04/06/2025 – Abitare Co.’s analysis of the residential market in ten mid‑sized Italian provincial capitals.
Over ten years, both the average selling prices of new or fully renovated homes (+22.9%) and property transactions (+59.7%) have risen.
When discussing the residential real estate market, Milan and Rome are not the only cities standing out. Over the last decade, mid‑sized cities have also shown significant growth. According to the analysis by Abitare Co.’s Research Center – a real estate services company specialized in new residences – the market in the ten mid‑sized Italian provincial capitals recorded, in 2024 compared to 2014, a 59.7% increase in transactions and a 22.9% rise in average selling prices for new or fully renovated homes, reaching an average of 3,460 euros per square meter.
These numbers highlight the growing dynamism of the real‑estate market in these geographic areas. What factors are driving this growth? Among them are the rising demand for first homes from residents, growing interest in second homes and rental investments—especially in high‑tourism‑value areas (such as Salerno and Verona)—and smart working, which has led many families and professionals to prefer medium‑sized cities over large, more crowded and expensive urban centers.
Comparison among the 10 mid‑sized cities: sales and prices
Looking at the details of the 10 mid‑sized cities, over the ten‑year period (2014–2024), transactions increased in all cities, though at different rates: L’Aquila (+94%), Novara (+81%), Bergamo (+80%), Padova (+73%), Parma (+51%), Cagliari (+46%), Modena(+44%), Verona (+42%), and Salerno (+19%).
On the price front, the strongest growth was recorded in Verona (+41.2% and €4,500/sq m), followed by Parma (+31% and €3,850/sq m), Padova (+30% and €3,500/sq m), Modena (+25.2% and €3,450/sq m), Bergamo (+23.2% and €4,150/sq m), L’Aquila (+19.2% and €1,800/sq m), Cagliari (+18.2% and €3,950/sq m), Novara (+17.5% and €3,150/sq m), Salerno (+12.6% and €4,300/sq m) and Perugia (+10.8% and €1,925/sq m).
Focus Salerno
In Salerno, in 2024 the average selling prices of new or fully renovated homes amounted to €4,300/sq m, with values ranging from €3,600/sq m to €5,000/sq m. This represents a +1.9% increase compared to 2023 and +12.6% over ten years. Over the decade, sales increased by +19%, although there was a slowdown compared to the previous year (–11.2%).
The most sought‑after areas are Centro Storico, Teatro Verdi, and Torrione, with higher prices, while areas like Casa Manzo and Giovi are more affordable.
Facing the Tyrrhenian Sea and serving as a gateway to the Amalfi Coast, Salerno has become increasingly attractive in recent years thanks to its mild climate, cultural heritage (supported by events such as Luci d’Artista, the cruise port, and proximity to UNESCO sites), and strategic position between Naples and the Amalfi Coast. According to recent data, international tourism has grown by 12% year‑on‑year, driven mainly by visitors from Northern Europe and the United States.
Focus Bergamo
In Bergamo, in 2024, average selling prices for new or fully renovated homes reached €4,150/sq m, with values from €1,800/sq m to €6,500/sq m. This represents +2.8% growth compared to 2023 and +23.2% over ten years. Over the decade, sales grew +80%, and +10.5% compared to the previous year.
Demand is sustained not only by families but also by students and professionals, with growing attention to redeveloping peripheral areas.
Beyond the positive numbers, Bergamo shows particularly strong growth potential. It is a significant example of post‑industrial transition and urban regeneration in Italy. After the contraction of its manufacturing industry and the decommissioning of industrial areas in the city and nearby municipalities (Seriate, Dalmine), Bergamo successfully diversified by focusing on advanced services, healthcare excellence (the Papa Giovanni XXIII Hospital), cultural and religious tourism (Città Alta, UNESCO‑listed Venetian walls), and logistics thanks to its proximity to the Orio al Serio airport.
Focus Verona
In Verona, in 2024, average selling prices for new or fully renovated homes reached €4,500/sq m, with values ranging from €2,000/sq m to €7,000/sq m. This marks +2.7% growth compared to 2023 and +41.2% over ten years. Over the decade, sales increased +42%, although there was a decline (–3.8%) compared to the previous year.
The city benefits from strong tourism demand, with a particularly active second‑home market and strong investor interest.
Focus Parma
In Parma, in 2024, the average selling prices of new or fully renovated homes were €3,850/sq m, with values ranging from €3,100/sq m to €4,600/sq m. This represents +2.8% compared to 2023 and +31% over ten years. Over the decade, transactions rose +51%, while remaining stable (–0.5%) compared to the previous year.
Demand is driven by students and professionals, with a high quality of life appealing to families.
Beyond the overall positive numbers, Parma shows interesting growth potential, being a significant example of urban regeneration—such as in the San Leonardo area, where redevelopment projects include the former Bormioli industrial site.
Focus Modena
In Modena, average 2024 selling prices for new or fully renovated homes were €3,450/sq m, ranging from €2,800/sq m to €4,100/sq m. This represents +4.3% compared to 2023 and +25.2% over ten years. Over the decade, transactions grew +44%, though they declined (–3.5%) compared to the previous year.
The city benefits from strong demand linked to industry and innovation, with increasing attention to sustainability and quality housing.
Modena also shows interesting growth potential and is a significant example of urban regeneration in Italy.
Focus Perugia
In Perugia, average 2024 selling prices for new or fully renovated homes were €1,925/sq m, ranging from €1,050/sq m to €2,800/sq m. This represents +2.3% compared to 2023 and +10.8% over ten years. Over the decade, sales increased +67%, although there was a slight decrease (–0.8%) compared to the previous year.
Demand is supported by students and a growing second‑home market, thanks to the city’s natural beauty and tranquility. Perugia shows interesting growth potential and is an example of urban regeneration, thanks to the PINQuA program (National Innovative Program for Housing Quality), which includes projects funded with about 30 million euros, later incorporated into the NRRP.
Focus L’Aquila
In L’Aquila, in 2024, average selling prices for new or fully renovated homes reached €1,800/sq m, with values ranging from €1,100/sq m to €2,500/sq m. This represents +5.6% compared to 2023 and +19.2% over ten years. Over the decade, transactions increased +94%, and +19.7% compared to the previous year.
The real‑estate market has grown far more than in other large metropolitan areas, with strong interest in new construction and energy‑efficient homes, in line with rising demand for “green homes.” Post‑earthquake reconstruction after 2009 has significantly influenced the market, with some areas benefiting from investment and development, while others—such as the “New Towns”—still face challenges related to distance from the city center and infrastructure quality.
Focus Cagliari
In Cagliari, average 2024 selling prices for new or fully renovated homes were €3,950/sq m, ranging from €2,900/sq m to €5,000/sq m. This represents +3.7% compared to 2023 and +18.2% over ten years.
Over the decade, sales increased +46% and +6.3% compared to the previous year.
The central and coastal areas remain the most sought‑after, while peripheral zones offer more affordable opportunities.
Focus Novara
In Novara, average 2024 selling prices for new or fully renovated homes were €3,150/sq m, ranging from €2,200/sq m to €4,100/sq m. This represents +3.2% compared to 2023 and +17.5% over ten years. Over the decade, transactions increased +81%, although they decreased (–5.6%) compared to the previous year.
Outlook for 2025 suggests stable prices, with a potential further increase in transactions supported by growing attention to building sustainability.
Focus Padova
In Padova, average 2024 selling prices for new or fully renovated homes were €3,500/sq m, ranging from €2,100/sq m to €4,900/sq m. This represents +2.4% compared to 2023 and +30% over ten years. Over the decade, transactions rose +73%, and +8.8% compared to the previous year.
The significant rise in selling prices is influenced by strong demand and limited supply. Interest in energy‑efficient and newly built homes continues to grow, positively affecting the market.
For more information:
Abitare Co | Tel. +39-02 48.95.84.16
Via Savona, 52 20144 Milano (MI)
info@abitareco.it | www.abitareco.it
