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!
Biccari, Italy: 'We have set up an online catalogue of houses from 1 to 30,000 euros'
The village of Biccari is located in Apulia, in the province of Foggia. A town of 2,600 inhabitants with a medieval feel, it is surrounded by rich and fertile nature (such as Lake Pescara and Mount Cornacchia). Here the 1 euro house project is struggling to get off the ground because people coming from abroad prefer to buy homes in a better state of preservation, and not in need of such serious work. We talk about this with the mayor, Gianfilippo Mignogna.
Italy property auctions: Italy's top properties for sale at auction
If you're thinking about buying a house in Italy in 2024, one way to get a great deal is to buy a property up for auction. Property auctions in Italy, known as "aste immobiliari," are a common method for buying and selling real estate, and often allow you to save a considerable amount of money on the purchase of a home. Italian property auctions usually mean the chance to buy a property for 20-30% less than its market value.
1 euro houses in Italy 2024: Zungoli joins for the fourth time
When did you start with this project? And why?
House price boom in Naples: 11.5% increase in one year
The real estate market in Naples is showing a strong increase, with pre-owned house prices rising by 2.6% in the first quarter of 2024, bringing the average price to 2,823 euros per square metre. This increase corresponds to a year-on-year rise of 11.5%, highlighting the vibrancy of the residential sector in the Neapolitan city. Let's take a closer look at the data.
Prefab houses in Italy: a world to discover for all tastes and budgets
Far from constructions of the future, prefabricated houses are becoming an increasingly popular housing option in Italy and across the world. Far from the clichés of the past, prefab homes in Italy now offer an increasingly wide range of customisation and originality. Whether they are made of wood, concrete or steel, prefabricated modules are attracting a lot of attention and provide a viable alternative for those in search of a second home for the holidays, but that's not all. idealista/news s
Cheap houses in Italy by the sea under 100,000 euros
Spring is here and many people are longing to get away to the sun. With this, the dream of buying property in Italy by the sea could become a reality for many in 2024. While inflation and the rising cost of living is on the minds of many, there are plenty of bargains to be found in Italy, and even a selection of real estate in Italy under 100,000 euros.
