Prices for used items in Italy decreased by 0.2% in January. Opportunities for different cities.

The cost of used residential homes in Italy slightly decreased by 0.2% in January, reaching 1,836 euros per square meter, according to the latest price index from the leading Italian real estate portal, idealista. At the same time, the annual change remains positive at 1.8% compared to the figure from a year ago. The price adjustment is likely related to the slowdown in the real estate market in the second half of 2023, which was caused by rising mortgage rates. It is possible that a greater number of sellers are lowering prices to attract buyer interest, a trend that may continue throughout 2024.

The main trend at the regional level is a decrease in prices in 10 regions. The most significant declines are observed in Molise (-0.8%), Lombardy (-0.7%), and Sardinia (-0.6%). However, in 7 regions, the opposite trend is noted, with significant growth, such as in Aosta Valley (1.9%), Veneto (1.4%), and Trentino-Alto Adige (1%). Prices in Emilia-Romagna, Liguria, andTuscany remain stable in January compared to the previous month, December. In terms of prices, Trentino-Alto Adige confirms its position as the most expensive region, where the average price in January was 3057 euros per square meter. It is followed by Aosta Valley (2648 euros/m²), Liguria (2495 euros/m²), andTuscany (2330 euros/m²), all with prices above the national average of 1836 euros per square meter. Lombardy (2160 euros/m²) and Lazio (2127 euros/m²) are also above this average. In contrast, prices in the other 14 regions range from 1834 euros in Emilia-Romagna to 892 euros in Molise, which is below the national level.

At the provincial level, there is a slight predominance of areas with falling prices this month: 51 provinces recorded a decline compared to 47 that saw an increase, and 7 where prices remained stable. Among the provinces that experienced the largest drop in January, Oristano (-4%), Enna (-2%), and Nuoro (-1.7%) stand out. Other declines were noted in 48 provinces, ranging from -1.4% in Benevento to -0.1% in Alessandria.

At the city level, a contrasting trend can be observed compared to the overall housing price trend: the predominance of areas with positive changes (58 capitals) compared to those that registered a decline in January (41). This trend is mainly associated with Rovigo (3.9%), Treviso (2.6%), and Lecce (2.5%). Among the major urban markets, more significant growth is seen in Naples (1.1%) and Palermo (1%); Florence (0.3%) andRome (0.2%) also ended the month with a positive outcome, whileMilan remained stable. A slight decrease is observed in Bologna (-0.1%) and Turin (-0.4%). The most significant price drops are noted in Enna (-4.3%), Macerata (-3.1%), and Nuoro (-2.6%). Milan, with a price of 4986 euros per square meter, continues to be the most expensive city in Italy in January, reaching its historical peak since 2012 when the idealista index was introduced in Italy. It is followed by Bolzano (4520 euros/m²) and other major Italian capitals such as Venice (4415 euros/m²), Florence (4035 euros/m²), Bologna (3575 euros/m²), andRome (3022 euros/m²). Another 35 cities have prices above the national average, ranging from 2970 euros in Trento to 1846 euros in Savona. Lower prices are observed in all other cities, with figures starting from 1832 euros in Turin to 725 euros in Ragusa, the most affordable city in Italy for purchasing housing.