Why wealthy buyers are paying for club access with Italian property
Club-linked property in Italy: a new way to buy luxury homes
The trend for property in Italy is shifting. Buying a villa, farmhouse or apartment increasingly comes with a built-in membership: access to private clubs, managed estate services and curated communal life. This is not just a new marketing spin. According to the Knight Frank Global Branded Residence Survey 2025, there are 611 branded-residence projects worldwide, and that sector is projected to exceed 1,000 by 2030. For buyers who split their time between countries or who want service without the hassle of full-time ownership, this model answers a different brief from traditional second-home buying.
We think this is significant because it reframes value. You are not only buying square metres and a plot of land. You are buying priority access to services, programmed experiences, and membership of a controlled community. That premium changes how you evaluate price, liquidity and the ongoing costs of ownership.
What club-linked ownership actually involves
Club-linked ownership combines a physical residence with access rights and managed services. There are several common structures:
- Whole ownership inside a managed estate: you buy an entire villa, with title and permanent control, but subject to estate rules and service charges.
- Fractional ownership: multiple owners hold deeded, undivided interests in a property and share usage and costs.
- Membership-based access: you buy a membership or a lodge-credit model that grants stays, priority booking and services without full title to a specific home.
Typical services bundled with these models include concierge support, housekeeping, dining and wellness facilities, sport and guided estate activities. The precise rights and restrictions depend on the deed, membership conditions and estate governance.
Why this matters for buyers and investors
- You pay for priority rather than raw assets. The premium buys convenience and community.
- Ongoing costs are often packaged as management fees, which reduce owner burdens but can affect yield and resale pricing.
- Resale can be more complex because buyers must accept membership rules, shared-cost regimes and sometimes limited marketability.
Case studies: how the model looks in Italy today
Tenuta Toscana – Golf & Field Club, near Castelfalfi
One of the clearest examples is Tenuta Toscana. Located between Pisa and Florence, the project is tied into an existing medieval village and working agricultural estate rather than an isolated gated compound. That integration matters for long-term value because heritage and land stewardship remain central to how Tuscany retains buyer interest.
Key facts from press reports include:
- The Lodging Club within Tenuta Toscana will include 80 design residences.
- A reported €2 million fee gives flexible stays in those residences alongside related services, according to Il Sole 24 Ore.
- Member-owners and guests receive access to an 18-hole golf course designed by Tom Fazio, estate-run wine and olive oil tastings, cooking courses and guided excursions in a hunting reserve.
Tenuta Toscana shows the model at scale: a mix of fixed housing stock, curated estate activity and a paid-entry club mechanism. For many buyers this reads as an all-in lifestyle product. For investors, the key question is whether that €2 million price tags capital appreciation for the physical asset, the membership privilege, or both.
Lake Garda: Lefay Club and resort-branded residences
Branded residences have moved into spa destinations too. Lefay Resort & Spa Lago di Garda is described as the first Italian example within a spa destination and links resort services to residential ownership. Reported benefits for owners include:
- Discounts on resort services and dining
- A personal residential concierge
- Priority access to spa treatments and specialist therapists during stays
This model fits buyers who prioritise health, wellbeing and service continuity. It is a different offer to a standalone villa and will attract those who value resort-level programming and immediate service access.
Casali di Casole: fractional residence club
Fractional ownership is not new, but Casali di Casole offers a clear example of how it is being formalised in Tuscany. Each interest is described as an undivided, deeded real-estate purchase in a specific Tuscan home. Owners are guaranteed several weeks of residence each year, with extra short-notice stays available when possible.
Operational features include:
- Housekeeping, maintenance and upkeep handled by the club
- Ownership interests may be gifted or resold under the residence-club terms
- Shared running costs reduce individual financial exposure to year-round upkeep
Fractional models can make prime property more accessible to buyers who do not want full ownership responsibilities, but they also create an ownership form that requires careful legal and practical scrutiny.
Why buyers and investors are attracted to the model
We see four main motivations behind demand for club-linked property in Italy:
- Mobility: affluent buyers who live across borders want to move between places with continuity of service.
- Managed lifestyle: many prefer a set of services — concierge, private dining, wellness — delivered under a single governance structure.
- Community: private membership offers a curated social set and programming that single-house ownership does not provide.
- Cost-sharing: fractional ownership reduces capital outlay and shares running costs for estate management.
From an investment perspective, these factors shift risk and return.
- Upside drivers: strong branding, integrated hospitality operations and curated events can help demand and justify higher pricing per stay or per square metre.
- Downside drivers: resale may be constrained if the secondary market is small, and management fees and membership rules can drag on net returns.
We believe buyers should treat the membership element as the asset that it is: assess whether services are deliverable, sustainable, and transferrable at resale.
Financial, legal and operational risks to consider
This model introduces specific due diligence priorities. You should expect to check the following before committing capital:
- Title structure: is your interest deeded, leasehold, or purely membership-based? Fractional ownership with a deeded interest differs from a licence to occupy.
- Governance documents: bylaws, membership rules, voting rights and dispute resolution. Who controls the estate and how are decisions made?
- Service agreements: what services are guaranteed, what levels of staffing, and how are service standards enforced?
- Fees and reserves: management fees, capital expenditure reserves and how often these are reviewed and adjusted.
- Exit rules: resale restrictions, rights of first refusal and any transfer fees or black-out weeks that affect liquidity.
- Taxation: local property taxes, VAT implications on purchases inside resort regimes and inheritance or capital gains taxes. Always consult local tax counsel.
Operational risks include changing demand for resort services, rising staff and maintenance costs, and the temptation by developers to upgrade facilities that shift fees. If a club depends on a steady inflow of members to fund services, a developer or management company failure would impact service delivery and property values.
How to evaluate a club-linked purchase: a practical checklist
We recommend buyers run a focused due diligence program covering legal, financial and operational aspects.
- Verify the legal form of ownership and ask for title documents in English and Italian.
- Request audited or forecasted budgets for estate operations, including capital reserves.
- Ask for details of membership benefits in writing and confirm which are contractual and which are discretionary.
- Check occupancy and utilisation data if available: how many weeks are reserved, peak demand periods and blackout dates.
- Insist on a list of comparable resale transactions within the development or similar developments.
- Probe covenants on alterations, rentals and guest policies; many members expect rental restrictions to preserve exclusivity.
- Confirm insurance coverage for the property and for estate-level infrastructure and programming.
Market implications and valuation questions
From a valuation standpoint, club-linked property changes two things: what buyers pay for and what buyers expect on exit.
- Price composition: a slice of the purchase price buys access to services. That means you should separate the value of the physical asset from the value of the membership when comparing market prices.
- Liquidity: if membership is non-transferable or limited, the pool of prospective buyers shrinks and resale could be slower. That can compress future prices or prolong time on market.
We advise treating the membership premium as you would any recurring service: it delivers utility, but it is an ongoing cost if you retain membership, and a potential barrier to future buyers if it includes complex terms.
Who should consider this model, and who should not
This is not a single-size-fits-all solution. Consider these short profiles:
-
Good fit:
- Buyers who split time internationally and value concierge and wellness services.
- Investors buying for personal use who want lower day-to-day management burden.
- Buyers who prioritise community and programmed experiences over full privacy.
-
Poor fit:
- Buyers who want a fully private estate without shared governance or usage schedules.
- Investors relying on fast resale in a broad market where membership rules narrow the buyer pool.
- Owners who expect to heavily customise the property beyond estate standards.
Our assessment: cautious interest, not blind enthusiasm
We value this trend for bringing service-model real estate to Italy in a structured way. It answers real buyer demand for flexibility, health and managed living. The figures from Knight Frank show the model is global and expanding, and the Italian examples indicate it is taking hold in places that already carry premium value, like Tuscany and Lake Garda.
That said, buyers must not confuse service promises with long-term capital performance. Buying into Tenuta Toscana or a Lefay-branded residence means paying for both property and priority access. That combination can suit personal-utility buyers well. It complicates matters for pure investors who rely on open-market comparables and simple liquidity.
In plain terms: if you want a less hands-on way to own in Italy and you value hotel-standard service with membership reciprocity, this is worth exploring. If your aim is a pure buy-to-let yield or a spec resale in a wide market, proceed with extreme caution and demand clear resale pathways.
How to negotiate and structure a purchase
Negotiation levers vary with each scheme, but common points to raise include:
- Clear definition of what the membership fee covers, how it can change and what triggers fee increases.
- Guaranteed service levels for a set period, with remedies if standards fall.
- Right of first refusal terms and transfer rules that protect resale value.
- Escrow arrangements for developer warranties and an independent review of management accounts.
Ask for a sample owners’ meeting minutes and recent budget variances if the development is operating. If it is pre-completion, ask for comparable operating budgets from analogous resorts.
Frequently Asked Questions
Q: Are branded residences and private members’ clubs the same thing?
A: No. Branded residences tie a developer or hotel brand to homes and often include shared services. Private members’ clubs focus on access, programming and community. Many modern developments combine the two, but the legal and operational arrangements differ and should be reviewed separately.
Q: What is fractional ownership and how is it treated legally?
A: Fractional ownership gives multiple buyers deeded interests in a property, often described as undivided shares. Owners typically get guaranteed usage weeks and shared responsibility for running costs. The exact legal treatment depends on the deed and whether the interest is described as real property or a licence to occupy, so confirm with local counsel.
Q: Will I be able to rent my weeks or use the property as a business?
A: That depends on the estate rules. Many club-linked schemes restrict rentals to maintain exclusivity, while others allow managed rentals through the estate’s hospitality arm. Check the bylaws and income-share rules before you buy.
Q: How do I assess long-term value for these properties?
A: Separate the implied value of the physical asset from the value of membership benefits when comparing prices. Look for established governance, transparent budgets and a track record of service delivery. A strong brand and integrated estate operations can support value, but membership restrictions can limit the buyer pool.
Final takeaway
Club-linked property in Italy is a growing, measurable trend: 611 branded projects worldwide now, forecast to pass 1,000 by 2030, and clear Italian examples in Tuscany and Lake Garda are translating the model locally. For buyers who prize managed living and curated community access, this offers a practical route into Italy with lower operational headaches. For investors seeking straightforward liquidity, it raises new questions about resale and fee exposure. If you consider such a purchase, start by confirming the legal form of your interest, the detailed service commitments and the estate’s rules on transfer and resale. For example, at Tenuta Toscana a reported €2 million fee buys flexible stays in an 80-residence Lodging Club; that price point shows how much of the sale can be about the membership rather than just the bricks and land.
Tags
We will find property in Italy for you
- 🔸 Reliable new buildings and ready-made apartments
- 🔸 Without commissions and intermediaries
- 🔸 Online display and remote transaction
International Real Estate Consultant
Subscribe to the newsletter from Hatamatata.com!
Subscribe to the newsletter from Hatamatata.com!
Popular Posts
We will find property in Italy for you
- 🔸 Reliable new buildings and ready-made apartments
- 🔸 Without commissions and intermediaries
- 🔸 Online display and remote transaction
International Real Estate Consultant
Subscribe to the newsletter from Hatamatata.com!
Subscribe to the newsletter from Hatamatata.com!
I agree to the processing of personal data and confidentiality rules of Hatamatata
Need advice on your situation?
Get a free consultation on purchasing real estate overseas. We’ll discuss your goals, suggest the best strategies and countries, and explain how to complete the purchase step by step. You’ll get clear answers to all your questions about buying, investing, and relocating abroad.
Sales Director, HataMatata