# Exit — Western Europe

> Part of [Exit — universal contract](../exit.md). Cross-region patterns + liquidity heatmap live there.

## 🇫🇷 France
- **DOM**: Paris ~75-90 d / Lyon ~85-100 / secondary 100-140 d / rural >180 d
- **Commission**: seller-pays 4-7% incl. VAT (sliding by price)
- **Contract**: mandat simple/exclusif; 3 mo exclusive standard, auto-renewing to 24 mo cap; 14-day cooling-off
- **MLS**: NO true MLS. AMEPI inter-agency (~30%); SeLoger / LeBonCoin / Bien'ici dominate
- **Discount**: 4-7% off asking; rural Vienne / Creuse 10-15%
- **Sell-side**: agent 4-7% + plus-value 36.2% on gain (abated 6yr+; full exempt 22yr IR / 30yr CSG) + diagnostics ~€500-800
- **Liquidity**: 🟢 MEDIUM Paris/Lyon/Bordeaux/Nice; 🟠 LOW rural
- **Quirks**: Mandatory DPE — F/G class properties (passoires thermiques) face collapsing liquidity (rental ban G since Jan 2025, F from 2028). Compromis → ~3 mo to acte authentique

## 🇮🇹 Italy
- **DOM**: Milan ~95 d / Rome ~120 d / Florence ~110 / South 180-300 d
- **Commission**: **BOTH SIDES PAY** (unique in Europe): 2-4% each + VAT 22% = ~5-8% combined
- **Contract**: incarico exclusive 6 mo; cooling-off 10 days off-premises
- **MLS**: no formal MLS; FIAIP/FIMAA networks share informally; Immobiliare.it dominant
- **Discount**: 8-12% off asking national; deeper South + rural
- **Sell-side**: plusvalenza 26% flat on gain if <5 yrs (exempt primary); commission 2-4% + VAT
- **Liquidity**: 🟢 MEDIUM Milan/Rome/Bologna; 🟠 LOW South/inland/borgo
- **Quirks**: "Superbonus 110%" credit-encumbered properties (2020-2023) carry transferred tax obligations; €1 borgo houses often unsellable on resale

## 🇩🇪 Germany
- **DOM**: Berlin ~90 d / Munich ~110 / Hamburg ~95 / Leipzig ~80 / rural east 200+
- **Commission**: **SPLIT since Dec 2020** (Bestellerprinzip-adjacent): 3.57% each + VAT (7.14% total) — 50/50 mandatory in single-family resale
- **Contract**: Maklervertrag exclusive 3-6 mo; 14-day cooling-off
- **MLS**: no MLS; ImmoScout24, Immowelt, Kleinanzeigen
- **Discount**: 5-10% off asking; 2024-2025 correction added 3-5 ppts
- **Sell-side**: Spekulationssteuer at marginal income rate if <10 yrs (exempt if owner-occupied 2+ yrs); commission 3.57%
- **Liquidity**: 🟢 MEDIUM-HIGH top-7 cities; 🟠 MEDIUM secondary; 🔴 LOW rural east
- **Quirks**: Energy class E-H increasingly hard to sell post-GEG 2024; Erbpacht (leasehold) stigmatised; Vorkaufsrecht (municipal pre-emption) in select Berlin districts

## 🇦🇹 Austria
- **DOM**: Vienna ~110 d / Salzburg ~130 / Graz ~100 / Tyrol resort 60-90
- **Commission**: split 3% + 20% VAT each = 3.6% (capped Maklergesetz)
- **Contract**: alleinvermittlungsauftrag exclusive 3-6 mo
- **MLS**: no MLS; willhaben.at + ImmoScout24
- **Discount**: 5-8% off asking
- **Sell-side**: ImmoESt 30% on gain (with indexation); commission 3.6%
- **Liquidity**: 🟢 MEDIUM Vienna; 🟢 MEDIUM-HIGH ski resorts; 🟠 LOW Burgenland rural
- **Quirks**: **Strict Ausländergrundverkehr in Tyrol/Vorarlberg/Salzburg** — non-EU/EEA buyers blocked or quota-limited, narrows future buyer pool

## 🇨🇭 Switzerland
- **DOM**: Zurich ~70 d / Geneva ~90 / Lausanne ~85 / Lugano ~140 / rural alpine 180-365+
- **Commission**: seller-pays 2-3% + 8.1% VAT; luxury chalet 1.5-2%
- **Contract**: Mäklervertrag exclusive 3-6 mo
- **MLS**: NO MLS, very fragmented; Homegate, ImmoScout24.ch, Comparis
- **Discount**: 2-5% off asking — narrowest in Europe
- **Sell-side**: cantonal Grundstückgewinnsteuer (sliding 0-50%, drops sharply with holding — e.g. ZH 0% after 25 yrs); notary 0.1-0.5%; commission 2-3%
- **Liquidity**: 🟢 HIGH Zurich/Geneva metros; 🟠 MEDIUM Basel/Bern/Lausanne; 🔴 LOW alpine secondary residences
- **Quirks**: **Lex Koller** restricts non-resident buyers — future buyer pool excludes most foreigners outside resort zones; chalet quota in Valais/Graubünden

## 🇱🇮 Liechtenstein
- **DOM**: Vaduz ~120-200 / Schaan ~150-250 / regional 200-365+ [verify per-transaction]
- **Commission**: seller-pays 2-3% + 8.1% VAT (CH-aligned practice; no LI-specific broker law)
- **Contract**: Maklervertrag exclusive 3-6 mo (CH-aligned)
- **MLS**: NO MLS; thin market; **eRanger.li / Homegate.ch / ImmoScout24.ch** cross-listing common — most LI buyers cross to CH portals
- **Discount**: 3-5% off asking — narrow (CH-aligned)
- **Sell-side**: **Grundstückgewinnsteuer cantonal-equivalent** at LI-level (verify Steuerverwaltung FL); notary + Grundbuchamt registration ~0.5-1%; commission 2-3%+VAT
- **Liquidity**: 🔴 LOW Vaduz/Schaan — tiny market (~40k pop nationwide); buyer pool quota-restricted (~28 EEA + ~17 third-country/year by lottery)
- **Quirks**: **Lex Koller-equivalent** restricts non-EEA buyers — CH-integrated practice but no automatic CH-resident purchase rights; quota residency narrows future buyer pool dramatically; cross-border buyer demand mostly CH-resident; FL1 + Telecom Liechtenstein gigabit; tiny market = price discovery slow

## 🇲🇨 Monaco
- **DOM**: Monte-Carlo / La Condamine / Fontvieille ~90-180 / Larvotto / Saint-Roman ~120-200 / regional 200-365+ [verify with Chambre Immobilière de Monaco]
- **Commission**: **agent agency 3% + buyer agency 3% (BOTH SIDES PAY)** typical + 20% TVA on agent fees; luxury negotiable to 2-3% combined
- **Contract**: mandat de vente exclusive 3-6 mo
- **MLS**: NO MLS; thin market; **Chambre Immobilière de Monaco + Riviera-aligned portals** (FNAIM-style cross-listings to FR Côte d'Azur) — agent-driven
- **Discount**: 5-10% off asking; ultra-prime narrower
- **Sell-side**: **NO CGT** on real-estate gain in MC (NO PIT regime — except FR nationals via 1963 Convention); droits d'enregistrement ~4.5% + notaire ~1.5% (typically buyer-side); commission 3% each + 20% TVA
- **Liquidity**: 🟢 MEDIUM-HIGH Monte-Carlo / La Condamine / Larvotto core (UHNW global demand sustained 2020-2026); 🟠 MEDIUM Fontvieille; thin secondary
- **Quirks**: **Sûreté Publique due-diligence** required for non-resident buyers/sellers (KYC + source-of-funds); **carte de séjour pathway requires ~€500k bank deposit** + property purchase or rental practitioner; **NO PIT/CGT is the principal draw** sustaining global UHNW demand; sea-level rise concern (Plan Bleu / Plan Climat); cross-border seasonal demand from FR (Nice/Menton) and IT (Imperia)

## 🇦🇩 Andorra
- **DOM**: Andorra la Vella / Escaldes-Engordany ~100-180 / parish villages (Encamp / La Massana / Ordino / Canillo / Sant Julià) 120-300 / La Massana ski-zone 90-200 [verify with AGIA]
- **Commission**: seller-pays 3-5% + AD GST 4.5% (IGI; among lowest VAT in Europe); split occasionally
- **Contract**: contracte de mediació exclusive 3-6 mo
- **MLS**: NO MLS; **Habitaclia + Idealista (ES portal cross-listings)** dominate; AGIA member-network
- **Discount**: 5-12% off asking; village stock deeper
- **Sell-side**: **plusvàlua municipal sliding** (parish-by-parish; commune-level; 0% after long hold); IRPF 0/5/10% on gain at AD-resident progressive rates — verify Departament de Tributs i Fronteres; commission 3-5%
- **Liquidity**: 🟠 MEDIUM Andorra la Vella / Escaldes-Engordany core; 🟠 MEDIUM-HIGH ski-zone (La Massana / Encamp / Canillo) seasonal Dec-Apr; 🔴 LOW village stock off-season
- **Quirks**: **Llei 26/2024 STR regulation + parish quotas** narrow short-let economics (verify per parròquia at Govern d'Andorra); foreign-buyer registration at Govern d'Andorra mandatory since 2012 reform; **20yr to naturalisation** (longest in Western Europe); CASS social-security mandatory for residents; high mountain isolation; ~75% non-Andorran of ~85k pop sustains buyer-pool diversity (ES/FR/PT/UK)

## 🇸🇲 San Marino
- **DOM**: Città di San Marino (UNESCO historic centre) ~120-300+ (preservation-zone constraints — long absorption) / Borgo Maggiore + Serravalle (commercial / largest castelli) 90-180 / Domagnano / Acquaviva / Faetano residential 90-180 / Fiorentino / Chiesanuova / Montegiardino smaller 150-300+ [verify with UTCC + Conservatoria dei Registri Immobiliari]
- **Commission**: **3-5% seller-pays typical** (Italian-influenced civil-law tradition; agency regulation evolving) + 17% Imposta Monofase on commission where applicable
- **Contract**: bilateral contratto preliminare → atto pubblico before notaio → registration at Conservatoria dei Registri Immobiliari + UTCC cadastre update; **2-property cap per foreign individual** (Legge 173/2018)
- **MLS**: NO formal MLS; **Italian-listings overflow Rimini-Riccione corridor common** (Idealista IT / Immobiliare.it / Casa.it routinely cross-list SM properties); domestic small-broker network thin given ~34k pop
- **Discount**: 5-15% off asking typical; small-market thin pool means individual-property negotiating leverage variable; **IGR 2026 reform** (verify gazetted text) creates short-term price-discovery distortion
- **Sell-side**: **CGT included in IGR (Imposta Generale sui Redditi)** — residency-dependent rates; primary residence + holding-period exemptions per IGR 2026 reform pending; commission 3-5%; notaio ~1.5% + Conservatoria registration ~1%; Imposta Monofase 17% first-sale developer (VAT-equivalent)
- **Liquidity**: 🟠 MEDIUM Borgo Maggiore + Serravalle commercial + cross-border-commuter residential (Italian Rimini-Riccione 30-min); 🟠 LOW-MEDIUM Città di San Marino UNESCO historic centre (preservation constraints + tourism rental yield); 🔴 LOW outer castelli (Fiorentino / Chiesanuova / Montegiardino); VERY LOW rural; thin secondary market
- **Quirks**: **Legge 173/2018 abolished prior authorization regime** for foreign acquisition; **2-property cap per foreign individual** (vs unlimited Sammarinese citizens / pre-2018 1-property cap); **EUR adopted via 2000 Monetary Convention with EU** (NOT Eurozone-member, but EUR sole legal tender — coins minted with SM motifs); **IGR 2026 reform** pending (verify gazetted text); **NO inheritance tax for direct relatives** + 4-8% sliding for others; BCSM-licensed local banks (BAC, BSI, Cassa di Risparmio di San Marino) limited LTV 60-70% non-residents; **Italian-citizenship-by-descent + 30-yr continuous residence naturalisation** (NOT investment-pegged); UNESCO World Heritage historic centre + Mount Titano (preservation-zone constraints on alterations); landlocked enclave within Emilia-Romagna + Marche; minimal natural risk — Apennine seismic Zone 3 moderate (1980 Irpinia M6.9 felt); ~33,987 pop (Ufficio Statistica Sept 2024); 9 castelli; Italian official; **Confidence HIGH** for legal regime + 2-property cap

## 🇳🇱 Netherlands
- **DOM**: Amsterdam ~28 d / Rotterdam ~25 / Utrecht ~30 / national ~30-40 d
- **Commission**: seller-pays 1-2% (no VAT for NVM members on resi)
- **Contract**: bemiddelingsovereenkomst exclusive 3 mo standard; no statutory cooling-off seller (buyer 3-day)
- **MLS**: **YES — Funda is a true MLS** (NVM-owned) — exceptional transparency
- **Discount**: 2025-2026 averaging **+3 to +8% OVER asking** in Randstad; -2-3% regional
- **Sell-side**: no CGT on primary residence; commission 1-2%; energy label mandatory
- **Liquidity**: 🟢 VERY HIGH Randstad; 🟢 HIGH rest
- **Quirks**: **Most transparent + fastest market in EU**; bidding wars normal; erfpacht (leasehold) common Amsterdam/Rotterdam

## 🇧🇪 Belgium
- **DOM**: Brussels ~70-90 d / Antwerp ~75 / Ghent ~65 / Wallonia rural 150-250
- **Commission**: seller-pays 3% + 21% VAT = 3.63%
- **Contract**: bemiddelingsovereenkomst exclusive 3-6 mo; 7-day cooling-off (statutory)
- **MLS**: no MLS; Immoweb, Zimmo
- **Discount**: 5-10% off asking
- **Sell-side**: no CGT on primary residence held >5 yrs; meerwaardebelasting 16.5% if <5 yrs; commission 3.63%
- **Liquidity**: 🟢 MEDIUM Brussels/Antwerp/Ghent; 🟠 LOW Wallonia rural
- **Quirks**: **3 regions = 3 regimes** (FL/BR/WA) on transfer tax, energy rules, registration; Flanders renovation obligations since 2023

## 🇱🇺 Luxembourg
- **DOM**: Lux City ~120-180 d / national 150-220 d (post-2022-2024 correction)
- **Commission**: seller-pays 3% + 17% VAT = 3.51%
- **Contract**: mandat exclusive 3 mo
- **MLS**: no MLS; **very thin market** — atHome.lu + immotop.lu
- **Discount**: 8-15% off asking 2025-2026 (post-correction)
- **Sell-side**: plus-value half-marginal rate if held >2 yrs; primary residence exempt; commission 3.51%
- **Liquidity**: 🟠 LOW-MEDIUM — small market, ~3,000-4,000 transactions/yr nationwide
- **Quirks**: Tiny market = price discovery slow; cross-border buyers (FR/BE/DE) dominate — sensitive to FX and rate cycles

## 🇮🇪 Ireland
- **DOM**: Dublin ~50-70 d / Cork ~60 / national ~80 d
- **Commission**: seller-pays 1-2.5% + 23% VAT
- **Contract**: sole agency 8-12 weeks
- **MLS**: no MLS; Daft.ie + MyHome.ie de-facto duopoly, good transparency
- **Discount**: -2 to +5% vs asking; bidding common Dublin
- **Sell-side**: CGT 33% on gain (PPR exemption primary); BER cert mandatory; commission 1-2.5%
- **Liquidity**: 🟢 HIGH Dublin commuter belt; 🟠 MEDIUM rest
- **Quirks**: Severe stock shortage = strong seller's market; **gazumping legal** until contracts exchanged; sealed-bid common above €750k

## 🇬🇧 United Kingdom
- **DOM**: London ~55-75 d / Manchester ~40 / Birmingham ~45 / national ~50-65 d sale-agreed; **then 4-6 mo to completion**
- **Commission**: seller-pays 1-2.5% + VAT (multi-agency 2.5-3.5%); online flat-fee £999-£3000
- **Contract**: sole agency 8-12 weeks; sole-selling-rights distinct (broader)
- **MLS**: no MLS; Rightmove, Zoopla, OnTheMarket dominate
- **Discount**: 3-7% off asking; 2024-2025 more discount-friendly
- **Sell-side**: CGT 18-24% on gain (PPR exempt); EPC mandatory; commission 1-2.5%+VAT; conveyancing £800-2000
- **Liquidity**: 🟢 HIGH London/SE/major cities; 🟠 MEDIUM north/Wales; 🔴 LOW leasehold flats with short leases or cladding issues
- **Quirks**: **Chain-driven delays unique to UK** — your sale tied to buyer's sale tied to *their* buyer; ~30% of transactions fall through; leasehold reform (2024) reshaping flat resales; cladding (post-Grenfell EWS1) drags