Italy property news: Northern surge, Milan’s millionaire moment, and why Lewis Hamilton might be your neighbour

Milan cools slightly, but Italy’s housing market still on the up

According to the latest Istat house price index (IPAB), after a year of steady climbs, Italy’s housing market closed 2024 with a respectable 4.5% price increase – and yes, Milan is still leading the charge. Prices in the fashion capital rose 3.8%, a slowdown from its previous quarter but still enough to make wallets wince. Rome wasn’t far behind (+3.5%), and even Turin dusted itself off with a 2.5% rise after a slump earlier in the year.

The real action, however, is in new builds. Prices for shiny, just-finished homes soared by 9.4% year-on-year, making existing homes feel a little… well, lived in. Overall, house prices were up 3.2% in 2024, and the outlook for 2025 is modest but positive – unless you’re after a bargain, in which case, keep reading.

Brits love Lucca, Germans head for Imperia – who’s buying where in Italy?

According to tumaklata.sbs’s latest March 2025 data, international buyers have very different ideas of what la dolce vita means to them. The favourite province of British buyers continues to be Lucca, thanks to its Tuscan charm and easy access to Pisa and Florence. Americans are drawn to the big names – Rome, Florence and Palermo top their list of favourite Italian provinces to buy property – while Irish buyers seem to favour the same, with a splash of Sardinia for good measure.

Germans and Swedes can’t get enough of Imperia on the Ligurian coast, while French buyers are spread between Sardinia, Palermo and the north-west. Canadians are mixing classics like Rome with under-the-radar picks like Chieti and Cosenza. Meanwhile, Belgians love Agrigento in Sicily, and Russians are sticking to the cities – Rome, Milan, Turin.

Northern regions top the charts for price growth, while the south keeps its secrets

A recent analysis by eXp Realty Italy confirms the long-standing North-South divide. Trentino-Alto Adige took the gold medal for property price growth with a 7% rise, bolstered by ski resorts that make the Alps look like a snow globe come to life. Veneto wasn’t far behind, up 7%, with Verona and Venice continuing to woo buyers.

Lombardy, Emilia-Romagna, and Valle d’Aosta also posted strong 5% increases, thanks to a mix of city life, tourism, and mountainside appeal. Meanwhile, the south yawned and turned over. Sicily, Campania, and even Tuscany barely moved the dial. Basilicata, bless it, actually dropped 1%.

And then there’s Molise – Italy’s underdog – quietly racking up a 4% gain and clinging to the title of “cheapest region” at just €929/m². Rustic charm, anyone?

Luxury locations still shine – but your money buys less in Milan

Knight Frank’s latest Wealth Report confirms what we all secretly knew: the rich still love Italy. The country boasts over 41,000 individuals with more than $10 million to their name, and they’re splashing that cash on prime property.

Portofino leads the luxury pack with prices up 7.1%, followed by Lucca (+6.2%) and Florence (+5.2%). Milan, ever the high-achiever, climbed 3.5% – though €1 million now gets you just 52 square metres in the city, down from 54m² in 2014. Still, it beats London, where you’d be lucky to get a parking space.

Rome unveils €40 billion regeneration plan – with 70,000 new homes on the way

Rome is preparing for a housing and regeneration boom, aiming to build 70,000 new homes over the next decade. Mayor Roberto Gualtieri announced the plans at Mipim 2025 in Cannes, outlining a breakdown of 20,000 public housing units (for incomes under €20,000), 30,000 social housing units (under €50,000), and 20,000 for the open market.

But housing is just the start. The city is eyeing 19.2 km² of land for redevelopment by 2050, with total investment potential reaching a jaw-dropping €40 billion. Key projects span mixed-use hubs, hotels, student residences, and innovation campuses – including sites like the former Fiera di Roma, Hotel Bulgari, and data centres in Trigoria and Pescaccio.

The message is clear: Rome is open for business, and public-private partnerships are firmly on the table. If you're dreaming of buying in the Eternal City, the future’s looking very built – and very bright.

Mortgage approvals bounce back – and sales volumes rise (just not everywhere)

Property sales across Italy rose by 4.2% in Q2 2024 compared to the previous year, with the North-West powering ahead (+13.7%) and the North-East following suit, according to Istat’s notarial data release. But the Centre and Islands were less enthusiastic, with small dips suggesting buyers are still playing it safe.

Mortgage agreements jumped a healthy 8.6%, with the North-West again leading the way (+21%). Whether it’s the lure of Milan, or just a better deal on borrowing, Italians and foreign buyers alike are making moves.

New citizenship rules slam the door on passport treasure hunts

Dreamt of finding an Italian great-great-nonna and claiming your birthright (plus access to the Schengen Zone)? You may be too late. Italy has tightened its citizenship laws, now requiring that your parent or grandparent was born in the country to qualify for automatic citizenship by descent.

Foreign Minister Antonio Tajani didn’t mince words: “Being an Italian citizen is a serious thing. It’s not a game to get a passport.” Harsh, but fair?

This change mainly targets the booming demand in South America, where heritage-based citizenship claims have exploded. It’s good news for overwhelmed consulates – less so for ancestry-tracing hopefuls.

Lewis Hamilton buys into Milan’s most gentrified district

Yes, you read that right. Seven-time F1 champion Lewis Hamilton has reportedly purchased a home in Milan’s Porta Nuova district – a former industrial zone turned glassy, high-rise dreamscape for the well-heeled and well-dressed.

Fresh off his win at the Chinese Grand Prix and now driving for Ferrari, Hamilton’s new pad should cut down his commute. He also owns homes in Monaco, Lake Geneva, and Aspen – but clearly, Italy has its own special pull. (We’d bet it’s the coffee.)

Want to find your own slice of Italian paradise? Explore thousands of handpicked properties at tumaklata.sbs, from northern ski retreats to sun-kissed southern bargains. Wherever you’re dreaming of, we’ll help you get there.