Property resorts in Tuscany leads the ranking of the most expensive cities in Italy. Bistonia Estates LLC analysis will help you assess the market prospects
AVENTURA, FL, UNITED STATES, April 4, 2024 / — Bistonia Estates LLC analyzed 100 municipalities in Italy and ranked the most expensive and most sought-after cities in the country. The first place was taken by the resort town of Forte dei Marmi, which is located in Tuscany. About eight thousand people live there, and the purchase of housing will cost one and a half million euros on average. Yet Bologna won as the most searched among others.
Analysts compiled ratings based on ads and queries in the fourth quarter of 2023. After Forte dei Marmi, the municipality of Pietrasaanta, which is also located in the Tuscany region, in the province of Lucca, followed by a wide margin. More than 24 thousand people live there, and real estate usually costs about 600,000 euros.The third place in the rating chart is taken by Alassio in Liguria – more than 471,000, and on the fourth is Milan, where housing costs 467,415 euros on average. In the top ten most expensive cities, of course, are both Venice and Florence. Surprisingly, Rome ranks 25th in the list of the most expensive cities in Italy, with expenses indicated at almost 300,000 euros.
Bologna and Cagliari turned out to be the most popular cities. Per the Idealista webpage which has been used as a popular reference for comparison. They are followed by Trieste, Milan and Naples. TOP-10 is also occupied by Verona and Rome, Lecce, Brescia and Ferrara taking their respective places.
Our experts report that the Italian real estate market, residential and commercial, grew in 2023 by 22%, to 11.7 billion euros – compared to 2022. The highest profitability when buying a home for rent is observed in provincial capitals, Belluno and Ragusa are in the lead – 11% and 10.4%. Milan, the surroundings of lakes Como and Garda are becoming more and more attractive to foreign investors. Some activity of buyers is also noted in Rome, Turin and Florence. At the same time, according to the Idealista portal, the yield of housing in Italy fell from 7.8% at the end of 2021 to 7.4% in the fourth quarter of 2023. However, in some cities the figures are above average – for example, in Belluno 11%, in Ragusa – 10.4, Bielle – 9.9%. In Naples, the profitability reaches 5.9%, in Bologna – 5.7%, in Rome – 5.6%, and in Milan – 5.1%. The lowest income comes from real estate in Cuneo and Salerno – 4.4%.
As described Italy will remain a quite attractive place for living and long-term investments even considering the instability that the world currently faces.
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Greg Miller
Bistonia Estates LLC