The concept of second-home ownership in Italy is being rewritten at the top of the market. The affluent buyer no longer wants a status symbol or a fortnight’s escape in August; they want a network of homes that supports work, family, mobility and long-term capital across borders.
Tuscany remains one of the most coveted destinations in that shift. Italy’s €1 home schemes may have captured global attention, but the conversation at the luxury end has moved on towards flexibility, convenience and smarter ways to hold international property.
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To understand what’s driving the change, we asked Joey Byrne, Sales Director at luxury home-swap agency Pacaso, why Tuscany continues to draw discerning buyers, how co-ownership is reshaping high-end property, and why seamless access now matters as much as acquisition.
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wning a second home has long been viewed as aspirational. Whether a villa in Tuscany, an alpine chalet, or a coastal retreat, these properties were once framed as late-life rewards or symbols of success. That perspective is now becoming outdated.
Across the world’s prime residential markets, second-home buying has become more strategic, more international and more reflective of how HWNIs actually live.
The affluent buyer of today is not simply looking for somewhere to escape for two weeks in August, rather they are building a personal network of homes that supports work, family, wellness, mobility, privacy and long-term capital, and this shift is changing where buyers look, what they value and how they approach ownership.
Tuscan second homes are still a serious strategic asset
Popular global second-home destinations like Mallorca, the Cotswolds, the Alps and the Hamptons have not disappeared, but the map is expanding outside of these well-known, premier vacation hubs. Buyers are increasingly looking across Southern Europe, from
Portugal’s Algarve and Spain’s Balearics to the French Riviera and Italy’s culturally rich cities and countryside. Locations like Dubai, Miami, Aspen and parts of the Caribbean also continue to attract those seeking a blend of lifestyle, favourable taxes, connectivity and security.
What connects these markets is not one single driver, but a combination of increased mobility and time optimization. Many HNWI are global in nature, they have children going to school in one country, businesses in another and extended family across several borders.
A second home is no longer just about having a place in one vacation spot, but a key component that allows them to move comfortably between the places that matter most to them, whether that’s business, leisure or social engagements.
The limitations of traditional second-home ownership
These buyers may have the funds to buy a second home – or several – outright, but are increasingly questioning whether full ownership is the most efficient use of their money and time.
A family may love the idea of a home in Spain, but realistically use it for only four weeks a year, and then have to worry about maintaining it or renting it out when they’re not there. They may want access to Paris, London, the Italian countryside and the Alps, but not the cost, complexity and burdens of owning and managing homes across international borders.
“Buyers with funds to buy a second home outright are increasingly questioning whether full ownership is the most efficient use of their money and time.”
Buyers looking to own internationally also have to navigate local legal systems, tax considerations, property management, maintenance, furnishing, staffing and ongoing costs.
For a buyer used to optimising time and money in every other part of their life, the traditional second-home process can feel outdated, time consuming and stressful.
A new ownership model for global buyers
Co-ownership presents a unique solution to curbing these barriers. Models like Pacaso speak directly to the way affluent families increasingly think about access, flexibility and efficiency.
Rather than purchasing a full home they will only use for a fraction of the year, buyers can own a piece of a professionally managed property that aligns more closely to their actual use.
Buyers still want beautiful homes in exceptional places, just without the burdens that come with homeownership. They still care about design, location, ease of access and long-term desirability, and are now opting for a simpler path into markets that might otherwise feel complex or a headache to navigate.
Co-ownership also removes much of the operational burden while preserving the comforts of owning a home, and offers an alternative to spending thousands on a hotel or rental.
This is particularly relevant in Europe, where supply in the most desirable destinations is inherently limited. That scarcity is part of the appeal, but it also means access becomes more difficult and more expensive over time.
Pacaso’s first Parisian home sold out, becoming the fastest Pacaso property to sell out in 2024, and the company has since added new European residences across London and Paris to meet this demand. More recently, Pacaso introduced Casa Bianca, its first home in the Tuscan countryside, bringing its co-ownership model to one of Europe’s most sought-after rural luxury destinations.
The trophy home gives way to the portfolio
The new global second-home buyer is sophisticated, but also pragmatic. They understand that luxury is not always about owning more, but about having better access to what is scarce and fits their global, fluid lifestyle.
For today’s ultra-wealthy buyers, the goal is no longer just the acquisition of a static trophy asset, but the creation of a dynamic, global portfolio of properties that seamlessly integrate with their lifestyles.
By embracing pragmatic, flexible ownership models, elite buyers are bypassing the friction of traditional property management and prioritising time-efficient access to the locations that matter most.
In this new era, luxury is defined not by one singular property, but by the strategic value of homeownership, ensuring that every residence serves as a functional, high-performing extension of the owner’s life, family, and business across the globe.”
