ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Americans Are Thronging Italy For A Perfect Vacation. But Italians Are Leaving Their Homes

Young Italians are increasingly leaving their villages and towns in search of opportunities in big cities and other countries. Over 5 million Italians are now living overseas.
UPDATED JAN 22, 2024
Cover Image Source: Pexels | Pixabay
Cover Image Source: Pexels | Pixabay

After pandemic-induced lockdowns meant no travel for over two years, the tourism industry is now going strong around the world. As per UNWTO, international tourism is back to 80% of pre-pandemic levels in the first quarter of 2023.

Tourists are back in Italy as well. They are exploring Italy's architecture, culture, art, opera, literature, film, fashion, and of course the beaches! Americans are also coming in hordes for their perfect Italian holiday.

The seaside towns here are famous for their wine, food, and good-looking people in fast cars. Tourists love to spend time here.

How Are Beaches In Italy Different From Those In America?

Unlike Americans, Italians have a systematic way to enjoy the beach life. The Italians have literally constructed small cities on these beaches and there's a protocol in place that everyone needs to follow. On these beaches, you will have to rent a beach chair and umbrella from the cabana boys. The chair and the umbrellas are arranged in rows and each one of them is numbered that stretch all the way to the sea, which is almost a quarter mile from the street. The Adriatic Sea is a beautiful sight to witness, it separates the Italian peninsula from Croatia and Albania 100 miles to the east.

It's a Bargain For Vacationing Americans



 

For the Americans, these small cities in Italy can offer great value for their money. The fact that Italians are friendly people also contributes to more and more Americans visiting the place. The country relies on tourism a lot, resulting in the best hospitality services. More than 2 million Italians are employed in the hospitality sector which makes up about 8% of the total employment. A vacationing American can get a room for $200-$400 a night, depending on the day of the week, as per CNBC. 

Why are Italians Leaving Italy?

Pexels | Jacob Morch
Pexels | Jacob Morch

While Italy is known for all the good things, the country also crops up in conversations surrounding high taxes. Low average income, and of course high inflation. It was reported by the publication that over 5 million Italians are now living overseas.

Italians pay three taxes: national income tax (including a 9.2% social security contribution), regional taxes and municipal taxes. The income tax rate is progressive: The top rate for the income tax is 43% — higher than the European average of 38%. 

“Italy is a country where young people count for too little, where 64.5% of the population think there are too many older people in positions of power: this is an opinion held by eight out of ten young people, even though it is actually confirmed across the different age groups”, Cng President Maria Cristina Pisani told EURACTIV Italy.

Italy's One Dollar Houses: What The Deal?



 

The 1 dollar houses have been in the conversation for quite some time now. As young Italians are increasingly leaving their villages and towns in search of opportunities in big cities and other countries, the sleepy, pretty remote towns are left with a tiny and aging population. This is exactly why over 25 Italian municipalities are making prospective buyers a classic Italian offer they can't refuse- a home for $1, as per The Independent. The idea is to improve the conditions of these houses and get as many people as they can to move there and start a life. 

“We do not need new constructions and new overbuilding. The strategy to improve the housing environment and reclaim our cultural identity is to revive the small abandoned centers or to redevelop buildings in a state of abandonment, with a story that is our history,” reads a statement by the team at 1eurohouses.com.

What's The Catch?

Pexels | Pixabay
Pexels | Pixabay

You won't be getting a lavish villa for that price but rather a property that needs immediate renovation. Even in that case, this is a pretty good deal, considering the cost of renovation will be lower than what you would spend in buying a brand new house in the same locality.

MORE ON MARKET REALIST
Despite getting a high auction estimate, the owner of the Meiji Period lamp chose to keep it.
16 hours ago
The player, Gabriel Berkowitz pulled off a perfect night winning over $45,000 and a car.
17 hours ago
Harvey showed no mercy after he found out that Sweet Lou Dunbar didn't know how apps work.
21 hours ago
The founder of Plop Star made an unforgettable entry and a sad exit from the show.
1 day ago
The host is otherwise quick to reprimand families for backing absurd answers.
1 day ago
While the Marvel comic book fetched a $50,000 appraisal, Harrison felt it was too rich for him.
1 day ago
Jimmy Alexander became the first player to lose a brand-new car on season 43 of the show.
2 days ago
The contestant, Brianne Peterson got extremely unlucky with her letter picks for the final puzzle.
2 days ago
The guest was told that the Jasper Johns Flag Print wouldn't be valuable but it was worth thousands.
2 days ago
It didn’t help that Alvin Rosales was playfully scolded by the host just before losing the Bonus Round.
3 days ago
The photos featured some looks of the show's legendary former host, Alex Trebek, as well.
3 days ago
The player, Kate Stuntz, pulled off a miraculous win to take home over $68,000 and a trip to Iceland.
3 days ago
The owner couldn’t believe the value of Jane Peterson’s "The Floats" gouache painting.
4 days ago
The player, Callie DeWeese, failed to choose the right letters in the Bonus Round, leading to her loss.
4 days ago
The personal digs at the host have been relentless on the show by producers and players.
4 days ago
The guest had no idea how valuable her grandfathers Dutch tinware coffee pot was.
5 days ago
It wasn't one of Steve Harvey's jokes that cracked Bridget up so bad.
5 days ago
Fans now won't be able to stream more than five most recent episodes of the new season.
5 days ago
Despite the questionable morality of CATE App, Neal Desai managed to partner with two Sharks.
6 days ago
A supplier of Costco's Dubai Styled chocolate issued a notice regarding misinformation of allergens.
6 days ago