North-East Italy stands out for its cities of immense cultural value and its unspoilt natural landscapes. But how is the high-end property market performing in this part of the country? Insights come from the “Market Report Italy 2025” by Engel & Völkers Italia, produced in collaboration with Nomisma. According to the report, the market in these areas presents a varied landscape, with dynamics that reflect the unique characteristics of each location.
Tourist destinations—particularly in the mountains—are attracting buyers with strong purchasing power, while urban and coastal areas show a more stable trend, with increasing focus on energy efficiency and outdoor spaces.
Cortina d’Ampezzo and Madonna di Campiglio
According to the report, Cortina d’Ampezzo stands out for its exceptionally high prices, with an average of €19,000 per square metre for refurbished homes in the most sought-after areas, and peaks reaching €24,000 per square metre for new or recently renovated properties. This is largely driven by strong demand for second homes—which account for 87% of the market—and growing interest in the upcoming 2026 Winter Olympics, which is opening up new investment opportunities.
Madonna di Campiglio also records similarly high prices, ranging from €11,000 to €14,000 per square metre for refurbished properties, with top-end prices hitting €18,000 per square metre in the most exclusive areas. Here, demand is driven primarily by second homes (around 60% of the market), and foreign buyers—especially British and German—make up 20% of transactions.
Brunico, Bressanone, Bolzano, Merano and Trento
In Brunico and Bressanone, first-home purchases represent 60% of the market, with prices varying considerably. The same applies to Bolzano, where values range from €5,000 per square metre up to €20,000–€25,000 per square metre for chalets in the Alpe di Siusi. In the city itself, prices range from €4,200 to €10,000 per square metre.
In Merano, foreign demand is significant—around 80% of buyers are non-Italian—with average prices at around €5,000 per square metre.
In Trento, meanwhile, average prices range between €5,000 and €6,000 per square metre in both the historic centre and the residential district of Bolghera.
Venice, Verona and Treviso
In Veneto, the report highlights that prime properties in Venice average around €12,000 per square metre, with peaks of up to €20,000 in the most prestigious areas, and a general market average not below €5,000 per square metre.
In Verona, average prices in the historic centre and prime areas range between €4,500 and €7,500 per square metre, while Treviso shows slightly more moderate prices.
Trieste
In Friuli-Venezia Giulia, around three-quarters of property transactions in Trieste are for primary residences. Prices for refurbished homes range between €2,700 and €4,000 per square metre.
Bologna, Parma, Rimini and Riccione
In Emilia-Romagna, notable cities include Bologna and Parma, as well as iconic coastal locations such as Rimini and Riccione. In Bologna, the most prestigious areas—such as the historic centre, Giardini Margherita, the Murri district and the hills—have average prices for refurbished homes ranging between €3,500 and €5,500 per square metre.
In Parma, a refined city in Emilia, prime areas include the historic centre and the Cittadella, where refurbished homes are priced between €3,500 and €4,000 per square metre.
Along the Riviera Romagnola, Rimini sees prices ranging between €2,800 and €4,600 per square metre in prime locations such as Marina Centro and the historic centre, while Riccione commands higher averages of €5,000 to €6,500 per square metre in seafront areas and along Viale Ceccarini.
Outlook for 2025
So, what does the outlook for 2025 suggest? According to the report, a stabilisation of prices is expected, along with an increase in property transactions across many areas, supported by falling mortgage interest rates. Over time, there is growing attention towards the quality and energy efficiency of homes, with potential price reductions for properties in need of renovation.
In Cortina d’Ampezzo, the supply of homes for sale may remain limited, as many owners may prefer to rent out their properties in the run-up to the Olympics.
Finally, in Venice, strong interest is expected to continue for second homes used privately and for prime-location properties.