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Real estate, Summer 2023: a tourist boom

Real estate, Summer 2023: a tourist boom

The tourist rental market is confirmed to be an increasingly strategic sector for the growth of tourism and the economy in Italy. This is what clearly emerges from the Fiaip National Real Estate Report on short leases for tourist use in the main Italian resorts, focusing on trends for the 2022 summer season and trends for summer 2023.

In Italy in 2022 there were about 278,000 second homes bought and sold (+24% compared to 2021), and in 2023 an increase of about another 10% is emerging as purchases are mainly made not by accessing credit but through liquidity from accumulated savings. In fact, the growth in mortgage interest rates that have become more onerous for households is expected to mainly affect the purchase of the first home, as a segment as early as 2022 declining by 3.4 percent compared to 2021.

In 2023 a growth of a +15% compared to summer 2022 in the number of short-term rental contracts for tourist purposes. It is confirmed the growth of those who have chosen or will choose for their vacation non-hotel forms of accommodation in particular the rental of large independent houses of medium/large size or large apartments preferably with a separate entrance, an aspect that highlights how, the tourist rental, does not necessarily represent a choice of an economic nature but mainly the desire to live a different experience, alternative to what is offered by traditional accommodation facilities.

Rental values are growing for the third consecutive year (+12% compared to summer 2022), dictated primarily by the increase in energy costs and inflation as well as a substantial increase in "demand" generating an average gross yield for the upcoming summer season estimated between 6% and 9% up from 2022.

Finally, the Report shows the +20 percent increase in brokered and managed short leases for tourist use by professional real estate agents who are becoming increasingly central as a point of reference for the citizen-tourist as a guarantee of useful advice and above all of legality also in relation to the collection and payment of withholding taxes and tourist tax and therefore a figure of guarantee against the various forms of tax evasion and abusive practices that have always undermined the real estate market.