Residential real estate in Italy - statistics & facts

The Italian residential real estate market stagnated for the second consecutive year in 2023, but growth is expected to resume in 2024 and continue until 2028. By 2028, the value of housing transactions is forecast to increase by approximately 10 billion euros. In Italy, an overwhelming majority of the population lives in owner-occupied homes, and houses or flats are considered a safe investment. North-Western Italy – the region of cities such as Milan, Turin, and Genoa - is the most dynamic macro-region in the country, concentrating one-third of transaction activity in the housing market. In particular, the region of Lombardy registered the highest number of transactions and transaction value.

How have house prices developed in recent years?

According to the Italian House Price Index, house prices decreased between 2010 and 2015 and have plateaued since, with a slight uptick in 2022. The record-low interest rates since the onset of the coronavirus (COVID-19) pandemic led to an unprecedented housing market boom worldwide, and although the effect was more modest in Italy, house prices rose by 3.8 percent in 2022. Property prices differ widely, with regions in northern Italy significantly more expensive than those in the south. In the two least affordable regions – Aosta Valley and Trentino South-Tyrol, the price of residential properties per square meter exceeded 2,500 euros in 2022. In the historical center of Rome, the average house price was over 7,000 euros per square meter, and in the central district of Milan, it went as high as 10,000 euros per square meter.

How much does renting a home cost in Italy?

Despite the cultural attitude towards homeownership, young people find it difficult to afford to buy a house and are forced to rent instead. In October 2023, renting a dwelling in Italy cost approximately 12.7 euros per square meter, on average. Renting is more common in the largest cities where properties are pricier and competition is fierce. For example, a rental home in Milan cost 10 euros per square meter above the national average in 2023. Most likely due to the pandemic, the number of rental agreements in the Italian residential market decreased in 2022 but remained above 2020 levels.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jan 10, 2024

Key insights

Number of residential real estate transaction in Italy
748.5k
Growth in number of residential real estate transactions in Italy
4.7%
Homeownership rate in Italy
74.3%
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Editor’s Picks Current statistics on this topic

Average price for residential real estate for sale in Milan, Italy, in October 2023 (in euros per square meter)

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Average price for properties for sale in Milan, Italy 2023, by area

Mortgage interest rate in Italy from 1st quarter 2013 to 1st quarter 2023

Mortgages & Financing

Average mortgage interest rate in Italy 2013-2023, per quarter

Average price for residential real estate for sale in Rome, Italy, in October 2023 (in euros per square meter)

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Average price for properties for sale in Rome, Italy 2023, by area

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