04/09/2024 - In Italy, over the past 10 years, nominal house prices have risen by 8.3%. Only Finland performed worse. Eastern Europe is booming.
Milan is the 8th most expensive city in Europe, Rome ranks 13th. Luxembourg, Paris and Amsterdam top the list for highest prices.
From 2014 to 2023, the average increase in nominal prices (including inflation) across the 27 EU countries was 66.6%, while in Italy it was only 8.3%. Hungary (+168%), Lithuania (+114.2%) and the Czech Republic (+111.7%) are the countries with the largest increases. Finland is last (+5.5%).
Among the 8 major Italian metropolitan cities, Milan recorded a ten‑year price increase of +49%, while Rome has lost about 13%.
The most expensive capitals among the 27 EU countries for purchasing a 70 sqm used home in good condition are Luxembourg (€791,000), Paris (€707,000) and Amsterdam (€532,000), while the cheapest are Tallinn (€105,000), Sofia (€119,000) and Bucharest (€126,000).
Among the 8 Italian metropolitan cities, again for a 70 sqm used property, prices are €385,000 in Milan and €308,000 in Rome. Florence requires €231,000, Bologna €206,500, Turin €175,000, Naples €171,500, Genoa €154,000 and Palermo €133,000.
Over the past ten years in Europe, considering the 27 EU Member States, nominal house prices (including inflation) increased by 66.6%. According to Abitare Co.’s analysis — based on Eurostat data — Italy is among the countries with the lowest price growth (+8.8%), ranking second to last just above Finland (+5.5%). In the national ranking, Eastern European countries dominate the top positions: Hungary (+168%), Lithuania (+114.2%) and the Czech Republic (+111.7%), all showing triple‑digit increases. In total, Eastern Europe accounts for ten of the top twelve positions. Exceptions are Portugal (+105.7%) and the Netherlands(+83.2%). Compared with France (+31.2%), Spain (+47.6%) and Germany (+49.2%), Italy’s growth remains far behind.
Looking at the performance of major Italian metropolitan cities, Abitare Co.’s analysis shows that only Milan recorded a price increase significantly above the national average over the last decade (+49%). It is followed by Bologna (+33%) and Florence (+19%), and then Naples (+2%). Conversely, Rome shows a ten‑year decline of about 13%, as does Genoa (–33%), Turin (–5%) and Palermo (–21%).
How does the ranking change when considering sale prices in the capitals of the 27 EU Member States, including Milan? All Eastern European cities move down, leaving room for Western capitals.
To purchase a 70 sqm used home in good condition, the most expensive cities are Luxembourg (€791,000) and Paris (where the average price of €10,100 per sqm sets the total at €707,000). Above €500,000 are also Amsterdam (€532,000) and Stockholm(€504,000), followed by Vienna (€483,000), Copenhagen (€455,000) and Helsinki (€416,500).
Milan and Rome rank 8th and 13th respectively, with €385,000 and €308,000 for a 70 sqm property.
The most affordable cities among the 28 countries analyzed are Tallinn (€105,000), Sofia (€119,000) and Bucharest (€126,000).
Extending the analysis to the 8 main Italian metropolitan areas, a 70 sqm used home in good condition costs €231,000 in Florence and €206,500 in Bologna. All other cities — Turin (€175,000), Naples (€171,500), Genoa (€154,000) and Palermo (€133,000) — would rank near the bottom of the European classification, similar to cities such as Athens, Bucharest or Sofia.
For further information:
Abitare Co | Tel. +39 02 48.95.84.16
Via Savona, 52 · 20144 Milano (MI)
info@abitareco.it | www.abitareco.it
