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Purchasing a well-maintained home in Italy varies significantly from city to city.
Prices range from around €190,000 in Palermo to as high as €550,000 in Milan, not counting central areas where average prices per square meter soared to €10,775 as of June 2024.
According to an analysis by Abitare Co., a company specializing in real estate brokerage and services, Italy shows one of the lowest price increases (+8.8%) compared to other European countries, just above Finland (+5.5%).
Despite the challenges, the falling ECB interest rates could bring renewed hopes for homebuyers relying on mortgages, thereby stimulating property demand.
To put things into perspective, buying a house in Palermo costs about €190,000, while in Milan, one requires an average of €550,000.
This translates to an average of €1,900 per sqm in Palermo versus €5,500 per sqm in Milan.
Abitare Co.’s study across eight major Italian cities reveals that Milan is the priciest location with an impressive 49% price increase over the past decade (including inflation), far exceeding the national average of +8.3%.
Rome follows closely with a price of €4,400 per sqm, although it has seen a negative trend, experiencing a 13% price drop in the same period.
Currently, home prices are 29% lower than the peak observed in May 2012.
If one were to have the full amount for a property purchase, they could buy two homes of the same size in either Genoa or Palermo thanks to lower average prices of €2,200 and €1,900 per sqm, respectively, leaving extra cash for renovations or other investments.
Here are the average prices for a used 100 sqm house in good condition across eight major Italian cities:
Source: Abitare Co.
studies based on Eurostat data
While property prices in cities like Milan and Rome may seem excessive, purchasing a 100 sqm house abroad can be even pricier.
An examination of nominal average price trends in the last decade across 27 EU countries reveals an average increase of 66.6%, with sharp rises in countries like Hungary (+168%), Lithuania (+114.2%), Czech Republic (+111.7%), and Portugal (+105.7%) where prices more than doubled.
Here’s a snapshot of 100 sqm house prices abroad:
In the ranking of house prices among capital cities in the 27 EU countries, Milan and Rome sit at 8th and 13th places, respectively.
The most affordable cities listed include Tallinn (€150,000), Sofia (€170,000), and Bucharest (€180,000).
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