What has happened
The prices for the secondary housing in Italy have slightly decreased by 0.2% in January 2024 compared to the previous month, reaching €1,836 per square meter. This is evidenced by the data from the Idealista house price index. However, the annual price change remains positive (+1.8%) compared to 12 months ago.
The decline of property prices is likely due to a slowdown on the real estate market in the second half of 2023, which was impacted by higher mortgage rates.
The regions:
- 10 regions experienced a decline of house prices, including Molise (-0.8%), Lombardy (-0.7%) and Sardinia (-0.6%).
- 7 regions showed house price increases, led by Valle d'Aosta (+1.9%), Veneto (+1.4%) and Trentino-Alto Adige (+1%).
- Trentino-Alto Adige remains the most expensive region for property buyers (€3,057 per sq.m.).
- Molise is the most affordable region (€892 per sq.m.).
The provinces:
- 51 provinces experienced a decline of house prices, 47 showed an increase, and 7 showed stability.
- The largest declines were registered in: Oristano (-4%), Enna (-2%), Nuoro (-1.7%).
- The most significant increases were in: Rovigo (+3.9%), Belluno (+3.6%), Agrigento (+2.3%).
- Bolzano is the most expensive province for property buyers (€4,541 per sq.m.).
- Biella is the most affordable province (€630 per sq.m.).
The cities:
- 58 cities experienced an increase of house prices, 41 - showed decrease.
- The most significant increases were in: Rovigo (+3.9%), Treviso (+2.6%), Lecce (+2.5%).
- The most notable declines were registered in: Enna (-4.3%), Macerata (-3.1%), Nuoro (-2.6%).
- Milan is the most expensive city for property buyers (€4,986 per sq.m.).
- Ragusa is the most affordable city (€725 per sq.m).
The Italian property market was more or less stable in January 2024, with prices experiencing only slight declines.
The real estate prices are expected to remain stable or slightly tick up in 2024.
Source: Idealista
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