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Florencereal estate

Florence is a small UNESCO core wrapped in a normal Tuscan city, and since 2023 the historic centre has blocked new short-term tourist lets outright.

RomeMilanTurinNaplesBologna
Notaio-verified path
Cadastral rendita checked
3D map
9% / 2%registro: second home vs prima casa
Renditacadastral value is the tax base on resale
Codice fiscalerequired before the notaio will close
IMUannual municipal tax on non-primary homes
What a purchase really costs

€300,000 home in Florence

Imposta di registro (second home) (9%)
€27,000
Notaio (≈1.5%)
€4,500
Imposte ipotecaria & catastale
€600
Agency, buyer side (3% + 22% IVA)
€10,980
Cash needed at the notaio
€343,080

≈ +14.4% over the price. Registration tax is 9% for a second home and 2% under prima casa relief — and on a resale between private parties it is charged on the cadastral value (prezzo-valore), which is usually well below the price you pay. Prima casa is for people who move their residenza within eighteen months, not for holiday buyers.

Rentals run on rules

The rent side, in three lines

  • The 4+4 contract is the default: four years, renewed four more unless the landlord has a statutory reason.
  • Cedolare secca lets a landlord swap progressive IRPEF for a flat substitute tax, but freezes the ISTAT indexation.
  • Every lease must be registered with the Agenzia delle Entrate — an unregistered contract is void against the tenant.

Eviction runs through the court calendar, not the contract. Underwrite the timeline, not the brochure yield.

Cities

Six metros, one national deed

Registration tax is national; the base, the IMU rate and the condominio are local. A Milan yield and a Naples yield do not survive the same spreadsheet.

That restriction is the defining fact of this market. Inside the UNESCO perimeter the short-let model is closed to new entrants, which pushed value toward long-let, student housing and owner-occupation — and pushed short-let demand outward to Campo di Marte, Novoli and the Oltrarno fringe.

The centre’s stock is protected, vertical and often liftless, with Soprintendenza approval required for visible works. A palazzo floor is a heritage asset with a heritage maintenance bill.

Three universities and a large international-student population give the long-let book a depth that most tourist cities lack.

FAQ

Can I short-let in the centre?
Not as a new operator inside the UNESCO area — the comune blocked new registrations. Check the current perimeter and any grandfathering before you model income.
Is a historic-centre flat a good investment?
It is a scarce asset with a constrained use-case and a real capex tail. Buy it for scarcity and occupation, not for a short-let spreadsheet.

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