Florence, 4 December 2025 – The home is no longer just the place of affection, but increasingly one economic resource from which to draw to face a uncertain future. In Tuscany, as in other Italian regions, interest in bare ownershipa real estate formula that allows you to sell a home while maintaining itsusufruct: within five years, according to data from Google Trendsonline searches on this topic are increased by 142%a sign of a profound change in the way of conceiving real estate assets.
A response to poverty that also affects the elderly
Table of Contents
- 1. A response to poverty that also affects the elderly
- 2. Tuscany on the podium
- 3. Supply and demand are growing
- 4. What are the potential tax implications for the seller (usufructuary) when selling the bare ownership of a Tuscan property?
- 5. Evaluating Bare Ownership in Tuscan Real Estate: Benefits and Challenges of Selling a Home While Continually Residing There
- 6. Understanding Nuda Proprietà – Bare Ownership in Tuscany
- 7. The Mechanics of Bare Ownership: How it effectively works
- 8. Benefits for the seller (Usufructuary)
- 9. Challenges and Considerations for the Seller
- 10. Benefits for the Buyer (Bare Owner)
- 11. Challenges and Considerations for the Buyer
What drives the phenomenon is first and foremost the social and economic framework of the country. According to the most recent data Statein Italy in 2024 over 5.7 million people lived in conditions of absolute povertyequal to 9.8% of the population. Among these, one of the most fragile groups is that of the elderly: around 918 thousand over 65 are in absolute poverty, 6.4% of the total.
In this scenario the house takes on a double meaning: it remains an emotional asset, but it also becomes a tool to obtain liquidity without giving up the right to live there. Selling bare ownership allows you to monetize the property while continuing to live in it, offering a concrete way out for those with low pensions or increasing expenses.
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Tuscany on the podium
The territorial analysis confirms that the phenomenon is not distributed uniformly. The regions most affected are those with a high presence of elderly populations and dynamic real estate markets. In the head is the Laziodriven in particular by Rome, followed by Liguriaa region with the highest average age in Italy (49.5 years) and one of the highest aging rates in the country. Also on the podium Tuscanywhich confirms itself as one of the most sensitive entities to the issue of real estate development from an economic perspective.
The real estate market
A ranking follows which sees Friuli Venezia Giulia, Piedmont, Molise, Lombardy, Campania, Sardinia and Puglia in the top ten places, a sign that interest in bare ownership is now widespread throughout the country.
Supply and demand are growing
Bare ownership is becoming a real niche in the real estate sector. The most recent sector surveys report an increase in both demand (+12%) both of theoffer (+11%) compared to 2024.
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“The boom in research confirms that the house in Italy is no longer just a question of possession, but also of capital strategy“, explains Enrico Poletto, real estate manager and CEO of App, Professional Private Auctions Auction House. “It is a sign of economic and cultural maturity that reflects a generational change in the way of thinking about investing in real estate.
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Bare ownership today represents an interesting frontier also for the real estate auction marketan ideal tool for maximizing the sale of an asset: on the one hand it offers sellers, who are often elderly or in financial difficulty, the possibility of monetize maintaining one’s home; on the other hand, it opens up a new range of properties to investors controlled pricewith prospects of revaluation in the medium-long term”.
What are the potential tax implications for the seller (usufructuary) when selling the bare ownership of a Tuscan property?
Evaluating Bare Ownership in Tuscan Real Estate: Benefits and Challenges of Selling a Home While Continually Residing There
Understanding Nuda Proprietà – Bare Ownership in Tuscany
Nuda Proprietà, or bare ownership, is a engaging and increasingly popular legal structure in Italian real estate, notably in sought-after regions like Tuscany. it allows you to sell the ownership rights to a property while retaining the right to live there for the rest of your life – a right of usufruct (usufrutto). This can be a powerful tool for unlocking capital, estate planning, or simply ensuring a comfortable future in your beloved Tuscan home. This article delves into the intricacies of this system, exploring its benefits, challenges, and practical considerations for both buyers and sellers of bare ownership in Tuscany. We’ll cover everything from the legal framework to tax implications and market trends in Tuscan property investment.
The Mechanics of Bare Ownership: How it effectively works
The core principle of nuda proprietà separates ownership into two distinct rights:
* Bare Ownership (Nuda Proprietà): This represents the legal title to the property, but without the right to use or enjoy it. The owner cannot live in the property or rent it out.
* Usufruct (Usufrutto): This grants the right to use and enjoy the property – to live in it, rent it out, and benefit from any income it generates – for a specified period or, most commonly, for the lifetime of the usufructuary.
When you sell the bare ownership of your Tuscan property, you are essentially selling the future right to full ownership.The buyer acquires the nuda proprietà and will gain complete control of the property upon the death of the usufructuary (you). This is a significant difference from a conventional property sale. Italian property law governs these transactions, and understanding these laws is crucial.
Benefits for the seller (Usufructuary)
Selling bare ownership can offer substantial advantages, especially for retirees or those seeking to supplement their income:
* Capital Release: Unlock a significant portion of your property’s value without having to move. This capital can be used for retirement income, healthcare expenses, or other investments.
* Continued Residency: you retain the right to live in your Tuscan home for the rest of your life, enjoying the lifestyle you love.
* Estate Planning: Nuda proprietà can simplify estate planning by reducing the value of your estate and potentially minimizing inheritance taxes.
* Reduced Property Tax burden: In some cases, the assessed value for property tax purposes may be reduced, reflecting the separation of ownership rights.
* Inflation Hedge: Tuscan real estate is generally considered a stable investment, offering a hedge against inflation.
Challenges and Considerations for the Seller
While attractive,selling bare ownership isn’t without its complexities:
* Discounted Sale Price: The sale price will be lower than a traditional sale,reflecting the deferred ownership transfer. The discount typically ranges from 30% to 70%, depending on the age and health of the usufructuary.
* Loss of Future Gratitude: you won’t benefit from any future increase in the property’s value beyond the sale price.
* Maintenance Responsibilities: As the usufructuary, you remain responsible for the ordinary maintenance and upkeep of the property. Unusual maintenance (major repairs) is usually the responsibility of the bare owner,but this should be clearly defined in the contract.
* Legal and Tax Implications: Navigating the legal and tax aspects of nuda proprietà requires expert advice. Italian tax law regarding capital gains and income from usufruct is complex.
* Finding a Buyer: The market for bare ownership is smaller than the traditional property market, potentially making it take longer to find a suitable buyer.
Benefits for the Buyer (Bare Owner)
Investing in bare ownership in Tuscany can be a strategic move:
* Below-Market Entry Point: Acquire a property at a discounted price compared to a traditional purchase.
* Long-Term Investment: A secure, long-term investment in a desirable location. Tuscan real estate consistently demonstrates strong value retention.
* Passive Income Potential (eventually): Once the usufruct ends, you gain full ownership and can rent out the property or use it as a second home.
* Diversification: Adds diversification to your investment portfolio.
Challenges and Considerations for the Buyer
* Delayed Posession: you won’t be able to occupy or use the property until the usufruct ends.
* Usufructuary’s Rights: You must respect the usufructuary’s right to live in the property and enjoy its benefits.
* Property Condition: You have limited control over the property’s condition during the usufruct period.
* Potential Disputes: Disagreements can arise between the bare owner and the usufructuary regarding maintenance or property use. A well-drafted contract is essential.
* Inheritance Issues: If the usufructuary lives a very long time,
