Housing prices rise alongside golden visa

Italy's golden visa program, which provides residence permits through investment, has led to a significant increase in interest from foreigners in recent years. Thanks to this program, which was launched in 2017 and has gained prominence as of 2025, foreigners who invest in Italy gain the right to residency without the requirement of living in the country, while also being able to travel freely within the Schengen area.

Under the golden visa program, investors from abroad can invest in Italy without the obligation of permanent residency. However, a housing shortage has emerged as a notable problem, especially in tourist cities. In cities like Naples and others, the supply of rental apartments has rapidly tightened because foreign investors who buy homes use them as short-term rentals.

Local public officials report that in some neighborhoods, one in three homes is now rented out to tourists for short periods. With the rising demand, rents have increased significantly, and many Italian families are forced to move out of their own neighborhoods as they cannot bear this financial burden.

On the other hand, the Italian government argues that the main purpose of the program is to attract new investments to the country and accelerate economic growth. Officials underscore the contribution of investments made through the golden visa to the national economy and emphasize the importance of continuing the program.