Cost of an apartment in Italy
The cost of apartments and houses in Italy is significantly influenced by the region and, accordingly, the city in which they are located. Unlike many countries, where the difference between prestigious real estate and housing for the middle class varies, but not tenfold, in the Apennines the situation is completely different.
The average cost of apartments in Italy is 2-3 thousand per square meter, but it is not possible to purchase liquid real estate for this amount in Tuscany or on the Ligurian coast.
A modest one-bedroom apartment in central Italy will cost one hundred to two hundred thousand euros, although Russians who ask how much an apartment in Venice costs are surprised that prices in the famous city of canals start at two hundred thousand. However, it should be borne in mind that their increase depends not only on factors standard for all countries, but also on proximity to world-famous attractions. In this case, those wishing to settle in this beautiful city will have to pay much more – up to ten thousand per square meter.
Another feature of Italian residential real estate is a fairly large number of settlements where the share of luxury housing is high. These are, first of all, Rome, Florence and Milan; An illustrative example is also Naples, which is usually classified as a poor city in the south, although in terms of prices in the historical center it surpasses many other cities – in particular, the capital of Liguria, Genoa.
You can find out in detail about the cost of real estate in Rome and Milan from our articles:
In connection with all of the above, answering the question of how much an apartment costs in Italy can only be done, at a minimum, by choosing a region of the country. The cheapest real estate here is concentrated on the island of Sicily, Calabria and Trieste.
Dilapidated housing in need of renovation will in any case cost less than a thousand euros per square meter. However, they were approximately the same before the crisis began, so there is practically no cheap, high-quality secondary real estate left in Italy, and luxury housing will always find its buyer.
How much does it cost to rent an apartment in Italy?
In cases where there is not enough finance to buy an apartment in Italy (on average, you should focus on the range of 200-300 thousand euros for an apartment with 1-2 bedrooms), or the client does not plan to spend much time in the country, the solution is to rent a home.
The amount that gives an idea of how much it costs to rent an apartment in Italy, as in the case of purchasing real estate, is determined by the region of the country. The easiest and cheapest way to do this is in the southern part of the Apennine Peninsula, since many homeowners do not resort to concluding a contract, thus trying to save a very impressive amount of tax – one of the highest in the EU.
Tourists will have to pay the least for rental housing in Calabria (4.8 euros per 1 sq.m.), Molise (5.6 euros per 1 sq.m.) and Sicily (6 euros per 1 sq.m.), although most vacationers are flocking to the central and northern coasts, not paying attention to the completely different price level. In almost half of the Italian regions at the beginning of this year, the rental price exceeded ten euros per square meter, and the upward trend that began three and a half years ago will continue in the near future. The undisputed leader last year was the Valle d’Aosta region – almost 20.5 euros per 1 sq.m., although among large cities this title is held by Milan, where renting just one room or a small studio will cost about 500 euros.
For comparison, in Rome such a pleasure will cost 20% less, and such inflated prices are mainly aimed at students who come to study from other countries of the world.
In addition to Milan, a study conducted by the Italian portal immobiliare.it helps to find out how much it costs to rent an apartment in Italy (when it comes to large cities). According to his data, the top ten also included:
- Florence – 15.5 euros per 1 sq.m.
- Rome – 13.8 euros per 1 sq.m.
- Bologna and Venice for 12.6 euros per 1 sq.m.
- Naples – 11.0 euros per 1 sq.m.
- Verona – 9.5 euros per 1 sq.m.
- Genoa – 8.0 euros per 1 sq.m.
- Turin – 7.9 euros per 1 sq.m.
- Bari – 7.7 euros per 1 sq.m.
Cost of houses in Italy
Another type of residential real estate that is quite widespread in Italy are detached houses, which include not only villas, townhouses, chalets, but also real palaces and castles, often located on their own islands.
The cost of houses in Italy, as in the case of apartments, is determined by many factors, but it was the Italians who were among the first to set the price of 1 euro for 1 house. However, one should not delude oneself about this, since such real estate objects are in disrepair, and small dying and crumbling towns with a population of no more than ten thousand people are taking such a step.
If a potential buyer is asked “how much does a house cost in Italy?” local realtors will give the answer “1 euro”, this should not be considered at all as a joke or mockery of a foreigner. There are such houses in Sicily and Sardinia, in Lazio and even in Tuscany, and every year a complete list of settlements is published that are ready to take part in this action.
Despite the fact that many wealthy foreigners can afford to reconstruct a building without changing the appearance of its façade, the vast majority are inclined to purchase an already “finished product.” And in this case, the choice will be much wider, and the price may well compete with the old family castle, which the owners decided to get rid of due to a catastrophic lack of funds.
The cost of a house in Italy can only be determined on the spot by comparing the stated price with the location, services offered and surrounding infrastructure. Italy is a country so diverse that in one region (for example, on the south and east coasts) a villa with standard amenities and a small garden will not cost more than half a million euros, and in the north or west this figure can be safely multiplied by 3-4 times, and such real estate will not yet be considered elite.