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Villa Pantogia, Porto Cervo, Sardinia

€2,500,000

Villa Pantogia is a five-bedroomed exclusive property built on the Pantogia hill in Porto Cervo, with swimming pool, jacuzzi and far-reaching views of the sea and Costa Smeralda.

The luxurious residence has an entrance hall leading to the sitting room with dining area, and French windows opening onto a large, covered panoramic terrace, doubling the living space area in the summer months and creating a room with a view in cooler parts of the year.

An airy, spacious kitchen leads to an intimate outdoor dining area, with a granite table and stone bake oven. Glass panels are strategically placed to create sheltered areas while enjoying the garden. The main floor of the Villa has three double bedrooms and two bathrooms. On the east wing, a spacious covered terrace creates a further living and dining area, with a second stone bake oven, surrounded by juniper and olive trees.

External steps lead to a lower floor with two bedrooms, two bathrooms and a large storage area, whilst a white stone staircase leads onto the roof terrace, with breathtaking views.

Villa Pantogia has a panoramic infinity pool, sundeck and jacuzzi. There is a charming outdoor shower among granite rocks and perfumed juniper trees. A further dining or relaxation area has been created in a shaded garden space surrounded by trees, with wooden decking.

The villa is fully furnished, has air-conditioning throughout, private parking and a warden.

Location Porto Cervo is at the heart of the Costa Smeralda. An internationally renowned destination, it has famous golf, tennis and yacht clubs. The centre of Porto Cervo, together with the Marina, is a five minute drive from the Villa, which enjoys complete privacy and natural tranquillity while being in close proximity. Olbia airport is at 40km, with facilities for private jets and car-parking.

Interior: 250 sqm Reception rooms: 1 Bedrooms: 5 Bathrooms: 4 Land: 1240 sqm Pool: Yes

Please be aware prices may vary due to fluctuations in the exchange rate

A GUIDE TO BUYING IN ITALY

As with any property purchase in any country, it is always advisable to gain the help of reputable and independent legal and property advisers when you propose to buy in Italy.

MAKING YOUR OFFER

Purchasing property in Italy is usually a three-stage process. When you make an offer to buy, this needs to be made in writing by way of a formal Purchase Proposal and this should be accompanied by a deposit (which can be up to 5% of the purchase price). The deposit can be held in escrow. It can be a good idea to put a time limit on your offer and make it subject to due diligence.

THE PRELIMINARY CONTRACT

Once the formal details of the sale have been agreed between the buyer and vendor, and their legal representatives and the due diligence completed, the preliminary contract can be entered. This is a formal agreement drawn up by the agent, lawyers and, in some cases, this contract is also notarised. The contract stipulates all terms of the sale/purchase and is typically accompanied by a further deposit payment between 10%-20%. Again this deposit can be held in escrow or paid directly to the vendor. If the seller changes his mind, he will have to pay you double the deposit you have lodged.

THE DEED OF SALE (‘ROGITO’)

The public notary prepares the final deed of sale known as the rogito, whilst also carrying out land searches and so forth. The notary is a public legal body who represents both the buyer and the vendor, and collects the necessary taxes on the sale/purchase. It is the buyer who may choose which notary they wish to use.

THE COSTS OF BUYING

The main costs met by you, the buyer are:

Lawyer’s fees : 1-2% + IVA
Notary’s fee : Approx. £3,000 + VAT
Estate Agent’s fee : 3% + VAT
Tax on property : is calculated at 9% of the value according to the land registry. On resale properties the land registry value is typically lower than the sales price, often by as much as 30% to 50%.
Tax on land : is calculated at 12% of the land value. The notary will decide an appropriate value for the land in line with land prices in the area
NB:If you pay for your purchase with funds from outside Italy, be sure that the records are officially documented. Any later sale proceeds can then be repatriated.

ONGOING TAXES

Property owners pay income tax based on the theoretical rental income of the property. However, non-residents in Italy are subject to this tax only if the income exceeds a certain threshold.

Council tax (‘Imposta Municipale Unica’) is based on the land registry value of the property and is collected by the local authority twice a year.

You do not pay Capital Gains Tax if you sell the property more than five years after the purchase.

Please note: This article reflects Aylesford’s current understanding of property legislation in Italy. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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