Profitability of different types of real estate in Italy for 2023 has been revealed
January 15, 2024
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Gross returns on residential investments has increased in 2023.
The rating
According to the latest study by Idealista, commercial premises remain the most profitable investment in Italian real estate.
Buying a store in Italy in order to rent it out may provide a gross profit of 12% per annum, which is stable compared to 12 months earlier.
Offices may offer rental yields of 9.8% (9.3% a year ago), while parking garages may offer a yield of 7.1% (a bit down from 7.5% in Q4 2022).
Gross returns on residential property investments has risen in 2023, reaching 8.2% per annum, up from 7.4% recorded at the end of 2022.
Housing
Among the Italian capitals, Ragusa (10.2%), Syracuse (9.5%), Catania and Rovigo (both 8.6%) represent the highest returns for residential property investors. Perugia (8.4%), Messina (8.4%) and Vicenza (8.3%) follow the top-3 with above-average returns for the period.
In contrast, Cuneo (4.6%) is positioned as the least profitable capital for owners, followed by Siena (4.8%), Venice, Rimini and Imperia, where the yields are about 4.9%.
As for the capital markets, the profitability of housing in Naples has reached 6%, Rome - 5.9%, and in Milan - 5.5%.
Retail
The retail sector turns out to be the most profitable in almost all capitals. Venice has the highest yields of 17.8%, followed by Milan (16.9%) and Genoa (16.1%). The study shows that the majority of the markets analyzed (48 out of 86) have demonstrated higher returns than the average level of 12%.
In contrast, only eight markets have recorded profitability below 10%, with values ranging from 7.8% in Enna to 9.5% in Andria.
Offices
The office sector continues to offer interesting returns to investors: Perugia is the leader (9.7%), followed by Rome, Turin and Ancona (9.3% each). In Naples the profitability is 8.9%, and in Milan - 7.1%.
At the bottom of the ranking, the least attractive returns for owners are in Lecce (6%), Pescara (6.2%) and Lucca (6.3%).
Garages
In some capitals, garages turned out to be the least profitable type of real estate for investors. However, there is only one capital where the yield is even lower than when compared to 10-year government bonds (3.8%), and it is in Padua (2.8%).
In contrast, the highest profitability may be obtained in Rome (7.9%), followed by Catania (7.2%), both above the national average. Looking at other markets, the rental yields in Milan are 6.5%, in Turin - 6% and in Naples - 4.4%.
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