If you’re planning to buy an apartment in Italy then you’ll quickly realize that you’re spoilt for choice when it comes to the cities you could relocate to! Unlike most countries in the world, Italy was only unified in the 19th Century and consequently, there’s a huge diversity among what used to be independent city-states.
Each city has a strong sense of identity and the inhabitants are fiercely proud of their regional traditions, but even as an Expat you’ll be welcomed into the mix with open arms and friendliness. Even so, deciding where to buy an apartment can be a hard choice to make.
Why Are You Buying The Apartment In Italy?
If you’re buying an apartment in Italy as an investment then you will want to select a city that has a stable housing market and a consistent demand for rentals. On the other hand, if you’re planning to relocate to Italy, then you’ll want to buy an apartment in a city that really captures your imagination.
The Best Italian Cities For Buying An Apartment.
The following are the 10 best Italian cities for buying an apartment:
Florence (Region Of Tuscany).
The city of Florence was the birthplace of the Italian Renaissance and is one of the most spectacular cultural and artistic hubs in Europe. Expats from all over the world flock to live in Florence and the city is one of the country’s best loved tourist hotspots.
The historic center of Florence is a treasured UNESCO World Heritage Site and contains unmissable art galleries, museums and boutique stores. It’s also easy to get from Florence to the beautiful surrounding Tuscan countryside, and with excellent public transport you can reach Rome, Milan or Venice by train with ease.
This means that whether you want to live in your apartment or rent it out while you’re away, Florence is probably one of Italy’s best cities to invest in. The prices for an apartment in Florence are quite high compared to the rest of Tuscany, however, you can get a lovely one bedroom apartment for around 250,000-300,000 Euros.
Rome (Region Of Lazio).
As the capital of Italy, Rome is a magnificently exciting cosmopolitan city. With some of the most famous monuments in the world, incredible shopping and more restaurants and cafes than you could visit in a lifetime, Rome is a wonderful place to live.
Of course, Rome is quite an expensive place to buy an apartment with prices starting from around 2,500 Euros per square meter. At the higher end of the spectrum, you should expect prices to be upwards of 5,000 Euros per square meter. You can find a fair sized one bedroom apartment in Rome for 300,000 Euros, although for a nice two bedroomed apartment you should expect to pay 400,000 Euros or more.
The rental market in Rome is extremely stable and so you’ll have no trouble renting out your apartment if you’re out of the country. However, it’s worth warning you that many Expats thought that they would move to Rome for a few years but found that they loved it so much that they never left!
Venice (Region Of Veneto).
Venice, often nicknamed the ‘Floating City’, is located in a beautiful lagoon and is made up of islands that are connected by over 400 bridges and crisscrossed with numerous canals. The city is one of Italy’s top tourist attractions so there’s an awful lot to see and do but it also means that it gets flooded with tourists during the summer months.
Property prices in Venice are quite steep with a modest, one bedroom apartment starting at 300,000 Euros. For larger, more spacious apartments you should expect to pay upwards of 500,000 Euros. If you’re thinking about buying an apartment to live in then it’s worth exploring the options in the less touristy districts where most of the locals live because you’ll have a much higher quality of life and get better value for money.
Milan (Region Of Lombardy).
As one of the world’s four fashion capitals, Milan is a chic cosmopolitan city that is home to thriving financial, design and start-up industries. It’s also the largest metropolitan area in Italy with over 8 million permanent residents. Milan is a great city to relocate to if you’re looking to further your career or make a fresh start abroad. Famous for its wild nightlife and dazzling shopping districts, you can find a good range of apartments in the city at prices to suit most budgets.
A small one bedroom apartment in the suburbs of Milan starts from 200,000 Euros although in the city center a penthouse apartment can easily sell for upwards of 1,000,000 Euros! The city is well connected to the rest of Italy and Europe with its modern transportation system and so it makes the perfect base for any relocating Expats.
Genoa (Region Of Liguria).
This lovely seafront city is one of Italy’s hidden gems and is a wonderful place to buy an apartment. The city is just a stone’s throw away from some of the country’s best coastal resorts but it also has a lot to offer in terms of shopping, culture and work.
Property prices in Genoa are significantly lower than in other comparable cities so you can get an average one bedroom apartment for as little as 150,000 Euros. A nicely sized two bedroom apartment outside of the city center will set you back about 225,000 Euros. Genoa is not necessarily the best city to buy an apartment if you primarily want to rent it out to tourists although the long term rental market is fairly strong.
Turin (Region Of Piedmont).
Located at the foot of the Italian Alps, Turin is an elegant city that is home to beautiful Baroque palaces, designer boutiques and restaurants that specialize in French cuisine. The center of the city is extremely attractive although in the suburbs the scenery is dominated by oppressive apartment blocks.
The price of property in Genoa is very reasonable and you can easily find a one bedroom apartment for as little as 120,000 Euros. The short term letting market is very poor in Genoa so if you’re buying to let then you should be aware that long term tenants are your best option.
Palermo (Region Of Sicily).
Palermo is the capital of Sicily and is also the largest city on the sunny Mediterranean island. Palermo’s architecture has an enchanting mix of Italian and North African influences; and with miles of white beaches and sea views, living in Palermo can often feel like you’re on a permanent holiday.
The city is very popular among Expat retirees and remote workers although the job market is quite bad for locals. This has led to many of the city’s youth leaving for the mainland in search of work and consequently, has put a downward pressure on property prices. As a result properties in Palermo are very cheap with prices for a one bedroom apartment starting at less than 100,000 Euros!
Naples (Region Of Campania).
Naples overlooks Italy’s West coast and is the third largest city in the country. Naples has a slightly rugged and carefree atmosphere and although the city has quite high petty crime rates it has a unique charm of its own. The cost of living in Naples is significantly lower than other Italian cities and there’s plenty to see and do.
Property prices in Naples are surprisingly high though with an average one bedroom apartment costing between 150,000 to 200,000 Euros. A good sized two bedroom apartment will cost upwards of 250,000 Euros. The demand for holiday lets is pretty poor in Naples so if you want to let out your apartment then you’ll have to rely on local long term tenants.
Bologna (Region Of Emilia-Romagna).
Bologna is often overlooked by Expats who are relocating to Italy but the city has an amazing restaurant scene, some great galleries and good shopping districts. The quality of life in Bologna is very high and the city has a nice, easy-going atmosphere.
Property prices in the city are pretty reasonable with a one bedroom apartment starting at about 150,000 Euros and two bedroom apartments selling for 220,000-250,000 Euros. Property prices in the city have been rising steadily in recent years which means that it might be a wise investment for the future.
Perugia (Province Of Umbria).
Perugia is the capital city of Umbria and is filled with stunning churches and magnificent architecture. Perugia is a small city that’s easy to get around on foot and has an elegant historic center. The city has a very Gothic feel and you could easily lose yourself in lovely boutique stores and cafes that line the streets.
Property prices in Perugia are very competitive with a one bedroom apartment starting at just over 100,000 Euros and a two bedroom apartment costing around the 180,000 Euros mark. The city attracts a lot of tourists which is good for short term holiday letting but there’s also a solid long term rental market.
Buying An Apartment In Italy Could Be The Start Of Something Great!
The Italian property market is very stable with a slight upward trend in overall prices. Even so, the prices are extremely low compared to the rest of Western Europe which means you can get a beautiful property without breaking the bank. Property in Italy is a safe investment that you can easily rent out to tourists or locals on a long term basis.
