Luxury second homes in Italy are no longer a niche part of the market. They have become an established segment of the national property market, with sustained growth and an increasingly recognised role as a strategic wealth asset for investors and high-net-worth families.
This is one of the findings in Il mercato del pregio in Italia: fra prime e seconde case (“Italy’s high-end market: primary and second homes”), a report published by Patrigest and Santandrea, part of the Gabetti Group. It presents data, rankings and analysis of Italy’s leading high-end tourist destinations, pointing to a market that has reached a more mature stage.
- The market above €1 million: up 103% in ten years, with second homes at 75%
- The exclusivity index: Cortina first, Capri second and Forte dei Marmi fourth
- Mountain homes: Cortina reaches €7,950 to €10,200 per m²
- Seaside homes: Portofino at €13,600 per m²
- Lake Como: the leading destination for international HNWIs
- Quality, efficiency and turnkey homes: the new benchmark for high-end property
The market above €1 million: up 103% in ten years, with second homes at 75%
The clearest sign of the market’s transformation is the growth in residential property transactions above €1 million. Sales rose from 2,952 in 2016 to 5,982 in 2025, an overall increase of 103% over ten years. The figures show a structural shift in the scale of Italy’s luxury property market.
Homes not used as a primary residence are driving much of that growth. In 2025, second homes accounted for 75% of transactions above €1 million, with 4,481 sales in total. Of these, 3,072 were sold by businesses, representing 68.6%, while 1,409 were sold by private individuals, or 31.4%. Primary homes made up the remaining 25%, with 1,501 transactions.
The segment has also proved resilient. Despite cyclical falls in 2020 and 2023, it has consistently recovered strongly, reaching new highs across 2024 and 2025.
According to Luca Dondi dall’Orologio, chief executive of Patrigest, high-end homes are not only lifestyle purchases but strategic wealth assets, used for diversification, protection and wealth preservation.
In a setting marked by financial volatility and economic uncertainty, quality property continues to be viewed as a reliable store of value over time, with scope for capital appreciation in the most sought-after areas.
The exclusivity index: Cortina first, Capri second and Forte dei Marmi fourth
The report introduces an index of high-end property concentration, measured on a scale of -1 to 1, which identifies the comuni or municipalities where supply is most heavily concentrated in the upper end of the market. Tourist destinations dominate the ranking, with only Milan, Florence and Venice appearing among the top 30 urban centres.
Cortina d’Ampezzo leads the national ranking, with the highest concentration of high-end homes among mountain destinations. The boost linked to the recent Olympics has strengthened the town’s international profile.
- It is followed by Capri in second place, Sorrento in third, Forte dei Marmi in fourth and Courmayeur in fifth.
The top 15 also includes Pinzolo in sixth place, Amalfi in seventh, Dobbiaco in eighth, Canazei in ninth, Sperlonga in tenth, Torri del Benaco in eleventh, San Vito di Cadore in twelfth, Piano di Sorrento in thirteenth, Alassio in fourteenth and Campione d’Italia, on Lake Como, in fifteenth.
Mountain homes: Cortina reaches €7,950 to €10,200 per m²
In the Dolomites, Cortina d’Ampezzo has the highest prices in the mountain segment. Prime property reaches €10,200 per m², while high-end homes stand at €9,250 per m². Entry-level prices remain above €7,950 per m².
Demand is concentrated around detached villas of roughly 300 m², with terraces overlooking the Dolomites, a garage and a fireplace. These features are considered essential among high-end buyers.
High-end homes account for 32% of total stock, with average selling times of six to eight months and relatively limited discounts of 5% to 10%. The most sought-after format is a four-room apartment measuring between 150 and 200 m².
Courmayeur, meanwhile, is the alpine market with the quickest rate of absorption among all the destinations analysed in Italy. Sales take just four months on average, with discounts ranging from 0% to 5%. Demand consistently outstrips the supply of quality homes, particularly for detached chalets and panoramic loft apartments with a ski room.
Prime homes in Courmayeur reach €8,550 per m², while high-end properties reach €7,800 per m². Its strategic proximity to Milan and international airports is an important driver, while the 23% rise in American buyers in the Mont Blanc area during the most recent winter season confirms its growing international pull.
Seaside homes: Portofino at €13,600 per m²
Among coastal destinations, Portofino sets the highest figure in the report: €13,600 per m² in the prime segment. High-end properties stand at €12,400 per m², while entry-level prices remain above €10,600 per m².
It is the most expensive second-home market analysed, and the only Italian destination where even the entry point sits above €10,000 per m². Demand comes largely from families and business owners in northern Italy, typically with budgets ranging between €900,000 and €1.5 million. Sea views, usable terraces and a private garage are key requirements. Garages are particularly scarce in Liguria, so they carry a considerable premium.
High-end homes make up 27.2% of available stock, with average selling times of six to nine months and discounts between 8% and 10%. The preferred format is a four-room apartment measuring between 120 and 200 m².
Forte dei Marmi is the other major player in coastal luxury property, with prime prices at €12,200 per m² and high-end values at €10,700 per m². It also has the largest share of high-end stock among the tourist destinations analysed, with 34% of available homes falling within the premium segment.
- International demand, including a particularly noticeable return from American buyers, focuses on detached villas with swimming pools and turnkey beachfront homes.
- Selling times typically stand at six to eight months, with discounts of 5% to 10%.
- Demand is divided between villas above 250 m² and three-room apartments measuring between 100 and 120 m².
In Sardinia, the market is sharply divided. Gallura and the Gulf of Arzachena attract foreign investors, mainly Americans and northern Europeans, with budgets above €3 million.
Buyers expect turnkey homes in developments with exclusive services such as golf courses and private swimming pools, while direct access to the water is considered essential in transactions at the highest values.
In Arzachena, prime property reaches €6,000 per m². High-end homes make up 22.5% of available stock, with average selling times of six to eight months and discounts ranging between 8% and 13%.
Lake Como: the leading destination for international HNWIs
Among Italy’s lakes, Lake Como is the most exclusive destination internationally and the one seeing the fastest growth in overseas demand. This is linked to the combined effect of the flat-tax regime for new residents, along with its strategic proximity to Milan and international airports.
Campione d’Italia reaches €8,950 per m² in the prime segment, while several municipalities, including Vercana, Menaggio, Moltrasio and Bellagio, exceed €5,000 per m² even at entry level.
- The typical buyer looks for an independent villa with a garden of around 300 m², with lakeside homes especially sought after.
With average budgets of €1.5 million to €3 million, demand often exceeds the supply of quality homes. Price reductions are close to non-existent, particularly in deals involving overseas investors. High-end properties account for 26.7% of total stock.
Quality, efficiency and turnkey homes: the new benchmark for high-end property
Perhaps the most significant finding from the demand analysis is a shift in buyer priorities at the top end of the market. As Flavio Angeletti, Managing Director of Santandrea Gabetti Group, observes, location remains fundamental, but attention is gradually moving towards the overall quality of the property itself.
Homes that bring together a good setting, energy efficiency, construction quality, day-to-day comfort, services and technological innovation are receiving the strongest interest.
Five features stand out as essential across mountain, coastal and lake destinations:
- panoramic views, without which deals at the highest prices tend not to close
- usable outdoor spaces such as terraces, gardens and balconies with worthwhile views
- a private parking space or garage, especially scarce and highly valued in Ligurian locations
- turnkey homes with high-end finishes, home automation and strong energy performance
- privacy and security through concierge services, controlled access and an exclusive setting
In terms of home size, the analysis of demand for properties valued between €6,000 and €10,000 per m² points to a structural imbalance for smaller homes. One-bedroom flats account for 43% of enquiries, while they represent 33% of homes on the market. The gap suggests scope for repositioning through new development and refurbishment projects aimed at the premium market.
