Italy offers several ways to acquire property, but one of the least familiar to international buyers is nuda proprietà, or bare ownership.
A nuda proprietà purchase allows you to acquire ownership of a property while another person retains the right to use and enjoy it, generally through an usufruct (usufrutto).
Because the buyer cannot normally use the property while the usufruct remains in place, the purchase price is generally lower than the value of the full ownership.
This can make nuda proprietà interesting for buyers with a long-term investment horizon who do not need immediate possession of the property.
However, the lower purchase price should not automatically be interpreted as a discount or guaranteed investment return.
The buyer is exchanging immediate use of the property for a potentially lower acquisition cost.
Full ownership of a property can essentially be separated into two components:
Nuda Proprietà — Bare Ownership
and
Usufrutto — Usufruct
The person purchasing the nuda proprietà becomes the nudo proprietario, or bare owner.
The person retaining the usufruct is the usufruttuario.
The usufructuary retains the right to use and enjoy the property according to the terms of the right.
The Italian Notariat specifically describes the sale of bare ownership with reserved usufruct as a structure allowing an owner to sell the nuda proprietà while continuing to live in the property and potentially receive income from renting it.
Imagine a property whose full ownership has a market value of:
€500,000
The owner wishes to obtain liquidity but wants to continue living in the property.
Instead of selling the full ownership and moving out, the owner sells the nuda proprietà while retaining a lifetime usufruct.
The buyer might therefore pay an amount below €500,000 because the buyer cannot immediately use the property.
The structure becomes:
Buyer → owns the nuda proprietà
Seller → retains the usufruct and continues using the property
When the usufruct eventually terminates, the bare ownership and usufruct consolidate and the buyer becomes the full owner.
The actual value of the nuda proprietà in a real transaction should be established according to the individual property and transaction rather than assumed from this illustrative example.
One common reason is relatively straightforward.
An owner may have a valuable property but want additional liquidity without leaving their home.
By selling the nuda proprietà and retaining usufruct, the seller can receive capital while continuing to use the property.
The Italian Notariat presents this precisely as one of the patrimonial tools available particularly to older homeowners: monetising part of the wealth represented by the home while retaining its use.
For the buyer, the transaction can create an opportunity to acquire an interest in a property today for future full ownership.
This distinction is particularly important.
With usufrutto, the usufructuary has broader rights to enjoy the property and can potentially derive income from it, including through rental, subject to the applicable rules and the terms of the right.
A diritto di abitazione, or right of habitation, is narrower.
The Italian Notariat explains that where a seller reserves only a right of habitation, that person can continue living in the property with their family but cannot transfer that right or rent the property in the same way.
Therefore, before buying nuda proprietà, an investor needs to understand exactly which right remains attached to the property.
An usufruct may be established for a defined period or for the lifetime of the usufructuary.
In nuda proprietà transactions involving older homeowners, a lifetime usufruct is common.
This creates the fundamental uncertainty of the investment.
If the usufruct is linked to the lifetime of an individual, the buyer does not know precisely when full ownership and possession will become available.
That uncertainty is part of the reason why the value of the nuda proprietà is lower than the value of full ownership.
When the usufruct terminates, the bare owner's existing ownership expands into full ownership.
This is often referred to as the consolidation of usufruct and bare ownership.
In a lifetime usufruct, this commonly occurs upon the death of the usufructuary.
An important point for international buyers is that the bare owner is not purchasing the property again at that stage.
The Notariat's tax analysis describes the bare owner as already holding the ownership right, which subsequently expands when the usufruct is extinguished.
There are two concepts that should not be confused:
the fiscal value of the usufruct and bare ownership, used for relevant tax calculations;
and
the commercial price agreed between buyer and seller.
For tax purposes, Italy uses statutory criteria and coefficients to determine the respective values of usufruct and bare ownership. These calculations are linked to factors including the usufructuary's age and the applicable statutory rate. The Ministry of Economy and Finance updates the calculation framework when required; a specific decree was issued for 2026.
But an investor should not assume that a fiscal calculation automatically tells them what the property is worth commercially.
With a lifetime usufruct, age matters because it affects the expected duration of the right.
In simplified investment terms:
the younger the usufructuary, the longer the buyer may potentially wait before obtaining full enjoyment of the property.
Conversely, an older usufructuary may imply a shorter expected period — although no one can know the actual duration of a person's life.
This is precisely why nuda proprietà should be analysed as a long-term property investment, not as a predictable countdown.
The investor should never build a financial plan around an assumption about when a particular person will die.
This is especially important.
Suppose a property has a full-ownership market value of approximately €500,000.
The fiscal calculation may allocate particular values to usufruct and bare ownership.
But the price an investor should actually be willing to pay also depends on:
location, condition, property type, marketability, usufructuary's age, rights reserved, expected maintenance, future renovation requirements and the value of alternative investments available today.
Therefore:
Fiscal Value ≠ Automatically the Correct Investment Price
Italy Property Finders would evaluate the property in the context of the actual market, not simply apply a percentage table.
Where the retained right is an usufruct, the usufructuary generally has the right to enjoy the property and may potentially derive rental income from it.
The Italian Notariat specifically notes that a seller retaining usufruct can continue to live in the home or benefit from income generated by renting it.
This is extremely important for a buyer.
Purchasing the nuda proprietà does not generally mean that you can immediately place the property on the rental market and receive the rent.
While the usufruct remains in place, the economic enjoyment of the property belongs to the usufructuary within the scope of that right.
Normally, not while the usufructuary holds the right to enjoy and rent the property.
This makes nuda proprietà very different from a conventional buy-to-let investment.
With an ordinary investment apartment, you might calculate:
Purchase Price → Rental Income → Annual Yield
With nuda proprietà, the investment logic is more likely to be:
Reduced Acquisition Price → Waiting Period → Future Full Ownership
For this reason, nuda proprietà is generally more closely associated with long-term capital strategy than immediate rental yield.
Tax obligations need to be examined according to the individual circumstances and type of tax.
One useful distinction is clear in Agenzia delle Entrate's current income-tax guidance: where a building is subject to usufruct or another real right, the holder of the bare ownership alone does not declare the building in Quadro RB; the holder of the usufruct or relevant real right is the person identified for that purpose.
However, buyers should not extrapolate one tax rule to every possible tax or cost associated with the property.
The tax implications of the specific transaction and ongoing ownership should be checked with a qualified Italian tax professional.
This is another issue that should be understood before purchasing.
Responsibility for expenses can differ according to whether works are considered ordinary or extraordinary and according to the nature of the expense and the rights involved.
For an investor, this can become particularly relevant if the property is in an older condominium or is a villa requiring substantial future works.
Before purchasing, you should therefore understand:
the condition of the property, condominium accounts, approved extraordinary works, planned maintenance and how the relevant expenses are allocated.
Where necessary, the legal position should be reviewed with the notary or lawyer and the physical condition assessed by an appropriate technical professional.
You should.
A nuda proprietà purchase may have a long investment horizon, making the physical quality of the underlying asset particularly important.
Consider:
structural condition, building condition, roof and façades, systems, condominium situation, energy efficiency, cadastral and planning documentation and potential future renovation requirements.
A property that looks like an excellent opportunity today may require significant expenditure before it can eventually be used or rented.
Due diligence remains essential even if you will not immediately take possession.
Potentially, yes.
Bare ownership is itself a property right and can be transferred.
This means that an investor does not necessarily have to wait until the usufruct terminates before selling.
However, there is an important commercial question:
Who will want to buy it from you?
The market for nuda proprietà is more specialised than the market for properties available with immediate possession.
Liquidity and resale potential should therefore form part of the original investment analysis.
It is certainly more than a theoretical legal structure.
The Italian Notariat's official 2025 statistical data recorded 30,081 individual purchasers of bare ownership interests in buildings during the year.
This does not mean that every transaction represents an investment opportunity or a residential nuda proprietà arrangement of the type described in this guide.
It does demonstrate, however, that bare ownership is an established part of the Italian property market.
Potentially — for the right buyer and the right property.
It may be particularly interesting for someone who:
does not need immediate use of the property;
has a long investment horizon;
wants exposure to a particular Italian property market at a lower initial capital requirement than full ownership;
is comfortable without immediate rental income;
and
understands that the timing of full possession may be uncertain.
It may be much less suitable for someone who needs immediate rental income, wants to move into the property soon or requires certainty about when the property will become available.
This is where we would be particularly cautious.
Imagine a property whose current full-ownership market value is:
€500,000
and the nuda proprietà is offered for:
€320,000
It is tempting to say:
“I am buying a €500,000 property for €320,000 — a €180,000 saving.”
But that is not the correct analysis.
You are not acquiring immediate full enjoyment of a €500,000 property.
You are acquiring bare ownership and giving up use and potentially rental income while the usufruct remains in place.
The real calculation should consider:
€320,000 invested today
versus
the uncertain future value of full ownership
together with:
the waiting period, inflation, opportunity cost of the capital, property expenses, future renovation and alternative investment opportunities.
The €180,000 difference is therefore not simply “profit”.
Suppose you invest €320,000 in nuda proprietà and receive no rental income for many years.
That capital could alternatively have been invested in a conventional property producing rent.
This is known as opportunity cost.
A serious analysis should therefore compare:
Lower initial acquisition cost
with:
Higher acquisition cost
Neither is automatically better.
They are simply different investment strategies.
A lower nuda proprietà price does not make a weak property a strong investment.
The underlying property should still satisfy the same fundamental questions we would ask for any purchase:
Is it in a desirable location?
What is the local property market doing?
Who would eventually buy or rent it?
Is the building in good condition?
Will the property require major renovation?
Is the layout attractive?
How liquid is the local market?
A well-located property in Rome, Milan, Florence or another strong market may present a completely different long-term proposition from a difficult-to-resell property simply because the latter appears inexpensive.
For the right investor, nuda proprietà can provide a different way of entering the Italian property market.
It may allow a buyer to acquire an interest in a property that would require substantially more capital if purchased with immediate full ownership.
Over time, the usufruct terminates and the bare ownership consolidates into full ownership.
The strategy is therefore fundamentally about:
buying today for ownership and use in the future.
This can be particularly relevant for investors who are building long-term family wealth or who anticipate wanting a property in Italy later rather than immediately.
Before proceeding, we would examine at least:
1. Full market value — What would the property realistically be worth with full ownership and immediate possession?
2. Nuda proprietà price — Is the difference sufficient to compensate for the restrictions and waiting period?
3. Nature of the retained right — Usufruct, right of habitation or another arrangement?
4. Duration — Lifetime or fixed term?
5. Property condition — What works may be required now or in the future?
6. Condominium situation — Are significant extraordinary works planned?
7. Technical documentation — Are cadastral and planning records in order?
8. Tax implications — What applies to this specific acquisition?
9. Future use — Personal home, rental property, resale or family asset?
10. Resale potential — Could you sell the bare ownership if your plans changed?
11. Opportunity cost — What could the same capital achieve elsewhere?
12. Future marketability — Will this still be an attractive property when full ownership eventually becomes available?
For a foreign investor, nuda proprietà can initially seem complicated because the concept may not have a direct equivalent in the buyer's home market.
But the investment principle is relatively straightforward:
you acquire ownership today while postponing the right to fully use and economically enjoy the property.
What requires careful analysis is whether the price you are paying adequately reflects that postponement.
This is where understanding both the legal structure and the actual Italian property market becomes important.
Italy Property Finders can help international clients identify and evaluate nuda proprietà opportunities alongside conventional properties available with full ownership.
Our role is not simply to look at the percentage difference between full ownership and bare ownership.
We consider the underlying property itself:
location, full market value, condition, potential future value, local demand, marketability and how the acquisition fits the buyer's long-term objectives.
We can also coordinate the appropriate professionals to review the legal, technical and tax aspects of the transaction.
Where regulated legal, tax, technical or notarial advice is required, this is provided by the relevant qualified professional.
When the usufruct eventually terminates and the property becomes available to the owner, Italy Property Finders can continue assisting with the next stage.
Depending on the client's objectives, this may include:
renovation coordination, property preparation, ongoing property management and short-term or long-term rental management.
An international client can therefore have a local point of reference throughout the entire lifecycle of the investment:
Property Search → Nuda Proprietà Purchase → Long-Term Ownership → Full Ownership → Renovation or Preparation → Rental / Property Management
Nuda proprietà means bare ownership. You own the property but another person holds a right — commonly usufruct — allowing them to use and enjoy it.
Generally not while another person retains an usufruct or other right giving them possession and enjoyment of the property.
If the seller retains usufruct, the usufructuary normally retains the economic enjoyment of the property and may potentially rent it. The bare owner should therefore not assume that they can immediately rent the property themselves. The Notariat expressly recognises the usufructuary's ability to benefit from rental proceeds.
In the case of a lifetime usufruct, the usufruct terminates and the bare owner's title consolidates into full ownership.
Age is relevant to the fiscal valuation of a lifetime usufruct and can also influence the commercial negotiation. However, the actual market price should also reflect the property, location, condition, retained rights and market circumstances.
Agenzia delle Entrate's current guidance states that where there is an usufruct or other relevant real right, the holder of bare ownership alone does not declare the building in Quadro RB. Individual tax circumstances should nevertheless be checked with an Italian tax professional.
Potentially yes. Bare ownership is itself transferable, although the potential buyer market may be narrower than for a property available with immediate possession.
It can be suitable for certain long-term investors, but there is no universal answer. The price, property, waiting period, opportunity cost, future marketability and investor's objectives all need to be considered.
Yes. We can include suitable nuda proprietà opportunities within a wider property search and help assess them commercially against conventional full-ownership properties, while coordinating the qualified professionals required for legal, technical and tax due diligence.
Nuda proprietà is not simply a way to buy Italian property “at a discount”.
It is a different form of property investment.
You accept that someone else will continue enjoying the property for a period of time in exchange for acquiring the ownership interest at a price that reflects that limitation.
For the right investor, this can create an interesting long-term opportunity.
But the decision should always begin with the same question:
Is the underlying property a good property — and does the price adequately compensate me for waiting to obtain full enjoyment of it?
At Italy Property Finders, we can help international buyers compare nuda proprietà opportunities with the wider Italian market, understand the commercial implications and coordinate the professionals required throughout the purchase.
And when the property eventually becomes fully available, we can continue supporting the owner with renovation, rental and ongoing property management.
The legal and practical explanation of the nuda proprietà/usufruct structure in this guide has been checked against information from the Consiglio Nazionale del Notariato.
Tax-reporting information has been checked against current Agenzia delle Entrate guidance, while the 2026 fiscal valuation framework for usufruct is governed by the relevant Ministry of Economy and Finance provisions.
The market-statistics reference is based on official Dati Statistici Notarili 2025.
Consiglio Nazionale del Notariato – Nuda proprietà and usufruct guidance
