Want to buy a house in Rome or Milan? Cheap neighborhoods in and around the city.

ECB policies have raised interest rates to 4.5%, making access to mortgages increasingly difficult. The difficulty of Italians in buying a home is also confirmed by data from the Agenzia dell'Entrate Observatory of the second quarter of 2023, which shows a 16% drop in purchases and sales of residential real estate.

Especially in big cities, those who want to buy a home tend to look for properties outside the center. Let's find out in which areas ofMilan andRome are the cheapest places to buy, both in the city and in the suburbs.

The latest house price report

compiled by the Idealista research department for August 2023, showed a decrease of 0.2% compared to the previous month, to an average price of 1,857 euro/m2. However, on an annualized basis, the trend in house prices is 2%.

The most expensive city isMilan, with a price of €4,979/m2, whileRome ranks sixth with an average price of €3,000/m2.

The most affordable neighborhoods to buy a house in and aroundMilan

InMilan, Italy's most expensive city to buy a home, it's worth moving to the province to save money on residential property.

Among the municipalities monitored with a large number of offers to form the database, there are several municipalities in the Milanese suburbs where it is possible to find offers with requirements well below the average for the Milanese capital (4,979 euro/m2).

The cheapest municipality in the Milanese suburbs to buy a house among the main ones is Magenta, where the average requirement of sellers is 1,560 euro/m2.

In the municipalities of Bollate, Paderno Duniano, Cinicello Balsamo, Rho, Melignano, San Juliano Milanese, Trezzano sul Naviglio and others, the average price does not exceed 2,500 euro/m2.

The most expensive, but still below theMilan average, are Segrate (€3,201/m2) and Assago (€3,563/m2).

It is also worth noting the city where the lowest average demand for real estate is 2,607 euros/m². Following that are Baggio (2,797 euros/m²) and Forlanini (3,014 euros/m²). In total, there are 12 districts that remain below the city's average value.

InRome

The average price of housing (€3,000/m²) is significantly lower than inMilan. However, the context of the capital also presents a similar situation to the analysis of the Milan market, with the lowest requirements that can be found in the province, as one can easily imagine.

The cheapest municipality in the Roman suburbs for buying a house with the lowest average price is Velletri (€1,452/m²). It is followed by Ardea (€1,500/m²) and Mentana (€1,506/m²).

The average price of homes for sale is also less than 2,000 euros/m2 in Tivoli, Guidonia Montecelio, Nettuno, Fontenuova, Genzano di Roma, Anzio, Civitavecchia, Pomezia, Albano Laziale, Cerveteri, and Monterotondo.

In the city, on the other hand, the only area where the average demand is less than 2,000 euros/m2 is Roma-est-Autostrada (1,897 euros/m2).

Within the price range of 2,500 euros/m2, there are also listings for sale in Labaro-Prima Porta, Giustiniana-La Storta-Olgiate, Casal Palocco-Infernetto, Lido di Ostia, and Casalotti-Selva Nera-Valle Santa.

Overall, prices in 14 districts are below the city's average.