🔹 Hello, Lake Como.
We have officially entered the quiet season. The Christmas crowds have cleared out, and most of your favorite hotels and restaurants have closed their doors for a few weeks of rest.
But while the lake is sleeping, the real estate market is surprisingly active.
I went back to hunting for deals this week and noticed two trends. First, there seem to be more private listings available than usual. Second, there is an increasing number of short-term rental properties up for sale (some of them listed below).
Let’s look at why inventory is rising while the area is (kind of) shut down.
-Simona
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🔦 Spotlight
2026 Budget Law
What’s Happening: In the last days of the year, The Budget Bill was finally signed. The government has officially stopped playing nice with property investors. If you own multiple properties or are planning a renovation, the rules just got stricter.
Facts:
If you list 3 or more short term rental properties, you are no longer a private host - you are a business.
1 Unit: You pay 21% tax (flat rate).
2 Units: You pick one to keep at 21%. The second one gets taxed at 26%.
3+ Units: You are legally a business (attività imprenditoriale). You must open a VAT number (Partita IVA), register with social security (INPS), and handle commercial accounting. You can no longer use the flat tax (cedolare secca).
Crypto Tax (The Correction): The proposed 42% hike was rejected. The final approved rate is 33% (up from the previous 26%).
Renovation Bonuses: The 50% deduction applies only for primary homes. For second/investment homes, the deduction drops to 36% with the spending cap cut in half (to €48,000).
The HNWI Flat Tax: The flat tax for new High Net Worth Individuals moving to Italy has been increased to €300,000/year (plus €50k per family member).
What does it mean for us:
Portfolio Audit: If you own 3 short term rental properties, you have a decision to make. Running them as a business means higher overhead (accountants, social security). Some choose to sell one, consolidate, or switch one unit to a long-term (4+4) lease to stay under the radar.
Renovate Immediately (?): If you have a project in the pipeline, it might be time to execute it in 2026. The tax shield is shrinking, and it won't likely get better in 2027.
Compliance Check: Don’t get fined for a missing €50 fire extinguisher. Install the safety gear and get your CIN code on your Airbnb listing.
What's your take? Are we missing anything important?
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🏠 Real Estate
🏡 Terraced Apartment in Carate Urio ($$): €700K · 160m² ·
Lake view, terrace. 2 Bathrooms, 3 floors, double garage, built in 2010.
View
🏡 2 Unit House in Carate Urio with the Lake View. ($$): €697K · 170m² ·
Selling privately, recently listed. Attic, basement, garden. Currently divided into two independent living units.
View
🏡 Off-Market Sale: Villa with Lake View in Ossuccio ($$$): €900K · 200m² ·
4 rooms, new roof, recently after construction. Up to now was optimised for short-term rentals (700/night in summer). Selling privately (reply to this email and I will share the owner’s contact details with you).
View
🏢 Businesses for Sale
🍛 Catering Business for transfer, Como. €150K · 150 m² · Rent- 5000 Eur/month. Well established business.
View🍷 Wine Shop for transfer, Como. €150K · 110 m² · Rent - 3333 Eur/month.
View🛍️ Office/shop with large windows, in a newly renovated building, Cernobbio. €98K · 50 m² · Currently rented, potential investment opportunity.
View
💼 Job Opportunities
🏨 Director of Sales: Hilton (Como). Fluency in Italian and English is required.
Apply💼 CFO: Polti Group (Bulgarograsso). Responsible for the Finance, Administration & Controlling department.
Apply💻 Global Product Management and Marketing Manager, Business Line Instrumentation: ABB (Tremezzo). Responsible for driving end-to-end business performance and the long-term profitable growth of the product portfolio.
Apply
Have a property, business, or job to feature? Submit it here
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📅 Events This Week
Legend: ⚽ Sport · 🏛 Culture · 🎭 Cinema/Art · 🎶 Music · 🎆 Festival
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That’s all for this week!
If you found something interesting, make sure to forward this email to your curious friends.
↓ Have something to share? Hit the reply button - I personally reply to all the emails. Love connecting with you all, by the way.
- Simona
