Interview with Matteo Ciucci from La Fenice Immobiliare - Cinque Terre. Investing in Italian Real Estate: The Perspective of International Buyers

Italy continues to attract a growing number of international investors seeking not only lifestyle opportunities but also long-term real estate investments. In this interview, RCLex speaks with Matteo Ciucci of La Fenice Immobiliare about the latest trends in the Italian property market and the key practical, legal and tax considerations that foreign buyers should keep in mind before investing.

INTERVIEW QUESTION 1 – What is mostly attracting international buyers to Italy today?

RCLex

Italy has always attracted foreign buyers, but international interest in Italian real estate appears to be growing. What do you think is driving this trend mostly?

Matteo Ciucci (La Fenice Immobiliare)

Italy offers a combination that is difficult to find elsewhere: quality of life, culture, extraordinary locations and a very diverse real estate market. We are also seeing a change in the profile of international buyers. Many are no longer simply looking for a holiday home. They are considering Italy as a place to invest, spend a significant part of the year, relocate with their family or establish a longer-term presence.

INTERVIEW QUESTION 2 – How does the Italian real estate market compare with other European and international real estate markets?

RCLex

International investors often compare Italy with other European and international destinations. How would you benchmark the Italian real estate market today compared to real estate competitors?

Matteo Ciucci (La Fenice Immobiliare)

Italy holds a distinctive position in the European and international markets. It combines internationally recognised locations with a wide variety of properties, while prices in many areas remain competitive compared to other major European destinations. However, there isn't a single Italian real estate market: Milan, Rome, the lakes, Tuscany, coastal destinations, and smaller cities each have unique dynamics and attract different types of buyers. Of course, “Cinque Terre” is among the most attractive destinations for foreign buyers.

INTERVIEW QUESTION 3 – What are international buyers looking for when they approach you?

RCLex

When an international client first approaches La Fenice Immobiliare, what are they typically looking for?

Matteo Ciucci (La Fenice Immobiliare)

The starting point is very different from client to client. Some are looking for a second home, others for a property that can generate income, while others are already considering a permanent move to Italy. We therefore try to understand the broader objective first. The right property for someone spending a few weeks a year in Italy may be very different from the right property for a family planning to relocate or an investor looking for long-term returns.

INTERVIEW QUESTION 4 – Are international investors only interested in residential property?

RCLex

When we talk about foreign investment in Italian real estate, people immediately think of apartments, villas and holiday homes. Is that an accurate picture?

Matteo Ciucci (La Fenice Immobiliare)

Only partly. Residential property is obviously very important, particularly for lifestyle buyers, but international investors also look at commercial and income-producing assets. Depending on the investor, this can include offices, retail, hospitality, logistics, industrial and productive properties, as well as buildings acquired for redevelopment or conversion. In those cases, the investment rationale can be very different from simply buying a home in Italy.

INTERVIEW QUESTION 5 – How important are tax considerations when investing in Italian property?

RCLex

How important have tax considerations become when international clients decide what and how to buy in Italy?

Matteo Ciucci (La Fenice Immobiliare)

Increasingly important. International buyers do not look only at the purchase price. They want to understand the overall cost of the investment: acquisition taxes, ongoing property taxes, taxation of rental income and the tax consequences of eventually selling the property. If they are also considering moving to Italy, the discussion becomes broader still, because the property investment may form part of their overall tax, relocation and wealth planning.

INTERVIEW QUESTION 6 – What tends to surprise foreign buyers about purchasing property in Italy?

RCLex

What tends to surprise international buyers most once they actually start the purchasing process?

Matteo Ciucci (La Fenice Immobiliare)

Probably that the process can be quite different from what they are familiar with in their home country. Buyers may not initially appreciate the importance of the purchase offer or preliminary agreement, the role of the notary, or the legal and technical checks that should take place before completion. Once the process is properly explained and the different professionals are coordinated, however, it becomes much easier to navigate.

INTERVIEW QUESTION 7 – When should the buyer’s legal and tax advisers become involved?

RCLex

At what point in the process would you recommend involving legal and tax advisers?

Matteo Ciucci (La Fenice Immobiliare)

Earlier rather than later. Once the client has identified a property they are seriously considering, it is useful to involve the advisers before documents are signed or significant commitments are made. From an agent’s perspective, having the real estate, legal, tax and notarial professionals working together from an early stage generally makes the transaction smoother and allows potential issues to be addressed before they become problems.

INTERVIEW QUESTION 8 – Are property purchases increasingly connected with relocation to Italy?

RCLex

Are you seeing more clients who initially approach you to buy a property but are also considering moving to Italy?

Matteo Ciucci (La Fenice Immobiliare)

Definitely. For many clients, purchasing property is the first step. They may initially buy a second home, start spending longer periods in Italy, and then consider relocating permanently. Remote working has accelerated this trend, but we also see entrepreneurs, retirees, and international families considering Italy as a long-term base. The property decision and the relocation decision are increasingly connected. Tax incentives also support relocation.

INTERVIEW QUESTION 9 – What advice would you give an international investor considering Italy today?

RCLex

Finally, if an international client came to you today and said, “I am thinking about investing in Italian real estate”, what would be your first piece of advice?

Matteo Ciucci (La Fenice Immobiliare)

Start by defining what you want the investment to achieve. Are you looking for a holiday home, an income-producing asset, a long-term investment, a future family home or perhaps the first step towards relocating to Italy? Once the objective is clear, you can identify the right property, location and professional team. The best transactions are usually those where the real estate, legal and tax aspects are considered together from the beginning.