According to a report published by the biannual Residential Property Market Observatory by Immobiliare.it Insights, the average cost of buying a house in Italy is currently €2,125 per square meter, showing a 2.5% increase compared to the beginning of 2023. During the same period, rental prices have increased by 5.4%. It is interesting to note that Milan, one of Columbus International‘s reference markets, is the most expensive location for both buying and renting properties. Despite a decrease in demand and an increase in supply in the Italian real estate market, housing prices continue to rise in the first half of 2023.
The Residential Property Market Observatory by Immobiliare.it Insights also highlights a decrease in affordability for singles and couples across the country. In major cities, the average cost of buying a house is €3,236 per square meter. However, demand has decreased by 2.9% in the last semester, while the supply of available properties on the market has increased by 8.3%. Regarding rentals, rental prices remain higher in major cities, with an average of over €16 per square meter compared to €10 in smaller cities. However, smaller cities show a higher growth rate (+8.1% in the semester) compared to larger cities (+5.5%). Milan confirms its position as the most expensive city for buying a house, with an average price exceeding €5,250 per square meter, followed by Bolzano, Florence, Bologna, and Rome. Additionally, Milan is also the most expensive city for rentals, with an average of €22 per square meter, followed by Florence and Bologna.