In September, demand and supply in the real estate market began to rise. In Milan, prices exceeded €5,300 per square meter.

In September 2023, the average cost of purchasing housing in Italy is 2,122 euros per square meter, but when it comes to real estate inMilan, the price exceeds 5,300 euros. This is evidenced by the monthly study of the Italian real estate market from Immobiliare.it Insights, which pertains to real estate transactions in September 2023.

Cities where the cost of purchasing housing is the highest.

There are no significant differences in housing prices across the entire peninsula. The national difference is 0.2% compared to the previous month (3.2% compared to the same period last year), with a slight difference between the North (0.6%) and the Central-Island macroregion (-0.2% and -0.1%).

Areas
Price delta
Northwest 0.6%
Northeast 0.6%
Center -0.2%
South 0.1%
Islands -0.1%
ITALY 0.2%

The average national price per square meter, however, is the result of very different realities. While in the Center and North of the country, prices per square meter significantly exceed 2,000 euros, in the South and on the islands, they range from 1,300 to 1,500 euros.

Areas
Average value €/m2
Northwest 2,266 €
Northeast 2 €197
Center 2,389 €
South 1,548 €
Islands 1,340 €
ITALY 2,122 €

The supply is growing: all of Italy is returning to a positive position. In August, the supply decreased by almost 9 percentage points across all geographical areas, especially in the Northwest and Central regions by 10%. In September, the situation changes dramatically, with a positive national average of over 9% (9.1%). The areas that experienced a significant decline in the previous month are recovering: Northwest (10.5%) and Center (10.1%), followed by South (8.1%), Northeast (6.9%), and Islands (6.5%).

Areas
Delta of the proposal
Northwest 10.5%
Northeast 6.9%
Center 10.1%
South 8.1%
Islands 6.5%
ITALY 9.1%

Demand is also increasing. A similar situation occurred with demand, which significantly decreased in August due to seasonality, but began to rise again in September, peaking at 25.2% in the Northwestern region. The national average exceeds 20 percent, specifically 21.3%.

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Demand is growing everywhere, but less noticeably in the islands, where it stands at 8.2%.

Areas
Delta of demand
Northwest 25.2%
Northeast 14.7%
Center 26.5%
South 17.0%
Islands 8.2%
ITALY 21.3%

Large cities versus small centers. Average rental payments are stabilizing somewhat, with a slight increase in both large cities and small centers: 0.4% for centers with a population of over 250,000 (3,250 euros per square meter) and 0.2% for centers with a population of less than 250,000 (1,797 euros per square meter). However, the difference between large cities and small centers significantly increases when considering supply and demand. In cities, there is a rush towards purchase agreements, where demand has risen by 33.4% compared to August (but with a decline of -4.1% compared to the same period last year). Small centers are holding steady at 11.6% (-0.3% compared to September 2022).

Areas
Delta of demand
plus 250 thousand people 33.4%
less than 250 thousand people 11.6%

At the same time, supply is also increasing: +20.8% in centers with a population of over 250,000 people and +6.4% in centers with a population below this mark.

Areas
Delta of the proposal
plus 250 thousand people, 20.8%
less than 250 thousand people 6.4%

Milan, Rome, and other regional centers. Milan confirms its title as the most expensive city in Italy. The cost of purchasing real estate is 5,301 euros per square meter. For the first time, the threshold of 5,300 euros has been surpassed: in August, the price was 5,271 euros per square meter. The silver medal goes to Bolzano (4,657 euros/m2, a slight decrease from 4,684 euros/m2 in August) and Florence (4,125 euros/m2, which was 4,130 euros/m2 in August). Among regional centers, the cheapest is Catanzaro, with a price of 988 euros per square meter.