Areas to invest in Tuscany

Tuscany has long been a popular region to purchase property for foreign buyers, not only for the dream of living in the sun, but also as a profitable investment. The consistently low rate of the euro against the British pound makes investing in Tuscany an attractive option for UK buyers.

Whether you wish to live in your property in the future or rent it as a holiday let or to tenants, investment in property in Tuscany gives you several options.

Property prices in Tuscany showed an annual decrease of 0.28% in January 2024, with the average price per m2 being €2,529 (or £2,142.44) (residential properties). While only a small decrease, this still represents a fall in prices and therefore makes it a good time to invest.

The table below shows the current (2024) prices to purchase a property in the main towns and cities of Tuscany:

Source: Numbeo

Tuscany attracts millions of visitors annually which presents a valuable investment opportunity for holiday rental property.

Tuscany is a prime tourist destination, with the number of tourist visits returning to pre-Covid-19 numbers. The most recent figures show that in September 2023, the region welcomed more than 14 million visitors, a steady increase on the two previous years.

With the average Airbnb price per night being €191 in Florence, higher than Rome at €161 and Milan at €149, the region has high holiday rental income potential.

Rural development is supported by the EU European Regional Development Fund with the implementation of the “Regional Development Plan of the Tuscany Region 2021-2025”. By 2025, this project aims to develop and protect the ecological resources of the area through water, forest and park management, making Tuscany a more environmentally friendly location and sustainable tourist attraction.

An initiative to attract investors to Tuscany has also been launched in 2024. This project has €5 million backing from the EU, with the aim of increasing the number of multinational businesses in the region, which is currently approximately 3,000.

Tuscany offers rental income potential both as a holiday home for tourists or a long-term rental for locals or people moving to the region. In 2022 25.7 % of the total population of Italy rented a property, showing the opportunity to rent out your investment property.

The table below demonstrates rental yields in different locations of Tuscany in 2024:

This translates to a monthly rental of approximately €1,000 (or £850) for a 1-bedroom apartment in Florence city centre compared to the same price for a 3-bedroom property on the outskirts of Siena.

Living in Tuscany offers a blend of traditional Italian life in the smaller villages supported by modern living in the cities.

Tuscany’s capital, Florence, is home to some of the most famous art in the world, housing iconic masterpieces such as Michelangelo’s David and Botticelli’s The Birth of Venus. Siena, with its stunning Gothic architecture and crazy Palio horse race, captivates visitors while Lucca, enclosed within intact Renaissance-era walls, offers an atmosphere of timeless elegance. And of course there’s Pisa, with its famous leaning tower – a major tourist attraction.

Tuscany has plenty of things to do for outdoor fans from hiking and cycling to leisurely walks along scenic trails. The coastline offers stunning beaches, hidden coves, and warm waters during the summer months.

The region is renowned for its culinary delights and fine wines**. Tuscan cuisine features simple, flavoursome dishes made from fresh, locally sourced ingredients such as olive oil, cheese, meat and vegetables.

Tuscany enjoys a mild climate, with hot, dry summers. Winter days can be filled with sunshine, but it gets cold at night. Spring and autumn receive a fair amount of rain, which perfectly ripens the grapes in the vineyards of this popular wine** region.

Buying property in Tuscany offers several opportunities to generate a return on investment, whether as a long-term rental or a short-term holiday home you can use for yourself too.

If you’re considering purchasing an investment property in Tuscany or living in this stunning part of Italy, contact our iad Overseas property consultants to help you make your dream come true.

Our experienced property consultant have access to properties all over the Tuscany region to suit all budgets. We’ll also guide you through the purchase process and answer any questions you may have on purchasing property in Tuscany. We look forward to hearing from you!

**Alcohol abuse is bad for your health, please consume in moderation