, or on the outskirts for those who prefer to live in a green space while still being just minutes from the city:  properties for sale and rent.

Of particular interest, in the Portello district, is the innovative Parco Vittoria – Flat Tower project, a Home Easy Rent® solution that lets prospective tenants choose, arrange, furnish and rent the house they want online: Parco Vittoria – Flat Tower.

Article by: Interimmobili Agency studies office



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Living in Turin: artistic treasures and where to live




Turin, from art to nature

Turin is one of Italy’s most captivating cities: an alchemic blend of artistic treasures, nature and waterways, and sites rich in mystery.

A stroll through the city, starting at the vast squares or along the rivers that flow into it, offers a taste of its signature history, art and culture. Monuments, churches and artistic heritage abound. We have put together a small selection to offer an introduction to the city, where we offer properties for sale or rent as homes or workplaces.

What to visit in Turin

Mole Antonelliana

At the heart of the historic center of Turin is Mole Antonelliana; the symbol of the city, it was designed by architect Alessandro Antonelli, from whom it takes its name. Standing at 167 meters, it is one of the tallest buildings in Italy and offers breathtaking views of the city thanks to the installation of a panoramic lift to mark the centenary of Italian Unification. Mole Antonelliana is also home to the Museum of Cinema, offering a unique and immersive insight into the incredible world that has inspired and continues to inspire our dreams.

Its forms and fascinating history, including collapses and reconstruction works (thankfully without victims), have led to it being regarded as a monument of “magical Turin”.

Royal Palace

A Unesco heritage site designed by architect Amedeo di Castellamonte, the Royal Palace is a majestic and refined building that served as a base for the Savoy dynasty. It is one of the Royal Museums, together with the Royal Armory, the Chapel of the Holy Shroud, the Savoy Gallery, the Archaeological Museum and the Royal Library. An invaluable masterpiece, to which major artists such as Massimo D’Azeglio, Claudio Francesco Beaumont and Isidoro Bianchi contributed.

A stroll through the sumptuous halls of this elegant palace provides an opportunity to admire stucco works, tapestries, frescoes, paintings and precious marble works, taking us on a journey through time, among the splendor of the aristocracy. The Royal Palace is surrounded by spectacular gardens, reminiscent of Versailles.

Parco del Valentino and the medieval village

Situated on the banks of the Po, just a stone’s throw from the historic center, Parco del Valentino is the green heart of the city. Spanning 421,000 m2, it features lawns, tree-lined boulevards, flowers, streams and small waterfalls, and is also home to a traditional little medieval village and the Valentino Castle, which now hosts the Architecture Faculty of Turin Polytechnic University.

Piazza San Carlo, Turin’s parlor

Piazza San Carlo is considered one of Europe’s most beautiful squares. Designed by royal architect Carlo di Castellamonte and built in the mid-17th century, it spans nearly 13,000 m2 and is attractively flanked by aristocratic buildings, including Solaro del Borgo, remodeled by Benedetto Alfieri and the two side-by-side “twin” churches of Santa Carlo and Santa Cristina. The square is surrounded by porticoes, home to historic premises dating back to the 19th century.

Living in Turin: houses for rent and for sale

Turin is a busy, ever-evolving city, and a major economic hub that offers growth and work opportunities in a stimulating environment. Compared to other big Italian cities such as Milan, Florence and Rome, house prices here have remained affordable. We have a range of properties and offices for sale and rent in this splendid city.

Of particular interest, in the city center, is the innovative Maria Vittoria 18, Turin, a Home Easy Rent® solution that lets prospective tenants choose, arrange, furnish and rent the house they want online: Torino, Maria Vittoria 18.

Article by: Interimmobili Agency studies office


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Italy’s villages: an investment opportunity and chance to enhance the country’s cultural heritage




The redevelopment of Italian villages is driving a real renaissance in the country’s artistic, historical and cultural heritage.

Immersed in nature and boasting a wealth of history and art, these villages have suffered significant depopulation over the past decade, having failed to keep pace with the structural and digital evolution seen in more touristy locations.

The shifts in mindset brought about by the new smart-working model imposed on us in recent years allowed many workers to seek out arrangements in places surrounded by nature, far removed from the chaos of the city. The key requirement was an internet connection.

Enhancing Italy’s local areas

Thanks in part to this new trend, the opportunity arose to enhance Italy’s local areas through building renovation projects that focus on the sustainability and digitalization of historical villages: breathing new life into old houses, abandoned farmhouses and barns and neglected land, without robbing them of their original beauty. Sites that deserve to be appreciated and visited, as they represent a national treasure. This enhancement project is also an opportunity for those wishing to invest in Italian heritage.

PNNR funds and the crowdfunding platform for the villages

Italy’s heritage of small villages is being revitalized thanks to major investment by the PNRR (Italy’s National Recovery and Resilience Plan), which has set out total funding of €1,020 million.

The sole lending-based crowdfunding platform involved is ITS Lending. Launched in 2021, it is a subsidiary of ITS ITALY, a London-based company that supports community growth and future real estate investments in Italian municipalities and historical villages.

ITS Lending lets people invest in the villages via lending-based crowdfunding, from which it profits. Under the proposed model, the investor simply acts as a lender and does not acquire ownership of the propertythe real estate company offering the opportunity has already purchased the properties to be renovated, and already has a buyer. This is what makes them secure investments, attracting investors from Italy and abroad.

 To date, the company has completed 22 real estate transactions in the South and Center-North of Italy, in locations served by a good internet connection, making them suitable for working.



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Genoa’s Palazzi dei Rolli: an Italian museum and UNESCO world heritage site




About Genoa’s Palazzi dei Rolli

Genoa is a city rich in artistic heritage, recognized by UNESCO in 2006: “the first example in Europe of an urban development project parceled out by a public authority within a unitary framework and associated with a particular system of ‘public lodging’ in private residences”.

The Palazzi dei Rolli are 42 buildings in Genoa that date back to the 16th and 17th centuries, home to artistic treasures that have stood the test of time: priceless architecture, frescoes, painting collections, sculptures and furniture.

While strolling through the streets of Genoa, a visitor’s gaze may come to rest on ancient ornaments, historic nooks, and impressive entranceways that invite them to explore the city’s wealth of baroque, renaissance, and 19th-century treasures.

Palazzi dei Rolli and the Strade Nuove – a UNESCO heritage site

The 42 Palazzi dei Rolli buildings are situated along the Strade Nuove: Via Garibaldi, once known as “Strada Nuova” (New Street), via Balbi, via Cairoli, originally called “Strada Nuovissima” (Very New Street), via Lomellini and via San Luca.

The public-access buildings are home to museums and public organizations and open to the public year-round, while the private buildings are partially open to visitors.

The Palazzi dei Rolli buildings are numbered in order of UNESCO registration.

The list of stately homes was divided into tiers, known as “bussoli”, based on three main factors:

  • the size and lavishness of the building,
  • the guest’s rank,
  • the social and financial standing of the building’s owner.

(Source: Palazzi dei Rolli and the Strade Nuove)

Palazzo Lercari Spinola

Palazzo Lercari Spinola at Via degli Orefici 7, one of the prestigious Palazzi dei Rolli, is an important building in Genoa’s historic center, situated in a complex that still boasts many medieval elements.

The building features a wealth of highly esteemed sculptures and frescoes of undisputed artistic value.

Vittoria Assicurazioni, owner of the extraordinary property, has sought to preserve it and make it newly accessible to the public through restoration works.

A stone’s throw from the city center, Palazzo Lercari Spinola offers beautifully restored apartments for rent, with state-of-the-art construction techniques and technological systems. It offers the opportunity to combine the charm and prestige of a historic building with all modern comforts.

Palazzo Doria De Fornari

Though not one of the Palazzi dei Rolli, Palazzo Doria de Fornari is an aristocratic building constructed at the end of the 16th century by Doge Ambrogio Doria, and located at no. 4, Piazza De Ferrari, a very central square in the heart of Genoa. The building has undergone major restoration that has brought its superb decorations back to life, including the stucco work and frescoes attributed to such artists as Angelo Piò, Sigismondo Betti, Francesco Campora and Lorenzo De Ferrari.

It has beautifully renovated quality apartments for sale, overlooking an area of the city rich in history, as well as representative offices for rent with rooms featuring beautiful period frescoes and stucco work.

All apartments and offices can be viewed here:

Rolli Days event

The Municipality of Genoa, in collaboration with the owners of Palazzi dei Rolli and the University of Genoa, organizes Rolli Days events in May and October of each year to promote the city’s artistic heritage.

These are three-day events that allow the public to book a visit to Palazzi dei Rolli to admire the works of art by Genoa’s aristocracy.

Interimmobili Agency, which handles the marketing for Palazzo Lercari Spinola and Palazzo Doria De Fornari, has decided to participate in the event, giving the public the opportunity to admire these historical sites.

For information and to book, click here


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Energy Class: its importance in property purchase or rental




Starting in 2009, Italian law provided for the gradual entry into effect of the requirement to provide an Energy Performance Certificate (EPC, or APE from the Italian) for the property, prepared by professionals accredited to issue it, that documents its energy performance.

In addition to immediate legal and contractual relevance, the energy classification assigned by the EPC also has significant commercial ramifications because (all other aspects being equal) it means greater value can be attributed to units with higher energy performance and, together with the increasingly strict obligations imposed by sector regulations, provides guidelines for owners, users and operators in making ever-more efficient choices, including on renovation work for used properties.

The EPC is, therefore, an important tool in economic, energy and environmental policy in that it serves to orient choices towards solutions with low or zero energy impact.


When an energy certificate is required

For the last ten years, an EPC has been mandatory whenever a property unit or entire building is to be rented or sold, irrespective of its use—residential or “other” (service sector, industrial or commercial).

Only in the case of the rental of a single property unit is the inclusion of the EPC optional. However, appending it is easy and recommended, also because it is cost-free since inclusion of the EPC is not subject to registration or stamp taxes.

In other cases (rental of an entire building or transfer for consideration of property units or entire buildings), the EPC must be appended to the deed or contract.

In any case, it is mandatory to always include in the transfer deed or rental contract (subject to heavy fines for which the parties are jointly liable) a specific clause in which the buyer or tenant declares to have received the information and documentation, including the certificate, relating to energy performance.

If the owner uses the property himself, or does not rent it out, the EPC is not necessary.

However, this requirement does arise if and when the property is rented out or put up for sale because, by law, it is required that in the “announcements in all means of commercial communication […] the enclosure and overall energy performance indices of the building or property unit and the corresponding energy class be given”.

In addition, by law: “In all cases, the owner must make available the energy performance certificate to the potential buyer or new lessee at the beginning of negotiations and give it to them when concluded; in the event of sale or rental of a building before it is constructed, the seller or landlord will provide information regarding the future energy performance of the building and provide the energy performance certificate within fifteen days from the request for the issuing of the fitness for occupancy certificate.”

Depending on regional regulations, the EPC is valid for a maximum of ten years, but only if work is not performed that impacts on energy performance. Otherwise, an updated EPC must be issued in the event of rental or sale of the building.


Information contained in the EPC

EPCs contain a range of data and information regarding the following major aspects:

  • identification of the building; energy-related services present within it (in particular, heating and cooling systems, hot water for sanitary purposes, lighting, presence or lack of a mechanical ventilation system);
  • the building’s energy performance and classification and comparison with similar buildings; energy sources utilized, annual energy consumption under “standard use”, non-renewable and renewable energy performance and CO2 emissions;
  • work recommended to improve energy performance and obtainable results;
  • other significant energy-related data for the property and its systems; certifier data, information about the software used and the date the certifier performed the inspection to issue the EPC.

It should be noted that the EPC is issued in the form of a declaration in substitution of a notarial act, and is therefore valid for penal purposes as well as in terms of civil liability in connection with the trust that the content of the EPC generates for the client and third parties who conclude contracts (rental, sale, etc.).

The EPC as tool of economic and environmental policy

From what has been presented above, in addition to its very substantial juridical and contractual importance, the EPC is also an important tool in economic, energy and environmental policy given that the measurements, information and recommendations it provides are useful in orienting builders, owners and users of the building towards choices that are more energy efficient.

These choices can be made in various ways and at various times, for example:

  • during the search period, those looking to buy a property can compare a number of properties and buildings, not only in terms of their location, architectural and aesthetic appearance, access to infrastructure (e.g., roads, highways, metro lines and other public transport, schools, etc.) but also on the basis of energy performance. The same is true when looking for a rental property;
  • a landlord can assess the recommendations provided by the certifying expert and decide whether to carry out one or more of the improvements suggested to enhance the energy performance of the property. The same is true for the tenant who could decide to carry out efficiency improvements, with the prior agreement and authorization of the landlord.

These aspects have important consequences on a commercial level because the market tends to reward with a higher price (purchase price or rental fee) the properties with higher energy performance. This assessment could be launched through examination of the EPC and, of course, further assessments that could be carried out by commissioning specific energy-related investigations and diagnoses.

The amount of condominium fees—within which energy expenditure plays a primary role—is one of the first and most sensitive requests potential tenants and aspiring buyers ask owners.

Fiscal regulations and EPC

Precisely because of the enormous importance energy efficiency has come to play in a number of ways—for reasons connected to foreign supplies (the so-called “energy bill”), even more so in times of serious geopolitical instability; environmental protection; creation of new “green” companies and jobs; maintenance of commitments made by Italy to conform to international agreements; and so on—over time, lawmakers have increasingly issued sector regulations (construction, urban planning, plant and equipment, environmental, contract law, fiscal policy, etc.) aimed—depending on the case—at imposing or creating incentive for operators in making choices that are increasingly positive regarding energy efficiency.

The EPC is also an important and functional tool from this aspect, for example, in evaluating the requisites for accessing major tax benefits in the event of renovation and redevelopment of existing buildings and systems (i.e., ecobonus, bonus for building renovation, super-ecobonus, seismic bonus, heating allowance and other national and local incentives), and the purchase of buildings to demolish, rebuild and resell with high energy efficiency (for example, Art. 7 of Italian Decree-Law no. 34/2019 on “Construction improvement incentives” or Art. 21 of Italian Decree-Law “Unlock Italy” no. 133/2014 which includes “Incentive measures for investment in rental properties”).


Anything but just more (albeit not that expensive) bureaucratic red tape, a good EPC is an important “calling card” for property units.

Therefore, it deserves careful attention and, if possible, improvement of its results through the planning and carrying out of work designed to enhance energy performance (from the standpoint of both efficiency, and function and comfort), reduce operating costs, protect the environment and, thus, also improve the economic returns to be derived from the rental or sale of the asset, while also taking advantage of the major tax concessions currently available, with time frames extending to December 31, 2024.

Article by Stefano Baruzzi, chartered accountant and legal auditor, real estate tax expert,
Head of Real Estate Contracts, Tax & Fiscal for Morning Capital Srl

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Furnishing in Eco-Friendly style: the home is becoming greener




What is eco-sustainable furnishing?

Furnishing in an eco-friendly, eco-sustainable style means choosing furniture created using natural and ecological materials, the only exception being recycled materials. The idea is to create an interior design that is not only eco-sustainable, but will also last a lifetime, or can be disposed of easily without polluting. A way to protect both human beings and the planet by reducing the environmental impact and improving air quality within the home which is sometimes more polluted than the air outside because of the chemical agents given off by furniture and building materials.

A growing trend, including in the building sector

According to the study by BIS Research – Global Construction Sustainable Materials Market – Analysis & Forecast, 2017–2026: “The sustainable construction materials market can be categorized by product type into structural products, interior products, exterior products, and building systems. Structural products dominated the global sustainable construction materials market, with a share of approximately 61.2% by volume and 63.0% by value in 2016. The market size of this sector was valued at $110.25 billion in 2016 and is expected to grow at a CAGR of 11.5% between 2017 and 2026.”

Materials for eco-friendly furnishings

The choice of materials is fundamental because the more they are processed and not natural, the more polluting agents they release and the more energy is required to manufacture them.

New or recycled natural materials, such as wood, bamboo, glass, bio-bricks, stone, regenerated plastic, water-based paints and natural adhesives are the preferred materials of the major designer brands that support recycling and the circular economy. They produce recycled and recyclable furniture combined with low-energy impact appliances. Normally, they are made by craftsmen on-site to reduce transport-related pollution.

The design firms that use natural and recycled materials are a guarantee of furnishings that are not only sustainable, but also high-quality.

Innovation and sustainability: Maria Vittoria 18 in Turin

For the Maria Vittoria 18 real estate initiative in Turin, it was decided to pair innovation and sustainability.


Maria Vittoria 18 is part of the Home Easy Rent® project, the first totally on-line rental system developed by Morning Capital in conjunction with Tecma Solutions. The system makes it possible to remotely configure your home, from furniture to accessories, and through to the signing of the lease.

Also available is the Morning Care® My Living app, a digital assistant service to provide support for daily tasks, from malfunctioning of household devices to technical work, scheduling service, car rental, babysitting and delivery receipt. Together with the amenities (gym, lounge bar and wellness area) which can be scheduled in total independence using the app.


The pieces chosen to furnish the kitchen of this project were supplied by Green Pea, whose motto is: “Design, Beauty and Respect for the Planet”. The materials are 100% green and are paired with energy-saving appliances.

The best is yet to come

However, respecting the planet and implementing sustainability criteria means going beyond the question of what materials are used in order to reach the ideal equilibrium between product and technology. The next evolution-oriented frontier in the world of interiors will be making passive components “intelligent” as they are manufactured through the use of self-automated smart tags that can register the memory of the origin of the element, including information about the installer and all the essential information that are useful in the event maintenance is required: blockchain applied to industry.

If needed, the app user can dialogue with the passive element in which the specific, analytical data are found, to activate the point-of-contact required totally automatically, without involving third parties in the chain. The disintermediation of parties in the maintenance process eliminates a series of factors that are negative for the environment: vehicle use, energy absorption, time of the manpower involved and recovery of materials.

Article by: Interimmobili Agency studies office


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Status of the “110 percent” and other building bonuses in the wake of the Italian Decree-Law on Energy




What follows is a summary of the situation involving the “110%” Superbonus and the “ordinary” bonuses to be used for energy efficiency and construction work on buildings, in light of the new measures introduced in recent months, the most recent being the conversion into law of the Italian “Energy” Decree-Law (no. 17 of March 1, 2022, converted into Italian Law no. 34 of April 27, 2022).

“110 percent” Superbonus

From its inception, the “110 percent” Superbonus—utilizable primarily by individuals and condominiums to finance energy efficiency and seismic work on residential properties—has been subject to continuous legal modification.

This tendency has not abated in the least and even in the early months of 2022 new regulations governing this area have been issued in continuation.

What’s more, the content of the regulations has changed significantly. In fact, while until summer 2021 lawmakers were focused on improving the substance of the rules—with the intent of increasingly broadening, clarifying and simplifying the application of the Superbonus—by fall 2021, attention had rapidly shifted to procedural regulations, to prevention and controls designed to avoid the fraud that had emerged

  • in the ever-more intense and widespread application of the various bonuses
  • and in the “unlimited” granting of tax credits that were the fuel feeding them.

A change in orientation typical of a phase of maturity of tax bonuses, probably combined with the expected end of the pandemic crisis (which, unfortunately, did not materialize).

Given below is an updated picture of the major innovations in recent months and others which could be expected in the near future.

Limited transferability for the tax credits generated by the Superbonus and ordinary bonuses

Having terminated at the end of 2021 the phase in which the unlimited transfer of the tax credits generated by the various bonuses was possible, in the early months of 2022, lawmakers have moved in a fairly confused way in search of the right balance that limits the number of tax credits allowed and the types of assignees (the purpose being to track these credits as they circulate), but without blocking the entire process. In fact, without transferability of the credits, the bonus process is destined to collapse quickly, with a range of consequences that are anything but desirable.

The most recent solution outlined is that:

  • in the event of “invoice discount”, the supplier making the discount can use itself the tax credit acquired (i.e., to pay its taxes and contributions with compensation using form F24), or it can transfer it to any other entity that can use it “itself” or also transfer it, but only to banks, insurance companies or other financial intermediaries (“monitored entities”) and with a maximum of two transfers. The new aspect contained in the “Energy” Decree-Law is that as of May 1, 2022, banks, if and when necessary (when they are unable to use the tax credit themselves), can transfer it a final time, but only to their account holders. In essence, the credit path is limited to: taxpayer-supplier-assignee of any kind-an additional two transfers, but only to monitored entities-final transfer by a bank to an account holder;
  • in the event of credit transfer to third parties other than a supplier, the path remains the same, except that the first transfer does not involve a supplier but a third party not involved in the work that generated the tax credit.

This brief description could seem abstruse and technical, but it is vitally important for everyone because, without the ability to easily transfer the tax credits, suppliers will not grant the “invoice discount” and the parties that acquire the credits (first-and-foremost, banks) cease doing so, and construction work will come to a halt.

Credit ID code and prohibition of partial transfer

As of May 1, 2022 (in reference to communications of the first transfer or invoice discount sent to the Italian Revenue Agency as of that date), the credits generated by the tax bonuses cannot be part of partial transfers subsequent to the initial communication to the Revenue Agency. For this reason, the credit is assigned a unique ID code to be included in the communications of any subsequent transfers.

In essence, every credit will circulate with the same amount as the first transfer (while, until now, partial transfers were also possible, resulting in greater flexibility in their use) and will be identified by its own code to simplify controls by the Revenue Agency.

Economic congruity certificate and conformity visa

The other important aspect introduced in recent months involves the extension of the instances in which taxpayers eligible for tax bonuses are required to obtain an economic congruity certificate (issued by a qualified structural engineer) and a conformity visa (issued by an accountant, labor consultant or the manager of a tax assistance center – CAF). These requirements apply:

  • for the Superbonus, in all cases of tax credit transfer (including through “invoice discount”), and also in the event of use as a taxpayer income tax deduction, unless the income tax form pre-compiled by the Revenue Agency is used, or tax assistance is provided by the taxpayer’s employer or pension agency (the requirement remains if a professional or CAF is used);
  • for “ordinary” bonuses, in the event of credit transfer or “invoice discount”, with exemption for “free” building work and work that does not exceed a value of €10,000, except for the “façade bonus” for which the congruity certificate and conformity visa are always required, unless the taxpayer uses the bonus as a deduction in his/her income tax return.

Double control of economic congruity for some assets

With a recent decree of the Italian Ministry of Ecological Transition (D.M. of 02/14/2022), which took effect on April 15, 2022, the specific maximum amount permitted for many assets covered by energy efficiency work was updated.

This means that for these assets, a double economic congruity control must be performed, in terms of both the maximum prices set out in the Ministerial Decree and the official price lists allowed (those of the Chambers of Commerce, Civil Engineering Boards or Regions and Autonomous Provinces). If the price charged by the supplier is higher, the right to the bonus remains, but is limited to the lower amount of the two references cited.

Stricter sanctions for structural engineers

Qualified structural engineers who, in their technical assessments of the work done and regarding economic congruity, provide false information or omit referring important information regarding the technical requisites of the project or actual realization of the work, or falsely attest to the congruity of the expenditures, is punishable by a jail sentence of two-to-five years and a fine of between €50,000 and €100,000. In addition, if this is done to obtain unfair profit for themselves or others, the sentence increases.

This provision is in addition to that already in effect in the original Superbonus legislation which, in addition to the application of penal sanctions where a crime is involved, also includes an administrative fine of €2,000 to €15,000 for each inaccurate certification or assessment given, to be borne by those who issue the inaccurate certifications and assessments, as well as the requirement to take out a civil liability insurance policy for damage to the State and the client, since the non-veracity of the certifications and assessments also results in the annulment of the tax credit.

Requirement to formalize compliance with collective labor agreements

As a measure to promote work site safety, from end-May 2022, it is compulsory to declare specifically in procurement contracts over €70,000 and related invoices, “that construction work has been performed by employers who adhere to national and local construction sector collective contracts drawn up by the employer and union associations comparatively more representative on a national level”.

Failure to include this declaration results in the loss of the right to (both ordinary and “110 percent”) bonuses and, towards this, verification will be performed by the entities that issue the “conformity visa”, as well as the National Labor Relations Board, INPS (National Institute of Social Security) and Building Funds.

Therefore, maximum attention from contractors, clients and condominium administrators.

Expected extension of the Superbonus for single-family homes

Expected shortly is the highly-awaited extension of the Superbonus for work on residential units by private individuals. Currently, the Superbonus applies in these cases to expenditures made by December 31, 2022, on condition, however, that as of June 30, 2022, at least 30% of the total work was completed.

There have been insistent requests for a “slackening” that could translate into an extension, by a few months, of the deadline by which at least 30% of work must be completed (currently set at June 30, 2022).

It remains to be seen if lawmakers will also take action on other deadlines set for end-June, especially the one involving the Super Earthquake Bonus for the purchase of properties on which earthquake risk prevention work was carried out.


Inevitably, what we have presented still requires additional attention in the assessment and management of paperwork by all those involved—consultants and professionals, contractors, condominium administrators and taxpayers—to best handle the opportunities and risks involved in this detailed legislation regarding bonuses to improve building efficiency.

Article by Stefano Baruzzi, chartered accountant and legal auditor, real estate tax expert,
Head of Real Estate Contracts, Tax & Fiscal for Morning Capital Srl


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The Passive House: A New Concept in Living that reduces Environmental Impact




What is a Passive House?

The passive house, or Passivhaus, was born thirty years ago in Germany based on the concept of construction physicist Wolfgang Feist to create a house that could make use of natural energy in both winter and summer to reduce consumption to nearly zero through the use of passive devices.

A sustainable building approach that answers the needs of energy-saving by taking advantage of renewable energy sources, low environmental impact and sustainability, and which is spreading both in Italy and throughout the world.

Today, in the wake of intensive studies, the passive house has become a certified international building standard with a guaranteed protocol.

What are the requirements of a passive house?

The passive house is based on two basic principles: a high level of thermal insulation and use of passive energy from both solar panels and the materials of which the house is made, because the house does not contain radiators, boilers or air conditioners.

The initial, basic requisite of this type of house is its exposure, which must be optimal to capture the sun’s heat and light.

The other requisites are: compact spatial area, thermal and hermetic doors and windows (triple glass), insulated walls, reduction of thermal bridges, and ventilation systems designed to recover the heat coming from both walls and windows and the occupants or appliances.

Homes can also be renovated to transform them into passive houses.

A truly “green” home that offers an optimal lifestyle

This concept is stimulating innovation toward the use and study of increasingly-ecosustainable materials and living systems, and is also being extended to larger structures such as complexes and hospitals.

What we have is a “green home” that reduces energy costs by 90% compared with traditional houses, and by 75% compared with new-builds, with significant savings in utility bills.

It is built using quality materials, first-and-foremost wood, but also hemp fiber and lime or cork, which respect the environment. In addition, the mechanical ventilation and air recycling and filtering system means the air being breathed is always clean, with significant advantages also for the well-being of those who live there.

An investment that involves a slight increase in initial expenditures (which vary depending on climate and the materials selected), but a subsequent recovery through lower utility bills and savings in healthcare costs.

Article by: Interimmobili Agency studies office


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110% Superbonus 2022: extension and new features of the Italian Budget Law and Decree-Law no. 4 of January 27, 2022




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The 2022 Budget Law has introduced major extensions and new features for the “110 percent” Superbonus and for the options very often related thereto (“discount on the invoice” by the supplier and assignment of credit to third parties) aiming to ensure more flexible planning of interventions, for some categories of persons, also beyond the current general deadline of June 30, 2022.


Here below we offer an overview of the most interesting new features to be considered when navigating this issue, which is subject to increasingly more and complex rules, and describe some of the clouds forming on the horizon due to the effect of Italian Decree-Law no. 4 of January 27, 2022.


New terms of applicability of the “110% Superbonus”

The general deadline for the applicability of the Superbonus, for the set of cases entitled to this concession, remains June 30, 2022.

The 2022 Budget Law (Law no. 234 of December 30, 2021), on the other hand, selectively provided for some significant extensions to the terms of applicability of the Superbonus for specific categories of persons and buildings, including:

  • Actual condominiums and similar buildings (composed of two to four property units with separate land registry – without counting appurtenances – owned by a single owner or in co-ownership with more than one physical person), for which the Superbonus can be applied up to December 31, 2025, but with the following reduction in rates as time passes:
  • 110 percent for expenses incurred by December 31, 2023
  • reduction to 70 percent for expenses incurred in 2024
  • a further reduction to 65 percent for expenses incurred in 2025


The same provision applies also to non-profit organizations, social promotion associations and voluntary organizations, for any building owned (not only residential properties but also offices, shops and other types).


  • The residential units owned by physical persons on a “private” basis (i.e., not used for business, arts or professional activities). In this case, the Superbonus can be applied to expenses incurred by December 31, 2022 on condition that as at June 2022 at least 30 percent of the works out of the total intervention have been completed (understood in the strict sense, concerning the whole works and not just those to which the Superbonus is applicable).


These extensions are valid for the Superbonus for both energy and anti-seismic works and concern both “major” interventions (EIFS and replacement of the heating system, seismic prevention works) and “minor” interventions (energy efficiency, photovoltaic systems with or without storage batteries, electric vehicle charging columns, removal of architectural barriers), considering that the latter can be carried out in both common parts and those of exclusive use.

New terms of applicability of “minor” bonuses

The 2022 Budget Law also extended all “minor” bonuses which, in fact, are the only ones that can be concretely applied in many cases, typically (but not only) for interventions performed by businesses, companies and, beyond strictly “condominium” contexts, on all real estate units other than residential units, as well as for the many cases in which the parameters required for the Superbonus are not met:


  • Bonus for building renovation (“50%”), “ordinary” anti-seismic bonus and ecobonus, “green bonus”: up to December 31, 2024, with no changes to the rules.
  • Facade Bonus up to December 31, 2022, but with a reduction in the rate from 90 to 60 percent.
  • Furnishing Bonus up to December 31, 2024, but with a reduction of the expenditure ceiling from €16,000 (valid in 2021) to €10,000 in 2022 and €5,000 in 2023 and 2024.
  • Tax credit for the rationalization of water consumption and the reduction of plastic for water bottles: extension of a further year (2023) of the bonus which was already in force for 2021 and 2022.

New requirements to guarantee the tax authorities

The 2022 Budget Law confirmed, slightly simplifying, the obligation (introduced by Decree-Law no. 157 of November 12, 2021) to obtain the certificate of expenditure congruity (drafted by a qualified surveyor) and the “conformity visa” (drafted by an accountant, labor consultant or the manager of a tax assistance center – CAF)

  • for the purpose of the Superbonus (“110 percent”) not only in the case of “discount on the invoice” and assignment of credit, but also in the case of the direct use of the Superbonus, by the taxpayer, in the form of a deduction, except in the case in which the tax return is submitted autonomously by the taxpayer or using their own withholding agent.

Therefore, when submitting tax returns with the assistance of a tax assistance center or an accountant or other qualified professional, the new requirements must be met;

  • for the purpose of the other bonuses, only in the case of “discount on the invoice” or “assignment of credit” with the exclusion of the interventions costing no more than €10,000 and those falling within the scope of “free” building (i.e. not subject to the request for or submission of a qualifying building permit). These simplifications do not apply to the “facade bonus”.

The costs for the issue of the economic congruity declaration and the “conformity visa” can also be deducted, both for the Superbonus and for the “minor” bonuses.


Limitations to the assignment of tax credits

One completely new and unexpected aspect, which is quite worrying, was introduced by Decree-Law no. 4 of January 27, 2022 (art. 28), in addition to the other (preventive and subsequent) checks introduced to strengthen measures against tax fraud and money-laundering which, unfortunately and as feared, have been exploited under the Superbonus and with the possibility to assign tax credits indefinitely.

The new law states that the assignment of tax credits originating from these tax bonuses (not only the Superbonus, but all the other building efficiency bonuses), starting from February 7, 2022, can only be

  • two in the case of “discount on the invoice” (from the taxpayer to the supplier, and from the supplier to a third party);
  • one in the case of assignment of credit (from the taxpayer to the third-party assignee, generally a bank).

This drastic limitation of the transferability of tax credits risks putting an end to the significant impulse the legislator aimed to give, from mid-2020, to all building efficiency works (generally, not only relating to energy but also anti-seismic and construction works), aiming to drive GDP and employment, reduce energy bills, improve safety and safeguard the environment. Long-term objectives, not strictly linked to the Covid-related economic emergency.

The many people who decide to start these works precisely because they can take advantage of the “discount on the invoice” or in any case assign tax credits – which happens very often, in all cases in which there is not the capacity to apply deductions and/or there is a lack of resources for funding the works – very probably, from now on, will find themselves unable to fund the interventions as the banks and other (financial and industrial) operators can no longer assign the tax credits to other parties (linked to their own Group or external).

This will result in a preference for large companies, with oligopolistic effects and a reduced demand for credit, with foreseeable worsening of purchase prices (and, therefore, higher assignment costs for taxpayers).

A very risky bottleneck for the reasons explained above which, if not quickly corrected, risks worsening the disease – which the Government rightly intends to combat – through the (undesired) termination of the whole mechanism set up or revitalized with difficulty (and with large investments by many operators) in the last year and a half.


Article by Stefano Baruzzi, Chartered accountant and legal auditor, real estate tax expert,
Head of Real Estate Contracts, Tax & Fiscal for Morning Capital Srl


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Residential asset class: new attraction for investors




The post-COVID-19 era has brought about an aspect of change in the capital market, resulting in income-generating residential rental properties becoming an “asset class” in their own right. An approach that already exists in the rest of Europe, it now represents an interesting change in the investment sector.

Some background

Let’s take a closer look at the context in which to examine the considerations regarding the residential asset class by referring to the content of the “Italia 2021 – Competenze per riavviare il futuro” [Italy 2021 – Competencies for relaunching the future] discussion platform promoted by PWC Italia with the goal of sharing ideas, developing proposals and planning initiatives with leaders from government and institutions, finance and business.

Specifically, the document “La trasformazione del Real Estate a servizio del Paese” [Transforming Real Estate to serve the Country], based on analysis of the current scenario, indicates 10 priority initiatives for the real estate sector in the post-COVID-19 phase.

The starting point indicated by PWC is that the real estate sector represents 20% of Italian GDP and constitutes [it should be said, “continues to constitute”—eds.] the main form of investment for families.

Residential asset class: 27% of global real estate investment

Again according to PWC, in the residential real estate sector, market conditions will worsen in the short term but, over the long term, business trends will reflect the impact of the pandemic on family incomes.

The key points of this analysis can be seen together with the information contained in the Savills Global Living Report 2020: “Residential investment [including Multifamily, Student Housing and Senior Living—eds.] accounted for 27% of global real estate investment in the first three quarters of 2020, up from just 16% a decade ago.” [] A decidedly upward trend.

Potential future scenarios

According to Savills, the resilience and solid base of the sector remain intact, even in the currently-difficult macroeconomic context. In fact, even in a scenario of major global uncertainty in the wake of COVID-19, the residential sector is proving to be more resilient than other asset classes.

Despite the short-term macroeconomic effects of the pandemic, the Savills report foresees long-term growth in the amount of capital destined for residential asset class investment.

Therefore, the residential sector has become attractive because, in the search for diversification of capital allocation, investors no longer see this goal as creating a portfolio according to geographical location and/or segmentation by type of use, but in the search for stable income flows that residential can guarantee. Further information can be found in the sources provided at the end of the article.

Analysis by Gabetti in collaboration with Patrigest, “Trend post-Covid settore per settore” [Post-COVID trends, sector-by-sector], confirms that the residential sector has shown itself to be the most resilient among the various real estate classes. Further confirmation of the aspects of interest of this sector for investors. These are the new trends identified in the report:

  • The polyfunctional house, larger with modular spaces;
  • Space for smart working in the wake of the new corporate organizational set-up increasingly seen as permanent and not temporary;
  • Outside space seen as of vital importance;
  • Condominial services such as storage space, gym, multifunctional spaces;
  • Second homes thanks to smart working and greater propensity to spend vacations in one’s own home.

Residential, an asset class in which to invest

Within a climate of generalized uncertainty, making forecasts is difficult, the variables in play are myriad and things are changing rapidly. However, it is true that, in the wake of events that have led us to living domestic spaces with greater intensity, including for work and study, the living requirements for the majority of people have changed and are continuing to change radically.

The result: a sudden change in the priorities in choosing where to live and a desire for change in the short term. According to a survey by Scenari Immobiliari with, released in October 2020, 89% of those interviewed throughout Italy are planning to change where they live over the next two years. All aspects that make the residential asset class one of the most interesting in the near future.

In Italy, we are at the dawning of what must be seen, first of all, as a sort of cultural revolution, even more than an opportunity offered by and for a new business. Capital markets move quickly, cultural revolutions require more time. In fact, the steps we must take are clear and they will entail major changes in following what is emerging:

  • mental approach to real estate as a “shelter asset”, not just a direct asset investment (for personal use), but one that is income-generating;
  • modification of instruments and technologies by real estate managers;
  • opening on a large scale and with an institutional approach of the personal services business, alongside more traditional real estate services.



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Contactless: technology supporting hygiene and savings in the home





In the article “The home of the future: technology, sustainability, innovation”, we explained how the Internet of Things (IoT) is transforming our homes into smart homes equipped with intelligent devices. Here we take a look at the issue of contactless technology and how this is useful not only for energy savings but also to improve hygiene in the home.

What is contactless technology

Contactless technology is changing the way we live, also at home.

The word “contactless” was coined to define payment systems that prevent people from coming into contact with the related devices, making the operation faster and ensuring effective hygiene. Today the fields of application are extending.

The first contactless devices for the home: Alexa and Google Home

Contactless technology has now arrived in our homes, with Alexa and Google Home. With these devices, it is possible to switch on and off and program appliances and the television, switch lights on and off, control the thermostat, search for information on the Internet without touching the PC or smartphone, simply by using the voice. These devices allow us to live without touching practically anything, and due to the current high sensitivity to the issue of hygiene, they become precious allies.

Contactless technology supporting hygiene in the home and in the workplace

This type of technology is extending to all aspects of the home and daily life.

Some systems assure maximum hygiene both at home and in the workplace: today we can install key-less gates and locks that open using home automation devices connected to our smartphone, bathroom and kitchen taps using heat or proximity sensors, internal doors that open when the hand moves close to a sensor that works with microwave technology.

Even appliances are developing in the same direction: fridges with an internal camera to view the contents without opening the door, even when outside the home using the related app, smart ovens that can be programmed from a smartphone and connected to a recipe app that sets the ideal temperature, vacuum cleaner robots that, although available on the market for a few years, can now be better managed via an app.

The spread of this new, continuously evolving technology not only helps to ensure drastic time and energy savings but also to optimize hygiene in the home.


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Rental homes: the advantages of living in a furnished apartment




Rental homes: a growing trend

A rental home is an increasingly popular choice, and a growing trend. In particular, the lockdown experience has led us to live our work time and spaces differently from usual, and has brought new living needs. Furthermore, for many families, buying a home continues to represent an economic uncertainty, given by the long-term investment in relation to the ability to produce income.

Along with the choice and opportunity for smart working has come the need to organize spaces set up for work activities and services, to make the time spent at home pleasant and comfortable. Many people have chosen to rent furnished properties in holiday locations where they can spend time remote working.

Here are the reasons why Italians are reassessing the opportunity to live in furnished rental homes and some real estate companies, including Morning Capital with Interimmobili Agency, are creating special projects to respond to these needs too.

The freedom of a rental home

People choose rental homes for different reasons:

  • the impossibility to purchase a property;
  • the desire to not (i) tie up significant capital in an illiquid investment or (ii) get into debt with a medium-long term mortgage;
  • the need to move frequently for work reasons, or
  • the freedom of moving home easily, quickly and without major expenditure.

Depending on the contracts, rentals allow people to move home within just a few months of taking the decision. As opposed to an owned house, for which a buyer has to be found and the house subsequently sold, a process which can take months if the set price is not in line with the local market and the negotiations are not managed flexibly.

The advantages of a furnished home

If we opt for a rental home, the furnishings included in the lease can be an extremely advantageous choice. Although today we can furnish a home with a minimum investment, purchasing furniture and household appliances can take a lot of time and be stressful in both the medium and long term.

Furniture rarely adapts to a new home, and selling used furniture requires a lot of energy, while we can be sure that we will not recover the investment made initially.

In addition to these advantages, we should also consider that moving to a furnished home takes much less time and involves no moving costs.

This is why it is easier and more advantageous to choose a furnished home, there is no need for significant investment in furnishings and the apartment is immediately ready to be lived in: simply pack your suitcases and start a new life!

The “no worries” home: the new revolution of Home Easy Rent ®

Imagine being able to choose your dream home, with furnishings, appliances and everything else you need, from curtains to linen to cutlery. Imagine you have all the services you have ever dreamed of close to hand: a gym, co-working space, temporary flat, party room, bike hire.

The Flat Tower – Parco Vittoria project has made all this possible: an extraordinary opportunity to configure your apartment online, choosing everything you need to create a comfortable “no worries” home, including personal services, as well as the property, using an app – My Living – which also responds to every daily need, 24/7.

The new concept of the home as a commodity

The phenomenon taking place in the Automotive sector is spreading to the Real Estate sector too. Once owned, today cars are becoming a commodity service, with all the techniques introduced by finance and technology, allowing us to change our car often to suit our needs, without having to deal with related services, avoiding the immobilization of capital (and, in this case, also its significant depreciation).

Homes are also becoming a commodity, an easily interchangeable asset, thanks to the evolution and revolution of the rental concept, which is being made possible through digital transformation.

We can configure the required solution but putting the home “in the cart”, starting to consider it as a service to be changed as needs change, moving only our personal belongings. A new way of living.

All this also contributes to streamlining contractual issues, which often lead to long and complex processes and paperwork.

Discover our furnished rental property initiatives


Flat Tower – Parco Vittoria


Via Barbaroux

Maria Vittoria 18


I Palazzi di Genova

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How to obtain energy savings at home through digital transformation




Energy savings at home: benefits for us and the environment

Energy savings at home are an important issue for both us and the environment, allowing us to contribute every day to achieving the 2030 Sustainable Development Goals (SDGs).

We can choose to adopt virtuous habits and behavior which not only help us to save money but also to limit global warming and prevent the depletion of energy-producing resources.

Virtuous habits for energy savings

Virtuous habits that make our homes eco-sustainable may seem banal, but we should remember them in order to ensure the best possible management of energy savings, thanks also to digital transformation.


There are several behaviors we can adopt to improve lighting: paint the walls a pale color, use white, light curtains, prefer low-consumption fluorescent or LED bulbs that consume up to 80% less than old-generation bulbs.


In addition to choosing high-quality, high energy-efficiency appliances (A, A+ or A++) it is also worth ensuring proper maintenance, keeping the filters clean and checking that the appliance works correctly.


As regards heating, it is worth checking that the doors and windows are well sealed, making sure that there is no air in any radiators, keeping them clear and setting the temperature to our needs when we are at home. Service all systems once a year.

The Smart Home

The arrival of the Smart Home, as we described in the article “The home of the future: technology, sustainability, innovation”, allows us to adopt virtuous habits through digital transformation: today it is possible to digitally wire all the systems, program them and monitor home devices from apps installed on our smartphone.

Smart Homes are also called “intelligent homes” because they allow all the devices to be connected through a wireless network: burglar alarm, thermostat, conditioner, irrigation system, appliances, lights and shutters all communicate with a server which we can use not only to program activities but also to process and receive consumption data which help us to ensure a more “intelligent” use.

Obtaining energy savings through digital transformation

Digital transformation is bringing an important change and evolution also in our living habits, and specialist companies can help us to digitalize all the systems in our homes, and consequently also our habits. Choosing to live in a smart home brings energy, time and money savings.

Economic advantages

Home renovation and energy redevelopment is facilitated by tax deductions for both the purchase of and interventions on home devices. Here is an interesting insight: “The Furnishing Bonus: how it works and how to receive it”.


Article by: Interimmobili Agency studies office


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Reverse mortgage: a tool to be discovered




Let’s talk about reverse mortgage, taking a cue from the current economic situation which, as we well know, has been considerably damaged by the SARS-CoV-2 pandemic. More and more people are finding themselves in a vulnerable condition.

This context particularly affects the over-sixties, who need more liquidity due to the increasingly aged society and the decline in pension values. It is more difficult for the elderly to access credit, due to the problem of demonstrating the sustainability of the loan they wish to obtain.

Reverse mortgage

Not everybody knows, but for some time, in order to cope with this need, a form of funding has been available to obtain liquidity: the reverse mortgage, devoted specifically to the over-60s.

This form of financing was developed in the Anglo-Saxon world, and is known as:

  • mortgage life loan,
  • lifetime mortgage,
  • equity release or reverse mortgage.

The requirements for accessing a reverse mortgage

The indispensable requirements are:

  • aged over 60
  • Owned residential property

If the person is married or has lived with a partner for more than 5 years in the mortgaged property, the partner, who must also be aged at least 60, must approve the loan. Meeting these requirements does not automatically assure the right to a reverse mortgage, but the lender will independently assess whether or not to grant the loan.

The parties with the right to grant a lifetime mortgage are banks and financial brokers. The loan is long-term and is based on a first-rank mortgage on the applicant’s property. The mortgage is recorded in the property register by notarial deed.

How much is the loan

The amount of the reverse mortgage may vary from 15% to 50% of the total value of the mortgaged property. The value of the property is set by a surveyor appointed or approved by the financing party. After signing the loan, no modification may be made to the mortgaged asset. The older the applicant, the more willing financial brokers are to grant larger loans.

The specific feature of this type of mortgage is that the debt is repaid all or in part after the death of the borrower.

Types of reverse mortgage and extinction

There are 3 different types of reverse mortgage:

  • Standard: a single disbursement on signature of the contract without repayment installments. The whole capital amount and all interests matured are paid by the heirs in a single installment.
  • Gradual disbursement: disbursement at agreed intervals without repayment installments. The whole capital amount and all interests matured are paid by the heirs in a single installment in the same way as the standard.
  • Interest-only: repayment installments only of the interest, while the capital amount is paid by the heirs in a single installment.

The debt must be repaid in a single installment within 10 – 12 months following the death of the mortgage holders (single article of Italian Law no. 44 of April 2, 2015, in force from May 6, 2015, amending paragraphs 12 and following of article 11-(14) of Italian Decree Law no. 203 of September 30, 2005, converted by Italian Law no. 248 of December 2, 2005). Amending the paragraphs in 2015, the legislator aimed to make the mortgage application process more feasible, in particular by lowering the age of the applicants from 65 to 60.

Loan repayment

The heirs have the possibility either to sell the mortgaged property and repay the loan with the revenue from the sale, or alternatively repay the amount with their own money in order to extinguish the mortgage on the property. If there are no heirs, or the heirs do not extinguish the debt within the deadline, the bank will have the faculty to place the asset on the market and, if a higher amount than the loan is obtained, the difference is paid to the heirs.

In some cases, there is an obligation to repay the full amount in a single installment prior to the death of the borrowers:

  • The owner sells all or part of the property while still alive;
  • The person taking out the loan establishes real rights, rights of use or collateral rights to third parties.

Reverse mortgage: advantages and disadvantages

The greatest advantages of reverse mortgage:

  • The borrower has no repayment installments;
  • To extinguish the debt an amount higher than the value of the mortgaged asset cannot be demanded;
  • If the sale of the property generates a capital higher than the debt, this is distributed to the heirs;
  • This funding model allows people to live in their own property without losing ownership thereof.

Disadvantages of reverse mortgage:

  • It is not possible to make changes to the property after the signature of the loan;
  • It is not possible to sell the asset;
  • The property must be kept in good condition. A certificate must be issued annually by a surveyor confirming the good condition of the property;
  • The property cannot be leased or rented.

Reverse mortgage can be a valid substitute for the sale of the bare ownership of the asset. This instrument monetizes part of the value of the home while allowing you to continue to use it.

Article by Francesco Londero, Asset Management Team, Morning Capital.

Sources and for further information

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The home of the future: technology, sustainability, innovation




Step by step, the home of the future is revealing all the innovations that will make the place we live in completely different from how we understand it today.

Technology and IoT for Smart Homes

Technology and IoT (Internet of things) are leading us into a world in which, through new interconnected systems and devices, our homes will become “Smart Homes”: we will no longer have keys, thanks to a digital or face recognition system, we will be able to switch on and off and control lighting, water, heating and appliances remotely. Thermostats will adjust to our body temperature, and scales will give us dietary advice. Music will adapt to our moods.

The home in the cart

We are also witnessing the possibility to order our dream home online.

Morning Capital and Tecma Solutions have recently launched the Easy Rent revolution with the “Flat Tower Parco Vittoria” project, an innovative residential rental format. It will certainly be an inspiration for renting or buying a home online, configuring every detail according to our wishes and putting it “in the cart”.


Smart Homes are designed not only to make life safer, more practical and convenient, but also to respond to the Agenda 2030 Sustainable Development Goals (SDGs).

Safeguarding humans and the environment has become a key priority, and sustainability in the real estate sector plays an important role in this process.

Significant savings are generated for water, electricity and gas through improvements in the performance of home systems following the installation of automation systems. A benefit for us and the planet, also facilitated by the state incentives and Ecobonuses.


Innovation doesn’t concern only technology. Recent events that have forced us to live our homes differently have created new living needs.

Shared services

Particularly in large cities, there is an increasingly felt need for services shared with other tenants in the building or neighborhood. From laundry services to electricians, to the gym. Some new building projects are being implemented with this innovative concept, for example making available useful concierge services.

Places of aggregation

Places of aggregation are also in demand, for both young people, such as party spaces, and for adults, such as meeting rooms equipped with all the required accessory services.

Home of the future: the keyword is “connection”

New living will be based on connection. Of devices, systems, all the elements in the home as well as people, who now feel the need for an innovative concept of the neighborhood of the past. A place for sharing comfort, a better quality of life and sustainability.

Article by: Interimmobili Agency studies office

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Historic residences: all the charm and advantages of living in a period residence




Italy has huge real estate assets in the field of historic residences: villas, residences, buildings, castles and hamlets that conserve art, architecture and history from bygone times that enhance the cultural heritage of our country.

Some residences have been turned into tourist facilities for holidays out of time, others have been restored and turned into private homes.

What makes a house a historic residence?

A residence becomes historic when it is of cultural, historic and anthropological interest in terms of human residence (source: Wikipedia).

Historic residences belonged in the past to an important family or person, were designed and built by a major architect or are part of a historic area or district. The residence can be registered in a historic register or can become a UNESCO heritage site.

The charm of living in a period residence

Living in a period residence is a unique experience that builds ties with the past through all its characteristic elements: sculptural decorations, stone or marble fireplaces, railings, arches and ceilings decorated with stucco and frescoes, antique balustrades and stone and marble columns.

The charm also lies in the fact of becoming part of history, conserving all the urban, historic and artistic wealth that has survived time.

The advantages of living in a historic residence

Choosing to live in a historic residence offers unique advantages.

You join a community of people with an inclination for preserving history. You have the possibility to understand and enjoy historic art, and moreover, the restoration and maintenance of a historic residence is assured with particular care and attention, to preserve all its beauty and authenticity.

Living in a historic residence is a fascinating experience that can bring art, architecture and history connoisseurs closer to their community and to the past.

Discover our period residences for sale or rent:

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The Furnishing Bonus: how it works and how to receive it




2021 Furnishing Bonus: “A broad-ranging superbonus”

Once again in 2021, private individuals will be able to take advantage of the “furnishing bonus” to purchase furniture and appliances for homes (both first and second) that have undergone renovation.

The maximum deduction—which has been in effect for a number of years and has proven to be very popular—has now been raised from €5,000 to €8,000.

Provided below are the conditions and procedures for making use of it, including in light of a number of favorable clarifications recently provided by the Internal Revenue Agency.


Updated deadlines for the various property bonuses

The 2021 Budget Law (no. 178 dated December 30, 2020) extended to December 31, 2021 detractions for property “improvements” of various types that expired at the end of 2020 (“building renovation”, “facade bonus” and “green bonus”).

The same law also extended by six months—until June 30, 2022—the validity of the (“110%”) Superbonus, with the possibility, in some specific cases (only condominiums and single-owner residential buildings composed of no more than four apartments), of having available a further six months (until December 31, 2022) in which to finish work underway that is at least 60% complete.

In addition, in the case of the110 percent Superbonus, a number of additions aimed at broadening its area of application were included.

However, it was not necessary to intervene in the ordinary bonuses regarding energy efficiency (“eco-bonus”) and seismic prevention (“sismabonus”) because their deadline was already December 31, 2021.

Italian Law no. 178/2020 also introduced two new incentives designed to reduce the consumption of sanitary water and plastic water bottles for alimentary use, which we will discuss specifically in the future.


Extension to December 31, 2021 of the “furnishing bonus” with raising of the expenditure ceiling

Among the bonuses with a deadline of December 31, 2020 was also the “furnishing bonus”, which was also extended another year, until December 31, 2021.

In addition, in this case, there was also a significant increase in the expenditure ceiling from €10,000 to €16,000, while maintaining the 50% deduction rate.

Specifically, for expenditures made in 2021 for the purchase of furniture and appliances, it will be possible to take advantage of a maximum tax deduction of 8,000 instead of the existing €5,000, to be divided into ten equal annual deductions (€800/year instead of the previous €500).


Eligibility for the “furnishing bonus” only following construction work

As in the past, the “furnishing bonus” is only granted for expenditures made in 2021 to taxpayers who are eligible for the deduction for renovation work performed in their homes starting from January 1, 2020 and only if the work qualifies as extraordinary maintenance, renovation/conservation work or reconstruction.

The Internal Revenue Agency has specified that included in extraordinary maintenance work is also that “aimed at the use of renewable energy sources, such as the installation of pellet stoves or systems with heat generators fed by biomass fuels, installation or integration of a heat pump winter heating and summer cooling system and replacement of the boiler because it entails the replacement of an essential part of the heating system”.

Simple routine maintenance work is also eligible for the “furnishing bonus”, but only for work carried out in the common areas of primarily-residential buildings, both condominiums and single-owner buildings.

It should be noted, therefore, that not all work that benefits from the renovation deduction (many more types than those cited here) is eligible for the “furnishing bonus”.


“Furnishing bonus” also with the purchase of apartments in renovated buildings

Recently, the Internal Revenue Agency confirmed that the “furnishing bonus” also applies in those cases eligible for the “sismabonus” (including the “Superbonus” of 110%) or the bonus for purchasing residential units in entirely-renovated buildings. In fact, again in these cases, extraordinary construction work is the primary intervention behind the furnishing bonus.

This clarification is very useful because it rewards those who

  • undertake seismic prevention work on housing or common areas of residential buildings
  • purchase residential units from construction firms that have carried out major renovation work on entire buildings; in this case, the work can consist of seismic prevention through demolition and rebuilding of the building, including with an increase in its size if allowed for by zoning restrictions, or renovation, conservation and redevelopment.

Among the types of work that provide eligibility for the “furnishing bonus” are the reconstruction or restoration of a property damaged during a natural disaster (earthquake, flood, landslide), even if they are not included in the above categories, provided a state of emergency was declared in the municipality in which the property is located.


Furniture and appliances covered by the bonus and their specific location

The “furnishing bonus” applies to the purchase of furniture and major appliances of at least class A+ (class A for ovens) for those appliances for which an energy label is required, and it is specifically aimed at furnishing the property that was renovated or underwent construction work appropriate to generating the “furnishing bonus”.

This means that the furniture and appliances—which must be “new”—be used in the property which underwent the construction work that is the primary intervention behind the “furnishing bonus” and not in another.

Work cannot be carried out on a “second home” and the furnishings purchased with the “furnishing bonus” be used in the “first home”, or vice versa.

Similarly, if work is carried out on common areas, the furnishings purchased with the “furnishing bonus” must be used to furnish the common areas, for example the meeting room, the porter’s apartment or reception, and not privately-owned property units.


“Furnishing bonus” with separate expenditure limit

Also very favorable is the fact that the “furnishing bonus” expenditure limit (€16,000 for 2021) is separate from that of the construction work on the property that generates it. As a result, the two bonuses are cumulative.

For example, let’s say that over the course of 2021, a couple purchases a property, with or without garage, located in a building that was totally renovated and the seller of which is the construction company that performed the restoration work (new builds do not generate the right to either the deduction for renovation work or the furnishing bonus), including in the event the actual work was carried out by a subcontractor.

In this situation, the couple is eligible for two different IRPEF deductions, each divided into equal annual deductions over ten years:


  • the bonus for renovation work to a maximum of €48,000 (50% of the 25% of the purchase price, for a maximum covered expenditure of €98,000);
  • the “furnishing bonus”, with a maximum of €8,000 (50% of the purchase price of the furniture and appliances, to a maximum expenditure of €16,000).


If the property was purchased jointly by the two owners (e.g., 50% each), the deductions do not double, but remain the same and are divided between them on the basis of their respective purchase shares.

In the event the property was purchased in 2020 and the furnishings (furniture and appliances) were purchased partially in 2020 and partially in 2021, there is no change in terms of the renovation work bonus, but the calculation of the furnishing bonus must take into consideration the fact that the maximum expenditure covered for 2020 is €10,000 and €16,000 for 2021, amounts which are not cumulative with each other.

For example: if the expenditure for furnishings in 2020 was €13,000, the applicable furnishing bonus for that year would be €5,000 (50% of the maximum limit which for that year was €10,000). However, in 2021, additional furnishings could be purchased by taking advantage of a maximum furnishing bonus of €3,000 (50% of the €6,000 limit still available).


Purchasing time frame and furnishings payment method

In the case of maintenance or renovation work, to obtain the furnishing bonus, the date work started must precede that of when the furnishings were purchased, but it is not necessary that renovation work be paid for before the furnishings.

It should also be remembered that furnishings must be paid for using traceable payment methods, such as a credit card, debit card or bank transfer. However, it is not necessary to use the “special bank transfer” required for renovation or energy efficiency work.


Requirement to inform ENEA of the purchase of some appliances

It is not generally known that, since 2018, the purchase of appliances covered by the furnishing bonus must also be communicated to ENEA within 90 days.

Moreover, failure to report or late reportage does not result in loss of deduction eligibility because the law does not provide for any penalty, just the requirement to report.


Article by Stefano Baruzzi
Chartered accountant and legal auditor, real estate tax expert,
Head of Real Estate Contracts, Tax & Fiscal for Morning Capital Srl


Sources and for further information

Further information about any rules regarding the use of this and other bonuses for the home can be found on the web sites of the Agenzia delle Entrate and Enea (Dipartimento Unità per l’Efficienza Energetica).


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The garage: a multi-faceted real estate asset




The garage is a real estate asset that can offer a range of investment motives:

  • minimum direct maintenance activity;
  • no complex technical systems;
  • convenient space for protecting vehicles;
  • rental income;
  • profit thanks to capital gains from resale, based on the prevailing market;
  • additional low-cost living space for storage or other uses, including hobbies, where allowed.

Major cities—increasingly more traffic-congested and with almost exclusively paid parking—favor the choice of having a garage that benefits from tax optimization if it is part of the main property.

According to the most recent data from the Internal Revenue Agency, in Italy, during the first three months of 2020, 67,210 garages and parking spaces were sold. (Source: Il Sole 24 Ore)

What is the average price of a garage and relative expenses?

The average price of a garage ranges between €20,000 and €60,000. In the centers of major metropolises like Milan and Rome they can even exceed €150,000.

Purchase-related expenses include:

  • notary for the deed, normally based on a percentage of the purchase price;
  • registration tax which varies depending on whether the garage is part of the main residential unit or not;
  • cadastral and mortgage tax of €100 if purchased from a private individual, €400 if purchased from a company subject to VAT;
  • VAT: varies from 4% to 22% as explained below.

Registration tax and VAT

The registration tax varies if the garage is purchased from a private individual or a company. Given below are the various percentages depending on the specific situation:

If purchased from a private individual:

  • The registration tax is 2% on the first home (only for apartments purchased after 1982). This discounted tax is applicable even if the garage is purchased at a later date but becomes annexed to the appurtenance of the main residential unit without a garage or parking space.
  • The registration tax is 9% if the box is not an appurtenance.

If purchased from a company:

The first, general classification is based on the type of seller. If the seller company built the property certain rules apply, if the company just owns the property to sell, others are applicable, as is explained in more detail below.

  • To garages not built by the construction company, a VAT rate of 22% in addition to the 4% mortgage/cadastral tax is applied, unless they become appurtenances to the apartment. In this case, if there is no other parking already included with the property, the first home discounted tax of 4% is applied.
  • When the garage was made by a construction company, for garages not appurtenances, the builder VAT rate of 10% plus the 4% mortgage/cadastral tax is applied.

Income and advantages of purchasing a garage

Income varies depending on the city and location. According to a study carried out by Idealista, in the first three months of 2020, in Milan and Rome, indicatively, income could be up to 6%, in Turin 5.6%, Genoa 4.5% and Florence 5.8%.

Therefore, from an economic-financial standpoint, purchasing a garage offers a number of positive aspects:

  • the income is much higher than the cost of the debt calculated on the spread with the Euribor rate in effect (at the time of writing of this article, the rate was negative);
  • the cost of managing a garage rental is negligible compared with the potential income;
  • As can be deduced from the two points above, net pre-tax income is appreciable.

Re-sale is easier than with other types of properties, often netting a profit (capital gain) on the purchase price.



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Signing of partition and worksite Agency contracts




Transaction involving two real estate portfolios worth over €400 million between Vittoria Assicurazioni, York Capital Management and Stoneweg.

Interimmobili Agency has signed the commercialization mandate for the entire patrimony of the company acquired from York and Stoneweg as part of the broader NIKE Reloaded operation (Press Release appended).

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Acquisition of 100% of the shares of Interimmobili Srl





Milan (MI)

The second Vittoria Assicurazioni buyout operation has been finalized.

The company transferred 100% of its shares to Maurizio Monteverdi and Filippo Peschiera who acquired, respectively, 55% and 45% of the share capital through two holding companies.