As part of its plan to boost domestic consumption and investment, the government has also announced an overhaul of its real estate market.
In an effort to improve the competitiveness of Italy’s real estate sector, the Government has announced that it will introduce a ‘zero price’ policy for its properties.
The new policy will allow property investors to pay for their homes with either cash or credit cards.
A ‘zero’ price policy is an attempt to reduce the cost of renting in the long term, as well as to encourage the rental sector to develop new properties.
The new legislation will apply to new or existing properties that are under construction and to new real estate projects.
“Today’s announcement is a positive step towards achieving this goal,” the Italian Finance Minister, Sergio Mattarella, said in a statement.
“We will continue to take all necessary measures to ensure that a healthy and sustainable real estate and rental market is supported by the Government.”
The Government said it will launch a new website to inform the public about the changes, which are due to take effect in August.
It also plans to increase the number of ‘localised’ apartments available for rent from 2,000 to 3,000, with up to 15 per cent of the units being marketed to Italian citizens.
This means that a new Italian property can be sold in an area where there are no available apartments.