Winter Tourism on the rise: +10% in short-term rentals and +1.2% in second-home sales

Fiaip data confirms a boost to the tourism property market, with more short-term rentals and interest in second homes.

With 54% of real estate agencies handling short lets, tourist demand continues to grow, strengthening confidence in agencies' professional services.For the coming winter season, a further +10% in tourist rentals is expected, with a focus on rentals of detached houses or large flats.This trend is supported by the 5% increase in rents, highlighting landlords' preference for short-term rentals at the expense of regular rentals.The average gross rental yields of second homes, between 6% and 9%, are pushing more and more investors towards the prospect of tourist rentals, especially in flats in large cities of art and renowned seaside and mountain resorts.The growing need for protection against arrears or damage to properties is another reason behind the preference for short leases.

For the coming winter season, Italian families will rent houses on average for one week, spending between 900 and 1500 euros.In addition, we anticipate a significant growth in short rentals by foreigners, especially from Germany, France and Austria, who will choose Italy as their winter holiday destination through holiday lettings.The percentage of second-home purchases by private citizens rose to 88.27% of total sales in the first nine months of 2023.Despite concerns about military conflicts and economic impacts, second-home sales grew by 1.2% compared to the same period in 2022.The use of credit has significantly decreased, making the purchase of second homes more affordable.In conclusion, the Centro Studi Fiaip reports that there is a growing dynamism in the tourism property market, evidenced by the increase in short-term rentals and second-home sales. The increase in yields and the absence of default risks are prompting more and more tourists to trust the professional services offered by estate agents.(RESTRICTED REPRODUCTION © Copyright SEASONS REAL ESTATE web editor sfc.company- fra.fa.)