Tourism and short-term rentals in Italy: challenges, opportunities, and the impact of the Olympics and regulations on Class CNBC – Milano Finanza

CleanBnB President Francesco Zorgno to the microphones of Class CNBC analyzes in detail the current state of Italian tourism, with particular attention to the short-term rental sector.

Through updated data for the first nine months of 2025, the dynamics of tourist demand, the growing demand for quality and professionalism in the properties offered and the transformations imposed by the market are highlighted.

The comparison extends to the implications of the Milan Cortina Winter Olympics and recent regulatory changes, including critical issues related to the increase in the tourist tax and the possible tax changes for property owners.

The interview concludes with a reflection on the impact of these factors on consolidation of the sector and the future prospects of CleanBnB in the regulatory and market context.

Here is the full text of the interview

Good morning to all viewers of Class CNBC and welcome to the space dedicated to the segment Growth of the Italian Stock Exchange Euronext.

Today is a welcome return: it's been ages since we've seen each other Francesco Zorgno, CleanBnB.

Zorgno, never again, it's been too long. She's my litmus test of tourism in Italy and not only.

But today, Zorgno, I want to tease you a little about Olympics and then on the regulatory changes, which are important, both nationally and for Milan in particular.

But first let's take a look at the nine months: it is one of the few companies that gives some indication over the nine months:

3.055 apartments managed throughout Italy as of September 30, 2025,  + 4 %; then we have 105.000, almost 106.000 stays managed in the first 9 months of 2025, +10%; 41,23 million euros of gross bookings collected in the first 9 months; then 42.970 stays managed in the third quarter, which theoretically should be a low-season period. €18,04 million collected in the third quarter of 2025.

So, let's start from here:

How is tourism going in Italy, Zorgno?

So, the numbers are clear. It's November, so... we have good statistics of the spring part and above all of the summer period of the year, which are those with the increased tourist flows.

So the game is basically over.

Growing visitors, a sharp increase in foreign travelers in Italy.

We're talking about an average estimate of 8-9% compared to last year: so ever-increasing demand, ever-increasing demand for places to stay.

Instead, the number of Italian travelers is decreasing—but growing, but less than expected—as they potentially stayed home a little longer this year.

We do not talk about it those who travel for work, that's a ever-increasing trend, but of those who travel in the summer months for leisure and vacation.

However: more foreigners, a little less ItaliansAn interesting factor is that foreigners are generally high-spending: they are guests willing to spend more, but also much more demanding in terms of expectations, even in terms of accommodation.

If anything, Americans have been a bit lacking, partly due to an exchange rate that isn't exactly favorable for American travelers coming to Europe.

However, the decline has been well offset by travelers from other countries. Of course, this is a period of great geopolitical instability—unfortunately, one that has consolidated over the years—so we're essentially accustomed to living with this situation.

Tourism in Italy is enjoying great growth: demand is growing and this is the real and important news, which also and above all concerns the CleanBnB sector.

How are the margins doing, Zorgno?

We'll see these at the end of the year. We're on track with our business plan. We've presented a half-year report: let's let the numbers speak for themselves. We're not denying that this is a very challenging year: 2025 is perhaps the most challenging year ever.

Really? But more than Covid?

Yes, because during the pandemic we had a great excuse. Now the market speaks. We're having a year in which, although demand is growing, the supply of tourist and non-hotel accommodations isn't growing: on the contrary, it's declining.

The overall supply of apartments in Italy decreased in the first nine months of the year. Compared to a year ago, There are about 3-4% fewer properties online.

Why does demand increase and supply decrease?

Because they don't meet. The average property offering online doesn't meet travelers' needs.

Tourists—especially foreign ones—are more demanding, spend more, and don't compromise. If they don't find what they want, it's not that they pay less: they simply he doesn't go to that apartment.

In Italy, at the end of October, we had approximately 500 properties online, well-registered with the CIN (National Institute of Infrastructure and Transport). But those that actually work at least two months a year—the bare minimum—are perhaps two-thirds.

Properties remain empty because they do not meet expectations.

It's not just about beautiful or ugly properties: it's about management.

Tourists expect professional management: a trained owner, with adequate tools, or a manager like CleanBnB, able to assist the guest from the moment of booking until their stay.

We're not just talking about cleaning: we're talking about an experience managed with high hospitality standards.

And this is what's missing in much of Italy's non-hotel offerings: improvised solutions, owners without the time, expertise, or tools.

Would you like to tell us about key lock boxes?

The keyboxes: let's remember it, They are little boxes with a combination where you insert the key. They can be a great method, if used well: always in private areas, never in public areas, and in compliance with condominium regulations.

But the problem isn't "where do I get the keys?" The problem is:
“Is there effective contact, by telephone or online, before arrival?”

Human contact is no longer at the key delivery, but at the time of bookingThis is where the guest's acceptance comes into play: if they don't find what they're looking for, they simply don't book.

The apartment rental sector is consolidating: in some cities, it is shrinking—including in Milan, down 4% from a year ago—because supply is improving.

Many properties that are not professionally managed are exiting the market; others are coming in, managed professionally. The balance is slightly negative, but the turnover is much greater than the balance suggests.

In 2026 we will have a smaller sector in terms of offering, but much more qualified and capable of generating greater business flow.

It's a sector that isn't for everyone: it requires skills and abilities. Either you work to certain standards or it's better not to try.

Winter Olympics: How's it going, Zorgno?

First the Olympic phenomenon is a huge opportunity for Milan and for Italy, but limited.

It should not be confused with the Jubilee 2025 or with the Expo of ten years ago.

It's an important moment, and Milan's tourist offerings—but also those of Veneto and Lombardy—will be ready.

However, it won't significantly alter the market. We're not seeing the rush to "put my property online" that occurred, for example, in Rome for the Jubilee.

At what cost, Zorgno? With the tourist tax increased to 10 euros?

It is a profoundly negative fact, a serious mistake. The tourist tax has been increased for the entire sector, including hotels.

- apartments and , in particular, were equivalent to 5-star hotels: something that makes you smile, and which I prefer not to comment on.

If the guest has to pay €9,50 per person per night to sleep in an apartment, they simply won't come to Milan.

He will go elsewhere: the result will be a collapse in attendance in Milan.

The expected revenue will not be there, because we will have fewer flows.

If a family of 4 stays for a week, the cost becomes significant.

The best solution would be to reduce the tax, facilitate large groups, and provide exemptions for those coming for the Olympics. This would increase the flow of visitors, not reduce them.

The rule applies throughout 2026: the administration has said that after the Olympic quarter it will reevaluate, but by then it will be too late.

It's a bad choice, driven by poor market knowledge, and it also impacts bookings already made.

Taxes can be a useful tool, but they must be used carefully.

There's not just the tourist tax...

Indeed. The financial plan under discussion provides the hypothesis of increasing the withholding tax on the first property, from 21 to 26%. A sharp +5%.

Nothing's decided yet: as always, we'll know at the last minute. But that's not what will make the difference in an €18 billion budget.

Short-term rentals make the news, but they generate little revenue.

The sector will adapt, as always. Large operators — like CleanBnB — already have strategies ready for every scenario.

What may be concerning is the effect on small operators and self-employed owners: this could accelerate consolidation, reducing supply.

But we can't just blame the regulations: the era of do-it-yourself is over. You only compete if you are a professional or if you rely on professionals.

We're closing: can you tell me about the performance of the stock?

We're in a substantially stable situation. The last few weeks have coincided with the publication of the draft budget: the issue speaks for itself. It's uncertainty that creates instability, not the legislation itself.

Once the maneuver is approved and we have communicated the countermeasures, everything will stabilize.

Does Zorgno regret the stock market listing?

Absolutely not.

The quotation, let me say these last two words, For CleanBnB it was a huge operation of professional growth, of consolidation of our organization, of introducing very robust management control, transparency and communication.