A report on Italy offering free accommodation for tourists

Why Italy Is technically offering "Free Accommodation" to Tourists 

Have you seen the news of a property being sold for less than 2$ or a town paying people to move into some city? Sometimes, these offers feel "too good to be true". However, while some of them are shams, there are a few which are genuine. You might have even noticed that most of these offers originate from Italy. So why is this country providing nearly free accommodations for people from around the globe? Is it a marketing strategy, or are these offers genuine and worth your attention?

The below article by Value Assignment Help will try to hover around the facts to identify the reasons behind such a significant step.

What is it about?

The picturesque country has gained global attention for devising new techniques for selling its properties. Italy has indeed left people startled, from offering homes for a pound to paying potential buyers to buy properties in certain localities. 

However, the World population has crossed the 8 Billion mark; moreover, amid rising inflation, the cost of real estate went up by almost 10% globally in 2021, according to an article published in Business Standard.

Amid all the chaos, this little nation has provided housing almost free of cost and, in some cases, even paid the people to buy the property. Let us find out why.

The decline in Tourism:

The country is a tremendous monumental heritage. With Rome as the nation's capital, the city has always been a major tourist attraction. 

The tourist industry was flourishing, with traffic peaking at 96 Million in 2019. However, COVID came as a game changer for the nation. 

From 96 million tourists annually, the number decreased to 41 million in 2021. For this year, the number stands at 16.6 Million as of August 2022.                                        

According to Statista, Tourism Industry will provide for around 9% of the GDP in 2021 for Italy. (Graph)

But amid the pandemic, the global tourist industry has suffered the most. Moreover, with the ban on inter-country movement for almost a year, the effects of the pandemic have been evident in the economy.

The total share of the Tourism industry in the GDP has fallen from 10.6% in 2019 to a mere 6.1% in 2020.

Older Population:

As per the data of PRB, Italy ranks 2nd (22.8%) in the list of countries with the most significant percentage of older adults after Japan (28.2%). With almost 23% of people over 65, the country has a large proportion of older generations compared to other countries.

Furthermore, the nation's fertility rate stands at 1.21 children per woman as of 2021. 

The country, popularly known for its marvellous architecture, has only a few young people in the nation willing to look after the properties.

The cost of renovation:  

The cost of renovation is around 100 to 700 euros per square meter. Also, it is noteworthy that most of the nation's younger generation has moved to cities or other nations in search of better jobs. With lesser younger generations to renovate and revamp, most villages put their houses up for sale.

Migration of the younger generation:

According to the National institute for agricultural and food market services of Italy, the number of young Italian graduates migrating from small villages to cities increased by 35% in 2018, and the rise has been steady for the past decade. 

Abandoning their small hometowns in search of better jobs and lifestyles, the younger generation has left behind their homes to rot and decay.

Property accommodation after Brexit:

After the exit of Britain from Italy (Brexit), all UK residents living in Italy had to apply for biometric registration for residency cards. However, with stricter property rights and accommodation formalities, there has been a slight hesitation among non-Italy residents to migrate to the country.

Architectural heritage:

Undoubtedly, Italy has some fantastic architecture. With an estimated 100000 monuments and 58 heritage sites, the country is an architectural masterpiece, and glimpses of this architectural volcano are seen in the domestic arena. The domestic residences are no less than an architectural masterpiece in themselves.

 According to a research paper published in Springer Link by Federico Zanfi, from the 1960s to the 1980s, the most intense growth in the construction of family houses was seen in Italy. However, migration from the family home to the modern home is witnessed post that period. The image on the next page showcases the evolution of housing trends in Italy from 1984 to 2012. (Zanini 2012).

As per our research, most houses under these "unbelievable offers" are constructed in the same. Henceame, hence, the idea is also to preserve the country's architectural heritage and prevent it from dec.

Development with migration:

There is no doubt that an area's development depends upon the people residing there. TeseTherefore, schemes are devised to improve technological development in rural areas and promote better local trading options.

Even some of these housing offers come up with the term to invest/ set up business in the local area.

The solution approach by the government:

Despite the adversities, Italy's government has come up with fantastic ideas to attract foreign investment in the country. By offering houses for as much as free of cost and also providing renovation fees, it is evident that the nation is determined to restore its architectural heritage along with the hope of bringing abandoned landscapes alive. 

Desperate for young blood, people have developed unique techniques to attract global buyers.  

Here is the list of a few properties that have caught people's attention by offering too-good-to-be-actual deals.

1. Presicce in Puglia is offering people 30000 pounds to move there. The offer money is split into two parts: One to buy the property and the remaining to renovate it.
2. A town in Siciliy that charges a yearly rent of mere 1 Pound.
3. As per the telegraph, Sambuca Di Sicilia, a tiny hilltop town in Sicily, released 15 houses onto the market for 1.69$.
4. Many properties around the country are up for less than 2$.

These are just a few instances of desperate marketing strategies, but most of the time, the reality is farther than social media advertisements. 

Here are a few tips for buyers who are looking to buy these properties:

• First, always do your research before investing in any such property.
• Always read the details of the contract, such as the terms of buying, renovation period payment terms and trading options beforehand.
• The houses for sale are primarily in dire need of renovation and come with strict housing rules, such as the residents needing to renovate the property within three years of the contract or buyers needing to set up trade in the area. 
• Always make it a point to visit the property before signing any deals. 
• The people in Italy are the most welcoming and generous helpers. However, it never harms to meet your neighbours beforehand.
• Always keep a list of potential residences available, so you do not end up travelling miles for a property you did not like.
• The offers displayed online for such properties always come with a catch. So, make sure to understand the purchase terms ahead of the deal.

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