14 / 07 / 2023
The Interview – Il Piccolo 07/09/2023: Historic city center homes for short-term tourist rentals
The interview in Il Piccolo newspaper (Trieste) – July 9, 2023: Historic city center homes for short-term tourist rentals
The analysis by Antonio De Paolo, real estate agent and industry delegate at Confindustria: “I don’t see critical issues, but subletting requires action” – “This trend has contributed to the redevelopment of many buildings.”
Antonio De Paolo has a privileged perspective on the topic of short-term rentals, as he is an established real estate agent, Fiaip delegate for Confindustria, and also manages several vacation homes in the heart of Trieste.
Are you in favor of or against a limit on short-term rental use of housing units in Trieste’s historic city center?
“Against: we are certainly not at the levels of Florence, I don’t see a critical situation, and indeed the start of vacation homes in the historic center has contributed to the revival of that area, which for years had buildings that were abandoned, uninhabited, neglected. There has been a redevelopment that has repopulated the center.”
“Against: we are certainly not at the levels of Florence, I don’t see a critical situation, and indeed the start of vacation homes in the historic center has contributed to the revival of that area, which for years had buildings that were abandoned, uninhabited, neglected. There has been a redevelopment that has repopulated the center.”
Does the increase of these properties prevent residents from accessing the rental market in the city center?
“Certainly, because an owner who opts for short-term rentals earns more income and feels free to regain possession of the property whenever they want, without the risk of facing a defaulting tenant with endless eviction times. Traditional rentals are governed by laws that are forty years old, which do not protect the owner and do not make such contracts competitive with short-term rentals.”
“Certainly, because an owner who opts for short-term rentals earns more income and feels free to regain possession of the property whenever they want, without the risk of facing a defaulting tenant with endless eviction times. Traditional rentals are governed by laws that are forty years old, which do not protect the owner and do not make such contracts competitive with short-term rentals.”
Some Trieste residents are renting several apartments and then subletting them to tourists.
“Here, I am in favor of action, because it is not reasonable that, as the law currently allows, a private individual can allocate up to five apartments as vacation homes without opening a VAT position.”
“Here, I am in favor of action, because it is not reasonable that, as the law currently allows, a private individual can allocate up to five apartments as vacation homes without opening a VAT position.”
Does the multiplication of housing units for tourist rentals affect property prices in the center?
“Of course, it’s inevitable: prices are adjusted to reflect higher returns.”
“Of course, it’s inevitable: prices are adjusted to reflect higher returns.”
With vacation homes everywhere, isn’t there a risk of distorting the historic center?
“I understand the hoteliers’ position, but we must also consider how these structures, along with low-cost flights, have in recent years enabled travel for people who otherwise could not have afforded it. And we must acknowledge that Trieste, given the growth in tourist flows, would not be able to provide the required number of beds without the presence of vacation homes.”
“I understand the hoteliers’ position, but we must also consider how these structures, along with low-cost flights, have in recent years enabled travel for people who otherwise could not have afforded it. And we must acknowledge that Trieste, given the growth in tourist flows, would not be able to provide the required number of beds without the presence of vacation homes.”
Source: Il Piccolo, 07/09/2023