Italy broke its tourism record: what ISTAT data shows

The best year of the series

The Italian National Institute of Statistics (ISTAT) estimated a total of 139.6 million arrivals and 466.2 million overnight stays in accommodation establishments for 2024, the highest value ever recorded. Compared to 2023, arrivals grew by 4.5% (about six million more) and overnight stays by 4.2% (about 19 million more).

Overnight stays are the most useful measure for accommodation investors because they reflect how many nights are actually occupied, not just how many people arrive.

The driver was the foreign visitor

According to ISTAT, foreign clientele increased by 8.9% in arrivals and 8.4% in overnight stays, while resident clientele remained stable. Italy’s growth in 2024 mainly came from abroad.

This fits the global trend: UN Tourism estimated about 1.4 billion international arrivals in 2024, 11% more than in 2023, with Europe above 2019 levels.

Southern Italy and Campania

Southern Italy totaled 57.6 million overnight stays, 12.3% of the national total, with a 3.8% growth over 2023. This area includes Campania, the Naples region, the Amalfi Coast, and the island of Capri.

Capri is a very unique destination: limited supply due to its geography, international demand with high purchasing power, and a season marked by summer. This combination usually translates into high rates during the season and lower activity in winter.

The regulation: the CIN code

Since 2024, Italy requires the National Identification Code (Codice Identificativo Nazionale, CIN) for short-term rental accommodations. It is issued by the Ministry of Tourism through a national database, must be displayed on the building and in each listing, and its absence is penalized. It is a measure against informality and tax evasion.

For the investor, the takeaway is the same as in Spain or Colombia: regulatory compliance is part of the asset's value.

Seasonality: the big variable

Destinations like Capri concentrate much of their demand between spring and late summer. Therefore, the annual profitability of an accommodation there cannot be estimated by looking only at August: low occupancy months and fixed costs paid year-round must be considered.

• High season: high rates and occupancy.
• Low season: lower demand and possible temporary closures.
• Fixed costs: taxes, maintenance, insurance, and administration are paid all 12 months.

How it fits in a portfolio

An asset in Capri can complement one in Miami or Cartagena, whose high seasons occur in different months. Diversifying across hemispheres, currencies, and demand types reduces dependence on a single market. With fractions from 50 USD, it is possible to build that mix gradually.

All investments carry risks, including capital loss. The returns of CityFraction assets are estimated and not guaranteed.

• See assets in Capri