The cheapest neighborhoods in Rome and Milan: find your dream home!

The European Central Bank has raised interest rates to 4.5%, making access to mortgages increasingly difficult. The difficulties of Italians in buying a home were also highlighted by data from Omia Survey of Ahenzia delle Entrate, which showed a 16% drop in purchases and sales of residential real estate in the second quarter of 2023. Especially in big cities, those who want to buy a home are inclined to look for properties outside the center. Let's find out which areas ofMilan andRome are the cheapest to buy a house, both in the city and in the surrounding areas.

The latest report on property prices, compiled by Idealista's research department and relating to August 2023, showed a decrease of 0.2% compared to the previous month, down to an average of €1,857 per square meter. However, on a year-on-year basis, there was a 2% increase in house prices. The most expensive city is Milan with an average price of €4,979 per square meter, while Rome ranks sixth with a price of €3,000 per square meter.

The cheapest areas to buy a house in Milan are outside of Milan. In the municipalities of the Milanese backwater you can find offers with prices well below the average for Milan. The cheapest municipalities near Milan are Magenta with an average price of 1,560 euros per square meter, followed by Abbiategrasso (1,738 euros per square meter) and Garbagnate Milanese (1,845 euros per square meter). The average price of housing does not exceed 2,500 euros per square meter in the municipalities of Bollate, Paderno Duniano, Cinisello-Balsamo, Rho, Melegnano, San Giuliano-Milanese, Tretzano-sul Naviglio, Colonno-Moncese, Corsico, Arese. The most expensive, but still below the Milan average, are Segrate (3,201 euros per square meter) and Assago (3,563 euros per square meter).

In Rome, the average price of housing (3,000 euros per square meter) is much lower than in Milan. But the situation in the capital is also similar to the Milan market, with the lowest requirements to be found in the province. The cheapest municipalities in the province of Rome to buy real estate are Velletri (1,452 euros per square meter), Ardea (1,500 euros per square meter) and Mentana (1,506 euros per square meter). The average price of houses also does not exceed 2,000 euros per square meter in Tivoli, Guidonia Montecelio, Nettuno, Fonte Nuove, Genzano di Roma, Anzio, Civitavecchia, Pomerzia, Albano Laziale, Cerveteri and Monterotondo. In the city, the only area where the average demand is below 2,000 euros per square meter is Roma est Autostrada (1,897 euros per square meter). Also below the threshold of 2,500 euros per square meter on average there are offers in Labaro Prima Porta, Giustiniana la Storta Olgiata, Casal Palocca-Infernetto, Lido di Ostia, Casalotti-Selva Nera-Valle Santa. In general, prices in 14 neighborhoods are below the city average.