Published on and written by Cyril Jarnias
Investing in Real Estate in La Spezia means betting on a port city in the midst of transformation, at the heart of the Ligurian Riviera, with prices that are still affordable compared to the rest of the Italian coast but yields that can exceed those of major metropolitan areas. Between the rise of tourism linked to the Cinque Terre, the massive influx of public funds into the port and waterfront, and a very dynamic rental market (traditional and seasonal), the city is changing category in the eyes of investors.
For a foreign buyer or a French investor, the appeal of the Paris market is a given. The focus should now be on practical steps: identifying the right neighborhoods, structuring the financing, and defining a suitable rental strategy for a successful entry into this market.
A Local Market on the Rise but Still Undervalued
The first key point is the price trend in the municipality. In August 2025, the average sale price for homes in La Spezia reached €2,122/m², an increase of about 5.6% year-over-year. Over the last two years, this is the highest level observed, with the low point recorded at €1,966/m² in October 2023.
The average residential rent in August 2025 was €10.31/m² per month, up 4.35% year-over-year.
At the provincial level, the trend is similar but with generally higher prices: €2,326/m² in July 2025, +2.83% year-over-year. Average rents across the entire provincial territory hover around €10.63/m² per month, up about 3.5%.
To place La Spezia in the Italian landscape, it is worth remembering that Liguria is among the most expensive regions in the country, with an average price close to €2,477–€2,690/m², driven upward by premium areas like Portofino, Santa Margherita Ligure, or certain stretches of the Riviera di Levante. In this context, values around €2,100–€2,300/m² in La Spezia clearly appear as an “entry-level” option on a prestigious coast.
Marked Price Differences by Neighborhood
Within the city, price differences between neighborhoods are significant but remain within a narrow range for a coastal provincial capital. In August 2025, the average sale and rental values by area were roughly as follows:
| La Spezia Area | Average Sale Price (€/m²) | Average Rent (€/m²/month) |
|---|---|---|
| Foce, Montalbano, Isola | 2,322 | 10.98 |
| Fabiano, Marola, Litoranea | 2,291 | 9.19 |
| Centro | 2,290 | 10.93 |
| Pitelli, Muggiano, Fossamastra | 2,277 | 10.72 |
| Canaletto, Bragarina, Migliarina | 2,107 | 10.29 |
| Mazzetta, Maggiolina, Valdellora, La Terrazza | 2,043 | 10.00 |
| Chiappa, Rebocco, Pegazzano, Fossitermi | 1,887 | 9.29 |
| Favaro, La Pieve, Melara | 1,873 | 10.05 |
This table shows three interesting elements for an investor.
First, the most expensive neighborhoods to buy into are not necessarily those with the lowest rents. Foce–Montalbano–Isola and the Centro show both high sale prices and rents above €10.9/m², which can preserve good yields despite a higher entry ticket.
The areas of Chiappa–Rebocco–Pegazzano–Fossitermi and Favaro–La Pieve–Melara offer purchase prices below €1,900/m² and rents around €9–10/m². This price differential is interesting for rental yield and capital appreciation, especially given the gradual price increase expected from urban redevelopment.
Finally, proximity to strategic axes (main train station, port, renovated waterfront, access to Cinque Terre) plays a decisive role for short-term rentals. Neighborhoods near the station (Centro, adjacent areas) and those facing the sea or Porto Mirabello (Fossamastra, Litoranea, Foce) stand out as natural zones for Airbnb-oriented investments.
La Spezia vs. Province: Where Are the Best Deals?
At the provincial level, there is a very marked contrast between ultra-tourist resorts and inland municipalities.
Some examples of average prices (July 2025):
| Municipality | Sale (€/m²) | Rent (€/m²/month) |
|---|---|---|
| Bonassola | 5,754 | 15.39 |
| Monterosso al Mare | 5,497 | 16.35 |
| Portovenere | 4,651 | 10.09 |
| Riomaggiore | 4,541 | 13.16 |
| Vernazza | 3,597 | 14.33 |
| Levanto | 3,746 | 18.63 |
| Lerici | 4,354 | 14.30 |
| La Spezia | 2,117 | 10.45 |
| Sesta Godano | 683 | 8.55 |
| Varese Ligure | 728 | 7.97 |
| Borghetto di Vara | 822 | 8.59 |
| Beverino | 1,077 | 8.60 |
Visually, the Cinque Terre (Monterosso, Vernazza, Riomaggiore) and highly popular coastal villages (Portovenere, Bonassola, Lerici, Levanto) show sale prices two to almost three times higher than those in La Spezia, with rents sometimes very high. At the other end, rural municipalities in the Val di Vara or the interior of the province fall below €900/m².
The highest gross rental yield among the listed municipalities was in Bolano, at 12.23%.
– For an investor, the trade-off is clear:
– Targeting the city of La Spezia and expensive coastal municipalities means favoring liquidity, capital appreciation potential, and the international seasonal market;
– Targeting the hinterland means accepting a narrower resale market but obtaining very high rental yields, especially long-term.
Profitability: Yields Reaching Nearly 10%
Provincial data indicate that the average gross profitability is around 6.26%, with a range from about 3.5% in the most expensive areas to nearly 9.75% in the best yield pockets for an “average” apartment.
By property type, the summarized figures are interesting:
| Property Type | Average Price (€/property) | Average Monthly Rent (€) | Average Yield (%) | Average Annual Income (€) |
|---|---|---|---|---|
| Studio | 550,000 | n/a | n/a | 0 |
| 1 bedroom | 115,000 | 900 | 9.39 | 10,800 |
| 2 bedrooms | 135,000 | 700 | 6.22 | 8,400 |
| 3 bedrooms | 145,000 | 750 | 6.21 | 9,000 |
| 4+ bedrooms | 200,000 | 1,000 | 6.00 | 12,000 |
The absurd values given in some reports for “years to break even” (several thousand years) are clearly a methodological bug, but the percentage yields are consistent with the rents and average prices recorded.
The municipality of La Spezia shows interesting market indicators. For traditional long-term rentals, gross profitability is about 5.38% in the city center and 4.21% outside. For tourist rentals, such as on Airbnb, performance is often higher, with an average annual income per property typically ranging between €23,000 and €28,000.
Short-Term Rental Market: A Powerful Driver
La Spezia has climbed the Italian ranking of the most profitable cities for short-term rentals, with a market described as “constantly growing.” Between February 2025 and January 2026, a seasonal rental property generated a median income of about €28,000, with an annual occupancy rate around 66% and an average price of €113 per night. The number of active listings surged by more than 22% year-over-year and by over 90% over three years, evidence of a massive influx of new investors.
The median monthly income from an Airbnb rental in Montreal is approximately $1,495.
Some characteristics structure this segment:
Analysis of key trends for vacation homes in this Italian tourist destination.
Nearly 79% of listings are entire homes, of which almost half are one-bedroom apartments.
The most common capacities are around 4 people, ideal for couples and small families.
The best-performing properties are close to the center, train station, waterfront, and ferry docks.
Strong demand from April to September (peak in August). The presence of the port, cruises, and events softens seasonality.
Note: La Spezia ranks in the top 45% nationally for short-term rental yield, which is respectable for a medium-sized city (about 92,700 inhabitants) that mainly serves as a logistics base for the Cinque Terre.
Infrastructure Projects That Change the Game
One of the major assets of La Spezia in the medium term is the scale of ongoing public investments, mainly in the port, cruises, and waterfront. In total, nearly €128.9 million is being injected into the ports of La Spezia and Marina di Carrara through the National Recovery and Resilience Plan (PNRR) and its complementary funds, not to mention European, ministerial, and regional co-financing.
A New Cruise Terminal on Calata Paita
From a strictly real estate perspective, the centerpiece is the construction of a new jetty dedicated to cruise ships on Calata Paita, in the first port basin. The contract, worth nearly €48 million excluding safety costs, provides for a trapezoidal structure of approximately 16,900 m², with two docks of 393 and 339 meters, capable of accommodating two state-of-the-art cruise ships equipped with shore-side electrical connections (cold ironing).
This infrastructure is part of a global strategy to transform the port-city interface. The project includes a new maritime passenger station (€42.5 million), public spaces, and the redevelopment of Molo Pagliari for leisure boating and crafts.
For an investor, the potential impact is twofold: an increase in tourist traffic (major companies like Costa, Royal Caribbean, and MSC have already expressed interest) and appreciation of properties located in the historic center or along the waterfront, as cranes give way to promenades.
Pier Electrification and Energy Transition
Another key aspect is the energy modernization of the port with heavy work on high-voltage electrical supply, transformer cabins, and distribution networks to allow ships to connect to shore-side electricity. The investment exceeds €41 million, part of which is financed by the Green Ports program. Several cargo quays (Molo Fornelli, Ravano, Gulf Terminal) and the future cruise quay will be equipped.
The port is replacing its diesel generators with hydrogen systems, installing photovoltaic plants, deploying a network of vehicle charging stations, and modernizing its lighting. This strategy enhances the city’s attractiveness for businesses and households.
Road, Rail, and Urban Infrastructure
These projects are complemented by basin dredging, the redevelopment of Molo Italia, access ramps, expanded truck parking, a logistics platform in Santo Stefano di Magra, modernization of the internal port railway network, and even sports facilities in the city (new swimming pool and new gymnasium for the Palazzetto dello Sport Mariotti).
For the residential investor, these investments do not have an immediate effect on rents, but they provide a growth foundation for long-term demand: more tourist flows, more port, industrial, and service jobs, more urban life along the gulf. In this context, buying today in a city still “undervalued” compared to the rest of Liguria means betting on future appreciation.
Tourism, Leisure Boating, and University: Three Drivers of Rental Demand
Historically, La Spezia lived mainly from its military and commercial port. But over the past ten years, the city’s tourist vocation has exploded. It is now seen as the most practical and affordable base for exploring the Cinque Terre, Portovenere, Lerici, or even Levanto, with direct rail access and multiple maritime connections.
Three drivers fuel rental demand.
In 2025, one in four tourists in La Spezia chose a tourist apartment, representing about 800,000 overnight stays.
Next, leisure boating and maritime sectors, with Porto Mirabello, nautical activities, and more broadly the naval industry (Fincantieri), defense (Leonardo group), and the entire subcontracting ecosystem. This creates a base of regular tenants, whether technicians, engineers, or managers on assignment.
Finally, the university dimension, still modest but growing around the Marconi university center, generates steady demand for medium and long-term rentals. The rental yields above 10% mentioned in some segments stem precisely from this mix of students, young professionals, and tourists.
Choosing Your Strategy: Long-Term, Seasonal, or Hybrid?
Given this diversity of drivers, an investor must clarify their strategy. Three main approaches emerge.
A “long-term wealth” strategy, focused on traditional rentals (e.g., 3+2 year contracts), is particularly suitable in residential neighborhoods like Canaletto–Bragarina–Migliarina, Mazzetta–Maggiolina–Valdellora, or Pegazzano, where purchase prices remain reasonable and local demand is solid. Gross yields are around 4–6%, with lower volatility than the seasonal market.
To maximize income via platforms like Airbnb, target the historic center, the vicinity of the main train station (La Spezia Centrale), the waterfront, and neighborhoods with sea views and easy access to ferry docks. In these areas, annual income can reach €23,000–€28,000, with gross yields often above 7–8%, subject to good management of occupancy rates and pricing.
Finally, a “hybrid” strategy alternates between short-term rentals in high season (April–September) and traditional furnished or medium-term rentals the rest of the year (students, remote workers, expats). This model is particularly well-suited to a city like La Spezia, which remains active outside the tourist season and benefits from good connectivity with northern Italy and Tuscany.
A Stricter Regulatory Framework for Short-Term Rentals
While the income potential on Airbnb is appealing, it is also important to consider the increasing regulation. At the national level, a National Identification Code (CIN) has been mandatory since 2025 for any short-term rental property and must be displayed in listings. Safety standards (carbon monoxide detectors, fire extinguishers, etc.) are reinforced, traveler identification is systematic, and municipalities have broad powers to regulate the proliferation of tourist rentals.
Fiscally, a flat tax of 26% on short-term rental income is being considered, with a possible compromise at 21% for the first property and 26% for the second. Beyond that, income moves into the ‘business activity’ category. Furthermore, La Spezia applies a mandatory licensing regime, described as strictly controlled.
For an investor, the challenge is not to avoid short-term rentals, but to approach them as a fully regulated activity, by setting up professional management and anticipating the tax burden in net yield calculations.
Financing a Purchase as a Foreigner: Possibilities and Constraints
Foreigners, including non-residents and non-EU citizens, can obtain a mortgage in Italy, but the conditions are more demanding than for an Italian resident. In practice, banks rarely grant more than 50–60% of the estimated property value to a non-resident, sometimes up to 70% for the best cases, whereas residents can go up to 80%.
To obtain a mortgage in Italy, you generally need a personal down payment of 40 to 50% of the purchase price, plus additional costs (notary, taxes, agency, consultancy) representing 10 to 16% extra. Banks also require a stable income (ideally in euros), a good credit history, and often impose a minimum loan amount, typically between €150,000 and €250,000. For properties below this threshold, such as a small apartment at €120,000, financing must often be fully covered by personal funds.
Interest rates for non-resident borrowers generally range between 3 and 4.5% for standard loans, with shorter terms (20–25 years) than for residents (up to 30 years). Products vary: fixed rate, variable indexed to Euribor, hybrid formulas, or “green” loans for highly energy-efficient homes.
Working with a broker specializing in international clients can make a difference, particularly for preparing the files, translating and legalizing documents (apostille, etc.), and liaising with major national banks accustomed to foreign income (Intesa Sanpaolo, UniCredit, Banco BPM…).
Taxation on Purchase and Ownership: What You Really Need to Factor In
From a tax perspective, the framework is that of Italy as a whole; La Spezia is no exception. Upon acquisition, the main item is the registration tax (imposta di registro) if you buy from a private individual, or VAT (IVA) if you buy new from a developer.
For a rental investment (hence a second home), the common rule is as follows:
Rate of the registration tax applicable when purchasing an older property from a private individual or a company without VAT in Italy.
For a primary residence meeting “prima casa” criteria, the registration tax rate drops to 2% on the cadastral value, or VAT at 4%.
Transaction costs when purchasing a property can easily reach 10 to 16% of the sale price.
During ownership, you need to account for IMU (municipal property tax, exempt only on non-luxury primary residences), with a rate set by the municipality (often between 0.4 and 1.06% of the cadastral value), and the waste tax (TARI). For a second home in La Spezia, IMU can range from a few hundred euros to a few thousand euros per year depending on size, cadastral coefficient, and local rate.
Taxation of Rents and Capital Gains
Rents received in Italy are taxable. You can choose between the flat rental tax (cedolare secca) and the progressive IRPEF regime. For a standard lease at a free-market rent, the cedolare secca is set at 21% of gross rents (without deducting expenses), with a reduced rate of 10% in some cases of regulated rents. For short-term rentals, the current regulatory trend is to move the taxation closer to a 26% flat tax, with nuances depending on the number of properties.
If you are a tax resident in your home country, the tax treaty between that country and Italy determines the rules to avoid double taxation. However, in any case, rents received from a property located in Italy are taxable in Italy.
Upon resale, a capital gain realized within five years of acquisition is generally taxed at 26% (except for primary residences or inheritances). After this period, most sales of second homes are exempt from capital gains tax. The calculation basis is the difference between the sale price and the purchase price plus demonstrable acquisition costs and renovations.
Procedures and Legal Security: Take the Time for Due Diligence
Buying in Italy involves a specific legal process, structured in three main steps: the offer to purchase, the preliminary contract (contratto preliminare), and the final deed before a notary (rogito).
After obtaining a Codice Fiscale (essential for any transaction, bank account opening, tax payments), the buyer submits a written offer which, once accepted, becomes legally binding. Next comes the preliminary contract, accompanied by a deposit (caparra confirmatoria) generally between 10 and 20% of the price. A protective mechanism exists: if the buyer withdraws without cause, they lose the caparra; if the seller backs out, they must return double the amount.
Between the preliminary contract and the final signature, allow 2 to 3 months (sometimes more) for due diligence. This thorough check includes examining the chain of title, urban planning and cadastral compliance, absence of mortgages or hidden easements, and consistency between plans and reality. For older properties or village houses in the province, assistance from a local lawyer and a surveyor is particularly recommended.
On the day of the rogito, payment of the balance (70–80% of the price) is generally made via bank check or wire transfer, in the presence of the notary, who reads the deed, verifies the capacity of the parties, collects taxes, and proceeds with transcription in the land registry.
How to Position La Spezia in an Investment Strategy in Italy?
At the national level, Italy is experiencing a rather favorable real estate cycle: price indices increasing moderately, a rebound in transaction volumes, still-contained vacancy rates, and a relatively limited new construction pipeline. In this dynamic, Liguria occupies a specific segment: an expensive region with scarce supply, strong tourist pressure, but high heterogeneity between the luxury icons of the Riviera and the port cities or inland valleys.
La Spezia combines several advantages:
The Genoa real estate market offers several assets: a price per m² lower than the flagship destinations of the Riviera, rental profitability often above the national average (potentially reaching 9-10% in the province), capital appreciation potential supported by infrastructure projects and waterfront redevelopment, and diversified rental demand thanks to tourism, maritime/industrial economy, and the university presence.
In return, the investor must accept a more demanding rental regulatory environment (especially for short-term), sometimes slow Italian administrative procedures, and a need for enhanced due diligence on older buildings in a historic port city.
For a French-speaking investor, La Spezia offers several opportunities: a cost-effective entry point on the Ligurian Riviera, a cash-flow generator via seasonal rentals, and a diversification asset compared to saturated markets. Success requires moving beyond the postcard image by relying on data, development plans, and a clear strategy, to make it a medium and long-term investment pivot.
A wealth project or a question? Contact us now to speak with a wealth management expert.
Disclaimer: The information provided on this website is for informational purposes only and does not constitute financial, legal, or professional advice. We encourage you to consult qualified experts before making any investment, real estate, or expatriation decisions. Although we strive to maintain up-to-date and accurate information, we do not guarantee the completeness, accuracy, or timeliness of the proposed content. As investment and expatriation involve risks, we disclaim any liability for potential losses or damages arising from the use of this site. Your use of this site confirms your acceptance of these terms and your understanding of the associated risks.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
