Genoa’s primacy: 3.5 million visitor arrivals and record returns
Genoa will close 2025 with a consolidated forecast of 3.5 million tourist visits, confirming itself as a leading destination for Liguria, according to what emerged from the presentation of the Municipality’s tourism promotion and marketing plan. But the data that surprises industry operators the most is the leadership of the Ligurian capital in the national landscape of real estate investments: Genoa beats Rome and Milan in the special ranking of rental returns, recording gross returns exceeding 7.5%.
This performance places Genoa at the absolute top among major Italian cities, surpassing Florence and Milan which present lower percentages, respectively equal to 4.6% and 4.5%. A result that confirms how Genoa has suffered for years, but today presents real estate values that are low compared to quality and location. The city is undergoing renovation and the port, the inland port, and PNRR funds destined for port municipalities are creating new opportunities.
“The positive data we have recorded from October 2025 onwards gives us a picture of a growing Genoa and pushes us to want to do even more and better”
— Tiziana Beghin, Assessor for Tourism and Territorial Marketing, Municipality of Genoa
The boom in international tourism: foreign visitors take center stage
The analysis of tourist flows reveals a structural transformation of the Genoa market. It stands out how the constant increase in tourist flows is mainly linked to foreign arrivals, which have grown by 15% and represent 50% of total visits. A particularly significant figure when compared with the national landscape, where foreign tourism has marked an increase both in arrivals (+1.4%) and in visits (+4.3%). These data indicate greater loyalty among international visitors and growing interest in Italian territory.
The composition of international demand shows a balanced geographic distribution: tourists from France, Switzerland, Germany, and DACH-speaking countries are confirmed, while growth is marked by tourists from the United States and from Northern and Eastern European countries, such as Finland and Romania. Particularly encouraging is the growth in arrivals from the United Kingdom, with an increase of almost 6%.
National comparison: Genoa in the landscape of major cities
To understand the scope of the Genoa result, it is useful to analyze the national context. According to ISTAT data, in total tourist arrivals we find Milan (with approximately 14 million arrivals) followed by Venice (13.3 million arrivals) both with approximately 3 percent share of total national arrivals. Florence remains the fourth most visited municipality with 9.2 million arrivals. In this context, Genoa’s 3.5 million arrivals take on a particular value, considering that Genoa has arrivals in accommodation facilities of 2,249,509 according to some rankings, showing substantial growth in the most recent data.
The second quarter of 2025 showed interesting dynamics at the metropolitan level: some cities like Milan, Florence and Bologna recorded marked increases in tourist arrivals compared to the same period in 2024 (all with variations exceeding +8%), while Venice marks a contraction (-6.1%). This scenario positions Genoa among growing destinations, benefiting from positive dynamics involving the major cities of Northern Italy.
The short-term rental market: performance and opportunities
The short-term rental sector represents a rapidly expanding segment of the Genoa market. In Italy only 1.3% of housing is promoted online for short-term rentals and this percentage drops further in Genoa province, reaching 0.7%. In the city of Genoa, the homes promoted online with the short-term rental formula are 2,231, while those rented with the 4+4 formula are 52,240, demonstrating that the short-term rental market is still marginal compared to traditional residential rentals.
However, the economic impact is significant: homes rented with short-term leases are occupied for 60% of the year, while the seasonal average stands at 54%, indicating better deseasoning compared to other forms of accommodation. At the Ligurian level, the short-term rental market is worth 606 million euros in 2025, generating a GDP of three billion.
“In Genoa, homes rented with short-term leases are occupied for 60% of the year, with an average stay of 5.6 days”
— Carmela Lerede, National Delegate AIGAB, February 2026
The new 2026 fiscal rules: impacts on the market
The regulatory evolution introduced by the 2026 Budget Law redefines the tax landscape for short-term rentals with direct impacts on the Genoa market. As of January 1st, the new system has come into effect which provides for a flat tax of 21% applicable to 1 property only, flat tax of 26% ordinary on other properties within the threshold of 2, while from the third property it will be mandatory to open a VAT registration.
This regulatory transformation could significantly influence investment strategies. The most underestimated impact of the reform is not the increase in tax rates, but rather the explosion of compliance costs. The concrete risk is that excessive bureaucracy could ultimately discourage the most scrupulous property owners, pushing some to exit the market, according to industry operators.
For Genoese property owners, however, the new rules could also represent an opportunity. Those managing short-term rentals with a business license can opt for the flat-rate regime, paying a flat tax of 15% or 5% for the first five years. This regime is often the most advantageous overall, especially considering the possibility of deducting management costs.
Analysis of returns: why Genoa excels
Genoa’s supremacy in rental returns is based on a combination of favorable structural factors. Genoa is one of the largest Italian cities with among the lowest apartment prices overall: approximately €1,850/m², which is about 66% lower than average prices in Milan. The average price of apartments for sale is approximately 35% lower than the regional average quotation.
This difference in purchase price, combined with growing rental rates, creates the conditions for superior returns. Demand continues its concentration process in major urban hubs: Milan remains the most expensive city, reaching €200 per m²/year (+10%), while Genoa surpasses €115 per m² for the first time with a ten-year increase approaching 30%.
The local market also presents structural features favorable to investors: Genoa is positioned at levels in line with the regional average with occupancy rates between 80% and 83%. The combination of growing visitor flows (+7% in 2025), an increase in the international component, and institutional recognition such as “Luminous Destination” creates ideal conditions for those looking to establish themselves in the market.
Perspectives and future developments
The prospects for the Genoese market appear positive in the medium term. The destination was not only appreciated by tourists but has also received important recognition such as a mention in the Times among destinations to visit this year and selection among the ten “Luminous Destinations” by Visit Italy, certifications that should further support international flows.
At the regional level, Liguria recorded 20,804,965 tourist visits with an increase of 1,020,718, equal to 3.75%, compared to 2024. The so-called shoulder months led the way: May recorded a +4.91% increase and October saw tourist visits grow by as much as 10%, indicating an ongoing deseasoning process that benefits the entire hospitality sector.
For the real estate market, forecasts remain optimistic: for 2026, a market stabilization is estimated with growth in sales transactions between 1.5% and 2% and a further increase in property values around 2%. The outlook for 2026 indicates more moderate but stable growth.
Implications for property owners: concrete opportunities
The analyzed data outline interesting scenarios for Genoese property owners considering how to monetize their real estate. The combination of returns exceeding 7.5%, sustained growth in tourist flows (+15% international visitors), and institutional recognition creates conditions for sustainable investments.
The new tax rules, while introducing greater bureaucratic complexity, also offer optimization tools for those operating professionally. The possibility of accessing the flat-rate regime for business activities, combined with the deductibility of management costs, can offset the increased tax pressure on the first two properties.
The Genoese market thus demonstrates it possesses the structural characteristics to support profitable real estate investments: low entry cost, growing tourist demand, an advanced deseasoning process, and institutional recognition that certifies the quality of the territorial offer. An ecosystem that, managed with professional expertise, can generate returns superior to the main Italian markets.
Analysis based on public data and sources. genovabb.it is not a news outlet. The reported data has been collected from sources believed to be reliable but their accuracy is not guaranteed.
