Anyone considering a move to Italy will find huge regional variations in the country’s property market, whether they’re planning to rent or buy.
Appealing tax regimes are attracting working families, retirees and high net worth individuals to Italy, with its property market serving all these groups admirably.
Figures for October 2023 (from Immobiliare) show that the Trentino Alto Adige region in northern Italy was the most expensive place to buy a home, with an average asking price of €3,198 per square metre. Calabria, in the south, was the cheapest, with asking prices averaging €935 per square metre during the month.
In terms of big cities, the Lazio region, home to Rome, saw an average asking price of €2,420 per square metre during October, while Lombardy, home to Milan (and Lake Como), saw an average asking price of €2,314 per square metre.
Over in the UK, the average price per square metre stands at £7,439.50 in London and at £4,555.80 in the South East (according to analysis by Plumplot of properties sold between October 2022 and September 2023). The cheapest region is the North East, with an average price per square metre of £1,881.20.
“The Italian property market offers attractive pricing and excellent value for money, especially in comparison to the relatively higher property costs in the UK. Italy’s property market has been historically stable, and recent regulatory changes have made it easier for foreigners to purchase real estate, making it an appealing option for international buyers,”
said, Valentina Fazzari, Director, Casa Londra.
At the prime end of the market, Italy holds plenty of appeal. According to Knight Frank, 19,730 ultra high net worth individuals (UHNWIs – those with US$30 million or more in net assets including their primary residence) are projected to live in Italy by 2026. Many seek an escape from city life with properties in picturesque locations such as Lake Garda and Lake Como, where a six-bedroom/four-bathroom villa with spectacular views across the water can be snapped up for €3.5 million (through Casa Londra).
Knight Frank observed that the prime residential market in Italy saw prices increase by 6.5% in 2022 – comfortably above the global average of 5.2%. Meanwhile, the firm found that 82% of Italian agents say prices are stable or rising, emphasising the resilience of the market. UNHWIs looking for prime properties can pick up a spacious, stylish two-bedroom apartment overlooking the Basilica of Santa Maria in Trastevere, Rome, for €930,000. A five-bedroom villa with pool in Rome’s Circo Massimo, meanwhile, can be bought for €5.5 million.
For renters, there is again huge variation across Italy. Umbria is the most affordable region, with an average asking rent of 7.30 per month per square metre, while the Aosta Valley region, at €17.93 per month per square metre, is the most expensive, according to Immobiliare’s October 2023 figures.
Of course, knowing where to rent or buy is just part of the equation. Knowing how to do so is also key to a smooth experience. Alessandro Belluzzo, President of the Italian Chamber of Commerce and Industry for the UK, explains:
“Every country has its own processes, requirements and quirks when it comes to renting or buying a home. Those moving from overseas must therefore ensure they do their homework, researching the process in full and understanding the legal obligations, timescales and other essentials. This is one reason we are holding the Moving to Italy Show in London on 28th November – to provide buyers with access to a wealth of information regarding finding the right property when they move to Italy.”
The Moving to Italy Show and Seminar takes place at the Royal Automobile Club, Pall Mall, London on 28th November 2023. Free to attend, with tickets bookable in advance, the show will provide access to expertise on real estate, relocation, finances, lifestyle and other aspects of moving from the UK to Italy.
In addition to presentations, seminars and networking, the show will provide an opportunity for attendees to speak to exhibitors with a detailed knowledge of Italy’s property market and buying process, such as real estate firm Casa Londra and lawyers BonelliErede.