All sources have been thoroughly verified for credibility. Furthermore, a local real estate expert has reviewed and approved the final article.
Yes, the analysis of Lucca's property market is included in our pack
Are you considering buying a nice property in Lucca? You're not alone!
Many people are enchanted by Lucca's Tuscan charm and dream of owning a historic palazzo or a modern apartment in this city.
Does it make sense, though? Are property prices increasing in Lucca? What is the current trend? Is it more profitable to buy in the city center or outskirts? What about the taxes? Which place will give me the best yields?
We've figured it out for you.
The Investropa team knows this market inside and out. Actually, we've gathered all our findings in a pack. Get it now.
In this article, we'll provide you with helpful information.
How is the property market in Lucca?
Is the property market doing fine or not? A data-driven analysis will give us the answer.
Property types
In Lucca, there are various types of properties available for sale to suit different preferences and needs.
These include charming historic houses and apartments nestled within the city's ancient walls, offering a glimpse of the city's rich cultural heritage. Additionally, you can find modern and spacious homes in the outskirts, surrounded by picturesque countryside views.
For those seeking a more tranquil setting, rustic farmhouses and villas are available amidst the lush Tuscan landscapes.
Whether you're looking for a cozy home in the heart of Lucca or a serene retreat in the countryside, the city offers a diverse range of properties to choose from.
Buying or renting?
(If you're keeping it for yourself and not renting it)
If Lucca is your city of choice, you may be pondering the buy vs. rent decision in this charming Tuscan city known for its historical charm and medieval walls.
Generally, buying is a better choice than renting in Lucca due to its high property values and the potential for appreciation over time.
Nevertheless, if flexibility is your main concern, renting is the recommended choice.
Property prices in Lucca
On average, according to the last data from National Institute of Statistics (ISTAT), purchasing a property in Lucca would cost you around $8,500 per square meter.
Naturally, prices are quite spread out. An apartment in the historic center of Lucca might have a different price per square meter than a villa in Barga. You'll get a more detailed in our pack for buying property in Lucca and in Italy.
To help you understand better, it is close to the property prices you can find in a city like Auckland.
Also, housing prices in Lucca are 23% cheaper than inhttps://investropa.com/blogs/news/lucca-propertyLake Como.
The most expensive neighbourhoods in Lucca are probably San Concordio, San Martino in Freddana and Sant'Anna, while the cheapest are likely to be in the more rural areas of the province.
Trends
First and foremost, we have to acknowledge that Italy remains, today, a very stable country. The last Fragile State Index that has been reported for this place is 43.4.
This is important to remember when wondering if it's a good investment to buy a property in Lucca.
Also, according to the International Monetary Fund, Italy's economy is expected to soar by 4.8% in the coming 5 years, resulting in an average GDP growth rate of 1% (it's not much).
If you intend to invest in real estate in Lucca it's a good thing because, as the economy grows, people's incomes (usually) increase, motivating them to invest in real estate, which causes a rise in property demand and prices.
Also, in Italy, the average GDP per capita has changed by 4.1% over the last 5 years. The growth, although minimal, is still present.
Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Italy right now.
Buying property in Lucca
Buying real estate in Lucca can be difficult due to the lack of reliable and up-to-date information available. That's why we have created the pack to buy property in Lucca and in Italy.
Buying process
In our pack, we've laid out all the steps involved in the buying process, including the required documents, taxes to be paid, and guidance on finding properties.
Now, we're giving you a more straightforward version to help you grasp the information more easily.
This is the step-by-step process to purchase a property in Lucca:
- Research the Lucca property market and select a property.
- Hire a local real estate agent familiar with Lucca regulations.
- Verify property documentation like "Permesso di Costruire" (building permit) and "Certificato di Agibilità" (habitation certificate).
- Negotiate the price and terms with the seller.
- Sign a "Compromesso" (preliminary agreement) and pay a deposit (around 10% of the property price).
- Conduct due diligence on the property, checking for any legal issues or liens.
- Obtain a "Codice Fiscale" (Italian tax code) from the local tax office in Lucca.
- Open an Italian bank account with a local bank in Lucca.
- Finalize the purchase contract ("Atto di Vendita") with the assistance of a notary public in Lucca.
- Pay the remaining balance and other fees, including the notary's fee and property registration tax.
- Register the property with the "Agenzia delle Entrate" (Italian Revenue Agency) in Lucca.
- Transfer utilities and officially change ownership, completing the property purchase process in Lucca.
Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Italy.
Make a profitable investment in Lucca
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Where to find a property
Explore these websites to find properties in Lucca:
- Immobiliare - Italy's premier real estate portal, featuring an innovative platform for property listings and searches.
- Green-Acres - Europe's top platform for second homes, offering a broad range of properties for sale in Italy and beyond.
- Immobiliare Italiano - Offering a diverse range of Italian real estate and luxury properties for sale, tailored to various preferences and budgets.
- Houses of Italy - A licensed real estate agency providing a variety of properties for sale across different regions of Italy.
- Italian Houses for Sale - A property website offering an extensive selection of properties for sale in various Italian regions, connecting clients with professional agents.
Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Italy.
Properties & Budget
As mentioned before, the average price per sqm in Lucca is $8,500. A 1-bedroom property, measuring 60 square meters, would cost approximately $510,000, while a 2-bedroom property, measuring 85 square meters, would cost approximately $723,000.
However, the amount you pay for a property can be different based on its characteristics and where it's found.
Housing prices in Lucca's top areas are usually more expensive. A villa in Centro Storico might be about $2,070,000, but a property in San Marco could be priced at $900,000.
However, some places are cheaper. You may find a house in Lammari for $650,000, or a house in Vorno priced only at $540,000.
Find a more detailed price list in our full pack for buying property in Italy.
Common mistakes
Here are the main pitfalls when buying a property in Lucca, Italy:
- Historical property restrictions: Some properties may be subject to preservation laws, limiting renovations and modifications.
- Complex buying process: Italian property transactions involve extensive paperwork, legalities, and bureaucracy.
- Rural property challenges: Rural properties may face limited access to utilities and infrastructure.
- Local market knowledge: Lack of understanding of local market dynamics can lead to overpaying.
- Property taxes and fees: Italy has various taxes and fees, including imposta di registro, which can impact the overall cost.
- Title and boundary issues: Verifying clear property titles and boundaries is crucial due to historical complexities.
- Landslide risk: Certain areas around Lucca may be prone to landslides, affecting property stability and insurance.
- Seismic activity: Lucca lies in a seismically active region, necessitating consideration of earthquake-resistant structures.
We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.
Everything you need to know is included in our Italy Property Pack
Living in Lucca
Living in Lucca is a great experience, with its beautiful architecture, friendly locals, and vibrant culture, it's an ideal place to buy property.
Cost of living
The cost of living in Lucca is generally quite affordable compared to other Italian cities. With its relaxed atmosphere and beautiful scenery, Lucca is a great place to live for those on a budget.
Here are some examples to better understand the cost of living in Lucca:
- Monthly rent for a charming apartment in the historic city center of Lucca: €800-€1,500.
- A glass of local Tuscan wine at a traditional enoteca: €3-€6.
- Monthly transportation pass for buses within Lucca: €30-€50.
- A plate of traditional Tuscan pappa al pomodoro at a local trattoria: €10-€15.
- Admission to the Puccini Museum: €5-€10.
- Monthly membership at a Lucca-based fitness studio or yoga studio: €40-€80.
- Fresh produce from the local Lucca market for a week: €20-€40.
- A bottle of local limoncello liqueur from a liquor store: €10-€20.
Neighbourhoods
We like to show information in an easy-to-understand way. So, we made a summary table that shows the different areas in Lucca. For yields, prices and rents, check our property pack.
| Neighborhood | Description | Strengths | Weaknesses |
|---|---|---|---|
Historic Center | The heart of Lucca, featuring medieval architecture and charming narrow streets. | Rich history, cultural landmarks, vibrant atmosphere. | Can get crowded with tourists, limited parking options. |
San Concordio | A residential area with a mix of historic buildings and modern amenities. | Close to the city center, good public transport links. | Some parts can be noisy due to traffic, limited green spaces. |
St. Anna Gate | A tranquil neighborhood outside the city walls, known for its peaceful atmosphere. | Quiet surroundings, beautiful views of the city walls. | May feel distant from the main attractions, fewer shops and restaurants. |
San Marco | Located to the east of the city center, this neighborhood offers a mix of residential and commercial spaces. | Convenient location, variety of shops and services. | Can be busy with traffic, fewer historical landmarks. |
Sant'Anna | A charming area with a bohemian vibe, known for its artisan workshops and galleries. | Artistic community, unique shops and cafes. | Limited parking, some streets might be narrow and difficult to navigate. |
San Donato | A residential neighborhood with parks and green spaces, ideal for families. | Family-friendly, peaceful environment. | Farther from the city center, fewer entertainment options. |
San Michele | A lively area with a mix of residential buildings, shops, and cafes. | Active community, good local amenities. | Can be noisy, limited historical sites. |
Life in Lucca
Lucca is a prosperous city in Tuscany, Italy, with a strong economy based on services and small businesses. It is also a popular tourist destination, with its historic city walls, churches, and other attractions bringing in visitors from all over the world.
What expats usually like the most in Lucca is its stunning architecture, like the city walls, and the old cobblestone streets with their hidden gems. They also love the city's vibrant culture, with its abundance of festivals and events.
Lucca has excellent access to healthcare, with a wide range of healthcare services available through both public and private institutions.
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Renting out in Lucca
This section is for you if your goal is to buy a property and rent it out to generate income.
Long-term
Tenant Profiles in Lucca
According to the data reported by Wikipedia, the home ownership rate in Italy is 74%, which is average.
It means that, if you decide to buy and rent out in Lucca, there will be a good number of people who can become your potential tenants.
If you decide to buy and rent out to long-term tenants, you should target young professionals, families, or retirees looking for a safe and convenient place to live in Lucca. If you decide to buy and rent out to short-term tenants, you should target visitors and tourists looking for a place to stay during their visit to Lucca.
Here is a little summary table we've made for you.
| Property type and area | Profiles of potential tenants | What they are looking for | Expected monthly rent in $ |
|---|---|---|---|
Apartment in Lucca Old Town | Residents seeking historic charm | Central location, historic architecture | $1,200 - $2,500 |
Villa in the Lucca Countryside | Families, nature lovers | Tranquil surroundings, outdoor space | $2,000 - $4,000 |
1-Bedroom Flat in San Frediano | Youthful professionals, students | Artsy area, local cafes | $1,000 - $2,000 |
Country House in Capannori | Retirees, remote workers | Peaceful countryside living | $1,500 - $3,000 |
Apartment in San Concordio | City commuters, young couples | Proximity to city center, amenities | $1,200 - $2,500 |
Studio in Lucca City Center | Solo adventurers, tourists | Explore historic sites, convenience | $800 - $1,500 |
2-Bedroom Apartment in Sant'Anna | Families, professionals | Local schools, family-friendly | $1,500 - $3,000 |
Rental yields
Nowadays, the rental yields you get in Lucca are between 5% and 7%. There are some opportunities. So you know, a "good" rental yield is above 7%.
Rentals located in the city center tend to have the best rental yields in Lucca due to their proximity to popular tourist sites and attractions. Properties located in areas with easy access to public transportation are also desirable, as they are more attractive to potential tenants.
For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.
Finally, be aware that rental incomes in Lucca are taxed at 21%, which is not bad.
Short-term
You could also decide to rent short-term to tourists visiting the city of Lucca for its historical monuments and attractions, or to business people attending conferences and events in the city.
If you decide to go with that option, look for properties in the historic center of Lucca, especially in the area of Via Fillungo and Via San Paolino, as they are the most popular areas for short-term tenants. Additionally, you may want to consider the area around Piazza dell'Anfiteatro.
Currently, there are approximately 2,405 active Airbnb listings in Lucca, reflecting a highly dynamic and bustling short-term rental market. The average daily rate stands around $146, which is quite high.
You have the opportunity to generate a nice additional income stream then. Based on feedback from online testimonials and data analytics platforms such as AirDNA, Guesty, and Inside Airbnb, people who offer short-term rentals in Lucca can make around $1900 per month. Also, the average occupancy rate is estimated at 71%.
Is it worth buying real estate in Lucca then?
Buying a property in Lucca is a smart move for those seeking a blend of long-term investment potential and a tranquil Italian lifestyle. Lucca offers a stable market in a historically rich city, and with Italy's expected economic growth, property values are likely to rise. If you're in it for the long haul and appreciate the city's culture and charm, owning a piece of Lucca can be rewarding.
Rental income opportunities also exist, with competitive yields of 5% to 7% and a bustling short-term rental market, which can significantly boost your income. Moreover, the cost of living in Lucca is budget-friendly compared to other Italian cities, making it attractive for those looking to enjoy a beautiful, relaxed lifestyle without breaking the bank.
However, be cautious about the complexities involved in buying property in Italy. The process can be daunting, involving extensive paperwork, legalities, and various taxes and fees. Historical property restrictions might limit your renovation plans, and natural risks like landslides and seismic activity need consideration.
Additionally, lacking local market knowledge could lead to overpaying. Owning a property also ties you down, so if flexibility is your top priority, renting might be a better choice.
Overall, if you're patient, value tranquility, and seek a blend of investment potential and a relaxed Italian lifestyle, Lucca is an excellent choice. But be sure to navigate the intricacies with care, understanding the costs and potential challenges involved in the process.
Make sure you understand the real estate market in Lucca
Don't rush into buying the wrong property in Italy. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.