More than 8.5 million homes in Italy remain vacant, despite often being in good condition, furnished and ready for occupancy. According to a report by Federproprietà-Censis, Italy has the highest number of empty homes in the European Union, highlighting a striking contradiction in a country where tourism accounts for nearly 13% of GDP.
Property owners face significant costs in keeping homes vacant, including IMU property tax, income tax on unused second homes and the possibility of further taxation on empty properties. Yet financial concerns are only part of the issue.
The main deterrent for landlords is fear: eight out of ten property owners worry they may struggle to reclaim their homes if tenants stop paying rent. This concern, combined with growing bureaucracy and stricter regulations on short-term rentals, has created a climate of hesitation among owners.
Italy’s situation stands out sharply in Europe. While 25.7% of privately owned homes in Italy are unused, the figure is just 8.1% in France and 4.3% in Germany. Many of these vacant properties are located in small villages and inland towns, where inherited family homes often remain shuttered for years.
Industry experts argue that professionally managed short-term rentals can generate returns 20–30% higher than traditional leases. However, until regulatory complexity and landlord fears are addressed, much of Italy’s housing stock is likely to remain off the market.