The annual prime rent for office real estate in Milan, Italy, has increased year-on-year from 2013 to 2024. Rents increased by *** euros since 2020, reaching a value of *** euros per square meter per year in 2024. That was the highest rate recorded during the observation period. Among different European markets, Milan had some of the highest office rents despite a relatively high office vacancy rate.

The average square meter rent in Italy in October 2023 declined from the previous month, but was about 0.7 euros more expensive than the same period in 2022. In October 2023, renters paid on average 12.74 euros per square meter for a rental home. However, renting in some of Italy's northern regions, including Aosta Valley, Tuscany, and Lombardy, was much more expensive. City vs. Countryside It is not a secret that rental prices for residential real estate differ hugely between the city and the countryside. In Italy, Milan and Rome are among the most expensive areas for renters. According to data gathered in 2023, some districts of the two cities boasted an average rental price of over 20 euros per square meter. Southern Italy is more affordable In absolute terms, renting a dwelling in cities in southern Italy is more affordable. Even in the most affluent areas, rents in Palermo were not higher than 11 euros per square meter in late 2023. Moreover, in Naples renting a dwelling could cost between seven and 17 euros per square meter.

Italy Residential Property Rent: Average: Milan data was reported at 150.938 EUR/sq m in 2022. This records an increase from the previous number of 149.616 EUR/sq m for 2021. Italy Residential Property Rent: Average: Milan data is updated yearly, averaging 150.938 EUR/sq m from Dec 2008 (Median) to 2022, with 15 observations. The data reached an all-time high of 172.549 EUR/sq m in 2008 and a record low of 144.632 EUR/sq m in 2016. Italy Residential Property Rent: Average: Milan data remains active status in CEIC and is reported by Nomisma. The data is categorized under Global Database’s Italy – Table IT.EB004: Residential Property Rent.

Milan boasts some of the highest rents for residential real estate in Italy, with prices in the city center exceeding 30 euros per square meter in 2024. Similar average prices were also recorded in the areas of Garibaldi, Moscova and Porta Nuova with an average value of about 29.8 euros per square meter. Renting in Italy Despite being much lower than in Milan, the average rental price for residential real estate in the region of Lombardy was among the most expensive in the country. Renting a house in the southern region of Calabria, the cheapest in the country, cost almost three times less per square meter than in Lombardy. On average, renting a house, flat, or residential property in Italy cost approximately 13 euros per square meter in October 2023. House purchase in Italy The residential real estate market in Italy has struggled since the financial crisis of 2008. In recent years, however, low prices and low interest rates on mortgage loans have helped keep the sector afloat. In fact, the number of transactions has increased steadily since 2013, including purchases for investment, especially in cities.

Renting a bed in a double room is a cheap solution many students and workers resort to when looking for accommodation. This statistic shows the average monthly rent in 2020 in Italian cities that host one or more universities. Milan was the most expensive city to live in in this respect, with an average rent of *** euros per person. Rome came second in the list, with tenants of double rooms spending *** euros each on average. Palermo was the city in which double rooms were the cheapest, with an average monthly rent of only *** euros.

The statistic shows the average monthly rental of furnished dwellings in major Italian cities in 2019. According to the figure, Milan had the highest average rental with ***** euros per month, followed by Rome with *** euros per month. The cheapest city were to rent a flat was Catanzaro, in the region of Calabria, where the average monthly rental amounted to *** euros.

In 2019, via Montenapoleone in Milan ranked as the most expensive retail location in Italy. The average yearly rent in the Milanese luxury shopping street was as high as 13.7 thousand euros per square meter. Via Condotti in Rome came second in the ranking with an average yearly rent per square meter of 12.5 thousand euros. Calle San Moisè in Venice and via Roma in Florence completed the ranking. These shopping locations host the most famous luxury brands worldwide, which also makes them a popular attraction among tourists.

Retail spaces in Italian cities

When considering the average price for retail space in Italian cities, the scenario changes. In 2019, a square meter for retail space in Venice cost on average 4.3 thousand euros, making it the most expensive city in Italy for retailers. Milan, the Italian fashion capital, and Naples followed in the list, with an average price per square meter of 3.5 thousand and 2.9 thousand euros, respectively.

Prices for residential real estate in Italian cities

Considering the average price for residential properties in major Italian cities, the scenario is different once again. According to data from 2020, Milan was by far the most expensive city in Italy to purchase a residential property. In fact, people looking to buy an apartment or a house in the Italian capital of fashion could expect to pay on average 4.7 thousand euros per square meter. Florence followed in the ranking (four thousand euros per square meter), and Rome (3.2 thousand euros per square meter). Venice came fourth: purchasing a dwelling in the island city cost on average 3.1 thousand euros per square meter.

This statistic illustrates the most expensive cities to rent a single room in Italy in 2018 and in 2019. When comparing the two years, it results that average rents increased over time in every city, except for Bari. According to the study results, Milan was the most expensive city in both years, with the average monthly rent for a single room exceeding *** euros: renters paid on average *** euros per month in 2019, not including utilities. The second most expensive city was Rome (*** euros), followed by Bologna (*** euros) and Florence (*** euros). The city with the lowest average monthly rent was Catania with *** euros for a single room.

住宅地产租金：平均：米兰在12-01-2022达150.938欧元/平方米，相较于12-01-2021的149.616欧元/平方米有所增长。住宅地产租金：平均：米兰数据按年更新，12-01-2008至12-01-2022期间平均值为150.938欧元/平方米，共15份观测结果。该数据的历史最高值出现于12-01-2008，达172.549欧元/平方米，而历史最低值则出现于12-01-2016，为144.632欧元/平方米。CEIC提供的住宅地产租金：平均：米兰数据处于定期更新的状态，数据来源于Nomisma，数据归类于全球数据库的意大利 – Table IT.EB004: Residential Property Rent。

In 2024, a square meter of retail space in Venice cost on average ***** euros, making it the most expensive city in Italy for retailers. The ranking presented in the graph shows that Milan, the Italian fashion capital, came second, with an average price per square meter of ***** euros. When looking at office space, Venice boasted again the highest prices in Italy. In this real estate segment, second in the ranking was Milan, followed by Rome. Residential real estate in Venice Venice is not only the most expensive city in Italy for office and retail spaces, but it also boasts some of the highest prices for residential properties. Residential dwellings on the island can fetch up to ***** euros per square meter, with the most expensive areas being the districts San Marco and Rialto. Renting is not very affordable either: a flat in the two districts can cost up to 20 euros per square meter per month, depending on the neighborhood. Why is Venice so expensive? Space in Venice is limited, and the city island became the victim of its own success. Before the coronavirus pandemic struck, the number of overnight stays in Venice had grown twofold since 2003. The unavailability of space for new constructions and the increasing pressure exerted by tourism pushed prices up in all real estate sectors. Due to many tourists visiting from all over the world, it should not come as a surprise that retailers and investors want to seize the chance to own a space in one of the most famous cities in the world.

Giudecca, one of the most popular areas in Venice, had an average rent for residential properties higher than in any other area in 2024. In October, the square meter rent cost on average approximately 20.76 euros per month. Venice ranks among the most expensive cities in Italy to rent residential real estate properties, second only to Milan and Florence, which together with the city island is one of the touristic hotspots of Italy. Renting or buying?  When faced with the choice of buying or renting a house, Italians prefer by far the option of purchasing and therefore owning their own home. Moreover, in the last few years, conditions have been favorable for people willing to purchase a house. House prices in Italy decreased steadily since 2012 and so did interest rates on new mortgage loans, making it cheaper for people to buy their own house or to invest in residential properties.   Residential real estate in Italy  Despite these favorable conditions, the residential real estate market in Italy has not fully recovered since the 2008 financial crisis. However, positive signs can be seen: 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.

In 2024, Venice was the most expensive city to buy office space in Italy: the average price was 3,791 euros per square meter. According to the ranking, the second most expensive city was Milan, followed by Rome, and Naples. Overall, cities in southern Italy offered lower prices: office space in Catania, for example, cost on average 1,345 euros per square meter. Retail space more expensive than office space According to the same report, published by the Italian Revenue Agency (Agenzia delle Entrate), retail spaces are more expensive than office spaces. For example, one square meter for retail use in Venice cost as much as 4,779 euros in 2024, approximately 1000 euros more than office spaces. In Milan the gap was also similar to the one in Venice. Retailers there could expect to pay on average approximately 4,258 euros per square meter, around 600 euros more than the price asked for office spaces. Milan and Rome are prime locations Due to their population size and their role as the leading economic centers, Milan and Rome are the most well-off cities in the country. Thus, it should not come as a surprise that both cities boast the highest prices in all segments of the real estate market. In 2022, a new dwelling in Milan cost on average 4,214 euros per square meter; one in Rome approximately 3,359 euros per square meter.

London's prime high street retail location commanded the highest rents in Europe, with monthly rates reaching a staggering 2,786 euros per square meter in the second quarter of 2025. This figure dwarfs other major European cities, with Milan coming in second at 1,667 euros per square meter. The stark difference in rental prices highlights the premium placed on prime retail spaces in Europe's financial capital, reflecting the city's status as a global shopping destination. While London boasts the highest retail rents, the UK as a whole remains a significant player in retail real estate investment. In 2023, the UK attracted 6.6 billion euros in retail real estate investment, accounting for approximately a quarter of the total investment in the sector across Europe.

In October 2023, Milan was by far the most expensive city in Italy to rent a dwelling. In fact, people wishing to rent an apartment or a house in the city were expected to pay almost 21 euros per square meters. Following in the ranking, came Florence and Bologna with 19.8 and 18 euros per square meter. Rome, the Eternal City, came fifth: renting a dwelling in the Italian capital cost on average 14.8 euros per square meter.