The highest average price for residential property in Italy in September 2024 was registered in the region of Trentino South-Tyrol, followed by Aosta Valley and Liguria. These three regions ranked as the most expensive in the country also because of their strategic position, natural beauty and peculiarity. These characteristics make them economically successful and, from a touristic point of view, appealing to a wealthy public. In Trentino South-Tyrol, the square meter price of residential real estate was over 3,231 euros, nearly 1,400 euros above the country average. Lombardy: the most active market in the sector The region of Lombardy (which includes Milan) might not be as exclusive as the regions mentioned above, but its real estate market is the most active in Italy. In 2022, Lombardy registered over 165,000 transactions in the residential real estate segment. Moreover, the total value of these transactions amounted to almost 30 billion euros. Milan, an attractive destination for investments Thanks to its role as a capital of business and finance as well as an innovation hub, Milan was able to attract human capital and investments, both domestic and foreign. The ability to grow and innovate was also reflected in the city’s real estate market, the most dynamic in the country. The number of transactions in residential real estate in Milan increased steadily since 2012 and so did prices: some areas of the city are among the most expensive in the country to buy a property.

The prices of residential properties in Rome, Italy, have significantly fluctuated between 2016 and 2024. In October 2024, buying a residential property in Rome cost on average 3,411 euros per square meter, down from 3,489 euros per square meter in December 2016 during the market peak. A more detailed look into the city’s real estate market showed that residential dwellings in the most affluent areas of the city can fetch up to more than six thousand euros per square meter. Positive signals for the real estate market In general, lower prices seem to have attracted interest in the real estate market in the city. The number of residential property transactions in Rome has increased steadily since reporting the lowest value in 2013, when about 23.8 thousand transactions were registered. Not a city for investments Despite boasting lower prices when compared to Milan, Rome didn’t seem to be able to catch the interest of foreign investors. In 2018, the Italian capital could attract only 19 percent of the total foreign investments in the real estate sector in Italy. Moreover, in a list of the most popular cities in Italy for residential property purchase for investment Rome ranked last behind all major Italian cities.

Selling prices for residential real estate in the city of Florence in Italy show significant differences depending on the area. In fact, in October 2024, residential properties in districts like Michelangelo, Porta Romana, Oltrarno (all located on the other side of the river Arno compared to the historical city center) cost roughly 5,700 euros per square meter. By contrast, areas like Firenze Sud and L’Isolotto, both relatively far from the city center, recorded an average selling price of 3,867 and 3,135 euros per square meter, respectively.  Residential real estate in Florence compared to other major Italian cities   The residential real estate market in Florence seems to be doing well. Selling prices for residential properties increased overall in the last few years, exceeding 4,000 euros per square meter in October 2023. In comparison, Florence's prices are between Rome's and Milan's averages. Residential properties in Rome, for instance, registered an average price of 3,300 euros per square meter. Office space in Italian cities  Due to more and more people moving to the cities, especially young graduates looking to start a new career, office space is also very in-demand in major cities around the world. Italy is no exception. This trend led to an increase in the price for office spaces in the north of the country. A few examples? An office in Venice can fetch on average 3,800 euros per square meter. Setting up a workspace in Rome and Milan seems to be cheaper. In the two major Italian cities office space cost on average approximately three thousand euros per square meter.

In 2024, Milan boasted some of the most expensive residential real estate properties in the country. A ranking of the priciest districts of the city for residential properties showed that home buyers could expect to pay on average close to 10,780 euros per square meter in the district Centro (historical city center). In Milan, renting a dwelling also comes at a cost. The rental price in the same area amounted to nearly 31 euros per square meter in 2024. Milan, an attractive destination Milan is one of the most dynamic Italian cities. In recent years, the city was able to create jobs and expand investments in many sectors, attracting capital and talent both from Italy and from foreign countries. This growth was reflected also in the real estate market, which has proved to be the most dynamic in the country in recent years. Transactions in residential real estate in Milan increased steadily since 2012. Moreover, Milan was one of the most popular cities in Italy for residential property purchase as an investment. More tourists after Expo 2015 Hosting the Expo 2015 was a brave bet for the city. Thanks to public and private investments, Milan could carry out much-needed projects in terms of infrastructure and regeneration of some central areas of the city. In this sense, Expo 2015 also allowed the city to place itself on the map of the most popular tourist destinations in Europe and left a positive effect on the city’s tourism fluxes. International visitors have increased steadily since it was announced that the city would be the host of the global event, and continued to do so also in the years following the Expo.

The House Price Index (HPI) measures the evolution of market prices of all residential properties that are purchased by households, regardless if bought for own-occupancy or as an investment. It can be seen that the HPI for dwellings in Italy decreased steadily, going from 118.1 in 2010 to 103 in 2021. In 2022, the index increased to almost 107 index points, meaning that home prices had risen by about seven percent since 2015 - the base year of the index.

The average price of houses, apartments and residential real estate for sale in the Italian city of Venice as of October 2024, was the highest in San Marco, Rialto, at nearly 5,910 euros per square meter. Compared to the national average of Italy, the average prices in Venice were higher in most of the areas. In Mestre, Chirignago, Marghera, Catene, on the other hand, housing was the least expensive at around 1,830 euros per meter.

The average price for properties for sale in the Italian municipality of Milan increased steadily between December 2016 and October 2024. Milan is one of the most expensive cities for real estate in Italy, with the sales price of residential real estate significantly exceeding the country average. Starting at 3,687 euros per square meter in December 2016, the average price of a square meter of property increased to 5,328 euros by October 2024.

House prices in the historical center of Rome were, unsurprisingly, the highest in the whole city. Indeed, residential properties in the city center could fetch on average 8,051 euros per square meter. This figure is more than double the average price for a residential property recorded in the entire city. Pricey districts in Italy Rome is not the only city in Italy where many people would want to live, with fancy and attractive districts. In fact, Milan is the city that boasts the districts with the highest prices in the country. Furthermore, the districts of San Marco and Rialto in Venice are also very on demand: a residential property in the most central areas of the city island cost over 5,000 euros per square meter. Residential real estate in Italy House prices in Italy decreased steadily since 2012, and so did interest rates on new mortgage loans. These favorable conditions brought new life to the residential real estate market in the country. The number of transactions increased steadily after reaching an all-time low in 2013. Moreover, low prices in many Italian cities attract individuals interested in purchasing residential real estate for investment.

The average price of houses, apartments and residential real estate for sale in the Italian city of Bologna were the highest in Colli at over 4,700 euros per square meter in October 2024. The most affordable area, on the other hand, was San Donato, Pilastro with house prices at about 2,830 euros per square meter. Overall, residential real estate prices in Bologna were above the average in the country.

The average price for properties for sale in Florence, Italy increased steadily between December 2016 and May 2020 after which it experienced significant fluctuation. After declining to 3,942 euros per square meter in February 2022, the average price of properties for sale in the Italian city increased, reaching its peak in October 2024 at around 4,316 euros. Florence is one of the most expensive cities for real estate in Italy, with the sales price of residential real estate significantly exceeding the country average.

The average price for houses, apartments and residential real estate for sale in Naples, Italy was the highest in Pisillipo, Marechiaro at approximately 5,110 euros per square meter in October 2024, much higher than the country average. In comparison, Barra, Ponticelli, San Giovanni a Teduccio, which was the most affordable area had per square meter price of around 1,400 euros during the same period.

Between December 2017 and October 2024, residential property prices in the Italian city of Venice experienced an overall increase, despite some fluctuations. In May 2020, the average asking price for residential properties was 3,153 euros per square meter, compared to 2,793 euros in December 2017. After a period of decline, average residential property prices in Venice started showing a general upward trend in March 2022. As of October 2024, it amounted to 3,238 euros per square meter. Notably, the average property sales price in Venice was higher than the national average.

Between December 2017 and October 2023, the average price of residential properties for sale in the Italian municipality of Turin increased with significant fluctuation. The lowest price registered was 1,776 euros per square meter in August 2019. In October 2024, the average price of residential properties in Turin was 2,061 euros per square meter. Moreover, the average property sales price in Turin was slightly higher than the national average.

The average price for residential properties in the Italian city of Genoa decreased significantly between December 2017 and October 2024. The lowest average price was 1,552 euros per square meter recorded in February and March 2022. In October 2024, an average of 1,673 euros per square meter was requested for residential properties for sale. Moreover, the average property sales price in Genoa was slightly lower than the national average.

The average sale price of residential real estate in the inner-city center of Turin, Italy, amounted to roughly 3,800 euros per square meter in October 2024, making it the most expensive area for housing in the city. In comparison, housing in Le Vallette, Lucento, Madonna di Campagna, Borgo Vittoria, and, Parco Dora, which were among the most affordable areas, cost approximately 1,350 euros per square meter. The Piedmont region, where Turin is located, has a lower than the average for the country property price.

The average price of houses, apartments and residential real estate for sale in Genoa, Italy was the highest in Albaro, Sturla. The average house price in Albaro, Sturla was around 3,360 euros per square meter in October 2024, exceeding the national average. In the inner city center (Centro), on the other hand, housing cost on average was nearly 2,700 euros per square meter.

Unlike Milan or Florence, the average price for properties for sale in Naples (Italy) reduced significantly between December 2016 and October 2024. The average price over the period reached its lowest level in November 2021 at 2,668 euros per square meter. Despite the overall increase since 2022, the property prices remained lower than in 2016, reaching 2,877 euros per square meter as of October 2024.

The house price ratio in Italy declined between 2012 and 2024. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Italy's index score in the second quarter of 2024 amounted to 86.2, meaning that income growth has outpaced house price growth. Most of the countries in the Euro area observed the opposite trend, with house prices having risen at a faster pace than income.

Between December 2017 and October 2024, the residential property price within the Italian municipality of Bologna showed an upward trend. In October 2024, an average of 3,536 euros per square meter was requested for residential properties for sale, compared to 2,672 euros per square meter in December 2017. Moreover, the average property sales price in Bologna was higher than the national average.

The average residential property sold in North-East Italy measured 114.5 square meters in 2023. With an average size of 101.3 square meters, properties sold/purchased in the North-West of the country were the smallest. Moreover, properties in Central Italy measured on average 105.4 square meters.