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.

According to a December 2024 study, Venice was the most expensive city in Italy to book an overnight stay in a four-star hotel, with an average price per night of roughly 197 euros. Florence reported the second-highest figure that month, with an average price per night of 176.5 euros.

This statistic illustrates the most expensive cities to rent a double room in Italy in 2017. According to the study results, Milan was the Italian city with the highest housing costs: renters paid on average 368 euros per month per person in a double room, not including utilities. The second most expensive city was Rome (305 euros/person), followed by Siena (269 euros/person) and Bologna (259 euros/person).

This statistic illustrates the average room rates in the top 12 most expensive travel destinations in Italy in 2017. According to the study, Venice was the most expensive destination in the country (139 euro per night for a hotel room), followed by Milan (116 euro per night) and Florence (108 euro per night).

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 500 euros: renters paid on average 573 euros per month in 2019, not including utilities. The second most expensive city was Rome (448 euros), followed by Bologna (447 euros) and Florence (433 euros). The city with the lowest average monthly rent was Catania with 211 euros for a single room.

In 2023, a square meter of retail space in Venice cost on average 4,301 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 4,069 euros. When looking at office space, Venice boasted again the highest prices in Italy. In this real estate segment, second in the ranking was Rome, followed by Milan. 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 6,000 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 19 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.

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.

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.

In 2023, 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 Bologna. Overall, cities in southern Italy offered lower prices: office space in Catania, for example, cost on average 1,330 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 4,301 euros in 2023, approximately 500 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 4,070 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 4,122 euros per square meter; one in Rome approximately 3,330 euros per square meter.

Mortgage interest rates in Italy decreased substantially between 2013 and 2021 before rising in the following years. The second quarter of 2024, the mortgage interest rates amounted to 3.55 percent - lower than the rate in the same period in the previous year. A slowly recovering market Despite not reaching the pre-crisis levels, an increase in the number of transactions in the residential real estate market as well as the volume of mortgages stipulated for house purchase indicate a positive trend for the sector in Italy. Homeownership in Italy reached 73.7 percent in 2021, one of the highest rates in Western Europe. Low interest rates, especially when compared to other European countries, and decreasing house prices led to a renewed interest in the real estate market in Italy. Milan, an attractive destination for investments In recent years, more than in the past, 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. This ability to grow and innovate was also reflected in the real estate market, which was the most dynamic in the country. Transactions in residential real estate in Milan increased steadily since 2012, except for 2020, and so did prices: some areas of the city are among the most expensive in the country to buy a property.

According to an October 2024 study, the most expensive ski destination in Italy was Cortina d'Ampezzo at an average price of roughly 234 euros a day, which included the cost of a ski pass and accommodation. Second in the ranking was Val Gardena (Gröden) at around 213 euros a day.

This statistic illustrates the top seven most expensive beach destinations in Italy in August 2017, ranked by the charged daily fee. According to the study, the most expensive beach destination in Italy was Marina di Pietrasanta, where renting a gazebo could cost up to a thousand euro per day. Venezia (410 euro per day) and Porto Cervo (400 euro per day) were the second and third most expensive destinations, respectively.

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.

As of December 2023, Bolzano in Trentino-South Tyrol reported the highest average price of a cappuccino among the selected Italian cities, at 1.97 euros. In contrast, the city with the least expensive cappuccino in the ranking was Rome, where this drink cost an average of 1.27 euros as of that month.

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.

In 2018, Rome was the most expensive city where to get married in Italy. In fact, planning a wedding in the Italian capital cost on average 17,820 euros, while Naples followed in the list, as the average cost for a wedding in this city was roughly 17,400 euros. Palermo ranked third with 17,150 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.

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.

This statistic illustrates the average daily prices of short-term rentals in selected Italian cities in the period from the second half 2016 to the second half 2017. According to the study, the most expensive city for short-term rentals was Venice, where renting a flat cost on average 228 euro per day in the second half of 2017.

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.