A gorgeous, and spectacularly diverse, natural environment, breathtaking artistic and cultural heritage, and roaring tourist market that brings in more than 50 million visitors each year. With over 1.5 million people working in the tourism and hospitality business, and 5.7% of the gross domestic product generated by tourism, Italy proves to be one of the world’s most profitable countries for real estate investments.
Indeed, market surveys and field studies show how positively the Italian real estate market reacted to the dramatic worldwide financial crisis brought about by the Covid-19 pandemic: in the second quarter of 2020 the gross profitability rate of buying a house to rent it out had already increased by 7.4 percentage points, compared to the year’s first quarter!
Unmistakably positive, and encouraging, signs that demonstrate something most Italian entrepreneurs, foreign investors and us “men in the street” are very much aware of: buying property in Italy to rent it out, both on a long and short term basis, is, and will continue to be, a savvy, highly lucrative venture.
Yet, in Italy as elsewhere, being a landlord in no easy job. Yes, because owning rental property doesn’t simply mean furnishing and outfitting it, it also implies combing the market to source good tenants, negotiating and dealing with them, and drafting the lease agreement. Plus, once the lodgers are safely installed there’s maintenance to take care of, as well as proper compliance with the administrative duties, bureaucracy and regulations as set by Italian law
Property management: what it means to run an actual business in Italy
Owning rental property, and managing it directly, is undeniably a real business, and can turn out to be a time-consuming and very demanding job. This is especially true for foreign nationals who choose to purchase real estate in Italy and handle it personally from abroad. Although the investment itself has all the features to be fruitful, managing the manifold aspects implied in vacation or long-term rentals from oversees, whilst carrying on with his or her regular life and business, can be complex, and tiring.
There are showers that break and need to be fixed, residents that don’t settle payments on time, misbehave, or even withdraw from the agreement early, leaving one with an empty property, and no profit. Examples are endless, and what they prove is that renting out a house, or an apartment, is a full-time job. And, on top of it all, there’s the bureaucracy to attend to, paperwork to file, and taxation to figure out and comply with.
So, is investing in rental property in Italy worth your while? Definitely yes, because with the progress of worldwide vaccination the Italian tourism market is quickly soaring, and offering excellent profits to owners who choose to rent to travelers, and international students as well as people relocating and on business will follow suit.
It is worthwhile, but far-sighted foreign investors will certainly agree that the best way to make it truly lucrative, and not exhausting, is having a reliable on-site professional global consultant to manage the rental on one’s behalf.
Specialized in all that concerns real estate services – from purchase to due diligence, from renovation to drafting of legal documents and business plans – our proficient team of experienced lawyers, accountants and property managers provides foreign owners with far-reaching comprehensive assistance for their rental property, and the insight they need to truly profit from their investment.
Highly skilled, dexterous, competent and perfectly English-speaking, we offer our foreign clients undivided attention, all-round qualified advice and thorough services, proficiently handling hundreds of rental properties every year.
Long-practiced expertise in the field, wide-ranging knowledge of the perks of the local real estate market and red tape and leading-edge software tools allow our crew of sharp and resourceful real estate managers, constructors, accountants, technicians, architects and lawyers to facilitate proceedings, carry out tasks and deal with controversies and concerns in a timely, effective fashion. Aiming to provide our discerning clients with the assurance and peace of mind they need, we tailor our services to the needs of each, supplying bespoke solutions and customized consultancies.
Our service of real estate business management
What we do for our foreign clientele? We draft contracts, and see to renewals and revisions. We share our insight on Italian taxation, advising on the best schemes to adopt, and assist by finalizing and carrying out tax duties, including, but not limited to, the 21% flat tax.
Furthermore, we use our network’s platforms and preferential channels to advertise our clients’ property, helping them source excellent reliable tenants, handle bookings for short-term leases and negotiate great deals for long-term ones.
Once residents are in-house, we take care of supervising payments are processed when due, notify any outstanding balances to be settled, deal with compliance of condominium expenses and administrative issues, and oversee and manage all that concerns the property’s maintenance by employing trustworthy local technicians and professionals.
We see to each issue or problem at once, solving it professionally and flawlessly.
And, should any problems or controversies arise between owner and tenant, we are at your full service to provide just, honest and straightforward legal advice in full compliance with standing Italian law, and possibly iron out the dispute.
Choosing to have a professional on-site consultant to manage your Italian real estate asset allows you to reap the benefits of your investment hassle-free and worry-free investment. Let us deal with the chores, we’ll take the load off your back!
Get in touch for more info about our real estate services in Italy