How much does it cost to buy a house in Italy? The country is slowly getting back on its feet after a long and painful recession. The real estate market in Italy is recovering, with the number of property transactions growing, but housing prices are still well below their pre-recession levels. This is good news for those looking to buy property in Italy, as it makes the boot one of the cheapest countries in Europe to purchase a second home.
Property prices in Italy as of 2018 hover between 1,780 and 1,898 euro per square metre (m2), which is equal to between 165 and 176 euro per square foot (sq ft). According to research by idealista, the price of used properties in Italy in 2018 dropped by 3.8% compared to 2017. While house prices have almost recovered to the level they were at in 2004, they are still way under the highs they reached in 2007. This means that in around the last ten years, the cost of buying a house in Italy fell by 6%.
The cost of buying an apartment in an Italian city centre is about 3,550 euro/m2 (330 euro/sq ft). This is almost 16% cheaper than the average price of a flat in the city centre in the UK, which is 4,216 euro/m2 (392 euro/sq ft), and 15% cheaper than Ireland, which is 4,180 euro/m2 (388 euro/sq ft). In this regard, Italy is more than 60% dearer than the United States, where a downtown apartment will set you back the equivalent of 2,179 euro/m2 (202 euro/sq ft).
Where to buy a cheap house in Italy
So what are the cheapest areas in Italy to buy property? Incredibly, in 2018 some regions started putting up listed buildings and old houses for sale for just 1 euro. The idea of these 1 euro houses was to encourage real estate investment in Italy and allow traditional properties to be restored and renovated. These rural Italian villages are the perfect opportunity for anyone looking for a DIY project in Italy.
As of 2018, the cheapest place to buy property in Italy was Calabria, with an average house price of 898 euro/m2, or 83 euro/sq ft). Close behind were Molise (1,044 euro/m2 or 97 euro/sq ft) and Sicily (1,114 euro/m2 or 103 euro/sq ft). Now you know the average price of a house in Italy, there’s nothing stopping you from buying your home in the sun in 2019!