The Tuscan real estate market closed the year 2022 with prices rising slightly, by 0.4% compared to 2021. This is stated by the index of pre-owned house values drawn up by idealista's statistics department, part of the leading real estate portal in Italy, according to which buying a house in Tuscany costs an average of 2,364 euros/m2, with a positive variation of 1% in the fourth quarter. Let's find out more about buying property in Tuscany and how much it costs to buy a house in one of Italy's most beautiful regions.
Property for sale in Tuscany: Provinces
Property prices in Tuscany's provinces show a predominantly positive trend with six areas that saw their prices rise during 2022. The greatest rises were in Livorno (2.3%), Prato (2.2%) and Florence (2%). Grosseto (1.5%), Arezzo (0.6%) and Lucca (0.3%) also saw house prices increase, while Massa Carrara (-1.7%), Siena (-1.2%), Pisa and Pistoia (both -0.1%) all saw prices slightly decrease.
The most expensive province in which to buy a property in Tuscany is Lucca, with prices averaging at 3,073 euros per square metre, followed by Florence (2,975 euros/m2) and Grosseto (2,421 euros/m2) with prices above the national average. Arezzo (1,398 euros/m2) and Pistoia (1,472 euros/m2), on the other hand, are the cheapest provinces for purchasing property in Tuscany.
Property for sale in Tuscany: Cities
Prices have been on the rise in all of Tuscany's main towns and cities, with the exception of Lucca (-3.5%) and Siena (-0.6%), which recorded the only decreases on an annual basis. The series of rises saw house prices in the markets of Arezzo (5.4%), Prato (4.2%) and Grosseto (3.4%) grow the most. More contained increases in other Tuscan cities ranged from 2.6% in Pisa to 0.7% in Pistoia and 1.5% in Florence.
When it comes to how much it costs to buy a house in Tuscany, Florence is confirmed as the city with the most expensive unit price per square metre, with an average asking price of 3,969 euros. The regional capital is streets ahead of all the others when it comes to house prices, and is followed by Siena (2,943 euros/m2) and Pisa (2,478 euro/m2), and dropping to 1,634 euros per square metre in Pistoia, the cheapest city in Tuscany.
According to Vincenzo De Tommaso, head of idealista's statistics department: "2022 marked the end of low rates on mortgages and a slowdown in demand which was more accentuated in the last quarter, while prices continued to rise.
2023 will be affected by economic instability and uncertainty due to the Russian-Ukrainian conflict, the energy crisis, rising commodity prices and soaring inflation, with many potential buyers having to postpone their property purchase in Italy.
We anticipate a longer time to market for properties and a drop in purchases and sales compared to 2022, while prices will cool down but will not change much. This will not be an even process and areas with less demand will experience these trends earlier and more strongly. Lower-medium real estate is likely to experience the biggest declines over the next year".