Comparing the data recorded in May 2024, the luxury home market in Italy (+1%) does not follow the trend of the overall real estate market (-0.5%) when it comes to property prices. The most exclusive properties (those within the top 10% of the most expensive stock) appear to have a market of their own. Let’s explore the situation in detail across different areas of the country.
The most expensive homes in Italy
The Italian province with the highest increase in prices for luxury homes (representing the top 10% of the most expensive property stock on the market) is Aosta (15.3%). This is followed by the provinces of La Spezia (10%) and Lecce (9.4%), where the local tourist appeal might have an impact.
Completing the top ten provinces with the most notable increases in luxury home prices are Parma (+9.1%), Verona (+8.5%), Belluno (+8.3%), Siracusa (+8.2%), Cuneo (+7.8%), Lecco (+7.7%), and Messina (+7.3%). More generally, prices for homes in the 90th percentile (a statistical term used to identify properties in the top 10% of the most expensive stock available) have increased in 63 out of 97 provinces for which data is available. Prices have remained unchanged in 20 provinces.
Turning to the major provinces, Venice saw an increase in the luxury segment (+4.8% compared to +1.4% for the overall real estate market), Naples (+3.6% compared to +1%), and Milan (where the difference is even more pronounced: +2.7% compared to -0.5%). In the Roman province, values for the most exclusive properties remain unchanged (whereas the rest of the market recorded a -1.9% annual change in May 2024). Prices for prime homes have decreased in Bologna (-1.3%).
Luxury home prices in provincial capitals
In the provincial capitals analysed, prices for high-end properties have increased in 58 cities. Aosta and Sassari stand out for the highest annual increases, at 16.8% and 16.7%, respectively. They are followed by Verona (16.3%), Pescara (13.9%), and La Spezia (13.2%). Among the major markets, Rome recorded a modest increase of 1.3%, while Milan's values have remained unchanged over the past 12 months. Naples, however, saw a decline of 2.6%.
Conversely, in 26 provincial capitals, the price of homes in the 90th percentile has decreased. The most notable declines were recorded in Isernia (-10.7%), Udine (-10.2%), and Viterbo (-8.9%). Prices remained unchanged in 11 provincial capitals for which data is available.
Regarding the relationship with the rest of the market, in 50 out of 94 cities for which data is available, the prime segment has grown more compared to the overall market. The most significant difference is observed in Cuneo, with a reduction of 4.8% in the overall market and a 10% increase in the top segment, followed by Sassari (+3% in the overall market and +13.6% in the 90th percentile) and Verona (+3.9% in the overall market and +16.3% in the 90th percentile).
Methodology
To carry out this study, the idealista team compared the price per square metre in May 2023 and 2024, using the same sample as for the idealista House Price Index, but focusing the analysis on the 90th percentile of each market analysed.