Real estate in Italian festival centres – where culture meets capital

Italy is famous for its relaxed lifestyle and rich cultural heritage. Italy has lots of different types of cultural events, like opera festivals, open-air theatre evenings, Renaissance festivals and classical concerts. This means that millions of visitors come to Italy every year. Many of these events take place in smaller towns and villages, which have a charm that can be seen in their old buildings, medieval alleyways and living traditions. Many people don’t realise that you can buy properties that are very important to you and which also have financial value in these places where festivals are held. Anyone investing in these places is not only buying a piece of history, but also a share in the cultural heart of Italy. And often at prices that are much lower than international standards.

In this blog post, we show you why a home in an Italian festival venue can be a great thing to have and a smart investment. We show you regions, locations, price examples and potential returns, and give tips for buying.

What makes festival venues so special?

Festival venues are more than just cities with a list of events. They are places full of culture where history, art and the good life come together in a special way. Every year, a lot of people with an interest in different cultures come to the event. They have high expectations and a lot of money to spend. Living in a festival town means

• Being part of a yearly cultural cycle
• You can get to special events that you might not be able to get to otherwise
• Tourists who are interested in history, music or theatre
• More people want nice places to stay when they go on holiday.

This gives property owners a few options: they could host cultural tourists, run a small bed and breakfast or simply live in it. The fact that lots of festivals are organised all over the world is also important: artists from all over the world, the international press and exchange programmes. If you want to work in a creative environment, a festival venue is the perfect place for you.

The best festival venues for property buyers

Verona – a city famous for its opera

The Arena di Verona is world-famous. Every year, opera performances take place here in the ancient open-air arena, attracting thousands of visitors. The old centre of Verona is a UNESCO World Heritage Site. It has many old buildings that need to be renovated. Property prices: It costs more to live in the centre of the city (from €350,000 for a flat with two bedrooms), but it is possible to find something more affordable in the nearby districts (from €120,000). The festival brings in good money from short-term rentals.

Spoleto – The ‘Festival dei Due Mondi’

A famous festival for music, theatre and dance has been held here since 1958. The medieval town in Umbria is then used by international artists. In the summer, more people want stylish places to stay.

Property prices: You can buy a village house in Spoleto for around €80,000 and a flat in the town for around €130,000.

Macerata – opera performance at the Sferisterio

Here’s a great tip for opera lovers. The Sferisterio open-air theatre in the Marche region is the perfect place to enjoy top-class performances. The town is between hills and vineyards. Property prices: Old town houses from €70,000, renovated properties from €120,000.

Ravenna – World Heritage Site and music festival

Ravenna is famous for its Byzantine mosaics. The annual Ravenna Festival, which features opera, dance and classical music, is less well known but just as attractive. It is also close to the Adriatic Sea, which makes it a popular tourist destination.

Property prices: Flats start at €100,000, and houses in the area start at €90,000.

Taormina – a theatre where you can see the sea

The ancient theatre of Taormina in Sicily is one of the most beautiful places in Europe. There are concerts, film festivals and readings here. The city is well-known all over the world, so property prices are always high. Property prices: There are houses for sale in the area. They have a sea view and cost between €180,000 and €90,000.

Other places worth visiting:

• Città della Pieve (Umbria): There’s a medieval town festival, a week-long local theatre event, and charming townhouses for sale from €85,000.
• Vicenza (Veneto): Palladio’s hometown has a classical festival programme and baroque villas in the surrounding area.
• Martina Franca (Apulia): In the summer, there are opera performances in the Baroque old town, and historic houses with courtyards.

How to invest with a cultural factor in mind

A place’s cultural appeal directly affects the property market. Festival venues can charge a lot more rent in the months before and during events. Here’s an example: In Spoleto, a beautifully renovated holiday apartment costs up to €150 per night during the festival and €70-90 outside of the festival season. Also, the value of these properties often keeps going up, especially if they have been improved and are in a good location. People who are interested in culture are willing to pay for a good atmosphere and to experience something authentic.

Small guest houses, boutique hotels and artists’ residences also find the perfect conditions here. Anyone who is creative and likes business can make an old building in Verona or Macerata into a successful business. This is cheaper than in other European cities of culture.

Another advantage is the chance to work with local event organisers. This could include providing artists with places to stay, rehearsal rooms or temporary exhibitions. This is more than just renting out space.

Practical tips for buyers

• Buy early to avoid the higher prices that often come with the festival season.
• Look at the buildings on the list. Many buildings in old town centres are protected, which makes restoration work more expensive, but also means you can deduct the costs from your taxes.
• Please check the event calendar. Are there several festivals a year? Are there local partnerships for landlords?
• Check the infrastructure: Is it easy for tourists to get there (like, is there a train station, shuttle bus, and parking)? Say who you want to reach. Do you need a long-term rental for cultural professionals or weekend guests in the high season?
• Make the financing clearer. In Italy, banks usually ask foreign investors to provide 20-30% of the money needed.
• Use local networks. If you find a local partner (e.g. notary, architect, building contractor) it will save you time and money.

A quick summary of legal and tax issues

People from other EU countries can buy property in Italy without any problems. You will need a Codice Fiscale (Italian tax number), an account with an Italian bank and notarisation. If you’re buying a second home, you’ll have to pay 9% tax. But if it’s your first home, you’ll only pay 2%. If you’re thinking about your future, you can also register as a resident for tax purposes.

You usually need to register if you want to let it out. For rentals of less than 30 days, the flat-rate tax (Cedolare Secca) is 21%. You must pay tax on your income in Italy, but the agreement with Germany means you don’t have to pay tax twice.

Conclusion: Culture is important and should be caring

Buying a property in an Italian festival town is a good idea for several reasons. You can enjoy the cultural lifestyle, live like the locals do in the Mediterranean and make money when you sell. Anyone who is prepared to think beyond the classic coastal holiday will find a place full of life, history and potential in Verona, Spoleto or Macerata. Having both a rental and an owner-occupancy is exciting. For example, you could use it as a holiday home in the spring and autumn and rent it out in the summer. This makes the investment profitable and emotionally fulfilling.

Anyone who is prepared to embrace new rhythms, old walls and vibrant culture will find more than just a property in a festival venue: they will find a second home.

ItalicaHomes can help you find a property in Italy’s most beautiful cultural cities. We know the regions, provide personalised advice and accompany you right through to notarisation – personally, reliably and transparently.