A new study has revealed that the average house price of a property in Italy is cheaper than in Spain or Portugal. Let’s dig into the details.
Working in US dollars, My Dolce Casa discovered that the average house price in Italy is $380,000 for a 2,000 square foot home (or $190 per square foot). Over in Spain, the average house price is $400,000 ($200 per square foot). Out of the three, Portugal is the most expensive. The average house price is $512,000 ($256 per square foot). All three are highly desirable locations for overseas buyers with their mix of culture, beaches and cosmopolitan cities. Having said that, the data shows that those looking for the most affordable dose of European sun should cast their net to Italian real estate.
Moreover, house prices in Italy are stable, having increased only by 1.8% in the last year.
Where in Italy do homes cost the most?
Trentino-South Tyrol.
Of course, Italy is not a monolith, and the price of property varies hugely across the country.
The most expensive region to buy a home is Trentino-South Tyrol. The most northern part of Italy, Trentino-South Tyrol borders Switzerland and Austria. German is widely spoken here. Home to the magnificent Dolomites, Trentino-South Tyrol is incredibly scenic. Skiing, cycling and hiking are all popular pastimes. The average 2,000 square foot metre home costs $578,000 ($289). Furthermore, real estate prices have increased by 8.2% in the last year.
The second most expensive region is the Aosta Valley, where a 2,000 square foot will be sold for $500,000. Aosta Valley is an Alpine valley which borders both France and Switzerland. The highest point in all of Italy, Mont Blanc, is located here.
Unsurprisingly, the dynamic city of Milan has the highest property prices. There, a square metre home costs an average of $1,028,000 for a 2,000 square metre house, or $514 per square foot.
Where in Italy do homes cost the least?
Molise.
But if those amounts make you swoon, don’t worry, Italy has plenty of more affordable locations. The most budget-friendly region is Molise, where the average 2,000 square metre home costs €178,000 (€89 per square foot). Funnily enough, Molise is famous for not existing, it is often forgotten about by overseas buyers and Italians alike. But don’t let that put you off, it is well worth a look in. Located in central Italy, and on the small side, Molise is one of Italy’s twenty official regions. With 35km of pretty coastline, a formidable 11th century castle, Italy’s narrowest street A Rejecelle (34 cm), majestic mountains, characterful villages, and very affordable property prices, Molise could be the Italian secret that you unlock the potential of.
Sliding into second place, in Calabria, the average house costs $188,000 (€94 per square foot). Calabria is positioned in the southwest – or Italy’s toe. It has an untamed feel and is a great choice for anyone who is truly interested in owning a home away from other expats and holidaymakers.
Then, the third most affordable homes can be found in Sicily. The cost of an average 2,000 square foot is €212,000 (€106 per square foot). Unlike Molise and Calabria, Sicily is well-known and adored as the triangular shaped island at the bottom of Italy’s boot. Gorgeous vineyards, picturesque beaches, Mount Etna – there’s a lot to love about Sicily.
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