Property Prices in Italy

Property Prices in Italy

Italy has long been one of the most popular destinations for expats, but is it still an affordable option when it comes to buying or renting property?

Italy not only has the sun and sea of other favourite expat destinations but also a vivid history, striking architecture, a high quality of life and a distinct cuisine.

Here we see how current average property prices in Italy compare with the UK and take a look at the average property prices in some of the most popular Italian regions.

Comparing the UK and Italy

 

UK

                    Italy

Rent Per Month (Mean) In British Pounds

1 Bed Apartment in City 600.00 489.45
1 Bed Apartment outside City 500.00 367.09

Buy Apartment Price (Mean) In British Pounds

Price per m2 in City

2,309.89 3,670.87
Price per m2 outside City 2,000.00 2,039.37

Salaries and Financing (Mean) In British Pounds

Median Monthly Disposable Salary (After Tax) 1,600.00 1,142.05
Yearly Mortgage Interest Rate in Percentages 4.50 5.00

 

Although renting property is cheaper in Italy than in the UK purchasing property is more costly whilst disposable monthly income is significantly less. However, location is king and property prices can vary greatly depending on the area of Italy you’re considering. To that end we will now compare property prices in 5 of the most popular Italian locations: Rome, Venice, Florence, Milan and Naples.

Before we get down to the figures here are a few quick facts about these locations!

Quick Rome Facts

Rome is often referred to as the eternal city.

The average summer temperature is 24°C while the average winter temperature is 8°C.

Over 700,000 Euro’s are thrown in Rome’s Trevi Fountain every year.

Quick Venice Facts

Venice is divided into six districts (sestieri).

The ‘City on Stilts’ is sinking, each year Venice sinks another 1-2 millimetres.

In Venice the average summer temperature is 23°C. In the winter the average temperature is 3°C.

Quick Florence Facts

Florence is situated on the bank of the river Arno and is the capital of Tuscany.

The Italian polymath Leonardo da Vinci was born in Florence.

The average summer temperature is 25°C while the average winter temperature is 6°C.

Quick Milan Facts

Milan is famed for two things, fashion and football. Fashion houses including Prada, Armani and Gucci have based their headquarters in Milan whilst international football favourites A.C. Milan and Inter Milan are both from the region.

In Milan the average summer temperature is 23°C. In the winter the average temperature is 1°C.

One of Europe’s largest and most prominent Opera houses is located in Milan. Over 2,000 people can be seated in the Teatro alla Scala at one time.

 Quick Naples Facts

Naples sits at the bottom of the hills which enclose the Bay of Naples.

The average summer temperature is 25°C while the average winter temperature is 9°C

There are several surviving medieval buildings in the region, including the Castel dell’Ovo (built in 1274) and the Castel Nuovo (built in 1282),

 

Rent Per Month (Mean) In British Pounds
Rome

Venice

Florence Milan Naples
1 Bed Apartment in Centre 815.75 571.02 693.39 754.56 367.09
1 Bed Apartment outside of Centre 530.24 326.30 571.02 571.02 265.12
3 Bed Apartment in Centre 2,039.37 1,223.62 1,305.20 1,631.50 999.29
3 Bed Apartment Outside Centre 978.90 713.78 1,060.47 978.90 448.66

 

Buy Apartment Price (Mean) In British Pounds
Rome

Venice

Florence Milan Naples
Price per m2 to Buy Apartment in City Centre 8,157.48 5,302.36 4,486.61 6,525.98 4,486.61
Price per m2 to Buy Apartment outside City Centre 3,262.99 1,713.07 3,466.93 2,447.24 2,243.31
Salaries and Financing (Mean) In British Pounds
Rome

Venice

Florence Milan Naples
Median Monthly Disposable Salary (After Tax) 1,101.26 1,295.00 1,156.32 1,496.90 938.11
Yearly mortgage Interest Rate in Percentages 5.00 4.40 5.50 5.44 5.25

 

Whether you’re looking to rent or buy an Italian property Naples came in as the cheapest in every category – apart from three bed apartment purchase price per m2 outside the city centre, which went to Venice.

Whilst Rome is the most expensive option if you’re looking to rent or buy a property within a city centre, property in Florence outside the city centre would cost you more to rent or buy then in any of the other regions we looked at.

Although disposable monthly income was lowest in Naples, surprisingly Rome’s figure wasn’t much higher. After tax residents of Milan have the largest amount of disposable monthly salary available to them.

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