Advice sought re. buying an apartment in Florence, Italy

[Babel]

I am thinking of buying an apartment in Florence to rent out. While I know the city very well, and have a decent idea of the market, I would appreciate hearing from people who’ve had experience of buying an investment property there and more generally in Italy. I’d be particularly interested in hearing about the practicalities surrounding raising a mortgage, (which banks are best to go to and so on); local and Irish tax implications etc..
Thanks.

 

[GDE]

northern italy is not known for its rental yields or appreciation. Its a mature market really for a buyer who is going to enjoy its other qualities.

You would be looking at 12% VAT, stamp duty which I think was 1.5%, land tax every year roughly .4%. Rental income would also be taxed. I wouldnt attempt avoiding that as you have a special police force in italy specfically for tax evasion

ANYTHING the italians say take with a pinch of salt (ie we will manage no prob, you will get X yield, lying is part of their business culture, and if you look down through their history in general its the same....

All that aside, Florence is one of the most beautiful places in the world!

Mortgages by the way are Barclays I believe

 

[Babel]

Thanks GDE. My case is, I suspect, a little different to most here in that I know the area very well and indeed the seller, and so trust isn't an issue. Nor is making a quick buck, as I see this as a long-term investment.
However, I know little to nothing about mortgages and tax issues attendant on property ownership in Italy and thought I'd see if the forum could give me some pointers about where and what to look out for. I'll start by checking out Barclays as you suggest. Thanks.