Market Report Italy

Market Report Italy 2025, published by Engel & Völkers, was produced in collaboration with the scientific support of Nomisma.

Market Report Italy 2025

Index

07

EDITORIAL

10

ITALIAN REAL ESTATE MARKET'S OVERVIEW

12

ITALY'S PRIME MARKET NORTHWESTERN

44

ITALY'S PRIME MARKET THE NORTHERN LAKES

58

ITALY'S PRIME MARKET NORTHEASTERN

86

ITALY'S PRIME MARKET CENTRAL

106

ITALY'S PRIME MARKET SOUTHERN AND THE ISLANDS

138 IMPRESSUM

Editorial

Being unique and recognizable is fundamental in any business. Even more so in the high-end market, where every single detail matters and can make all the difference.

Today, I am proud to present, for the first time on a national scale, a project that offers an accurate, in-depth snapshot of Italy’s premium real estate market. An analysis we strongly wanted to carry out in collaboration with an exceptional partner, the Nomisma Research Center: the very first “Italy Market Report”, an unprecedented tool for those who truly want to understand, study and analyze the premium and luxury segments of Italian Real Estate.

Expertise, Exclusivity, and Passion are the values that have always distinguished us, guiding us every day as we continue to affirm our role as a global reference point in the real estate sector. With a presence in 35 countries across 5 continents and more than 1,000 offices worldwide, for over 45 years we have been offering our clients high-level, tailor-made service. Prestigious properties, passionate professionals, solid foundations, and long-term vision are what have allowed us to grow steadily over the years, anticipating trends and proudly affirming our identity: the identity of those who strive daily for continuous excellence.

Following the recent openings of our Market Centers in Bologna and Florence, which now complement our two main hubs in Rome, Italy is one of the few countries where the Direct Business model works alongside a network of around 100 franchised offices across the territory. Despite today’s complex economic landscape and the diversity of the market—which makes each area a unique ecosystem driven by local supply and demand—we have continued to implement our growth strategy organically, closing 2024 with results on the rise both globally and within Italy. Thanks to a solid and well-established business model, we have proven our resilience over the years by investing in people and digital innovation. That’s why we are now ready to face the challenges of the coming years with both dynamism and optimism.

Confident in the value of the analysis we have conducted, we hope to bring meaningful benefits to the real estate market, supporting professionals, entrepreneurs, operators, and clients as they navigate investments, sales, rentals, and acquisitions of mid-to-high-end properties in Italy’s most sought-after locations.

Muhannad Al Salhi CEO Engel & Völkers Italy

History and Growth of an International Brand

The long-standing history of Engel & Völkers began in a villa located on the famous Elbchaussee boulevard in Hamburg. In 1977, Dirk C. Engel founded the company Engel & Cie, which would later join forces with Christian Völkers to create the real estate group that would go on to revolutionize the brokerage industry: Engel & Völkers. The façade of the first residential shop, located in the prestigious Elbe riverside district, has since become a key element of the brand’s identity.

From that moment on, the real estate sector in Germany was transformed through the implementation of a franchise system, the introduction of innovative marketing concepts, and the founding of the company’s own publishing house in 1988: GG Magazine. Over the years, Engel & Völkers has grown into a globally recognized luxury brand. The international expansion began in Spain, followed by Italy and several other countries.

Today, the brand is present in over 35 countries across 5 continents. Engel & Völkers has maintained one constant focus for over 45 years: the pursuit of excellence. In the premium market, every detail matters.

In Italy, the Group currently counts over 100 franchised shops operating in the most sought-after locations and art cities, in addition to a direct business model in the cities of Rome, Bologna, and Florence. In total, the company in Italy includes over 1,300 professionals who embody the core brand values of Competence, Exclusivity, and Passion, offering outstanding brokerage services to an elite clientele.

In 2024, the company reached a net commission revenue of €1.24 billion worldwide, marking a growth of +13%, thanks to the consistent quality of service delivered across all locations where the brand is active.

1,24

Billion Euro

16.700 Team Members

Revenue 2024 Worldwide

+45

Years of Activity

Countries +1.000 5 35

Continents Locations Worldwide

Italian real estate market's overview

Residential Sales

The Italian real estate sector is showing signs of vitality after a period of slowdown caused by the credit crunch. The need to contain the inflationary surge that flared up due to the sudden difficulties in supplying raw materials had, in fact, pushed the world's central banks into markedly restrictive positions and oriented the choices of banking institutions in the disbursement phase in a prudential manner. The sudden loss of bank support had immediate consequences on the purchasing possibilities for a significant portion of aspiring owners and investors, in a context of increasing real estate prices. At the end of 2024, the Italian residential market interrupted its downward trend in purchases and sales. The results of

Residential sales in Italy and forecasts (thousand)

the second and third quarters, with a slight increase (+1.2% and +2.7% respectively), partially offset the negative result of the first quarter (-7.2%), allowing the first nine months to record a minimal annual decline (-1.1%). Subsequently, the fourth quarter confirmed the trend recovery (+7.6%), contributing to a slightly positive +1.3% for the full year.

The market situation is still positioned among the maximums of the decade, with the exception of the two record years 2021-2022, characterized by the postpandemic rebound and extraordinarily advantageous interest rate levels.

In the forecasts prepared by Nomisma last December, it is estimated that the year 2024 closed with a substantial stability of residential transactions (around 707,000; -0.3% per year), thanks to the positive trend that began in Q2,

Source: elaborations on Agenzia delle Entrate data and Nomisma's estimates

which almost entirely offset the negative data of Q1 (fig. 1).

The trend should then consolidate for the entire following three years, with a trading volume expected to be above the threshold of 700,000 units.

The improvement in activity levels in the sales market can also be deduced from the intentions to purchase homes reported by Istat: after the setback recorded in 2024 Q3, in the last part of the year the share of respondents intending to purchase a home in the following 12 months grew.

Price Trends

The new-found dynamism of the market means that house prices are also experiencing an expansionary phase. Despite the slowdown in growth recorded in H2, in 2024 the 13 main Italian markets performed well overall (+1.7%), with a forecast for 2025 of a further 1.3% increase (fig. 2).

However, the intensity of the increase will not yet be enough to compensate for the increase in the consumer price index, which is why, in real terms, house prices will suffer further declines, albeit less than one percentage point per year.

If we analyse the main Italian markets, the picture is very heterogeneous: in 2024 Milan recorded an increase of 0.9%, Rome of 1.4% and Venice of 1.7%. Only Turin suffered a slight decline (-0.5%), while Naples recorded a 2.9% growth.

Real Estate Financing

The expansionary monetary policy decisions confirmed by the European Central Bank also at the beginning of 2025, together with the process of reducing interest rates already started at the end of 2023, have given impetus to the

recovery of loan disbursements for the purchase of homes. The trend in data on the disbursements of new residential loans in Italy, although not yet robust, suggests that the most critical period has been overcome.

The progressive easing of credit access conditions and the slight decrease in the level of interest rates are in fact associated with a return to positive territory in the volume of new loans disbursed in 2024 Q2 and Q3 (+3.3% and +10.5% respectively), compared to a Q1 that was still characterized by sharply declining prices (-19.9%).

Nomisma's forecasts for 2024 show a slight decline in disbursements, which represents the synthesis of the different quarterly trends over the course of the year. The recovery should intensify during 2025, so much so as to record an annual increase of more than 10%, with an estimated volume disbursed just below EUR 42 billion of new contracts, at levels similar to those of 2019, before the pandemic emergency.

On a territorial scale, in 2024 Q3 the North-West bore most of the brunt in returning to positive grounds the volumes disbursed (+17% trend), with the North-East growing by only 1.5%, the Center and the South by 11% and the Islands by 9.8%.

Average property prices in the 13 main Italian markets

Source: Nomisma

Northwestern Italy

The Italian Northwest

4,066,027

Source: Istat and Engel & Völkers

The Italian Northwest is a crossroads of traditions, culture and unique landscapes, with large industrial cities, such as Milan and Genoa, alternating with picturesque villages and luxury destinations. It is one of the most dynamic areas of the country, from an economic point of view, where the real estate market presents itself as a mosaic of trends, with some areas experiencing a period of growth.

The Aosta Valley offers a mix of natural beauty and tourist attractions, making it an interesting market for second homes and investments. The localities of Courmayeur and Cervinia remain among the most prestigious destinations, with maximum prices of 12,000 EUR/sqm and 8,000 EUR/ sqm for renovated properties. Courmayeur, with prices reaching up to 16,000 EUR/sqm, is a highly sought-after destination for second homes.

In Piedmont, Asti and Monferrato offer historic residences and renovated farmhouses, ideal for wine tourism, with prices ranging from 1,500 to 3,700 EUR/sqm for renovated properties. Cuneo, on the edge of the hilly territory, presents more affordable opportunities. Alba, in the heart of Langhe and Roero, records prices between 2,000 and 5,000 EUR/sqm for renovated properties, with strong demand for second homes, especially from foreign buyers. In Lombardy, the real estate market presents areas of very high value as well as more accessible areas. Milan, the industrial and financial capital of Italy, boasts the most dynamic real estate market in the country, with prices and

demand pressure that are similar to those of the major European capitals. In 2024, Milan's prime market confirmed its good performance, with the most prestigious areas, such as Brera and the Quadrilatero, recording average prices above 12,000 EUR/sqm, with peaks that exceeded 22,000 EUR/sqm for renovated homes. These areas continue to be the most sought-after due to their central location and the prestige of the context. Bergamo and Brescia show a demand concentrated on primary residences, with average prices of 4,000 EUR/sqm and 2,600 EUR/sqm in the city center, respectively. In Monza, prestigious areas like the historic centre and San Biagio register average prices of 5,000 EUR/sqm, with demand mainly for primary residences. Among tourist destinations, Ponte di Legno sees average prices for renovated properties reaching 6,500 EUR/sqm, in a dynamic market driven by second homes. The Franciacorta area, with its landscape characterized by picturesque hills and vineyards, offers more accessible opportunities.

In Liguria, the demand for properties is strongly influenced by the beauty of the landscape and the presence of the sea.

In Genoa, there are significant differences between the most exclusive areas, such as Albaro, Carignano, and Nervi, where prices for renovated properties range between 3,000 and 7,000 EUR/sqm, and the semi-central and peripheral areas, which register much lower prices. The most exclusive locations on the Riviera, such as Portofino and Santa Margherita Ligure, reach up to 19,000 EUR/sqm, thanks to strong international demand. In the western part, Varazze and Alassio see prices up to 12,000-15,000 EUR/ sqm on the seafront. Further east, locations like Sestri Levante and the Cinque Terre continue to enjoy strong appeal, with a market mainly focused on second homes, with prices ranging from 4,000 to 11,000 EUR/sqm. Lerici, in the Gulf of Poets, presents prices between 3,000 EUR/ sqm and 8,000 EUR/sqm.

The forecasts for 2025 indicate a generally positive trend, with a consolidation of prices and an increase in demand for prestigious areas and second homes, supported by the interest of both Italian and foreign buyers. An increase in real estate prices is expected, especially for villas and farmhouses, and for high-quality, new or renovated properties.

Source: Engel & Völkers Italy

Primary home (58%)

Source: Engel & Völkers Italy

Courmayeur and Cervinia

Source: Istat and Engel & Völkers

The Aosta Valley, known for its mountains and exclusive locations, confirms its nature as a privileged destination for the purchase of second homes. Among the most prestigious areas, Courmayeur stands out, with average prices of 12,000 EUR/sqm for renovated homes, followed by PréSaint-Didier, Champoluc and Cervinia, which record prices between 7,000 and 8,000 EUR/sqm; followed by La Salle, Morgex and La Thuile which, despite presenting lower average prices, still reach 5,000 EUR/sqm.

Market demand is oriented almost exclusively towards second homes or holiday homes, with a share of 90% of the total. This highlights a curious trend that has been underway since the post-pandemic period: the Aosta Valley is no longer perceived only as a tourist destination, but as a valid alternative to city living, thanks to the quality of life and the advantages offered. The purchase of a second home, after all, is often linked to an investment, given the possibility of generating income through short-term, seasonal or annual leasing.

The most sought-after areas for second homes coincide with those of greatest value: Courmayeur and Cervinia, naturally, are in the lead, so much so that the fastest selling times are recorded in these two locations.

The demand for first homes, on the other hand, represents only 10% of the total market. The use of bank financing is limited to 5% of sales, more widespread in the areas of Valdigne and Valtournenche.

Overall, the most sought-after homes are those of new construction or newly renovated, with particular attention

to outdoor spaces such as balconies and gardens, mountain views and high-quality finishes.

Since it is a particularly renowned destination, foreign demand is present, especially in the areas of Courmayeur, La Salle, La Thuile, Morgex and Pré-Saint-Didier, where it reaches 12-15% of the total. In Cervinia and Valtournenche the foreign presence is even more significant, standing between 35% and 40%. The prevailing nationalities are Swiss, French, British and Northern European, such as the Dutch and Swedish.

In 2024, all areas recorded an increase in the supply for sale, but also in the purchase demand and in the number of sales. The average prices of renovated homes increased by 10% if compared to the previous year. There are no significant discounts on the sale price, with almost all sales concluded at full price.

The average absorption times are around 4 months in all areas, with a range that goes from 1 to 6 months. This highlights a certain stability in the market, with relatively rapid selling times.

Forecasts for 2025 indicate further growth in the market, with a purchase demand that will exceed the available supply. This imbalance could lead to a consolidation of prices, if not even a further increase. The decrease in the supply for sale, in the face of increasing demand, could also consolidate the attractiveness of the Aosta Valley as a destination for prime second homes and as a place of residence.

Source: Engel & Völkers

2024 Data, Courmayeur

Source: Engel & Völkers Italy

2024 Data, Cervinia

Source: Engel & Völkers Italy

Asti and Monferrato

629,932

Source: Istat and Engel & Völkers

Asti, in the heart of Piedmont, embodies the historical and cultural tradition of the region. The most sought-after areas are located in the city centre and the surrounding areas, from the northern area that extends from Corso Dante to Viatosto, to the Valmanera hill and the picturesque hamlet of Castiglione. In these areas, the average prices for renovated homes range between 1,500 and 3,000 EUR/ sqm. These same locations are among the most soughtafter, both for the purchase of a first home and for real estate investments. For second homes, demand is mainly focused on the UNESCO World Heritage areas, such as Monferrato Casalese, with renowned villages such as Cella Monte, among the most beautiful in Italy, and Monferrato Astigiano, near Nizza Monferrato, Canelli and Costigliole d'Asti. There is also growing interest in Alto Monferrato, rich in historic villages such as Gavi and welcoming towns including Ovada and Acqui Terme.

The characteristics of the property and the price range significantly influence the selling times: villas built before the building boom of the 1960s and typical farmhouses, with valuesbelow EUR 400,000, sell quickly, generally in a few weeks. For first homes, medium-small sized apartments in the most prestigious areas, with prices between EUR 200,000 and EUR 350,000, are the most sought after. Demand is mainly oriented towards renovated villas and farmhouses, which represent 42% of the overall prime market. Purchases of first homes constitute 38% of requests and transactions for investment purposes reach a good 20% of the total. For second homes, the most sought-

after features include how traditional the property is, whether it has a panoramic position or not and if it is set in an orderly context while, for first homes, large balconies, terraces, parking spaces and a room intended for study are highly appreciated. There is also growing attention to energy efficiency.

Foreign demand is a fundamental driver of the market, with buyers coming mainly from Northern Europe, but there is also growing interest from US buyers.

It is expected that 2025 will bring an increase in demand, with a consequent increase in property prices, in particular for villas and farmhouses in the price range up to EUR 500,000.

Source: Engel & Völkers

Cuneo

Source: Istat and Engel & Völkers 55,914

Cuneo can be considered the green capital of Piedmont for the numerous parks and gardens present within the urban fabric. The most valuable areas are the city centre (Corso Nizza) and Viale degli Angeli, with average prices for renovated homes of 2,900-3,500 EUR/sqm and 3,8004,400 EUR/sqm, respectively. Outside of town, the centre and ski-pass area of Limone Piemonte are the prime locations: in this renowned ski centre in the Maritime Alps, the prices of renovated homes range between 3,500 and 4,500 EUR/sqm. 2024 was characterized by the demand for newly built properties by a clientèle, mainly local, increasingly attracted by residences capable of guaranteeing a better quality of life, thanks to energy efficiency and the availability of outdoor spaces such as gardens and terraces. In Cuneo and the surrounding area, 50% of purchases are for a first home, with average selling times of between 4 and 6 months. For this specific destination, in addition to the centre of the province’s capital, the most sought-after areas also include the centres of Saluzzo and Savigliano. The demand for second homes (or holiday homes) represents 30% of real estate transactions and is mainly focused on the main towns in the valleys near the city: Limone Piemonte and Vernante (Vermenagna Valley), Vinadio (Stura Valley), Canosio and Marmora (Maira Valley), Sampeyre and Pontechianale (Varaita Valley) and Po Valley. In these areas, there is also a certain interest in properties to be renovated, but with historical characteristics or immersed in nature. An important push to the second home market and investment

purchases comes also from foreign demand, which represents 35% of the market and comes mainly from nearby France and Belgium.

In 2025, a general increase in real estate transactions is expected, supported by a supply that guarantees a high quality of life and holidays immersed in nature. The upcoming opening of Col di Tenda will facilitate the tourist market, encouraging access from Western Liguria, the Principality of Monaco and the nearby French Riviera.

Source: Engel & Völkers

Alba, the Langhe and the Roero

Source: Istat and Engel & Völkers 204,387

In 2024, the real estate market in Alba confirmed its constant growth trend, consolidating the interest of both local and international buyers. The most prestigious areas, such as the historic centre with its characteristic cobbled streets, Piazza Duomo and Via Vittorio Emanuele known by all as Via Maestra, together with the neighbouring areas of San Cassiano, Altavilla and Bricco Capre, continue to stand out as exclusive contexts. The prices for renovated homes range between 2,000 and 5,000 EUR/sqm. These neighbourhoods, together with the most panoramic hills, attract buyers looking for quality properties and a context full of charm.

For first home purchases, 38% of the total, the most sought-after areas are located within a radius of 5 km from the centre, including Alba, Rosalia, Madonna di Como and the Rivoli area, where prices range between 1,800 and 5,000 EUR/sqm. On the other hand, the purchase of second homes accounts for 40% of purchases and investment for 22%. The most sought-after locations for second home purchases are the Langa del Barolo, with Monforte d’Alba, La Morra and Serralunga d’Alba, in particular. The areas of Neive, Barbaresco and Treiso are also the subject of growing interest.

The influx of international customers, including Germans, British and North-Americans, plays an important role in these areas. The unique characteristics of the context attract foreign buyers, who make up 60% of the market, primarily in the Barolo area, with growing interest in Alta

Langa and Roero. Roero, with locations such as Canale, Govone and Guarene, is recording a significant increase in demand. This area, characterized by hilly landscapes and the presence of orchards and vineyards, is particularly appreciated for its mix of tradition and uncontaminated nature. Buyers are attracted above all by renovated farmhouses and villas with large outdoor spaces, ideal for those looking for a second home immersed in tranquillity.

As for the time needed to sell a property, in the case of the second home market, properties under EUR 600,000, such as farmhouses or villas built before the 1960s, are often sold in a few weeks. For the first home segment, however, medium-small cuts between EUR 200,000 and EUR 500,000 in the most prestigious areas are particularly quick to sell.

Villas and farmhouses represent 40% of the prime market, with a strong demand for typical, well-furnished properties located in panoramic and private settings. Properties with large outdoor spaces, terraces and parking spaces are also highly sought after in the first home segment. In particular, the presence of an extra room to be used as a study is appreciated in this type of property. Furthermore, energy efficiency has become an increasingly appreciated feature. In 2025, an increase in demand is expected, both for midrange properties and for those above EUR 1.5 million, driven by the interest of a high-spending clientèle and the growing attractiveness of the Roero.

Source: Engel & Völkers

Italian and foreign buyers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

1,371,499

Source: Istat and Engel & Völkers

Milan, the industrial and financial capital of Italy, is a city of international standing, known throughout the world for its attractiveness. Its real estate market is the most dynamic and competitive in the country, with prices and demand pressure that are similar to those of the major European capitals.

In 2024, Milan's prime market confirmed its good performance, with the most prestigious areas, such as Brera and the Quadrilatero, recording average prices above 12,000 EUR/sqm, with peaks that exceeded 22,000 EUR/ sqm for renovated homes. These areas continue to be the most sought-after due to their central location and the prestige of the context.

As regards first-home purchases, central and semi-central areas such as Porta Romana, Porta Venezia and Fiera are the most sought-after, with average prices around 8,000 EUR/sqm for renovated homes. These areas offer a good compromise between accessibility and quality of life, making them particularly attractive to young families and professionals.

Real estate investments are focused on areas well served by public transport, close to shops, educational institutions and hospitals. There is no specific area of greatest interest for investors, but proximity to metro stops remains a determining factor.

Sales times are extremely fast in all areas, reflecting strong demand. The share of first-home purchases represents 75% of the total market, followed by 25% of sales for investment purposes. Around 30-40% of buyers resort to

bank financing, with an average request for financing covering around 30% of the value of the property.

New and renovated homes continue to attract great interest, especially if equipped with features such as outdoor spaces, high standards of energy efficiency and the presence of garages with charging stations for electric vehicles. The growing presence of hybrid and electric cars, together with sustainable mobility policies, is quickly influencing buyers' preferences.

Some areas are recording new trends thanks to infrastructure developments and urban redevelopments.

The extension of the M4 metro line has increased demand for properties located along the route, while the Porta Romana area, near the Fondazione Prada and the development areas for the Milan Cortina 2026 Winter Olympics, continues to be of great interest. The areas around Scalo Farini and Bovisa are also under development and are capturing investors' attention.

As for sales, Milan is predominantly a first home and investment market for Italian buyers, with foreign demand represented by Italians returning to the country. International players are mainly present in the rental market, with a strong presence of students and professionals linked to the art, design and fashion sectors. This demand comes in particular from France, the United Kingdom, Switzerland, South America, Turkey and Israel.

In 2024, the prime market, like the market as a whole, has shown signs of recovery since September, thanks to the climate of confidence triggered by the decrease in interest

Source: Engel & Völkers

rates. However, the market remains blocked due to a demanding demand and a poor-quality supply, which fails to meet buyers' expectations. The number of transactions has decreased, while the number of visits to sell a property has increased, with a consequent lengthening of the selling times and an increase in the discounts applied, which vary in the range 0-12%.

Over the last year, the energy class of the property to be purchased has become increasingly important for

Italian and foreign buyers

customers, with searches aimed at properties at least in class D to comply with European regulations in advance. Also for this reason, new and semi-new assets are particularly sought after, to the detriment of solutions in old buildings.

For 2025, a stabilization trend in the number of sales is expected, with an optimistic view regarding prices, which should record a slight increase.

Source: Engel & Völkers Italy

Investment (25 %)

Primary home (75 %) Sales

2024 Data

Source: Engel & Völkers Italy

Bergamo

Source: Istat and Engel & Völkers

Bergamo developed on a hilly system overlooking the plain and this conformation has influenced the evolution of the urban structure which rests on two levels, the Upper and Lower Town. The most valuable areas are the city centre and the Upper Town, two neighbourhoods that stand out for their high quality of living and their historical and cultural context of great value. In these two areas the average prices per square metre for renovated homes are between 4,500 and 5,500 EUR/sqm. In 2024 the timeframes for purchasing residential properties have been more extended than in the past, also due to the approval during the year of the Territorial Zoning Plan, the document that will direct the city's urban development in the years to come. To purchase residential properties, around 30% of buyers resort to bank credit, by taking out a loan.

Of the total market, 60% of purchases are for first homes. The most sought-after area for new potential owners is the city centre, where average prices for renovated homes are around 4,000 EUR/sqm, although there have been increases in this average price due to the proliferation of holiday homes. A further 20% of real estate transactions completed during the year are attributable to the purchase of second homes. The remaining 20% of transactions reflect a demand for real estate for investment or rental purposes, which involves second homes in the Upper Town and the surrounding hills. In these areas, average prices per square metre for renovated homes vary greatly, but, indicatively, they can be considered to be around 3,0004,000 EUR/sqm. The average selling times are quite fast

and can drop to just three months. The homes that attract the greatest interest are new or renovated ones. Among the most requested features are terraces, balconies and garages, which are especially appreciated for properties located in the city centre.

For 2025, we expect that the prime market will not suffer any decline, but will consolidate on well-defined prices.

Source: Engel & Völkers

Brescia

198,259

Source: Istat and Engel & Völkers

Brescia is a modern and wealthy city, nestled at the foot of the Lombard Prealps. The most prestigious areas include the historic centre, the Panoramic area, the Mompiano neighbourhood, the Veneto and Crocifissa neighbourhood, and the Viale Venezia and Amba d’Oro area.

Average prices for renovated homes in these areas are as follows: in the historic centre they stand at 4,500 EUR/sqm, in the Panoramic area at 3,000 EUR/sqm, in the Mompiano neighbourhood at 3,000 EUR/sqm, in the Veneto and Crocifissa neighbourhood at 2,800 EUR/sqm, and in the Viale Venezia and Amba d’Oro area at 3,000 EUR/sqm.

These areas are also the most sought after for first-home purchases, thanks to their strategic location, the quality of the services offered, and the overall attractiveness of the residential context.

The demand for purchases is increasing in the centre and is stationary in the remaining areas. Sales are increasing both in the centre and in the semi-centre, while they have decreased in the suburbs. The fastest selling times are recorded in the historic centre and in the Viale Venezia area (6 months on average). The average discounts on the initial asking price are stable and on average equal to 10% in the centre and 5% in the semi-centre.

The local real estate market is entirely focused on first home purchases (there are no purchases intended for second homes or investments).

Properties generating the most interest are either new or recently renovated, equipped with outdoor spaces, terraces and parking spaces. These characteristics are

particularly appreciated by buyers, who are looking for modern and functional housing solutions.

The Brescia real estate market mainly requires new or renovated homes: the strong increase in renovation costs, in fact, has put properties with older finishes in difficulty, which are less competitive on the market.

For 2025, demand is expected to continue to focus on quality properties, new or renovated, with outdoor spaces that are not too demanding such as terraces or small/ medium gardens. The centre and the most prestigious areas will see an increase in demand and the number of sales, while in the remaining areas a stable number of exchanges is expected.

Source: Engel & Völkers

Monza

Source: Istat and Engel & Völkers

Monza's prime real estate market shows a positive trend, characterized by an increase in sales and prices, especially for new or renovated homes, contrary to what was found on the market as a whole. The demand for first homes is mainly focused on the prestigious areas of the city, such as Monza historic centre, with average prices around 5,000 EUR/ sqm for renovated homes, and San Biagio and Parco, with average prices around 4,150 EUR/sqm. Monza historic centre and San Biagio are also the most sought-after areas for investment purchases.

60% of buyers resort to bank financing, demonstrating a solid and accessible market. New or renovated homes are the most sought after, as are features such as outdoor spaces, energy efficiency and parking spaces. The Cazzaniga/Triante/San Carlo area is undergoing a phase of urban redevelopment, also supported by the arrival of the subway.

Monza also attracts foreign buyers, who together make up 10% of demand, mainly Europeans and North-Americans, interested in central areas. Customers are increasingly attentive to technological innovation, large spaces and outdoor spaces.

The supply for sale, the demand for purchase and the number of sales are increasing in all areas, both in the centre and in intermediate-level areas.

In 2024, an increase in the prices of prime homes in all areas of Monza was recorded, while the average discount on the initial asking price remained stable, settling between 9% and 13% regardless of the area. The average selling times,

settled between 5 and 7 months for homes in the centre and semi-centre, tend to decrease overall. Particularly interesting properties are absorbed by the market in a few weeks.

The city is establishing itself as an attractive hub for families and investors, thanks to its quality of life, its infrastructure and the opportunities offered.

The forecasts for 2025 are positive, with a further increase in demand, both from Italian and international buyers, attracted by the quality of life and the opportunities offered by the city.

Source: Engel & Völkers

Varese

Source: Istat and Engel & Völkers

The most valuable areas in the city of Varese and the surrounding areas include the city centre, Lake Varese/ Gavirate and Lake Lugano/Porto Ceresio - Ponte Tresa. The average prices for renovated homes in these areas are, respectively, 2,800 EUR/sqm, 2,200 EUR/sqm and 2,500 EUR/sqm.

The most sought-after areas for first-home purchases are the centre of Varese, with an average price of 2,800 EUR/ sqm, and the surrounding municipalities, where average prices range between 2,000 and 2,200 EUR/sqm.

As for second home purchases, the most sought-after areas are Lake Varese and the municipalities with a lake view, with average prices between 2,000 and 2,200 EUR/ sqm, and Lake Lugano, in particular Porto Ceresio and Lavena Ponte Tresa, with average prices between 2,200 and 2,500 EUR/sqm.

The most sought-after area for investment purchases is the historic centre of Varese, with prices ranging between 2,500 EUR/sqm and 2,800 EUR/sqm.

The fastest selling times are recorded in the city centre of Varese and in the municipalities with a view of Lake Varese (6 months on average). The sales market is made up of 80% first home purchases and 20% second home purchases. 80% of buyers resort to bank financing. The homes that have attracted the most interest are new or renovated ones, regardless of their size. The most requested properties are three-room apartments, four-room apartments and villas with large gardens. The most requested features include balconies, terraces, energy

efficiency, garages or parking spaces, preferably on high floors with outdoor spaces or on low floors with a private garden.

There is a reconciliation of customers from the Milan area, attracted by the difference in prices per square metre. Foreign demand represents approximately 20% of the total, with buyers coming mainly from Germany, Northern Europe and Switzerland.

In 2024, there was a slight increase in demand compared to 2023. 2023 was characterized by a decline in sales throughout the province of Varese, although less marked than in the rest of the region.

A stable trend in demand is expected for 2025, with the possibility of an increase in the event of a further drop in loan interest rates.

Source: Engel & Völkers

Franciacorta

Source: Istat and Engel & Völkers

The most prestigious areas in Franciacorta include Adro, Erbusco, Corte Franca and Passirano, which represent the heart of the region. Other important areas are those close to Brescia, such as Gussago and Cellatica, and the two large centres of Rovato and Palazzolo sull’Oglio. The average prices for renovated homes in these areas are around 1,750 EUR/sqm.

The areas most in demand in the family home market include all the main municipalities of Franciacorta, with average prices of 1,900 EUR/sqm.

As for second home purchases, customers appreciate high-quality finishes and unique locations more than specific locations. The investment market, on the other hand, is non-existent due to the low demand for second homes, which also negatively affects the properties most appreciated for this type of market.

The average selling times vary from 8 to 10 months. 80% of purchases are for first homes, while 20% are for second homes. Around 20% of buyers resort to a mortgage, more for economic convenience than for actual necessity.

New or renovated homes in the typical Franciacorta style, with the use of traditional materials such as stone and wood, are attracting greater interest from demand. Historic properties in unique locations are also very successful.

The prices of properties that need renovation or energy efficiency are falling due to the increase in renovation costs.

The most requested features include outdoor spaces, energy efficiency, garages and parking spaces. Compared

to the past, there is greater attention to the energy class of buildings.

Franciacorta is attracting growing interest from Italian customers (mainly from Milan) and foreigners for the second home market.

2024 marked a positive trend, recording an increase in the number of sales and property values and a reduction in average selling times.

The forecasts for 2025 remain positive, with a consolidation of the trends that emerged in 2024.

Source: Engel & Völkers

Ponte di Legno

Source: Istat and Engel & Völkers

Located within the Val Camonica frame, Ponte di Legno is a small but picturesque town. The heart of the prime real estate market is focused in particular in the historic centre: areas such as Via Calvi, Viale Venezia, Corso Milano, Corso Trieste and Via Marconi represent the top of the range, with average prices for renovated homes that stand at around 6,500 EUR/sqm.

Although the market is dominated by second homes, Ponte di Legno, together with Vione and Temù, also stands out for a decent market of first homes. As for second homes, the demand is focused on Ponte di Legno and Temù, with average prices, respectively, of 6,000 EUR/sqm and 3,500 EUR/sqm.

Investors, on the other hand, prefer strategic areas, such as those near the ski lifts in Ponte di Legno or the semi-central area, with more accessible prices. Temù and Villa Dalegno are confirmed as interesting destinations for real estate investments.

2024 ended with a positive balance, recording an increase in both prices and the number of sales. This positive trend is driven by the growing quality of services offered by Ponte di Legno and the high quality of new constructions. However, a potential increase in the supply of properties in 2025 could overturn the market balance.

Forecasts for 2025 indicate a stabilization of prices and the number of sales in Ponte di Legno, while an increase in demand is expected in neighbouring municipalities such as Temù, Vione, Villa Dalegno and Canè, where prices are lower.

One aspect to highlight is the speed of sales in Ponte di Legno, with an average of only 5 months. This, combined with the increase in prices and the quality of the built environment, highlights the strong appeal of this location for buyers and investors.

Ponte di Legno confirms itself as a privileged destination in the mountain real estate panorama, offering a winning mix of natural beauty, quality services and a dynamic market. A real estate investment in this area represents a strategic choice, with a high potential for returns and appreciation over time.

Source: Engel & Völkers

Buccinasco

Source: Istat and Engel & Völkers

Within the vast territory of Milan is the reality of Buccinasco, whose most valuable areas are Chiesetta, Laghetti and Alpini. In these areas, average prices for renovated homes were recorded between 2,500 and 3,500 EUR/sqm: these are the most requested for the purchase of first homes, together with Rovido and Romano Banco.

The times of sale in these areas are particularly fast: they are between 90 and 120 days. The market is in fact dominated by the purchase of first homes, which represent 100% of transactions, with 90% of buyers resorting to bank financing, to contextualize a highly urban reality. Among the types of homes, the most sought-after are new or renovated ones, while terraces, gardens and garages are particularly appreciated as features.

Despite prices didn't change in 2024, the increase in interest rates has led to a decline in sales and an extension of the selling times. However, a recovery is expected in 2025, thanks to the decrease in interest rates that will facilitate access to credit, with a consequent increase in purchasing power for potential buyers.

The supply for sale and the demand for purchase have remained stable in the centre and in the most prestigious areas, as well as in the semi-centre and in the intermediate level areas. An increase is expected for 2025 in all areas.

As regards prices, renovated homes in the centre and in the most prestigious areas have shown an increase, with an average price of 3,000 EUR/sqm and a top price of EUR 545,000. In the other market segments, prices have remained stable. The average discount on the sale price

increased in the centre and in the most valuable areas, settling between 3% and 9%, while it remained stable in the other market segments.

The average absorption times decreased in all areas and range from a minimum of 1 month to a maximum of 6 months. A further decrease in the average selling times is expected in 2025.

Source: Engel & Völkers

Cernusco sul Naviglio

Source: Istat and Engel & Völkers

In the eastern area of Milan, Cernusco sul Naviglio represents a market appreciated for its secluded context, but well served and close to the Region's capital. Together with Segrate, Milano Due, San Felice and Vimodrone, it is among the most sought-after locations in the area, both for those looking for a first home and for those looking for an investment.

For potential first-home buyers, average prices for renovated homes are between 3,500 and 5,000 EUR/sqm, with strong demand in areas adjacent to the subway, such as Cernusco and Vimodrone. Real estate transactions are quite fast, with Cernusco sul Naviglio, Segrate, Milano 2 and San Felice standing out for shorter selling times compared to other areas. Furthermore, the typical buyer is young and tends to finance the purchase through a bank loan, with a preference for renovated or newly built properties, particularly those with a high energy class.

Another interesting element concerns the growing attention towards the Centro Parco and East Park areas in Segrate, which are acquiring more and more value thanks to their modern and well-connected residential supply. In 2024, the supply of properties has reduced, while demand has slowed down, but the market has still shown positive signs, especially with regard to quality properties.

An increase in the prices of renovated homes in the centres and in the prestigious areas has been observed, while those of homes to be renovated have decreased. In terms of discount on the price, a 5% was recorded in the prestigious areas, while in the peripheral areas the negotiation margin

was wider, reaching 8%.

Forecasts for 2025 are decidedly optimistic, with an expectation of an increase in sales, thanks to falling interest rates and new government incentives for young buyers. The demand for quality properties remains strong and the tendency to look for homes with specific characteristics, such as safety and energy efficiency, is destined to grow.

Source: Engel & Völkers

Legnano and Saronno

Source: Istat and Engel & Völkers

The prime real estate market in the areas of Legnano and Saronno was characterized by a strong expansion in 2024, driven by the proximity to Milan and the growing demand for housing outside the Region's capital. The most prestigious areas of Legnano are Legnarello and San Magno, with average prices for renovated homes of 2,700 and 2,600 EUR/sqm, respectively. In Saronno, the most sought-after areas are the centre and the Arcivescovile area, with average prices of 2,850 and 2,750 EUR/sqm.

Demand is mainly focused on the purchase of first homes, with a share of 85%, followed by a share of purchases for investment use of 15%, and a negligible presence of second homes. Legnano records a marginal incidence of foreign buyers, mainly Dutch and German. In Saronno, however, the foreign presence is more evident (20%), thanks to the convenient rail connection with Milan.

There was a 35% increase in sales compared to 2023, partly attributed to the drop in interest rates in the last four months. Forecasts for 2025 indicate a further 20% growth in sales, with a 5% increase in prices per square metre due to the high demand from Milan.

The market analysis in 2024 records a general increase, both for the offer for sale and for the demand for purchase, with a particular focus on the most prestigious areas. The average selling times, very fast, are around 35 days in San Magno (Legnano) and 40 days in the centre of Saronno. For renovated homes, the average prices in the most prestigious areas are around 2,500 EUR/sqm, with an increasing trend compared to the previous year. The

average discount on the initial asking price is 4% in the premium areas, with a decreasing trend compared to 2023. The average absorption times are reduced to 3 months in the premium areas, with a minimum of 0.5 months and a maximum of 6. Forecasts for 2025 confirm the positive trend, with an expected increase in both the supply for sale and the purchase demand in all areas.

Source: Engel & Völkers

Seregno

Source: Istat and Engel & Völkers

The city of Seregno is located in the Lower Brianza, not far from the Lombard Prealps and is central to nearby urban centres with a high population density such as Como and Monza. In 2024, the most valuable areas for renovated homes were those of Seregno Centro and Santa Valeria, with average prices between 2,900 and 3,200 EUR/sqm. The purchase demand of residential properties is increasing both in the prestigious areas and in the rest of the market, while the supply is still stationary. This asymmetry has generated a negative effect on sales, which in 2024 fell both in the most valuable areas and in the average-valued areas. The existence of a dynamic demand is shown by the fact that in all urban areas the average time to sell properties tends to shorten: at the moment they are around 8 months in the most valuable areas, but they are reduced to 7 months in the average-valued ones. Seregno, Carate Brianza and Lesmo are the locations where sales are fastest. In turn, the average discount rate, a symptomatic indicator of the level of convergence between market supply and demand, fluctuates around 15% in the most valuable areas, to rise up to 17% in the rest of the market, for the lower-value homes. The demand for residential properties is directed largely towards the first home, which represents 80% of purchases. 70% of the transfers of ownership were financially supported by bank credit, through the purchasers taking out a loan. For first home use, the types of homes that have attracted the most interest are those that have been renovated, have large outdoor spaces (balconies or terraces) and are energy

independent. The interest of customers in Monza and Milan for homes with many rooms and large green spaces seems to be growing. Foreign demand represents about 10% of the market and is looking almost exclusively for properties with green spaces, energy efficiency and quick connections to other urban centres. In 2025, the demand for properties surrounded by greenery will be to the detriment of those located in city centres.

Source: Engel & Völkers

Gallarate and Busto Arsizio

Source: Istat and Engel & Völkers

The real estate market in Gallarate and Busto Arsizio shows stable growth, thanks to the competitiveness of prices compared to Milan and the proximity to the main infrastructures. The city centres of Gallarate and Busto Arsizio represent the most valuable areas, with an average price of 2,500 EUR/sqm for renovated properties. The surrounding residential areas record an average price of 1,700 EUR/sqm.

Demand is mainly focused on the purchase of a first home, driven by the convenience of prices compared to Milan, the proximity to the international airport of Milan Malpensa and the motorway and railway network.

The market is characterized by the absence of foreign demand and a strong dependence on bank financing, with 90% of buyers resorting to loans. New or completely renovated homes are the most sought after, regardless of size or type. Balconies, terraces, energy efficiency and garages/parking spaces are the most sought-after features.

2024 saw growth in the real estate market, with an increase in sales in all types of properties. This positive trend was favoured by the lowering of interest rates on bank financing. The supply for sale, the purchase demand and the number of sales remained stable in all areas, from the city centre to intermediate-level areas and the rest of the market.

Renovated property prices increased in all areas, with a top market price of 4,000 EUR/sqm in the city centre. Prices for properties to be renovated remained stable overall. The average discount on the sale price stood at 12% in all areas,

stable compared to the previous year. Average absorption times also remained stable: 6 months for the city centre, 9 months for intermediate-level areas and 10/15 months for the rest of the market.

A constant upward trend is expected for 2025, provided that interest rates remain low or decreasing. This scenario would lead to an increase in sales, considering the high percentage of buyers who resort to bank credit.

Source: Engel & Völkers

Source: Istat and Engel & Völkers

Genoa is a city with a rich maritime and commercial history, famous for its narrow streets called "caruggi", stately buildings and panoramic views of the sea. The most prestigious urban areas of Genoa are Albaro, CarignanoCity Centre, Nervi and Bogliasco. In these areas, the prices of renovated homes fluctuate in a range between 5,500 EUR/sqm in Albaro and Bogliasco and 4,000 EUR/sqm in Nervi and the city centre. Driven by the drop in interest rates in the second half of 2024, the demand for purchasing luxury properties is increasing, albeit in an urban scenario where there are marked differences between the most prestigious neighbourhoods, where prices are close to 7,000 EUR/sqm, and the semi-central and peripheral areas, where prices also fall below 1,000 EUR/sqm.

In the prime real estate market segment, it was the redevelopments, incentivised by the tax deduction package "Superbonus", that made a decisive contribution to supporting demand. A targeted commercial approach was nevertheless able to enhance some of the strengths (sea view, historical charm) of obsolete properties, which are still the majority, but which still have admirers. Purchases of second homes (20% of the total) and properties for investment (10%) are a minority compared to first homes, but in perspective the attractiveness of luxury apartments and holiday homes for an international clientèle is destined to expand also to areas such as the Levante Waterfront and the Porto Antico, where urban redevelopment projects are underway.

The redevelopment properties are therefore the main

driver of a real estate demand that, instead, remains stationary in the semi-centre and in other urban areas. In particular, for purchases for investment or rental purposes, the most requested areas are the Historic Center and Foce, with prices around 2,500 EUR/sqm. In this scenario, the increase in residences located in the city centre and in the most prestigious areas is confirmed by an average discount rate (a symptomatic indicator of the level of convergence between market supply and demand) of 7%, i.e. decreasing compared to last year, compared to unchanged values in the rest of the capital.

In general, the interest in investments and second homes by foreign and Italian buyers, who see Genoa as an alternative to more expensive locations with a higher quality of life, is increasing.

For 2025, it can be assumed that the characteristics of sea view and proximity to the centre will support the demand for the most prestigious properties, continuing to attract buyers, even from abroad. To align with the expectations of a clientèle that requires buildings with outdoor spaces, such as panoramic terraces, private gardens and all those solutions that allow you to live in comfortable environments connected to nature, it is essential that the redevelopment of properties by private individuals proceeds hand in hand with public investments capable of enhancing the most strategic locations. In practice, the market can continue to grow if we can ensure the infrastructural enhancement of the urban fabric and better accessibility which, combined with exclusive services, can make many urban areas

Source: Engel & Völkers

attractive for the luxury market. The obsolescence of luxury properties and the bureaucracy for redevelopments are the only critical issues to overcome in order to keep the market competitive. Targeted investments will therefore

be necessary to adapt the supply to the needs of a demand driven by those seeking uniqueness, sustainability and prestigious locations.

Source: Engel & Völkers Italy

Second home (20 %)

Source: Engel & Völkers Italy Investment (10 %)

Primary home (70 %)

Savona - Varazze

71,197

Source: Istat and Engel & Völkers

The most prestigious real estate locations on the Riviera Ligure di Ponente are Varazze, Celle Ligure, Albissola Marina, Albisola Superiore, Savona, Cogoleto and Arenzano, where the average price for renovated homes is around 3,500 EUR/sqm. The presence of seaside villages, beaches and tourist ports along the entire Riviera Ligure di Ponente means that the demand for second homes is always high. In particular, the area surrounding the capital is in turmoil: in Varazze, which has a beach more than a kilometre long, and Celle Ligure, several construction sites are already open for residential real estate redevelopment operations. Of the total market, 75-80% of purchases are intended for family use, as a first home. This type of request mainly involves homes in Savona, where the average price for renovated residential properties is around 2,000 EUR/ sqm.

Around 30% of buyers use bank credit, by taking out a loan. Requests for second homes or holiday homes are focused on Varazze, Arenzano and Celle Ligure, where prices for renovated homes are double those of the capital, around 4,000 EUR/sqm. These locations are also the most sought after for purchases for investment or rental purposes. In this case, prices are lower, on average around 3,600 EUR/ sqm.

A growing portion of demand comes from abroad and accounts for between 10-20% of sales. Buyers are mainly Swiss and German and their interest is directed towards areas such as Varazze, Celle Ligure and Albissola Marina. For 2025, a slight increase is expected in both the prices of

second homes and the value of the properties themselves. Looking ahead, the main obstacle that looms on the horizon for a robust development of the market is the significant demographic decline that has occurred in recent years in Savona and in the province. Indeed, foreign demand could take one a more important role than its current one.

Source: Engel & Völkers

Alassio

Source: Istat and Engel & Völkers 54,678

The seaside village of Alassio, on the Riviera Ligure di Ponente, attracts buyers and investors with its long beach and mild climate. In this area the most valuable real estate areas are certainly found in Alassio and the neighbouring municipalities, including Laigueglia, Andora and Albenga, and in the Finalese area, in Finale Ligure and Bergeggi. In these locations the average prices for renovated homes vary from 3,000 to 10,000 EUR/sqm, reaching peaks of 15,000-20,000 EUR/sqm on the Alassio seafront. In recent years, the real estate market has been characterized by a progressive increase in sales. Purchase decisions are often influenced by the emotion that these places arouse in buyers, so customers tend to settle in the areas they fall in love with and then stay there for a long time. Residential property purchases mainly concern second homes, which constitute the largest share of the real estate market, equal to 60% of the total. The demand for this type of housing and for investment/incomegenerating properties affects all the municipalities that overlook the sea. On the other hand, the most requested areas for first home purchases, which are however numerically smaller (equal to about 20% of the total), are those of the first hinterland (for example Villanova di Albenga in the Alassio area). Homes that attract the greatest interest are those that are new or renovated, but "on paper" sales are also successful, that is, those stipulated with the builder before the property is finished. For readymade apartments, the most requested features include large balconies or terraces with sea view, parking space,

access to the beach and elevators or freight elevators. Sales times are quicker in the areas facing the sea than in the hills or inland. On the other hand, some rural villages attract foreigners seeking tranquillity. Demand is driven by buyers from Piedmont and Lombardy, but with a growing presence of foreigners, following the policies aimed at deseasonalising the tourist offer implemented by many local administrations. A substantial stationarity of the market is expected for 2025.

Source: Engel & Völkers

Santa Margherita Ligure and Portofino

Source: Istat and Engel & Völkers

The real estate market of Eastern Liguria stood out in 2024 for a strong interest in the most prestigious areas, such as Portofino and Santa Margherita Ligure, where the average prices for renovated homes are 12,000 EUR/sqm and 6,300 EUR/sqm respectively. The first home purchase market is focused on the Rapallo area, where the average price for renovated properties stands at 3,200 EUR/sqm. Second homes and holiday homes are very attractive in places like Santa Margherita Ligure (6,300 EUR/sqm), Camogli (5,800 EUR/sqm) and Zoagli (5,000 EUR/sqm). For those looking for an investment opportunity or properties to generate income, Santa Margherita Ligure remains among the most sought-after areas, also due to the rapid selling times, which stand at around 4 months.

The market is made up of 70% second home purchases, 20% first home purchases and 10% investments. Only 25% of buyers resort to bank financing.

Demand is mainly oriented towards renovated homes, with a preference for amenities such as outdoor spaces (gardens or terraces), parking spaces and sea views.

Among the areas that are experiencing a phase of renewal is Rapallo, where the redevelopment of the tourist port area is contributing to a growing interest in demand. Furthermore, the real estate market sees a strong presence of foreign buyers, representing approximately 50% of the total. This clientèle comes mainly from Northern Europe, in particular from Switzerland.

Despite its attractiveness, the market had to face some critical issues during 2024. Among these, the slowdown in

transactions stands out, attributable to the end of the tax incentives linked to the "Superbonus 110%" tax deduction package and the increase in interest rates, in addition to the limited availability of high-level renovated properties.

The forecasts for 2025 indicate a stable market, supported by the constant interest of buyers, both Italian and foreign.

The search for prestigious properties, characterized by sea views, large outdoor spaces and high-level living comforts, will be the dominant trend, consolidating the Ligurian Levante as an exclusive destination for the prime real estate sector.

Source: Engel & Völkers

Sestri Levante and the Cinque Terre

Source: Istat and Engel & Völkers 20,608

In 2024, the market in the Sestri Levante - Cinque Terre area recorded a strong focus on the second home segment, with the most prestigious areas identified in the towns of Sestri Levante, Bonassola and Cinque Terre. In these areas, characterized by high tourist attractiveness and unique natural scenery, an increase in both sales and purchase demand was observed compared to 2023.

The market in general shows a stationary average price for new or renovated homes, which range between 4,000 and 11,000 EUR/sqm.

For the “first home” purchase segment, the most soughtafter locations are Chiavari and Lavagna, where the average price for renovated properties is 3,500 EUR/sqm. Second home sales involve a wider area, with a greater focus on locations such as Sestri Levante, Moneglia, Bonassola, Levanto, Chiavari, Lavagna and Cinque Terre. The most prestigious areas record average selling times of around 6 months, ranging from a minimum of 3 months to a maximum of 18. Chiavari, in particular, records the fastest times, confirming itself as a very attractive destination for both the residential and tourist markets. The average discount is stationary and equal to 6%, but can reach 10% for some properties.

Overall, the market is made up of 60% second home purchases, 30% first home purchases and 10% investments. Only 25% of buyers resort to bank financing. Demand is focused on new or renovated homes, with a strong preference for features such as outdoor spaces, terraces, parking spaces and sea views. Foreign buyers

represent 40% of demand, with a prevalence of German and Swiss buyers, interested in the entire area.

In 2024, despite the bank loan crisis, the local market was not particularly affected and recorded excellent results in terms of both sales and leases, marking a very positive year of activity.

For 2025, a certain stability of the market is expected with regard to supply, purchase demand and the number of sales.

Source: Engel & Völkers

La Spezia and Lerici

102,042

Source: Istat and Engel & Völkers

La Spezia is a dynamic port city, nestled on the Gulf of Poets, at the eastern end of the Ligurian Sea. A few km away from the province’s capital, Lerici, a charming seaside village, attracts demand for second homes. In 2024, the real estate market of La Spezia and its province remained at levels almost unchanged compared to the recent past. The appreciated territorial position has ensured support for the residential demand of the province’s capital, while the growth in tourist flows has acted as a driving force for that in the surrounding area. More specifically, the city centre is undergoing a process of urban redevelopment, with new pedestrian areas, implementation of services and commercial developments that are also increasing the attractiveness of making the existing real estate assets profitable: prices are 2,200 EUR/ sqm. Still in the urban area, we note Spezia-Migliarina among the areas with growing real estate values, relaunched by the redevelopment of the railway station. In this scenario, the residential homes that have attracted the most interest are the new and renovated ones, for which the most requested features are the sea view, large terraces and parking space. Of the total market, 50% of purchases are for first homes and are focused on La Spezia and Sarzana, where the average prices per square meter for renovated properties are, respectively, 1,400 EUR/sqm and 1,500 EUR/sqm. Requests for second homes or holiday homes are directed towards the tourist resorts of Lerici and Portovenere, where the average prices are, respectively, 4,400 EUR/sqm and 3,700 EUR/sqm.

For 2025, the real estate market in the area is expected to remain solid. The demand for second homes will remain strong, thanks to the tourist attractiveness of the surrounding area. In this scenario, Lerici will maintain its undisputed position as the preferred choice for second homes by foreign buyers and those from Northern Italy.

Source: Engel & Völkers

The Northern Lakes

The Northern Lakes

The lakes of Northern Italy represent a prime real estate market, attracting both domestic and international buyers due to their stunning landscapes and high quality of life.

In the Lake Maggiore and Lake Orta areas, prices for newly built or renovated properties in the most prestigious locations range between 2,400 and 4,400 EUR/sqm. On Lake Como, renovated properties in the most exclusive areas command prices between 4,000 and 10,000 EUR/ sqm. For Lake Iseo, prime locations have an average price of 2,700 EUR/sqm for new or renovated properties.

In the Lake Garda real estate market, in Desenzano del Garda, prices for renovated properties in the most soughtafter areas average 4,650 EUR/sqm. Meanwhile, in Bardolino, on the Veneto shore, newly renovated properties reach an average price of around 7,000 EUR/sqm.

In 2024, top prices peaked at 15,000 EUR/sqm on Lake Como, 10,000 EUR/sqm in Bardolino, and 8,500 EUR/sqm on Lake Maggiore.

For 2025, an increase in both supply and demand is expected in the most prestigious areas.

Italian and foreign buyers

Fonte: Istat e Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Lago Maggiore and Lago d’Orta

Source: Istat and Engel & Völkers

2024 was a year of consolidation for the real estate market in the areas of Lake Maggiore and Lake Orta. These areas were at the centre of a growing demand for purchases, with a progressive increase in prices that involved all types of properties. In the most prestigious areas, an increase in the supply for sale was observed, associated with an increase in the number of sales.

The average prices of renovated homes showed growth in the most prestigious areas, with average prices of 4,400 EUR/sqm for properties with access to the lake and top prices of up to 8,500 EUR/sqm. In medium-quality areas, prices have remained stable with top prices reaching 5,000 EUR/sqm for properties with a lake view. In the rest of the market, prices have remained stable.

Among the most exclusive areas, we note Cannero Riviera and Cannobio, on Lake Maggiore, where average prices fluctuate between 3,000 and 10,000 EUR/sqm, based on proximity and the possibility of access to the lake.

Arona, Laveno, Luino and Verbania, on Lake Maggiore, are recording an increase in demand for first homes, with average sales prices settling around 3,000 EUR/sqm, while Stresa and Lesa on Lake Maggiore, and Orta, on Lake d'Orta, represent interesting destinations for second homes for vacation. In these areas, prices are around 4,000 EUR/sqm, by virtue of the beauty of the views and the value of the properties offered.

For the demand aimed at real estate investment, Arona, Verbania, Laveno and Luino are particularly sought after, with prices ranging between 2,000 and 4,000 EUR/sqm:

Arona stands out, in particular, for the speed of absorption times, with properties remaining on the market for just over 2 months, further confirming the attractiveness of the location.

2024 saw a strong increase in demand in all areas, both in urban centres and in semi-central areas. The most soughtafter properties are those that are new or completely renovated, with particular attention to energy efficiency, an aspect that is becoming increasingly important for buyers. Outdoor spaces, such as terraces and gardens, and the presence of parking spaces are highly appreciated, as is the possibility of having a study room to work from home.

Second homes on the lake are the most sought-after, with a swimming pool and a panoramic view of the lake being among the most desired features by those looking for an exclusive residence.

It is not surprising that more and more foreign buyers are choosing Lake Maggiore and Lake Orta as the destination for their real estate investments. Germans, Swiss and North-Americans, but also Finns and Israelis, are among the main foreign buyers, attracted by the wonders of the landscape, the quality of life and the growing offer of luxury hotels.

In particular, Luino is emerging as a point of reference for those seeking greater privacy, with the opportunity of being located close to Switzerland. The development of supermarkets, restaurants and gyms has increased the appeal of this area, making it increasingly attractive for residents and investors.

Source: Engel & Völkers

The outlook for 2025 sees, overall, a general increase in supply and an increase in demand limited to the most prestigious areas. The number of sales should increase in

Italian and foreign buyers

the most prestigious areas, remain stable for the mediumquality ones and decrease in the rest of the market.

Source: Engel & Völkers Italy

Primary home (20 %)

Source: Engel & Völkers Italy

Second home (60 %)

Lake Como

Source: Istat and Engel & Völkers

In a suggestive and prestigious setting like Lake Como, the beauty of the landscapes influences the dynamism of a high-end real estate market. In 2024, significant growth was highlighted, with a 15% increase compared to the previous year, demonstrating the constant charm of this renowned territory.

The most requested areas for the purchase of properties are mainly focused on the first basin of the lake and on the Lecco shore, where prices for renovated homes vary between 4,000 and 6,000 EUR/sqm. Como city emerges as one of the favourite areas for those looking for a first home, with prices ranging between 6,000 and 7,000 EUR/ sqm for renovated homes.

For those looking for a second home or holiday home, the most sought-after locations are along the western shore of the lake, in places such as Cernobbio, Laglio, Moltrasio, Carate Urio, Tremezzina and Menaggio. In these areas, prices vary between 6,000 and 10,000 EUR/sqm, reflecting the exclusive appeal of the place.

The entire lake area, including the charming historic centre of Como, is very attractive to investors. Prices for renovated homes range between 4,000 and 10,000 EUR/sqm, and selling times, generally between 3 and 6 months, vary based on the price of the property.

The market is characterised by varied demand: around 50% of buyers are interested in a second home, followed by 25% of investors and another 25% of those looking for a first home. Among the most sought-after types of properties, historic villas and recently built or renovated

residences stand out, highly appreciated for their features such as outdoor spaces, panoramic views of the lake, terraces and parking spaces.

Although no new trends or significant urban redevelopment interventions were recorded in 2024, foreign demand represents a fundamental component of the market, with buyers coming mainly from the United States, Germany and Northern European countries, particularly attracted by the tranquillity of the context and the suggestive panorama of the lake.

The performance of the real estate market on Lake Como in 2024 therefore confirms a positive trend, with an increase in sales and a demand that continues to grow, especially for high-level properties in the centre or in the most prestigious areas. Average prices for renovated homes vary between 4,000 and 10,000 EUR/sqm, with a peak that reaches 15,000 EUR/sqm for prime properties.

In this scenario, the sales time remains stable at around 3 months, although it can vary based on the negotiation. The market is expected to remain dynamic in 2025, with a further increase in supply, but a demand that will continue to grow, consolidating Lake Como as one of the most sought-after and prestigious real estate destinations in the world.

The forecast for 2025 suggests a stable market, with continued demand, especially from North-American and German buyers. A slight increase in prices is expected, mainly due to the decrease in the supply of luxury properties and inflation that is pushing owners to postpone the sale.

Source: Engel & Völkers

Italian and foreign buyers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Lake Iseo

Source: Istat and Engel & Völkers

The most prestigious areas on Lake Iseo include the main towns in the area, such as Iseo, Sarnico and Lovere, appreciated for their urban liveliness and services, ideal for both first homes and prime properties with lake views. The lakeside area is highly appreciated for the exclusivity and value of the properties, while Sale Marasino and Sulzano offer panoramic views and tranquillity. Riva di Solto and Solto Collina attract an international clientèle, thanks to the beauty of the places and the proximity to natural areas. The average prices in these locations are around 2,700 EUR/ sqm.

The most requested areas for first home purchases are the main centres such as Iseo, Sarnico, Lovere and Paratico, with average valuesequal to 2,500 EUR/sqm. In general, the most requested areas for the first home market are focused on well-served areas, with modern infrastructures, schools and proximity to shopping centres.

The entire Lake Iseo area is appreciated for holiday homes, with preferences for locations such as Sale Marasino, Sulzano and the Bergamo shore, in particular Riva di Solto and Solto Collina, renowned for their secluded setting and lake view. Iseo, Sarnico and Lovere, on the other hand, are preferred by those who want services within easy reach. The average sales time is around 7 months, but there is a higher sales speed for second home products in season for certain types of properties.

The share of purchases is equally divided between first and second homes. Around 20% of buyers resort to a mortgage, more for economic convenience than for actual necessity.

New or renovated homes, provided they are in unique positions with a lake view and facilities within walking distance, attract greater interest. Properties to be renovated are appreciated if they are in enviable positions.

The prices of properties that need renovation are affected by a decrease in quotations due to the increase in renovation costs.

The most requested features include outdoor spaces, energy efficiency, garages and parking spaces. Compared to the past, there is greater attention to the energy class.

Iseo, thanks to the redevelopment of the lake front, has further enhanced its charm, strengthening its attractiveness for both Italian and international customers. Foreign demand comes, in particular, from Northern Europe (Germany, Belgium, the Netherlands, Poland), Israel, Ukraine and the United States.

2024 marked a positive trend, recording an increase in the number of sales and property values and a reduction in average selling times. An increase in Italian customers was observed, interested in purchasing properties, both as second and first homes.

The forecasts for 2025 are optimistic, focusing on a stabilization of the market and on opportunities related to energy sustainability and tourist rentals, which represent a constantly growing sector. In particular, it will be important to monitor the trend of sales to German customers, which have been declining in the last year.

For 2025, a stabilization of this demand is expected, although it will remain lower than historical levels, partly

Source: Engel & Völkers

due to economic uncertainties in Germany. An increase in investments is also expected, with a strong interest in properties in prime locations and with specific

characteristics, such as high energy efficiency and a lake view.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Primary home (49 %)

Second home (50 %)

Lake Garda: Desenzano del Garda

Source: Istat and Engel & Völkers

Within the splendid setting of Lake Garda, one of the most sought-after destinations in Italy, the prime real estate market has recorded excellent results in 2024, with growing interest from local and international buyers. The most renowned areas are Desenzano del Garda, Padenghe sul Garda, Salò and Gardone Riviera.

In 2024, prices for renovated homes in these locations reached an average of 4,000 EUR/sqm, confirming the great attractiveness of this area, both for those looking for a first home and for those looking for an elegant summer residence. In particular, Desenzano, Padenghe and Salò are the most sought-after municipalities for the purchase of a main home, with prices in line with those of the high-end real estate market.

For those looking for a second home, however, demand extends to locations such as Sirmione, San Felice del Benaco, Toscolano Maderno, Gardone Riviera and Gargnano, where average prices do not fall below 3,500 EUR/sqm. The most sought-after areas for real estate investments remain Desenzano, Sirmione and Salò, where international demand is particularly strong, with prices starting from 3,500 EUR/sqm.

A significant aspect is the strong presence of foreign buyers, who make up approximately 75% of the overall demand, mainly from Germany, Austria, Poland, Northern Europe, Eastern Europe and the United States: this demonstrates the international nature of Lake Garda as a privileged destination.

In 2024, both supply and demand increased, with an

increase in sales throughout the region. New or renovated homes with modern finishes, lake view, terrace, parking space and swimming pool are the most requested. In particular, for luxury properties located in central or particularly prestigious areas, the average price reached 4,650 EUR/sqm, marking a slight increase compared to the previous year. Furthermore, it should be noted that the final sale price is generally 12.5% lower than the initial asking price.

For 2025, the forecasts for the real estate market on Lake Garda are positive, with a stable or slightly increasing trend in terms of supply, demand and overall number of sales.

Source: Engel & Völkers

Lake Garda: Bardolino

Source: Istat and Engel & Völkers

Bardolino is located on the Venetian shore of Lake Garda, in the renowned Riviera degli Ulivi. The town is a popular tourist destination, not far from Verona, and chosen for its mild climate due to the presence of the lake and the surrounding hills.

In the town, average prices for renovated properties are around 5,000 EUR/sqm, with a price that, together with Lazise and Torri del Benaco, is higher than those of the other towns in the area, including Peschiera del Garda, Garda, Malcesine, Brenzone and Costermano sul Garda. As a decidedly touristic area, the demand for residential properties concerns almost exclusively second homes for holidays, which account for 85% of the total purchases of residential properties. For this destination, selling times are quite fast and vary from 7 months in Torri del Benaco to 9 in Bardolino, Lazise and Peschiera del Garda. The share of transactions for the purchase of a first home is limited to 10% of sales, with demand directed towards municipalities such as Caprino Veronese (3,500 EUR/sqm), Castelnuovo del Garda (3,500 EUR/sqm), Valeggio sul Mincio (3,300 EUR/sqm) and Sommacampagna (3,000 EUR/sqm).

Costermano del Garda is a growing real estate area also thanks to the presence of cycle paths and parks that have channelled a more traditional demand towards this location, made up of families and local residents.

In the face of an overall stationary 2024, the real estate market confirms an intrinsic dynamism, especially for the future. In fact, the residential and investment real estate supply is destined to increase, as it is supported by

construction projects whose conclusion is expected in the two-year period 2025/2026. For 2025, demanding buyers will be more careful in their purchases, but the market will still be sufficiently dynamic, supported above all by foreign demand, coming from Germany and Austria, which is already involved in 75% of real estate transactions.

Source: Engel & Völkers

Lake Garda: Riva del Garda and Rovereto

Source: Istat and Engel & Völkers

Set between Lake Garda and the Brenta Dolomites, the jewel in the crown of the Trentino Garda area is the towns of Rovereto and Riva del Garda.

Here, the prime real estate market recorded a positive trend in 2024: Riva del Garda and Folgaria strengthened their role of greater prestige and appeal, with average prices for renovated homes of 4,200 and 3,200 EUR/sqm respectively, while Torbole reached 9,000 EUR/sqm.

70% of total purchases were for first homes, followed by holiday homes at 20% and investment or rental properties at 10%. Rovereto was the most sought-after area for first homes and investments, with an average price of 2,600 EUR/sqm for renovated homes. For second homes, the most sought-after areas were Riva del Garda, Torbole, Tremosine and Folgaria, with prices ranging between 2,800 and 4,000 EUR/sqm.

New and renovated homes were the most popular with demand, naturally considering features such as outdoor spaces and parking spaces. The result was a significant speed in selling times, especially in Rovereto.

Foreign demand accounted for 16% of the total, mainly from Germany, and focused on the northern part of Lake Garda. 75% of buyers resorted to bank financing. Overall, 2024 was a positive year, characterized by sustained demand for both new and used homes, although supply proved limited; overall, both supply and demand remained stable throughout the year, in all areas of the market.

Prices for homes to be renovated increased compared to

the previous year; so did renovated homes in the centre or more prestigious areas, with an average price of 2,600 EUR/sqm and a top price of 3,500 EUR/sqm. The average discount on the sale price remained stable compared to the previous year, while average absorption times, on the other hand, decreased.

Forecasts for 2025 indicate a positive and growing trend for the entire market. An increase in the supply for sale, in the purchase demand and in the number of sales is expected in all areas.

Source: Engel & Völkers

Northeastern Italy

Northeastern Italy

2,065,890

Source: Istat and Engel & Völkers

The North-East is among the most dynamic and touristic areas of the Italian panorama, a territory that combines cities of the highest cultural value – first of all Venice – and uncontaminated nature. This area is famous for its geographical variety, from the iconic peaks of the Dolomites to the picturesque shores of Lake Garda, to the historic centres such as Verona, Trieste and Treviso, with a mix of Alpine traditions and a lively urban life. The real estate market in these areas presents itself as a diversified panorama, with dynamics that reflect the specificities of each location. The tourist areas, especially the mountainous ones, attract buyers with good spending power, while the urban and coastal areas show a more stable trend, with a growing attention to energy efficiency and outdoor spaces. Cortina d'Ampezzo stands out for its highest prices, with an average of 19,000 EUR/sqm for renovated homes in the most prestigious areas, and peaks that reach 24,000 EUR/ sqm for new or renovated properties. This is largely due to the strong demand for second homes, which make up 87% of the market, and to the interest in the 2026 Winter Olympics, which opened up investment opportunities. Equally significant prices, although more moderate, are recorded in Madonna di Campiglio, where 11,000 – 14,000 EUR/sqm are requested for renovated homes, with peaks reaching 18,000 EUR/sqm in the most exclusive areas. Here, demand is mainly driven by second homes, around 60%, and the presence of foreign buyers, especially English and German, is 20%.

In Bruneck and Brixen, however, purchases for first homes

make up 60% of the market, with decidedly more variable prices, as in Bolzano, with values ranging from 5,000 EUR/ sqm to 20-25,000 EUR/sqm for the huts of the Alpe di Siusi; in the city, prices range between 4,200 and 10,000 EUR/ sqm. Merano boasts significant foreign demand: approximately 80% of buyers are non-Italian, and prices settle at around 5,000 EUR/sqm. Rovereto and Riva del Garda are located in a comfortable territorial context in which the first home represents 70% of total purchases. Finally, in Trento, average prices settle between 5,000 and 6,000 EUR/sqm in the historic centre and in the residential area of Bolghera.

In Veneto, in Venice, prime properties are around 12,000 EUR/sqm, with peaks of up to 20,000 EUR/sqm in the most prestigious areas, with a market average of no less than 5,000 EUR/sqm. Verona presents average prices between 4,500 and 7,500 EUR/sqm in the historic centre and in the prestigious areas, while Treviso records slightly lower prices.

In Friuli-Venezia Giulia, in Trieste, approximately threequarters of transactions are aimed at purchasing a primary residence, with prices ranging between 2,700 and 4,000 EUR/sqm for renovated properties.

In Emilia-Romagna, Bologna, a dynamic regional capital of Northern Italy and a place of university excellence, has among the most prestigious areas, the historic centre, the Giardini Margherita, the Murri area and the Colli, which confirm average prices for renovated homes that range between 3,500 and 5,500 EUR/sqm. In Parma, an elegant city in the Emilia area, the prestigious zones are the historic centre and the Cittadella, where average prices for renovated properties range between 3,500 EUR/sqm and 4,000 EUR/sqm. On the Romagna Riviera, Rimini records prices between 2,800 and 4,600 EUR/sqm in the prestigious areas such as Marina Centro and the historic centre, while Riccione shows higher average prices, between 5,000 and 6,500 EUR/sqm in the seaside area and in Viale Ceccarini.

For 2025, a stabilization of prices and an increase in sales in many areas is expected, favoured by the decrease in interest rates on loans. Over time, there has been a growing focus on the quality and energy efficiency of properties, with possible reductions for those that need renovation. In

Cortina d'Ampezzo, the supply of properties for sale could be limited, as many owners may prefer to rent in view of the

Olympics. Finally, in Venice, a strong interest is expected for second homes for private use in prime locations.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Bolzano

Source: Istat and Engel & Völkers

Bolzano is located in a valley in the Eastern Alps in the heart of South Tyrol. The city is immersed in an area whose natural beauty makes it a popular tourist destination and a globally renowned market for prime properties. The evolution of prime locations follows its own methods and dynamics in the different areas of the territory. The areas where real estate investments are focused are Oltradige/ Bassa Atesina, Bolzano centre, Sciliar and Val Gardena. Within such a complex territory, the price range for renovated homes is wide: it goes from 5,000 EUR/sqm in the municipalities of Cornaiano, San Paolo and S. Michele/ Monte (Oltradige/Bassa Atesina) to 6,000-11,000 EUR/ sqm in Ortisei and Santa Cristina Valgardena, up to peaks of 20-25,000 EUR/sqm for huts on the Alpe di Siusi. In this scenario, property prices in Bolzano city centre (Gries and San Quirino) fluctuate between 4,200 and 6,800 EUR/sqm, while Bolzano city varies between 6,000 and 10,000 EUR/ sqm. The price gap also reflects diversified trends in demand for prime locations. In 2024, Oltradige/Bassa Atesina recorded a significant drop in demand for properties from German customers, hindered by the difficult economic situation that Germany is going through. Things were better for Bolzano: the Gries area is always highly sought after for the presence of services and for the tranquillity ensured by the short distance that separates it from the centre. However, 2024 H2 saw the market stagnate despite demand remaining stable, thanks to the generational turnover of buyers. In general, tourism is confirmed as the main stimulus to the demand for luxury

properties for all urban settlements in the area, especially for the municipality of Castelrotto. In this case, properties are sought not only for residential use, but also for tourist use, as holiday homes. The demand for properties for this destination is increasing everywhere but tends to favour the less crowded areas. Tires al Catinaccio is also growing thanks to the new cable car and the connection to the Catinaccio-Carezza ski and hiking area. However, it should be noted that there are areas that are increasing their real estate value for other reasons as well, including their proximity to Bolzano, accessibility to the industrial area of the provincial capital and the recreational area of Monticolo, rich in lakes and woods and excursions.

The real estate market of Bolzano in 2025 is expected to recover from the stagnation recorded in 2024 H2. The improvement is mainly attributable to the expected reduction in interest rates on mortgages, which should incentivise both sales and rentals. Furthermore, the growing attention to the energy efficiency of buildings could positively influence negotiations for energy class A and B properties, generally quite widespread in the area. On the other hand, the lower contribution to sales from German investors is almost certain, due to the crisis that has brought Germany into recession. It is unlikely that the increased demand from other countries will be able to compensate for the German one. Finally, restrictions on the sale of real estate on the free market will also have to be considered to ensure affordable housing for the local population.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Brixen / Bressanone

42,796

Source: Istat and Engel & Völkers

In 2024, residential sales in the Brixen area showed a constant growth trend. New buyers from the rest of Italy and Europe entered the market, joining the consolidated presence of foreign buyers, with Germany continuing to play a leading role.

The most prestigious areas, including the historic centre of Brixen and its hamlets, are confirmed as among the most sought-after, with prices for renovated homes ranging between 3,500 and 6,000 EUR/sqm. This is where the majority of sales related to the "first home" are focused, representing 60% of the market, followed by purchases of second homes (30%) and investments (10%). For those looking for a holiday home near the ski slopes, the hamlets of Sant’Andrea and Kranebitt, together with Naz-Sciaves and Val di Funes, are among the most sought-after destinations, while investors are looking with interest at the centre of Brixen and Vipiteno, where prices can reach 6,000 and 3,500 EUR/sqm respectively.

Brixen's area is affected by rapid selling times, especially in the most prestigious areas, where sales are concluded in around 4-6 months, depending on the characteristics of the property and the location.

A noteworthy aspect is that around 70% of buyers, in 2024, resorted to bank financing to purchase a property. In general, the most sought-after homes were the new or renovated ones, with a strong interest in outdoor spaces such as gardens and private terraces, garages (especially in the areas of Brixen, where the availability of public parking is limited), as well as a growing focus on energy efficiency.

An increase in the number of sales is expected for 2025, particularly in the most prestigious and intermediate-level areas, as well as a growing demand for investment properties, particularly in tourist areas. Ski resorts such as Sant'Andrea, Vipiteno, Monte Cavallo and Val di Funes will continue to be highly sought-after by those looking for a second home.

Source: Engel & Völkers

Bruneck, Alta Badia and Alta Val Pusteria

Source: Istat and Engel & Völkers 33,571

In 2024, the real estate market in Bruneck was characterized by a decrease in supply in the most prestigious areas, while it increased slightly in the intermediate or semi-central areas. Developers are reporting difficulties in finding available land for new construction in the area’s centres, which is why they are orienting their projects towards neighbouring municipalities.

The most valuable areas in Bruneck's area include Alta Badia (Corvara, Badia, La Villa and San Cassiano), with average prices of around 10,950 EUR/sqm for renovated homes, and Alta Val Pusteria (Dobbiaco, San Candido, Sesto), where values settle at around 6,500 EUR/sqm. These locations are the most sought-after for the purchase of second homes or vacation homes, together with San Vigilio di Marebbe, which maintains prices similar to Alta Val Pusteria.

Overall, around 70% of the market is made up of first home purchases, which are focused on the areas of Bruneck (Riscone hamlet, Teodone and the centre of Bruneck ), Falzes and Valdaora, where average prices are around 4,500 EUR/sqm. The city of Bruneck and its surroundings also stand out as the areas with the fastest selling times, with properties that remain on the market for an average of 4 months. However, on a general level, the search times for properties have lengthened compared to the past, mainly due to the increase in construction costs and interest rates.

The average discount in the most prestigious areas is 15%. Demand is mainly oriented towards new or renovated properties and garages, terraces, cellars and high energy

efficiency are among some of the most sought-after features.

The foreign component represents around 20% of the market, driven by customers from Germany, the Netherlands, the United Kingdom, the United States and some Eastern European countries.

Looking ahead, the limited availability of new construction in major centres, such as Bruneck, could further push buyers to extend their search to the city's surroundings, thus favouring the development of new projects and opportunities in neighbouring municipalities.

Source: Engel & Völkers

Merano

41,404

Source: Istat and Engel & Völkers

The most prestigious areas of Merano are the centre and the Burgraviato, where the average price for renovated homes is around 5,000 EUR/sqm. Other prestigious areas are Tirolo, Scena and Maia Alta, with average prices of 7,000 EUR/sqm.

The most sought-after areas for first home purchases are Merano's semi-centre/Maia Bassa and Lagundo, with average prices ranging between 3,000 and 4,000 EUR/ sqm. The price range is similar also in the main towns of Val Venosta.

For second home/holiday home purchases, the most sought-after areas are Tirolo, Scena and Maia Alta, with average prices of 7,000 EUR/sqm. Investment purchases are, however, mostly focused on the city of Merano, where the average price is 4,000 EUR/sqm.

The fastest selling times are recorded in Merano, with an average of 2-4 months. The discount on the initial asking price is slightly increasing and on average equal to 5% in all areas.

Of the total market, 40% of purchases are intended for first homes, 50% for second homes and 10% for investments for income generation. Around 50% of buyers resort to bank financing.

The demand mainly focuses on renovated homes, while the features that attract the greatest interest, in addition to good location, are the size of the terrace, the garage and the elevator.

Foreign demand represents 80% of the total and comes mainly from Germany and Switzerland. The areas of

greatest interest for foreign buyers are Merano (Maia Alta, centre), Scena, Tirolo and Val Venosta (Naturno, Parcines, Silandro, Laces).

Some areas are experiencing new trends, such as increased sales to locals, urban redevelopment, new developments and growing interest due to infrastructure improvements and renovation projects.

The Merano real estate market in 2024 remained stable, dynamic and high-value, facing challenges related to affordability and sustainability of the supply. Demand for second homes continued to grow, increasing the importance of real estate assets at the right market price. For 2025, the market is expected to follow the 2024 trend, with growth in Burgraviato and Val Venosta, driven by interest in sustainability, tourism and quality residences.

Source: Engel & Völkers

Trento

Source: Istat and Engel & Völkers

The regional capital of Trentino boasts a dynamic prime real estate market, due to strong demand pressure resulting from a shortage of high-end supply.

The historic centre and Bolghera are the most sought-after areas by buyers, with renovated homes recording average prices between 5,000 and 6,000 EUR/sqm.

These areas are not only ideal for those looking for a first home, but also represent an excellent real estate investment. The demand for homes in these areas is always high, thanks, respectively, to the central location and the tranquillity of the residential context.

For buyers looking for a second home for vacation, locations such as Levico Terme, Fai della Paganella and Molveno are the most sought-after.

Levico Terme, with its average prices of around 3,500 EUR/ sqm, and Fai della Paganella, at 4,000 EUR/sqm, offer the opportunity to purchase homes in perfect settings for an escape from the chaos of everyday life.

These locations are in high demand especially by those looking for a vacation home or a long-term investment.

In 2024, the real estate market in Trento was characterized by a growing demand, especially for renovated homes, which continue to be the most sought after: buyers are particularly interested in modern features such as outdoor spaces, balconies, parking spaces and energy efficiency. Furthermore, a new trend is gradually consolidating: many buyers prefer properties outside the city, where they can enjoy large green spaces and a secluded setting.

The historic centre, with average prices between 5,000

and 5,500 EUR/sqm, is naturally the most attractive area for real estate investments, which, overall, constitute only a small part of the total purchases, around 10%, while 60% and 30% belong, respectively, to the purchase of first and second homes.

75% of buyers resort to bank financing to finalize purchases, a sign of a market that is stabilizing but still offers excellent opportunities for those looking for a new home. Foreign demand, which represents 20% of the market, is mainly made up of buyers from Poland, the Czech Republic and Germany, who focus mainly on Levico Terme, Fai della Paganella and Molveno.

Forecasts for 2025 indicate a stabilization of the market: a slowdown in sales of new properties is expected, while the used market should continue to grow steadily. Selling times could increase in the centre and semi-centre, whereas they could decrease in the rest of the market.

The real estate market in Trento and its surrounding areas is expanding, with a growing focus on renovated homes and housing solutions that offer large outdoor spaces. The more central areas continue to attract buyers, while tourist locations are perfect for those looking for a second home or an investment.

Source: Engel & Völkers

Italian and foreign buyers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Madonna di Campiglio

4,464

Source: Istat and Engel & Völkers

In Madonna di Campiglio, the average price of renovated homes reaches 11,000 EUR/sqm, with peaks of 18,000 EUR/sqm, reflecting the high demand for this renowned tourist resort.

As for first home purchases, the most sought-after area is Cles, where the average price of renovated homes is 2,000 EUR/sqm.

The most sought-after areas for the purchase of second homes or holiday homes are Madonna di Campiglio and Pinzolo: in Madonna di Campiglio the average price of renovated homes is 11,000 EUR/sqm, while in Pinzolo it stands at 5,000 EUR/sqm.

For real estate investments aimed at generating income, however, Carisolo emerges as the most sought-after area, with an average price for renovated homes of 3,000 EUR/ sqm. This location is located next to Pinzolo, 12 km from Madonna di Campiglio, at the entrance to the Val di Genova and the Valle di Campiglio.

In the most prestigious areas of Madonna di Campiglio and its surroundings, the demand for purchase is growing, while the supply for sale is decreasing. The number of sales concluded in 2024 is at the same levels as in 2023.

Average selling times are stationary and equal to about 6 months, with a range that varies from 2 to 10 months. The average discount on the initially requested price is stationary and between 5% and 10%.

Sales mainly concern second homes (60% of the total), while first homes and investments represent, respectively, 30% and 10% of the market.

Around 40% of buyers use a mortgage to finance the purchase.

New or newly renovated homes are those that attract the greatest interest from demand. The most requested features include a garage and a garden.

Foreign demand is present on the market, with a 20% share, mainly from English and German buyers, focused on the Val Rendena area.

For 2025, a widespread stationarity of demand is expected, accompanied by a decrease in supply and in the number of sales in the most prestigious areas.

Source: Engel & Völkers

Trieste

Source: Istat and Engel & Völkers 198,843

The residential market in Trieste has seen a strong preference for renovated or new homes, especially in the luxury segment. The most sought-after areas for the first home market are the historic centre, San Vito, Scorcola and Opicina, with prices ranging between 2,700 and 4,000 EUR/sqm for renovated homes. For potential buyers of a second home, however, the most sought-after locations are Barcola, the Coast, Duino and Muggia, with prices that can reach up to 4,700 EUR/sqm, especially if some special features are considered: the most requested are parking space, balcony/terrace, absence of architectural barriers and independent heating.

The historic centre remains the most popular area for those looking for an investment. Purchases are concluded rather quickly, with average selling times between 60 and 90 days in the central areas.

70% of purchases are for first homes and the remaining 30% are equally divided between second homes and investments. Only 25% of buyers resorted to bank financing.

There is a growing presence of foreign demand, which represented approximately 35% of purchases in 2024, with buyers coming mainly from Austria, Germany and Serbia. These investors are particularly interested in the central areas, Duino and Muggia. However, a decline in international investors has been observed in the luxury segment, with a greater focus on mid-range properties.

In prime areas, such as the historic centre, average prices reach 4,900 EUR/sqm for renovated homes, while those to

be renovated start at 2,000 EUR/sqm. In semi-central areas, average prices drop to approximately 2,200 EUR/ sqm for renovated homes and 1,500 EUR/sqm for those to be renovated.

The average discount on the asking price varies from 2.5% in the most prestigious areas to 8.2% in other areas. The time it takes to sell a property is shorter in the central areas, with an average of 4 months, while in other areas it can take up to 8 months.

Looking ahead, forecasts for 2025 indicate a stabilization of the market, with a transition that will lead to a fairly balanced supply and demand. A slowdown in the presence of foreign investors is expected, pending further real estate developments.

Source: Engel & Völkers

Venezia

Source: Istat and Engel & Völkers

The city of Venice, nestled on the Lagoon, is known throughout the world for its unique architectural and urban context. The city is a labyrinth of canals, bridges and historic buildings that reflect its rich history and cultural heritage. Of the six areas, called sestieri, into which it is divided, the most prestigious are San Marco and Dorsoduro. The latter is also noted for being the one with the fastest times to sell a property. In these areas, the average prices for renovated homes to be used as second homes or holiday homes range between 4,300 EUR/sqm and 5,300 EUR/ sqm. In general, those located along the Grand Canal, the waterway that runs through the entire city, are also the most sought-after properties. In particular, apartments with high-quality finishes and a view of the Rialto Bridge can have average prices of around 12,000 EUR/sqm, with peaks of up to 20,000 EUR/sqm. Properties around San Marco also have high average prices, above 5,000 EUR/ sqm and are mainly sought after for investment or rental purposes.

In 2024, the share of property purchases for investment equalled that of second homes (40% for both) compared to only 20% of purchases for first homes. For this specific destination, Cannaregio and Castello are the most soughtafter areas, with similar average prices per square meter, between 4,000 and 4,150 EUR/sqm. In the most soughtafter areas for the sale of residential properties (San Marco, Dorsoduro and San Polo), the characteristics rewarded by the market are the presence of terraces or outdoor spaces, proximity to historic buildings and a view of monuments or

a waterway. Customers appreciate properties that maintain period and typical city details (for example, roof terraces). The share of foreign buyers is in line with previous years, slightly decreasing after the Covid period. Most foreign buyers come from France, Germany, Switzerland and Austria.

For 2025, a strong interest is expected in second homes for private use in prime locations, while a drop in demand for investment properties is expected, especially those related to hosting guests with the Airbnb method.

Source: Engel & Völkers

Verona

Source: Istat and Engel & Völkers

With a romantic atmosphere and a strategic position between Lake Garda and the Alps, Verona is known for its rich history, cultural heritage and iconic places. In addition to being a perfect mix of art, tradition and beauty, Verona is also a lively hub for the real estate market.

In 2024, the most valuable areas were confirmed to be the historic centre, Teatro Romano, San Zeno, Borgo Trento, Torricelle and Valdonega, with prices ranging between 3,500 and 7,500 EUR/sqm.

The demand for the purchase of first homes is mainly focused on San Zeno, Borgo Trento, Torricelle and the historic centre, with average prices per square meter in line with those of the most valuable areas.

For second homes, the most sought-after areas become Veronetta, Teatro Romano and the historic centre: again, the average prices per square meter maintain the same figures.

In terms of real estate investments, the most sought-after areas are San Zeno, Borgo Trento and the historic centre, which also stand out for being the areas with the fastest average selling times (between 6 and 8 months).

By analysing the composition of the market, it emerges that in 2024, first home purchases represent the largest share, around 70%, followed by investments, which remain at around 20% and second homes, occupying the remaining 10%.

In general, demand is equally divided between homes to be renovated and new or renovated ones. Balconies, terraces, parking spaces and energy efficiency, an element that has

assumed progressive importance over the last few years, are among the most sought-after features by buyers. Foreign demand is present, coming in particular from the United States and Northern European countries. Overall, in all city areas, a widespread stationarity emerges during 2024 in the supply for sale, in the purchase demand and in the number of sales.

The prices of renovated properties show a differentiated trend depending on the area: while stability is recorded in the centre and the rest of the market, an increase in prices is observed in the semi-centre. For properties to be renovated, however, prices remain stable in all areas.

The average discount on the sale price, which represents the percentage gap between the initial asking price and the actual final price, stands at between 7% and 11%, with general stability in all areas.

The average absorption times remain stable: 6-8 months for the centre, 7-9 months for the semi-centre and 8-16 months for the rest of the market.

The forecasts for 2025 outline a possible growth scenario for the prime real estate market in Verona: an increase in the supply for sale, in the purchase demand and in the number of sales is assumed in all areas, with a more dynamic market than in the last two years, driven by the decrease in interest rates.

As for prices, a general stability is expected, with possible increases for new buildings with high comforts and for prime properties located in central contexts or with unique characteristics, such as a panoramic view. Conversely,

Source: Engel & Völkers

Italian and foreign buyers

properties that need renovation could be subject to wider negotiation margins, due to the growing attention of customers for living comfort and high energy performance.

Source: Engel & Völkers Italy

Second home (30 %)

Source: Engel & Völkers Italy

(10%) Primary home (60 %)

Treviso

Source: Istat and Engel & Völkers

Treviso is a city rich in history and culture, with a high-end real estate market that is going through a phase of adjustment after the post-pandemic boom and signs of liveliness in some specific areas.

The heart of the Treviso real estate market remains the historic centre, located within the walls. Here, prices for renovated homes have reached 5,000 EUR/sqm, confirming this area as the most exclusive and sought-after in the city. However, an interesting phenomenon is the growing interest in the areas of the "Corona Urbana", the first area outside the walls. With average prices around 3,250 EUR/sqm, these areas are becoming increasingly attractive thanks to urban redevelopment projects that have enhanced areas such as the Fiera, Piazza Trentin and Piazza San Vito.

For buyers looking for a second home, the towns of Asolo and Conegliano are confirmed as the most desired destinations. With prices around 2,000 EUR/sqm for renovated homes, these destinations offer a more sheltered atmosphere and wide views.

As for income investments, the first suburbs around Treviso are the most interesting area, with average prices of 2,000 EUR/sqm even for renovated homes. The market is mainly oriented towards the purchase of the first home, which represents 70% of transactions, followed by second homes and investments, 20% and 10% respectively. Buyers' preferences focus on properties that have already been renovated or are in good condition, with particular attention to energy performance and modern equipment.

Among the most sought-after features are terraces, liveable outdoor spaces, good exposure, parking space as well as recent systems and good energy efficiency standards.

Foreign demand represents around 20% of the total. Buyers coming mainly from Germany and Austria are attracted by the beauty of the historic centre and the hilly areas, such as Asolo and Conegliano, ideal for those looking for a second home in a charming and private setting. Despite a generalized drop in sales between 10% and 20% compared to the post-pandemic peaks, prices have stabilized after years of growth. Although the supply for sale remains constant, the purchase demand has shown a slight decrease, especially in the most exclusive areas. This is reflected in the number of sales, which has seen a decline in all areas of the city. Furthermore, selling times have increased, especially in the historic centre, where the average is now 4 months, compared to 3 months in the rest of the market.

The outlook for the Treviso real estate market seems promising, with growth forecasts for 2025, even if investments could be more limited than in past years. An increase in sales is expected, while the demand could become interested in areas undergoing redevelopment, such as the first area outside the walls, where opportunities are constantly increasing. In the rest of the market, supply is expected to increase, with the number of sales and demand generally stationary.

Source: Engel & Völkers

Italian and foreign buyers

Source: Engel & Völkers Italy

home (20 %)

Source: Engel & Völkers Italy

Cortina D'Ampezzo

Source: Istat and Engel & Völkers

The real estate market of Cortina d'Ampezzo is confirmed to be dynamic and constantly evolving, characterized by high prices and strong demand. The most exclusive areas, including Cianderies, Corso Italia, Via del Castello, Via Faloria, Via Spiga, Via Menardi, Via Cantore, Via Pralongo, Verocai, Pecol and Grava, record an average price for renovated homes of 19,000 EUR/sqm. Demand is mainly oriented towards the purchase of second homes, which represent approximately 90% of transactions. The remaining share is divided between real estate investments and the purchase of first homes, with a slight prevalence of the latter type.

In the neighbouring municipalities of Borca di Cadore and San Vito di Cadore, real estate prices are significantly lower, standing at around 3,600 and 7,000 EUR/sqm respectively. In these locations, the purchase of first homes accounts for around 20% of transactions, while second homes and real estate investments represent 65% and 15% of transactions respectively.

During 2024, a general increase in demand in all three locations, with a consequent rise in prices, was recorded. In Cortina d'Ampezzo, in particular, growth was sustained, fuelled by the considerable interest in the area in view of the 2026 Winter Olympics. The average selling times are quicker in the centre of town and in the areas immediately surrounding it. In Borca di Cadore and San Vito di Cadore, however, they stand at around 6 months. Currently, in the Ampezzo Valley, the presence of foreign buyers is limited, although it is expected to increase in the

coming years. In Borca di Cadore and San Vito di Cadore, however, this type of clientèle represents approximately 25% of the market. The most sought-after features include outdoor spaces, terraces, covered parking spaces and a high availability of bedrooms and bathrooms, elements that are increasingly determining factors in purchasing decisions.

Forecasts for 2025 indicate further growth in demand and prices, although at a slower pace than in previous years. In Cortina d'Ampezzo, the supply of properties for sale could be limited, as many owners are moving towards renting, in view of the Olympic event.

Source: Engel & Völkers

Bologna

Source: Istat and Engel & Völkers

Bologna, a dynamic capital of Northern Italy and a place of university excellence, presents itself as a city of historical and cultural importance, characterized in the historic centre by strong distinctive elements such as the medieval towers and the UNESCO World Heritage porticoes. The real estate market in 2024 showed good dynamics, with some areas that recorded an increase in demand and others that maintained a certain stability. The most prestigious areas, such as the historic centre, the Giardini Margherita - Murri and the Colli, confirmed average prices for renovated homes that fluctuate between 3,500 and 5,500 EUR/sqm. These areas continue to represent the hub of the city's prime real estate market, attracting buyers looking for high-quality properties and, especially in the centre, with distinctive historical and architectural features. For buyers looking for a first home, the foothill area is highly appreciated for its proximity to services, schools and green areas, in a well-served and prestigious area. As regards purchases for investment and rental purposes, the historic centre is confirmed as the most sought-after area, with an average price of around 4,500 EUR/sqm for renovated homes. Investors are attracted by the stability of the market and the possibility of obtaining interesting returns thanks to the strong demand for rentals, both short and long term.

The fastest selling times are recorded in the semi-centre and, outside the municipality, in the first belt of the province, where demand is lively and the supply of quality properties is limited. In these areas, the average absorption times are

significantly lower than in other areas of the city.

In 2024, the share of first home purchases represented around 85% of the market, with the remaining 15% allocated to second homes and investments. The homes that have attracted the most interest are those to be renovated in the historic centre, where buyers see significant potential for redevelopment. The most requested features are terraces and liveable outdoor spaces, garages and parking spaces, elements that increase the value of properties and are extremely rare in central areas.

Some areas of Bologna have seen the emergence of new trends thanks to urban redevelopment projects and new developments. In particular, the Bolognina and the surrounding municipalities such as San Lazzaro di Savena and Casalecchio di Reno have benefited from redevelopment interventions that have improved the attractiveness and liveability of these areas, attracting new residents and investors.

Foreign demand represented approximately 30% of the real estate market in Bologna, with a prevalence of US and South American buyers, mainly interested in the historic centre. This market segment has helped keep demand high and support the prices of prime properties.

In 2024, Bologna's real estate market saw increased supply in the historic centre area, while demand remained stable compared to 2023. Some semi-central areas saw an increase in demand, thanks to new opportunities emerging from construction projects in several semi-central and peripheral areas.

Source: Engel & Völkers

The forecast for 2025 is positive, with growing demand, supported by a possible decrease in inflation and the reduction in bank rates. Supply is expected to increase

Italian and foreign buyers

both in the centre and in the province, with prices expected to remain in line with those of 2024.

Source: Engel & Völkers Italy

Second home (10 %)

Source: Engel & Völkers Italy

(10 %)

Primary home (80 %)

Source: Istat and Engel & Völkers

The most valuable areas of elegant Parma are the historic centre and the Cittadella area, the city's Renaissance fortress, where average prices for renovated homes range between 3,500 and 4,000 EUR/sqm. The residential market recorded a significant recovery in the second half of 2024, following the decrease in interest rates. In 2024, of the total market, 70% of purchases were for first homes, the demand for which is focused on the San Lazzaro, Montanara and Montebello districts, where the average prices for renovated homes are between 3,000 and 3,500 EUR/sqm. Locations with good accessibility are preferred as first homes. Transactions involving second homes are less numerous (10%) and almost exclusively concern historic buildings on the hills of Parma, which have been in fashion as second homes since the 1960s, but have been the focus of renewed interest for some years.

The remaining 20% of purchases concern properties intended for investment or rental purposes. For this purpose, the most sought-after areas in the urban area are the historic centre, the hospital area and the university campus, south of the provincial capital. In these areas, the average prices for renovated homes fluctuate in a range between 3,500-4,000 EUR/sqm in the historic centre and 2,500-3,000 EUR/sqm in the hospital and university area. In general, 30-35% of buyers use bank credit to purchase residential properties, by taking out a loan.

The homes that are attracting the most interest are new or renovated ones, but the supply does not always match the needs of demand. In fact, the reduction in the number of

families favours a large demand for two- or three-room apartments, compared to the offer of much larger properties, but often dated and in need of renovation, two circumstances that significantly dampen the interest of buyers.

Furthermore, in the areas considered to be of greater value, the price expectations of the owners are high, a fact that tends to lengthen the duration of negotiations, which can reach up to 6 months.

In recent years, among the urban areas with the greatest potential for development of the prime location market segment, we can highlight the Eurosia district (Parma Sud), which has benefited from recent urban redevelopment and, in the city area, Strada Farini and Borgo delle Colonne, for the increased presence of trendy venues that also constitute a hub for communities of foreign residents. 10-15% of real estate demand is attributable to foreigners: requests come mainly from Spain, France, Germany, the United States and China and concern prestigious buildings in the historic centre or independent villas in the hilly area. For 2025, the prime location market looks positive, with a lively and profitable growing demand, particularly for new or renovated properties in energy class A or B, especially if located in the city's prime areas. On the other hand, the placement of properties to be renovated or even large villas outside the city, but with excessively large outdoor spaces, looks more problematic.

Source: Engel & Völkers

Italian and foreign buyers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

150,046

Source: Istat and Engel & Völkers

Rimini's real estate market in 2024 saw a contraction in sales if compared to an average price stabilized since 2023. However, an interesting trend has emerged with the increase in purchases by people from San Marino, EmiliaRomagna and Milan. Once oriented towards Riccione, these buyers now choose Rimini, attracted by the convenient connections with Bologna and Milan and the presence of high-level international schools. Furthermore, in recent years Rimini has benefited from a significant urban redevelopment, with an expansion of green, pedestrian and cycle areas in the centre, which has further increased its appeal.

The most valuable areas include Marina Centro and the historic centre, where prices for renovated homes range between 2,800 and 4,600 EUR/sqm. These areas are particularly sought-after for second homes or holiday homes and for investment opportunities, which represent 15% and 25% of the market respectively.

For first home purchases, however, the most sought-after areas are the urban ring and Lagomaggio, with average prices for renovated homes around 2,350 EUR/sqm. It should be noted that new buildings are sold with an average price between 3,500 and 4,200 EUR/sqm. The urban ring also stood out for its quickest selling times, with properties remaining on the market for around two months. The average discount in the most prestigious areas is 7% and is up compared to the previous year.

Following the cut in bonuses and due to the increase in renovation costs, properties that are already in good

condition or recently renovated are preferred.

The most sought-after features include liveable outdoor spaces, terraces, garages and upper floors; there is also particular attention to energy efficiency. Looking ahead to 2025, the Rimini real estate market is expected to grow, supported by economic stability and the city's attractiveness for investors and buyers. Demand will focus mainly on homes in residential urban areas, with a consequent slight increase in prices in central areas. On the contrary, properties to be renovated could suffer declines due to the high costs of raw materials.

Source: Engel & Völkers

Rimini

Riccione

Source: Istat and Engel & Völkers

The most valuable areas of this renowned tourist centre on the Adriatic coast are the seaside area, between the canal port and the Abissinia neighbourhood, and that of Viale Ceccarini, from the sea to the hills. In these areas of Riccione, the average prices for renovated properties are 5,000-6,500 EUR/sqm. The city's real estate market is increasingly geared towards satisfying tourist demand, as can be deduced from the fact that all the most recent buildings have been designed with characteristics suitable for use as second homes. As a result, the lower availability of first home properties pushes buyers towards the surrounding hilly areas or neighbouring towns, such as Misano Adriatico, where it is possible to find residential properties at more affordable prices, as well as a greater variety of houses and villas. Purchases intended for first homes are still only 20% of the total, compared to 75% of transactions relating to second homes, which are the real economic driver of Riccione. For purchases of first homes, preferences are for the upper part of Viale Ceccarini, the park area and the swimming pool area, with prices between 5,000-6,000 EUR/sqm and 4,000-5,000 EUR/sqm respectively. Instead, the most requested location for second homes or holiday homes is the seaside area between the port and the Abissinia district. The latter is also an area with a growing demand for properties to be used as investments or to generate income, with very interesting prices, around 6,500 EUR/sqm. For 2025, a slight decrease in the overall number of sales is expected, attributable to the reduction in tax bonuses.

Market valuesshould remain stable, but the price gap between newly built and used properties should remain wide. In particular, for medium-high quality properties, an increase in transactions is expected. Finally, a possible novelty for the Riccione real estate market is represented by "Block-hotels", i.e. structures open to the public that combine the characteristics of a block of flats with typical hotel services and that are proposed as a new form of use of properties, intended to satisfy a demand halfway between tourism and residential.

Source: Engel & Völkers

Central Italy

Central Italy

4,393,356

Source: Istat and Engel & Völkers

Central Italy is a fascinating region that combines history, culture and nature and offers a great variety of landscapes: from the hills of Tuscany and Umbria to the Tyrrhenian coasts of Argentario, up to the cities of art of inestimable historical value such as Rome and Florence. With a mix of lively cities, medieval villages, vineyards and beaches, this part of the country represents one of the most sought-after destinations in Italy. The real estate market reflects this heterogeneity, with opportunities that include modern urban residences and charming country houses, attracting a large number of buyers, both Italian and foreign, with a demand that shows no signs of slowing down.

Rome, the Eternal City, confirms the sustained demand for residences in the most prestigious areas, such as the historic centre and the areas surrounding it including Prati, Parioli and Pinciano, in addition to EUR, in the southern quadrant. In these areas, average prices for renovated homes reach 7,500 EUR/sqm, with peaks exceeding 10,000 EUR/sqm for particularly valuable properties, and with extremely rapid absorption times.

Florence offers great investment opportunities. The historic centre is ideal for those looking for a prestigious residence with prices for renovated properties between 4,200 and 5,500 EUR/sqm, but with prime properties reaching 10,000 EUR/sqm. Outside the centre, Lungarno Vespucci is a highly sought-after area due to its proximity to the centre and the panoramic view of the river, with prices ranging between 3,500 and 4,200 EUR/sqm.

In the province, requests for first homes are mainly focused on urban centres or in well-served areas. In the Marche, in Ancona and Civitanova Marche, for example, the historic centre and the seafront are particularly sought-after. Perugia and Foligno were the most sought-after areas for the purchase of first homes in Umbria, while in Tuscia, Viterbo and Civita Castellana attracted the most buyers. For second homes, coastal areas and historic villages have maintained their popularity: the Tuscan Hills, especially Chianti, are highly sought-after, while the Etruscan Coast and Elba Island, with the renowned locations of Porto Azzurro and Capoliveri, are among the favourite destinations for vacation homes not only for Italian buyers, but also for numerous international ones. The areas of Siena and its surroundings, such as Chianti and Val d'Orcia,

have also attracted numerous investors. In Lazio, San Felice Circeo and Ponza are other examples of coastal locations that have registered a strong demand.

Finally, real estate investments have been directed towards the most prestigious areas and cities with a high tourist flow: Lucca and Perugia, with their historic centres, have aroused considerable interest among investors. The average prices per square meter vary significantly depending on the area and the type of property: for renovated or new properties located in the most prestigious areas, prices range between 3,000 and 8,000 EUR/sqm in the Tuscan Hills, while they can reach 12,000 EUR/sqm on the Island of Elba and the Etruscan Coast. In Lucca, prices vary from 2,600 to 6,000 EUR/sqm, while in the Monte Argentario area and Castiglione della Pescaia, prices can reach up to 6,000 EUR/sqm. In Siena, prices reach 7,000 EUR/sqm, in the coastal areas of San Felice Circeo, they range from 2,400 to 5,800 EUR/sqm. In the centre of Civitanova Marche and Ancona, average values of 3,500 EUR/sqm are recorded. In Perugia, renovated homes in the central areas can reach 3,000 EUR/sqm. Properties to be renovated, on the other hand, generally have lower prices, with a range that goes from 1,000 to 3,000 EUR/sqm in the prestigious areas.

A distinctive aspect of the prestigious market in Tuscany is the strong presence of foreign buyers: in the Tuscan Hills and in Siena, 85% of transactions are concluded by international buyers, while in the Perugia area this percentage reaches 80%. In Lucca it stands at 68%, while the Island of Elba and the Etruscan Coast reach 65% of foreign buyers, as do the areas of Monte Argentario and Castiglione della Pescaia. Buyers come mainly from the United States, Germany, the Netherlands, the United Kingdom, Switzerland and Belgium. The outlook for 2025 is very positive. Demand is expected to increase, especially for second homes, with an increase in the presence of foreign buyers and a strengthening of high-spending tourism. The drop in loan interest rates should help to further stimulate the market, creating new investment opportunities.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Florence

Source: Istat and Engel & Völkers 362,613

Florence, world-renowned for its Renaissance monuments and rich history, is not only a tourist destination, but also offers great investment opportunities. The Florentine real estate market is constantly evolving, offering a wide range of opportunities for the purchase of first and second homes, as well as income investments. The most soughtafter areas include central, semi-central and hilly areas, each with characteristics that attract different types of buyers.

The historic centre is ideal for those looking for a prime residence. The prices of renovated properties in this area vary between 4,200 and 5,500 EUR/sqm, with some luxury properties reaching 10,000 EUR/sqm. This makes the area particularly interesting for real estate investments, especially among international buyers, especially from the United States. The selling times are very short, between 3 and 5 months.

Outside the centre, Lungarno Vespucci is a highly soughtafter area due to its proximity to the centre and panoramic views of the river. Housing prices range between 4,000 and 4,700 EUR/sqm, making the neighbourhood an ideal location for those who love city life, in a more sheltered position compared to the crowded central area, where tourist pressure is quite strong.

The hilly areas of Florence, such as Poggio Imperiale, Fiesole, Settignano and Marignolle, are interesting for buyers looking for more secluded properties surrounded by greenery, with the advantage of a short distance from the city centre. These areas offer wide views of the city and

the surrounding hills, with exclusive homes equipped with large outdoor spaces and facilities. Prices in these areas are among the highest on the market.

Buyers interested in their first home prefer highly soughtafter areas that include Campo di Marte, Coverciano, Novoli, Mazzini, Piazza Beccaria, Cure and Gavinana with average prices ranging between 2,000 and 5,000 EUR/ sqm. Novoli, in particular, is experiencing growing popularity thanks to recent redevelopment projects and the presence of the University, making the area attractive to young professionals and students.

In the holiday home market, real estate demand is spreading to neighbouring municipalities, including Scandicci, Borgo San Lorenzo, Scarperia, San Piero and San Miniato, all well connected to Florence. In these areas, prices range between 1,500 and 3,200 EUR/sqm, a price that is very interesting for investors. Among the current trends, increasing demand is reported in the peripheral areas towards Chianti and the southern area of Florence.

2024 saw a certain caution in real estate purchases, with a contraction in supply and demand. At the same time, there has been an increase in demand from international customers, who continue to choose Florence for its beauty and global reputation.

For 2025, a return to market growth is expected, with an increase in the supply of properties for sale in the most prestigious areas and a recovery in demand. Prices, expected to be stable or slightly increasing, will continue to be supported by the growing demand present in all

Source: Engel & Völkers

segments of the market.

In recent years, the Florentine market has been profoundly influenced by the strong expansion of the short-term rental market linked to tourism, especially in the Historic Center. At the end of 2024, the Municipality of Florence welcomed the green light from the Tuscany Region to the reform of the Consolidated Law on Tourism, which would allow the

city government to operate a greater regulation of the short-term tourist rental sector, in particular in the UNESCO World Heritage area, which represents only 5% of the municipal territory, but in which approximately 75% of the short-term supply is focused.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Lucca

Source: Istat and Engel & Völkers

Lucca and its province, nestled between the mountains and the sea, present a real estate market that offers interesting opportunities both for those who want to buy a primary residence and for those looking for an investment or a holiday home.

Lucca and Capannori are certainly among the most soughtafter locations for purchasing luxury properties. Here, prices for renovated homes range from 2,600 to 8,000 EUR/sqm, depending on the location, type and history of the property. Lucca, with its historic centre rich in art and culture, is the most sought-after area for real estate investments, capturing the interest of buyers from all over the world. Capannori offers an equally appreciated atmosphere.

The areas of Altopascio and Porcari are perfect for those looking for a first home, with a constantly growing demand: average prices per square meter range between 2,200 and 4,500 EUR/sqm.

For those looking for a second home or holiday home, Lucca, Capannori and Altopascio remain among the most popular choices. However, Barga and Bagni di Lucca are also gaining attention, with prices ranging from 2,600 to 3,250 EUR/sqm.

Lucca is at the centre of a growing demand for real estate investments, also fuelled by the numerous events that the city offers throughout the year. The market is in fact very dynamic, with an 8% increase in values per square meter and a 24% increase in demand in 2024. The times of sale are decreasing, the average is 7-9 months for the conclusion of

a negotiation. For high-quality properties, however, the times can be longer, dictated by the selective demand for high-value properties.

Foreign demand is significant, representing 68% of the total, with buyers coming mainly from Germany, Switzerland, France, Holland, the United Kingdom and the United States, many of whom are looking for properties in panoramic hilly areas, to enjoy an authentic Tuscan experience.

In 2025, a further increase in demand is expected, driven by the decrease in interest rates on loans and the recovery of the market after a period of financial uncertainty. The supply of properties is also set to increase, especially in the areas surrounding the historic centre of Lucca.

Source: Engel & Völkers

Siena

66,572

Source: Istat and Engel & Völkers

Siena is rich in history and appreciated by tourists for an urban fabric that still today appears almost intact in its original medieval layout. The Tuscan capital is inserted in a landscape context of villages and towns with similar characteristics. Around the city, the areas of greatest real estate value are Chianti, Val d'Orcia and San Gimignano. Each of them has specific tourist value and is especially sought after as a second home location.

The average prices for renovated homes to be used as second homes in Siena and its surroundings range between 4,000 and 6,000 EUR/sqm. The demand for this type of property comes mainly from abroad, from Germany in particular. In 2024, however, there was a strong growth in demand from the United States, compared to a contraction in German requests, held back by the negative economic situation that the country is experiencing. Purchases for investment or rental purposes concern the same areas as second homes and have almost identical prices, around 3,000-6,000 EUR/sqm.

30% of purchases are intended for investments, 60% for second homes and only 10% for first homes. The clientèle is generally wealthy, so only 10% of purchases are financed by banks, through the taking out of a loan. The selling times do not depend so much on the area, but on the condition of the property. A renovated home, in a high energy class, sells within three months and it is not uncommon for the customer to be willing to pay a premium (10-15% more) compared to the average market price for these residences, as properties with these characteristics are difficult to find.

On the other hand, in some cases even ruins to be renovated have aroused the interest of a certain type of clientèle.

The most requested features for the most valuable properties in general include a large garden, a swimming pool, an olive grove or a vineyard, and an attractive landscape.

For 2025, an increase in requests from non-EU countries such as the United States and Canada is expected for large, renovated properties surrounded by large lands.

Source: Engel & Völkers

Pisa

Source: Istat and Engel & Völkers

Pisa, the Tuscan provincial capital renowned for its famous Leaning Tower, is a mosaic of neighbourhoods, each with specific characteristics.

The most valuable urban areas are the historic centre North (Santa Maria neighbourhood, San Francesco neighbourhood), the historic centre South (San Martino neighbourhood, Sant’Antonio neighbourhood), Viale delle Piagge and San Michele. Among the areas with a touristseaside vocation, the hamlets of Marina di Pisa, which is about ten km from the provincial capital, Tirrenia and Calambrone are worth mentioning.

Average prices for renovated homes in Santa Maria and San Francesco, which host, respectively, the history and the university heart of the city, are 2,500 EUR/sqm. The prices of San Martino and Sant’Antonio, the other two neighbourhoods of the historic centre, are also set at 2,500 EUR/sqm.

The price level decreases as you move away from the centre: in the area of Viale delle Piagge and San Michele the prices are 2,450 EUR/sqm, as well as in Marina di Pisa, Tirrenia and Calambrone. On the other hand, the neighbourhoods of the historic centre of Pisa, once sought after by a clientèle with refined housing needs, are now less sought after due to the nightlife.

On the contrary, the Cisanello neighbourhood, redeveloped by urban improvement interventions, has become a residential area highly sought after by families. More generally, due to the presence of modern infrastructures and the efficiency and speed of connections, the first

outskirts of the city are improving their attractiveness, especially for those looking for a first home. In 2024, 58% of purchases had this motivation: Porta a Lucca, Cisanello, La Vettola, San Piero a Grado and San Giuliano Terme were the most requested areas. In this case, the average price range for renovated homes is very wide, ranging from 1,770 EUR/sqm in San Giuliano Terme to 2,430 EUR/sqm in Porta a Lucca. The prices for Cisanello (2,040 EUR/sqm), La Vettola, San Piero a Grado (1,850 EUR/sqm in both) fall within this range. A further 32% of real estate purchases involve second homes, located mainly in Marina di Pisa, Tirrenia, Calambrone and in some hamlets (Molina di Quosa, Rigoli) of San Giuliano Terme. The average prices for renovated homes in these areas are wide, ranging from 1,650 to 2,450 EUR/sqm. To finance the transfer of ownership of residential properties, 75% of buyers use a loan if it is a first home, and 45% for a second home. The investment/rental demand accounts for 20% of total purchases and is mainly directed towards the previously mentioned high-end areas. In 2025, demand for high-end properties should remain strong thanks to the city's tourist and cultural attractiveness, which allows it to catalyse demand for long-term rentals and for tourism purposes not only from national sources, but also from abroad. Foreign demand is mainly focused on the peripheral areas between Pisa and Lucca and between Pisa and Florence. Municipalities such as San Giuliano Terme and Calci attract an international public of Germans, Swiss, Brits and North Americans. Whether Italian or foreign, the homes that have

Source: Engel & Völkers

Source: Engel & Völkers Italy

attracted the most interest are those that have been renovated or newly built, equipped with a garden, terrace, parking space and are energy efficient.

Tuscan Hills and Chianti

25,534

Source: Istat and Engel & Völkers

The Tuscan Hills have always been considered one of the most sought-after destinations for those seeking the timeless charm of Italy. In 2024, the real estate market in this exclusive area recorded interesting growth, with Chianti confirming itself as the most prestigious and sought-after area, as well as the ideal choice for potential buyers of a second home: renovated properties range between 4,000 and 6,000 EUR/sqm. A "turnkey" property, ready to be inhabited, sells quickly, on average in just three months, if it has a good energy class.

The demand is mainly aimed at those looking for a second home (60% of the total), but first-home buyers and investors are also attracted by the beauty of these areas, although to a much more limited extent, 10% and 30% respectively.

An interesting aspect is the strong influx of international buyers, with 85% of transactions coming from foreign countries, including the United States, Germany, the Netherlands, Canada and Belgium. In particular, there has been an increase in demand from buyers from the United States and Canada, attracted by the quality of life and the suggestive landscape of the Tuscan Hills.

The most sought-after properties are those recently renovated, with excellent energy class, large grounds, swimming pool, privacy and panoramic views. However, ruins to be renovated continue to represent an interesting opportunity for those who want to personalize their home or aim for an investment.

In 2024, the market saw an increase in demand and sales in

the most exclusive areas, with prices for renovated homes reaching an average of 4,000 EUR/sqm, with peaks of up to 8,000 EUR/sqm. Prices for homes to be renovated remained more stable, albeit with a slight increase. Furthermore, selling times have decreased in the premium areas, going from 6 to 4 months, while in the intermediate areas the times have remained unchanged.

Looking ahead to 2025, the forecasts are promising, with demand expected to continue to grow, particularly for large, recently renovated properties with large plots of land.

Source: Engel & Völkers

Island of Elba and the Etruscan Coast

Source: Istat and Engel & Völkers

The premium real estate market on the Island of Elba and the Etruscan Coast, an exclusive corner of Tuscany, has seen strong growth in demand for properties in 2024. With a 40% increase compared to the previous year, this area has become one of the most sought-after destinations for those looking for a second home, a prime residence or a strategic investment.

Porto Azzurro, Capoliveri, Marciana Marina and Portoferraio's north coast are the locations on the Island of Elba at the top of the wish list of around 60% of buyers. Here, the market offers renovated homes with prices ranging between 3,000 and 12,000 EUR/sqm. Holiday homes in these areas are particularly sought after, with strong demand from buyers looking for a summer retreat. The demand for first homes, which does not exceed 15% of the market, is mainly aimed at the cities of Leghorn, Piombino and Portoferraio, with prices ranging between 2,000 and 4,500 EUR/sqm. Investors, who represent 25% of purchases on the market, are instead attracted by areas such as Rio, Porto Azzurro, Capoliveri or Marina di Campo and Castiglioncello, where property prices range from 3,000 to 7,500 EUR/sqm.

The evolution of selling times is interesting, which average around 8 months in high-value areas and in less soughtafter areas, with a time reduced to 6 months in intermediate areas.

A further aspect to underline is the growing interest from foreign buyers, who represent 65% of the market. Germans and Swiss prefer coastal areas, while English and Americans

are increasingly attracted to the Tuscan hinterland, looking for properties immersed in nature but not far from the main cities of art.

The forecasts for 2025 are extremely positive, with a growth trend that is expected to consolidate thanks to the decrease in interest rates on loans. This will lead to an increase in both supply and demand, with a consequent increase in sales in all areas.

Source: Engel & Völkers

Monte Argentario and Castiglione Della Pescaia

Source: Istat and Engel & Völkers

The area between the maritime centre of Castiglione della Pescaia and the rocky promontory of Monte Argentario is characterized by a succession of varied landscapes and represents an internationally renowned location for prime properties. Along the coastal stretch, those of Monte Argentario, Castiglione della Pescaia, Capalbio, Orbetello and Follonica are the areas of greatest real estate value. Within such a large territory, the price range for renovated homes is very diversified: it starts from 5,500 EUR/sqm in Monte Argentario to 4,450 EUR/sqm in Castiglione della Pescaia and drops below 4,000 EUR/sqm for the residences in Capalbio, Orbetello and Follonica. The majority of requests for second homes, which represent 35% of sales, are directed towards these areas. The average prices of prime locations are lower in the inland areas, where the average prices of typical Tuscan farmhouses, holiday farms and country villas range from 2,700 EUR/sqm in Magliano to 1,600 EUR/sqm in Roccastrada.

In its entirety, the Grosseto real estate market is dynamic and diversified, with opportunities for growth in the real estate business, both in the prestigious tourist locations located along the Tyrrhenian coast and in the inland areas, rural and otherwise, if potential buyers are offered modern and technologically advanced solutions (energy efficiency, wiring of the territory), aimed at guaranteeing them a better quality of living.

In 2024, after a slight slowdown in H1, the market for prime homes recovered, substantially confirming the number of sales of the previous year. 55% of these transactions

involved the purchase of first homes, which was focused on urban centres with the highest population density such as Grosseto and Follonica. In the capital, average prices stood at 2,300 EUR/sqm for apartments and 3,000 EUR/sqm for villas; in Follonica the prices were slightly higher and equal to 3,200 EUR/sqm and 4,000 EUR/sqm respectively.

In 2025, the coastal areas and the inland areas with a greater tourist vocation are very likely to continue to benefit from the strong demand for second homes and prime properties, both Italian and foreign. Foreign demand, especially in the inland areas, is estimated to be equal to 60-70% of the total. Potential buyers are mainly German, Swiss, American and English. Foreign demand is mainly directed towards centres such as Massa Marittima, Scarlino, Civitella Paganico, Cinigiano, Magliano, Scansano, Manciano and Capalbio, but there is also growing interest in more inland areas such as Seggiano, Saturnia and Pitigliano, appreciated for their proximity to the Val D'Orcia and the presence of SPAs. The more internal areas, as they are home to historic villages, could attract buyers interested in more affordable properties located in rural environments or protected areas. Even for municipalities with lower property values, there is room for redeveloping buildings at low prices through a logic of greater sustainability, making the most of incentives for energy efficiency and the growing demand for green properties. The only obstacle, especially for the first home market, could come from a new restriction in access to credit or an upward trend in interest rates.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Perugia

315,911

Source: Istat and Engel & Völkers

In Perugia and its surroundings, the most valuable properties are mainly located in the area of Lake Trasimeno, along the Assisi/Spoleto and Todi/Orvieto roads. In these locations, the average prices for renovated homes range between 2,000 and 3,000 EUR/sqm and are particularly attractive for those looking for a second home or holiday home. Perugia and Foligno emerge as the centres of greatest interest for the purchase of first homes, with average prices for renovated homes ranging between 1,800 and 2,500 EUR/sqm. Perugia also confirms itself as the most dynamic area for real estate investments, where selling times are the fastest.

In general, there is a strong preponderance of purchases for second homes, around 75%, followed by first homes, at 15%, and investments, at 10%, with only 10% of buyers resorting to bank financing. The most sought-after homes are those that are new or newly renovated, equipped with outdoor spaces, energy efficiency and modern comforts. A significant aspect is the strong presence of international buyers, who make up about 80% of the total: these customers come mainly from the United States, the Netherlands and Germany and do not show a particular preference for a specific area. In 2024, a 30% increase in transactions was recorded in the second home sector and in the international market.

The average discount on the sale price remains stable at 5.5% in all areas, while the average absorption times of the properties are around 8 months, with a range that goes from 4 to 12 months, without significant changes compared

to the previous year.

The prime real estate market in Umbria in 2024 was therefore characterized by sustained demand, a strong presence of international buyers and stable prices, with a clear distinction between the preferred areas for first homes and those for second homes or investments.

Forecasts for 2025 confirm a stationary supply, demand and number of sales: the market will therefore remain stable, confirming the trend of the past year.

Source: Engel & Völkers

Ancona and Civitanova Marche

Source: Istat and Engel & Völkers

In the last part of 2024, the market has registered an increasing attention from international buyers. Despite critical issues such as the absence of an international airport hub and limited accommodation services, the Marche region stands out for its potential, thanks to its prestigious locations on the sea, its charming villages and the opportunities for redevelopment of the building heritage. The most prestigious areas of this coastal area include Senigallia, Sirolo, Numana and Civitanova Marche, with average prices ranging between 3,400 and 4,200 EUR/sqm depending on the location. For "first home" purchases, the most sought-after areas are the historic centre of Ancona, Ancona Passetto area, Civitanova Marche Lungomare Nord and Civitanova Borgo marinaro. As for second home purchases, the most sought-after areas are Sirolo historic centre, Numana Taunus, Numana historic centre and Senigallia Lungomare.

The fastest selling times are found in Numana and Sirolo, where on average sales are concluded in 4 months, and in Civitanova Marche Lungomare, where the average time to sell a property is 5 months. The average discount is decreasing and equal to 6%.

The types of homes that attract the most interest are those that have been renovated, while the most requested features are: outdoor spaces, swimming pool, panoramic view, energy efficiency and home automation. Foreign demand makes up 25% of the market, with Americans, Germans and British among the main buyers, followed by Dutch, Belgians and Israelis. The most popular

locations among international customers are Numana and Sirolo.

For 2025, a positive trend is expected, with a further possible increase in prices, following the increase recorded in 2024 and the growing international attention. An increase in foreign buyers is expected, too, also from new nations, together with a strengthening of the prime tourism sector.

The forecasts for 2025 are therefore positive and improving after a year marked by socio-economic uncertainty. This region represents an excellent opportunity for a still unexpressed potential in the Italian market.

Source: Engel & Völkers

Rome

2,751,747

Source: Istat and Engel & Völkers

The prime residential market in Rome remains a lively market, with sustained demand, especially for renovated properties in the centre and surrounding areas. The positive economic situation has had a particular impact on the prices of renovated homes in the historic centre and semicentre, which are increasing on an annual basis. In the rest of the market, substantial stability in values has been recorded. The general reduction in the absorption times of properties in the central and semi-central areas confirms the dynamism of the market.

The most valuable areas are focused on the historic centre and in the surrounding areas such as Prati, Parioli and Pinciano, in addition to EUR, in the southern quadrant. In these areas, the average prices for renovated homes reach 7,500 EUR/sqm, with peaks that exceed 10,000 EUR/sqm for particularly valuable properties. The most sought-after areas for purchasing a first home are the central and semicentral ones, well-connected, with the presence of green areas and parks. Among these, Trieste-Nomentano, Prati, Balduina, EUR and San Giovanni stand out. In these areas, the average prices fluctuate between 4,500 and 6,500 EUR/sqm. As regards the purchase of second homes or holiday homes, the historic centre, the Monti and Trastevere districts, and the areas adjacent to the centre and the Vatican are the most attractive ones. Investors' interest is mainly directed towards residential areas and those close to university centres.

The fastest selling times are recorded in San Giovanni, Garbatella Ostiense, Pigneto, Città Giardino, Nomentano

and Trieste, with an average of 2 months, especially for three-and four-room apartments. The average discount is reduced in the centre and in the most prestigious areas, in a range that varies between 4% and 12% of the initial asking price.

From the point of view of property purchases for investment use, the centrality of the property and good accessibility of the location to transport services is a plus for investors. The historic centre, together with the Monti and Trastevere districts and the areas immediately adjacent to the centre and the Vatican, due to their tourist attractiveness, are the areas that record the greatest demand.

Access to bank credit varies depending on the area and the type of property, with percentages ranging from 50% in the areas of Trastevere and Testaccio to 80% in the areas of Prati, Roma Nord and EUR. Demand is mainly focused on renovated homes, with particular attention to those with liveable outdoor spaces and garages, considered a musthave for high-quality properties. There is increasing interest in properties with high energy efficiency.

There is growing demand for areas such as Trastevere, Testaccio, Pigneto, San Lorenzo, Garbatella and Ostiense, which seem to confirm new trends in progress.

Foreign demand is significant in the city centre area, where it represents 30% of the total. In other areas, the incidence of foreigners is more limited.

In 2025, the Roman real estate market has been put to the test by a major event such as the Jubilee, which is attracting a massive flow of tourists and pilgrims to the Eternal City.

Source: Engel & Völkers

The increase in demand for accommodation has not caught the city unprepared, also through the offer of short-term accommodation, which contributes to increasing the pressure on the real estate market of the historic centre and a real estate supply that, in some areas, is reported as poor. In particular, the areas adjacent to the Vatican and the Monti and Trastevere districts have registered in the previous two years a greater attractiveness for investors

Italian and foreign buyers

interested in renting out quality and well-located accommodation.

The outlook for 2025 sees a stationary supply in the most prestigious areas and an increase in the rest of the market, associated with a possible further slight increase in prices. Demand and number of sales should increase in the centre and semi-centre, with a substantial stationariness for the rest of the market.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

San Felice Circeo

Source: Istat and Engel & Völkers

The beauty of the San Felice Circeo area continues to exert a strong tourist attraction that positively impacts the real estate market. The most prestigious locations in the area, such as Sabaudia Lungomare (with prices between 3,000 and 5,800 EUR/sqm), San Felice Circeo (2,400-3,400 EUR/ sqm) and Ponza (4,400-5,800 EUR/sqm), continue to represent a point of reference for those looking for a home by the sea. Over the last year, there has been a stabilization of average prices, which had shown a surge in the two-year period 2021-2022.

The market is dominated by the demand for second homes (70%), followed by first homes and investments, 20% and 10% respectively. 50% of buyers use bank financing for the purchase.

Sales times are getting shorter in the most sought-after areas, while they remain stable in other areas.

The most sought-after properties are new or recently renovated, with Italian buyers favouring solutions a few steps away from the sea, often sacrificing comforts for an exclusive location. Foreign buyers, on the other hand, make up 50% of the total and come mainly from Belgium, Holland, Switzerland, Germany and the United States: they are looking for homes in quiet areas, surrounded by greenery and with a privileged view of the historic centres, while maintaining the possibility of reaching the sea in less than 30 minutes by car. The towns of Gaeta and Sperlonga are emerging, especially for those looking for a home in a more private area, sheltered from the tourist clutter.

Looking to the future, forecasts for 2025 indicate a stable

or slightly declining market, but with a strong demand for high-end properties, which is reflected in an increase in sales. The most valuable areas, such as historic centres and seaside areas, will see an increase in the prices of renovated properties, while the less central areas will remain stable.

Source: Engel & Völkers

Tuscia

146.819

Source: Istat and Engel & Völkers

The Tuscia area, known for its ancient Etruscan settlements, is dotted with villages with medieval atmospheres, towns with views of volcanic lakes and Renaissance villas with enchanting gardens that make it a point of reference for a real estate demand interested in giving new life and value to homes of particular historical and cultural interest, located in urban centres, in the countryside and in other locations overlooking the sea.

The most valuable areas for renovated properties are Grotte di Castro, Montefiascone, Lake Bolsena, Tarquinia and Viterbo. In these areas the average prices are around 1,400 EUR/sqm. Mostly, these are locations sought after for the purchase of second homes, which constitute the largest share of the real estate market (40% of the total). The remaining 60% of purchases are equally divided between first homes and investments.

For first homes, the most sought-after areas are Viterbo, Civita Castellana, Fabrica di Roma, Ronciglione, Vetralla and Cura di Vetralla, with average prices of around 1,200 EUR/sqm for renovated homes. The homes of this type that are of greatest interest to customers are those with a parking space, balcony or terrace and energy efficient. Sales times vary depending on the location and conditions, but the fastest are those relating to properties located in the most touristic locations: Lake Bolsena, Tarquinia and Viterbo itself, with average selling times of between 3 and 6 months. Foreign demand represents 65% of the market and is mainly made up of European and American buyers mainly interested in properties with a lake view. In recent

years, the market has had good performances, despite some critical issues related to the availability of properties.

In Bolsena, Tarquinia and Montalto di Castro, thanks to an intelligent urban redevelopment policy, new opportunities for the real estate business are emerging. In 2025, sales are expected to increase, by virtue of the downward trend in interest rates on loans.

Source: Engel & Völkers

Southern Italy and the Islands

Southern Italy and the Islands

3,531,799

Source: Istat and Engel & Völkers

Southern Italy, with the two largest islands, Sicily and Sardinia, represents a treasure trove of natural beauty, culture and traditions known throughout the world: from the baroque cities of Sicily and Apulia to the views of the Amalfi Coast and Capri, to the crystalline and worldly Sardinia. The prestige and charm of these areas of the country are reflected in a dynamic real estate market, which in 2024 recorded a growth in transactions, thanks to the sustained demand from Italian and international buyers.

In Apulia, in Bari, the most prestigious real estate areas are located in the Murat and Umbertino districts, where the average prices for renovated homes are 3,800 EUR/sqm and 4,200 EUR/sqm, respectively. The urban real estate market is undergoing significant changes due to the strong growth of tourist accommodations, a trend that is making it increasingly difficult to find rental residences. Ostuni and the Itria Valley are also recording good performances, with prices ranging from 5,000 to 6,000 EUR/sqm in places such as Savelletri and Fasano Mare, which are mainly interesting for foreign buyers. Salento, with its charming historic centres, including Lecce, Nardò and Otranto, attracts foreign demand thanks to its unique architectural features, with prices ranging between 1,000 and 5,000 EUR/sqm.

You can't talk about prime properties without mentioning Campania.

One cannot talk about luxury without mentioning Campania. The Amalfi Coast and the island of Capri are among the most prestigious locations in Southern Italy and represent elite destinations for those seeking exclusivity. The luxury real estate market in these areas showed interesting dynamics in 2024, characterized by strong demand, limited supply, and high prices. Capri, with its unique position and famous views, remains one of the most sought-after islands for purchasing luxury second homes. Here, properties with views of the famous Faraglioni reach 13,000-14,000 EUR/sqm, while on the Amalfi Coast prices vary depending on the location: Ravello and Positano are among the most exclusive places, with prices between 6,000 and 10,000 EUR/sqm, while Sorrento and the Sorrento Peninsula continue to attract high-level investors with prices reaching 8,000 EUR/sqm in the city centre.

In Naples, the most prestigious real estate areas, Chiaia,

Posillipo and Vomero, with their different souls, present the highest average values on the market, equal to 7,500 EUR/ sqm, 7,000 EUR/sqm and 6,500 EUR/sqm respectively. The historic centre, a UNESCO World Heritage Site, full of historic buildings and the pulsating centre of the capital, is attractive for investments and rental income, especially in the Toledo and Museo areas, with prices for renovated homes between 4,000 and 5,000 EUR/sqm.

Sicily continues to represent an attractive destination. Starting with the two main cities, in Palermo, the Mondello area remains a sought-after location even among foreign buyers, with prices reaching 4,000 EUR/sqm. In Catania, where the primary residence market prevails, the areas of Scogliera, Lungomare, and Tivoli stand out, with prices for renovated homes ranging from 2,800 to 3,800 EUR/sqm.

In Taormina, whose real estate market has grown significantly in recent years, average prices exceed 5,200 EUR/sqm, with higher demand for properties on Corso Umberto or by the sea. Meanwhile, Cefalù, with its precious historic center, attracts tourists and buyers, both Italian and foreign, with prices ranging from 3,000 to 4,500 EUR/ sqm, especially for properties with sea or Duomo views. Among the most requested locations, it is impossible not to mention Panarea, the pearl of the Aeolian Islands, with average prices exceeding 7,000 EUR/sqm and a demand driven by investments from international buyers.

In Sardinia, Porto Cervo and Porto Rotondo represent the most prestigious locations, with top prices between 26,000 and 32,000 EUR/sqm. Here, demand is focused almost exclusively on second homes, as in Olbia, Golfo Aranci and San Teodoro, with a strong presence of foreign buyers and top prices that reach up to 15,000 EUR/sqm in prestigious locations such as Puntaldia and Le Farfalle.

The prime real estate market in the South and the Islands is expected to be solid also for 2025. Continuous growth in the demand for second homes and luxury properties is expected, with a stabilization of prices in the most exclusive areas. International interest in these areas shows no signs of diminishing, making the South and the Italian Islands an interesting destination for those who want to invest in highlevel properties.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Naples

Source: Istat and Engel & Völkers 913,704

Naples is internationally known for its artistic heritage, the famous Gulf panorama and the lively atmosphere. During 2024, the prime real estate market has seen a fluctuating trend, with an initial slowdown phase followed by a recovery in H2, increasing as the end of the year approached.

The market is focused on the central, elegant and wellserviced areas. The demand for renovated properties remains strong, with buyers paying increasing attention to the quality of the supply, both in terms of the building structure and the living context, in particular for the characteristics of exposure and brightness of its interiors.

Among the most sought-after features, terraces and parking spaces are particularly appreciated by buyers.

The most prestigious real estate areas, Chiaia, Posillipo and Vomero, with their different souls, present the highest average values on the market, equal to 7,500 EUR/sqm, 7,000 EUR/sqm and 6,500 EUR/sqm respectively. The Posillipo district, known for its sea views and historic villas, offers a private setting, while Chiaia, on the seafront, is the heart of the city's sophisticated and social life: here you can find elegant apartments and historic residences, as well as luxury boutiques and exclusive restaurants.

Finally, the residential district of Vomero is appreciated for its Art Nouveau style. Foreign demand, although limited, stands at 5% and is mainly focused on the Chiaia area and in the more peripheral areas.

The historic centre, a UNESCO World Heritage Site, full of

historic buildings and the pulsating centre of the capital, is attractive for investments and rental income, especially in the Toledo and Museo areas, with prices for renovated homes between 4,000 and 5,000 EUR/sqm.

Renovated homes in the most prestigious areas show a slight increase in prices compared to the previous year, with average prices of 5,000 EUR/sqm for homes to be renovated, which show peaks of 6,500 EUR/sqm. The market distribution sees a predominance of first home purchases with 85% of the total, followed by a 13% share relating to sales for investment purposes and approximately 2% of the market aimed at second homes.

The fastest selling times are recorded in Vomero, while in the other areas the absorption times of the properties tend to lengthen: in the centre, the sale takes place on average in 2 months, while in the medium-prime areas and in the rest of the market the times reach a range between 4 months and 6 months. The average discount on the sale price stands at 6% in the central areas, with a range between 5% and 8%, stable compared to the previous year, while in the intermediate areas an 11% increase in the discount was recorded.

For 2025, an increase in the number of sales in the most prestigious areas and, conversely, a decrease in those of intermediate value is expected. The supply for sale should remain stationary, in the face of growing demand in the top locations.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Capri and the Amalfi Coast

Source: Istat and Engel & Völkers

The Amalfi Coast and Capri are among the most prestigious locations in Southern Italy and represent elite destinations for demand in search of exclusivity. The prime real estate market, specific to these areas, has shown interesting dynamics in 2024, in an overall picture characterized by sustained demand, limited supply and high prices. Capri, with its unique location and the famous view of the Faraglioni, remains one of the most sought-after islands for the purchase of prime second homes. Demand is in fact oriented towards the purchase of holiday homes and investment for 70% of sales, with 30% aimed at first home purchases. Furthermore, the building restrictions in force since the 1980s, which limit the construction of new properties and renovations, contribute to keeping prices

high. The most sought-after areas, such as the Piazzetta and adjacent streets, as well as Via Marina Piccola, reach average values of 13,000-14,000 EUR/sqm for properties with a view of the Faraglioni. Ease of access and the presence of outdoor spaces, such as balconies, terraces and gardens, are among the most sought after characteristics for buyers.

Among the growing areas is Anacapri, which is attracting new investors thanks to the possibility of purchasing villas with gardens and swimming pools: in this case, prices are around 7,000-8,000 EUR/sqm. In Marina Grande, small apartments are purchased for around 8,000 EUR/sqm, with an increase in value in the case of car access or proximity to the beach.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Source: Engel & Völkers

Sales by type of investment

The Amalfi Coast, with its renowned locations such as Ravello and Positano, is also among the highly prestigious destinations: prices in the historic centre of Ravello are between 6,000 and 7,000 EUR/sqm, while the most soughtafter areas of Positano, such as Via Pasitea and Marina, reach up to 10,000 EUR/sqm. Purchases are aimed at 20% of first homes, 30% of second homes and 50% of investment use, with a strong presence of foreign buyers, especially North-Americans and Northern Europeans. The interest of the demand is mainly focused on renovated properties, with liveable outdoor spaces and, ideally, with a swimming pool. Among the most requested areas for first homes are Vietri sul Mare and Maiori, with prices that are around 5,000 EUR/sqm.

The market suffers from the lack of properties without technical-administrative constraints: the difficulties related to the long and expensive due diligence and the impact of the phenomenon of overtourism have reduced the availability of properties to be used for residence in a short time, with repercussions also relating to the accommodation of seasonal staff.

Forecasts for 2025 suggest an increase in residential demand for the Amalfi Coast. As for the island of Capri, despite a contraction in the market due in part to geopolitical uncertainties, an increase in demand is expected, especially from buyers from the United States and Australia, while the domestic market will remain stable.

Primary home (20%)

Second home (30%)

Investment (50 %)

Source: Engel & Völkers Italy

2024 Data, Costiera Amalfitana

and foreign buyers

Source: Engel & Völkers Italy

Source: Engel & Völkers

Sorrento Peninsula, Ischia and Procida

Source: Istat and Engel & Völkers

The Sorrento Peninsula and the islands of Ischia and Procida stand out as some of the most sought-after locations on the Campania coast.

Here the prime residential market is focused above all in Sorrento, where, in the heart of the city between Piazza Tasso, Corso Italia and Piazza Lauro, the prices of renovated homes reach 8,000 EUR/sqm. The Centro/Porto area is settled on average values equal to 6,500 EUR/sqm, while Massa Lubrense, with its hilltop hamlets such as Termini and Marciano and the enchanting coastal towns of Nerano, Riviera di San Montano and Marina della Lobra, offers prime residences immersed in nature, with prices varying depending on the location.

The market is expanding, with demand mainly oriented towards purchases of second homes for holidays, equal to about 30% of the total, but also represented by investors, especially foreign ones, including Americans, French, Germans and North Americans, who together make up 50% of the total demand. 2024 saw a general increase in demand and in the number of sales, with rapid selling times, especially in Sorrento, where in some areas properties are sold in about 30 days. Despite the growing demand, critical issues have been reported on several properties characterized by illegal building, which limits some sales.

The high-end real estate market on the islands of Ischia and Procida offers a sheltered atmosphere, ideal for demand in search of an exclusive and authentic refuge. In Ischia, the most sought-after areas include Forio, with its sea-view

villas and apartments, and Sant'Angelo, famous for its picturesque and elite village. In Procida, the appeal of colourful sea-view residences continues to win over buyers from all over the world. Here, demand is equally distributed between first homes, second homes and investments, accounting for 30%, 30% and 40% of sales, respectively. There is a significant presence of buyers from Northern Europe, especially Germans, who represent around 20% of the total. Although the market recorded a slight decline in 2024, the average prices of renovated homes are around 4,500 EUR/sqm, with higher peaks in the most sought-after areas such as Sant'Angelo and Forio.

Both on the Sorrento Peninsula and on the islands, demand is focused on renovated properties, which represent a privileged choice for demanding buyers, confirming a context in which luxury and quality are at the forefront. The most common requests concern sea views, outdoor spaces and the possibility of having a parking space. Direct access to the sea, private access and swimming pool represent the most sought-after features. The forecasts for the Sorrento Peninsula for 2025 are positive, with further growth estimated, thanks to the ever-increasing interest from large investors and a particularly dynamic market. In the case of the islands, forecasts indicate a slow but positive recovery of the market, with an upward trend. However, the management of approvals for renovation projects and the demand for properties without building violations remain among the main critical issues to consider.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Source: Engel & Völkers

316,226

Source: Istat and Engel & Völkers

The most valuable real estate areas in Bari are located in the Murat and Umbertino districts, where the average prices for renovated homes are 3,800 EUR/sqm and 4,200 EUR/sqm, respectively. The urban real estate market is undergoing profound evolution due to the exponential growth of tourist flows, a dynamic that is making it increasingly difficult to find rental properties. In 2024, the number of transactions has also dropped due to the scarcity of buildings to be sold. In 2024, three-quarters (75%) of all property transfers were motivated by the purchase of a first home, a trend that also concerns the first location segment. A further 20% of property transfers involved purchases for investment or rental purposes, compared to only 5% of purchases for second homes. The most sought-after areas of the city by owners looking for a first home are the San Pasquale and Carrassi neighbourhoods, where average prices for renovated homes vary between 2,800 and 3,000 EUR/sqm and selling times are quick, in the order of just 2-3 months. Murat, the neighbourhood that together with the historic centre constitutes the beating heart of the capital, and Madonnella, where a myriad of premises are focused, are the most sought-after areas for purchases aimed at investment or rental purposes. In this case, the range of average prices is between 3,500 and 3,800 EUR/sqm. In the Umbertino district, there is a new trend of increasing nightlife, which creates many inconveniences for residents. Murat is the only urban area of interest for foreign demand, limited to 2-3% of the overall demand.

Provided that loan interest rates remain unchanged at current levels, substantial stability of the residential market is expected for 2025, including that of prime locations. An interesting novelty compared to the past is however represented by the increased presence of foreign demand interested in purchasing prime properties in the centre, in the wake of a tourism trend already observed in Salento and in the Itria Valley, renowned for its white lime buildings.

Source: Engel & Völkers

Bari

Itria Valley

Source: Istat and Engel & Völkers 169,319

In 2024, the Itria Valley confirms itself as an emerging market in the high-end real estate panorama of Apulia. Areas such as Savelletri, Ostuni and Locorotondo represent the heart of this market, with a real estate offering that ranges from renovated trulli to luxury masserie (respectively traditional houses and farmhouses), attracting foreign investors and buyers looking for exclusive properties. Here, second home and investment purchases represent, respectively, 50% and 15% of the market, with first home sales stopping at 35% of the total.

Prices for renovated homes in the most prestigious areas such as Savelletri and Fasano Mare range between 5,000 and 6,000 EUR/sqm. These areas also have the fastest selling times, ranging from 4 to 6 months. For first home purchases, the most sought-after areas include Martina Franca, Fasano and Ceglie Messapica, with prices set at 2,500 EUR/sqm. Tourist locations, such as Savelletri and the districts of Ostuni, are instead the favourites for second home purchases, driven by foreign demand that represents 50-60% of the total. English, Germans, Dutch and Americans dominate the market, attracted by the mix of authenticity and luxury. Savelletri is also among the most sought-after areas for investments.

Renovated properties are the most sought-after ones (60% of demand), followed by those yet to be renovated (30%).

Private swimming pools, large outdoor spaces and panoramic views are the amenities preferred by the demand, while interest in energy efficiency is growing.

Areas like Ceglie Messapica are experiencing a renaissance

thanks to urban redevelopment projects, while Savelletri and the Adriatic coast continue to be the focus of interest for luxury tourism. Finally, Alberobello and its renovated trulli remain an iconic choice for the most demanding buyers.

Forecasts for 2025 indicate an increase in the number of sales and moderate growth in supply in the prestigious areas. Luxury tourism and foreign investment will continue to strengthen the luxury real estate market of the Itria Valley.

Source: Engel & Völkers

Salento

Source: Istat and Engel & Völkers 143,601

Located in the south of Apulia, nestled between the Adriatic and Ionian seas, Salento is a renowned destination, known for its landscapes and cities rich in history. The most interesting centres are Lecce, with its baroque architecture, Nardò, Galatina, Otranto, Tricase, Castro, Gallipoli and, in the far south, Castrignano del Capo, in whose municipality is Santa Maria di Leuca, with its suggestive views of the sea. In Salento, most of the homes have maintained architectures that reflect centuries-old historical and cultural events, making Lecce and the surrounding area an internationally renowned site for the sale of this particular category of properties.

The most valuable areas are the historic centre of the capital and some neighbouring locations: the historic centre of Nardò and its marinas and the urban area of Otranto and Capo di Leuca. In these areas, the average prices for renovated homes range from 1,000 to 3,000 EUR/sqm. Also noteworthy are the Acaya area for the presence of the golf course, all the coastal areas that overlook both the Adriatic and the Ionian and the wonderful countryside of the so-called "Grecìa Salentina".

These locations are also those towards which the demand for holiday homes is directed, which is equal to 50% of the overall demand. For this specific use, customers look for properties with local architectural styles, that is, with simple shapes that can be traced back to the territory, such as interiors with high vaulted ceilings, floors and terraces in Lecce stone, outdoor spaces planted with olive groves, vineyards, fig trees and other species of local flora. The

offer of this type of property, for which the watchword is "authenticity", is wide, but each building must first be checked for compliance with building regulations and compliance with landscape constraints, which sometimes implies lengthening the bureaucratic times for the sale. The absorption times for turnkey assets or best locations may not even exceed a month. The share of purchases for investment represents 40% of the market, compared to 50% of second home sales and 10% of first homes.

In 2024, a strong interest in prime residences was recorded also from important groups of investors in relation to properties located in the historic centres of Lecce, Otranto, Nardò and Gallipoli, where prices are in the range of 1,5003,000 EUR/sqm. In this scenario, there was also a certain interest in the purchases of homes, country buildings and farmhouses to be renovated with interventions that can be financed entirely by European funds, for those who intend to do business in the tourism-hospitality sector.

As many as 95% of requests for high-end residential properties come from abroad: the historic centre of Lecce is of particular interest to North-American buyers, who are increasingly interested, also in anticipation of the imminent establishment of a direct flight from New York to Apulia, while Nardò and its marinas are of interest to French, Belgian and other clients.

In 2025, the market growth should not stop thanks to the renewed interest that the natural beauty of the area continues to arouse among investors from all over the world.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Palermo - Mondello

630,427

Source: Istat and Engel & Völkers

Palermo, the regional capital of Sicily, is a city rich in history and culture, with an urban planning that reflects the various dominations that have succeeded one another over the centuries. The most prestigious areas are Libertà, Croci, Politeama, Teatro Massimo and the hamlet of Mondello, located a few km away from the capital and renowned for its lively beach. This area is the most sought-after for the purchase of a holiday home, while urban areas catalyse purchases of first homes. In these areas, average prices for renovated homes range from a minimum of 1,500 EUR/sqm to a maximum of 4,000 EUR/sqm.

In 2024, the residential real estate market remained stable both in terms of the number of sales and the average price level. Only in Mondello was there a slight increase in the average values of real estate properties, as the number of requests for new or renovated homes remained constantly higher than the available supply. Of the total market, 62% of purchases are intended for first homes and 32% for second homes, with 80% of sales supported by the use of credit. The investment/rental demand, on the other hand, accounts for only 6% of total purchases and is mainly directed towards the neighbourhoods of the historic centre and Mondello. These two high-end areas are also those where selling times are quickest: many transactions close in less than a month. Demand is interested in both renovated and non-renovated homes, but the main discriminating factor for the purchase decision is the required features, which include terraces, outdoor spaces, parking space or garage, with a growing interest in the topic of energy

efficiency. The historic centre is back in vogue thanks to the increase in tourist flows and the demand for new properties to be used as accommodation facilities. Foreign demand represents about 10% of the market, with requests mainly from Poland, Germany and France.

For 2025, a slight increase in the number of sales is expected, favoured by prices that should remain substantially stable.

Source: Engel & Völkers

Palermo - Bagheria

Source: Istat and Engel & Völkers

The most prestigious areas in the Palermo and Bagheria area include the historic centre of Palermo and the coastal strip that includes Bagheria, Santa Flavia and Altavilla Milicia. In the historic centre, the average prices for renovated homes are around 2,500 EUR/sqm.

The market is mainly made up of purchases for second homes and investments for income generation, which represent 30% and 60% of the reasons for purchasing, respectively. The demand for these properties far exceeds the supply, making the historic centre and the coastal strip the most sought-after locations for purchasing second homes. The average prices of renovated homes are around 2,000 EUR/sqm for the coastal strip. These areas are also highly sought-after for purchases for investment/income purposes, used in particular for activities such as B&Bs, with prices for renovated homes ranging between 2,200 and 2,600 EUR/sqm. The demand for first homes in these areas is rather limited due to the lack of services such as schools, shops or parking spaces. The most sought-after areas for purchasing first homes are focused on the centre and in the commercial area.

In the historic centre of Palermo, selling times are among the fastest, with an average of 3-4 months; approximately 30% of buyers resort to bank financing. Among the most requested features of a home are terraces, balconies, outdoor spaces and parking spaces.

Foreign demand, also favoured by the proximity to the airport, represents 70% of the total, with buyers coming mainly from Northern Europe and the United States. The

areas of greatest interest for this clientèle are the historic centre and the coastal areas. These buyers are often attracted by the possibility of purchasing a property to use partly for personal use and to generate income during periods of absence. Some, especially pensioners, choose to move permanently.

For 2025, an increase in the number of sales is expected accompanied by stable prices. It is hoped that the redevelopment of some areas of the historic centre will favour the interest of buyers of first homes.

Source: Engel & Völkers

Catania

298,680

2,3-3,7

Source: Istat and Engel & Völkers

Catania's real estate market is essentially aimed at local customers, with few requests from foreigners, and is, especially in the city centre, a first home market. The most valuable areas are the Lungomare, where prices for renovated homes vary between 3,200 and 3,800 EUR/ sqm, the Scogliera, with prices between 2,800 and 3,200 EUR/sqm, and the Tivoli/Cerza area, where the range is between 2,200 and 2,800 EUR/sqm.

The areas of Corso Italia (2,700-3,200 EUR/sqm), Vulcania/ Borgo-Sanzio (1,900-2,300 EUR/sqm) and, in the hinterland, Sant'Agata li Battiati (2,000-2,600 EUR/sqm) are also highly sought-after, albeit presenting slightly lower prices. As far as purchases for investment purposes are concerned, the most requested areas are Duomo/Via Etnea (2,500-3,200 EUR/sqm), Teatro Massimo/ Sangiuliano (2,000-2,800 EUR/sqm) and Castello Ursino/ Pescheria (1,800-2,600 EUR/sqm).

The areas with the lowest ratio of homes for sale to purchase requests, and where the selling times are consequently shorter (less than 3/4 months) are Corso Italia, the Piazza Europa area and Scogliera.

Other areas, such as Ognina, are experiencing everincreasing interest, in view of the pedestrianization of the seafront. Moreover, Viale Africa is becoming interesting thanks to the implementation of urban redevelopment operations, while the Pescheria and Castello Ursino areas, thanks to the creation of new pedestrian areas. Furthermore, in recent years, there has been a trend towards the city centre at the expense of the hinterland

municipalities, with a consequent increase in demand for properties in central areas, especially if with a sea view or with parking. Since it is a mainly local market, the share of first home purchases is quite high (around 70% of the total), while purchases for investment purposes, mainly intended for tourist rental, represent 20% of the total and second homes the remaining 10%. On average, 45% of buyers resort to bank financing.

The properties that attract the most interest are new or renovated ones, especially if they are penthouses or high floors, with a terrace or garden and parking space. There is a strong demand for new and small homes, characterized by high energy efficiency and earthquake-proof features. Requests for properties to be used as holiday homes or B&Bs are increasing.

For 2025, an increase in demand for small, already renovated homes and a greater supply of larger apartments to be renovated is expected, in addition to a growing demand for earthquake-proof and highly energy-efficient homes.

Source: Engel & Völkers

Trapani

64,545

Source: Istat and Engel & Völkers

2024 proved to be a dynamic year for the prime real estate market in the Trapani area. It was in fact characterized by an increase in sales and a growing demand for purchases compared to the previous year, which affected not only the intermediate areas, but also the most prestigious ones, including San Vito lo Capo and the island of Favignana. In these areas, the average price for renovated homes stands at 3,000 EUR/sqm and 3,200 EUR/sqm respectively.

Trapani emerges as the most sought-after area for firsthome purchases and real estate investments, with an average price of renovated homes of 1,300 EUR/sqm. The fastest selling times are recorded in this area, particularly in the historic centre of Trapani, where, in some cases, a week is enough to conclude a sale, while the average is around 5 months for the most prestigious areas. Among the factors that contribute the most to the speed of a sale, the presence of a terrace with a sea view stands out, which represents an indisputable advantage in these areas. In addition to the terrace, we find good fixtures for energy efficiency, northern exposure and a dedicated bathroom among the most requested features.

The island of Favignana, with its wide panoramas, stands out as the most sought-after destination for the purchase of second homes or holiday homes, with an average price of 3,200 EUR/sqm for renovated homes in this area. This area, in particular, is growing in terms of attractiveness thanks to redevelopment projects such as the new port. 46% of sales are destined for the purchase of a first home, 34% for second homes and 20% for investments.

Foreign demand remains stable, with international buyers representing 12% of the market, with no significant changes compared to 2023. One of the main critical issues of the market concerns the high cost of renovations, which is increasing, while the price per square meter of sales remains stable.

For 2025, an increase in demand for the purchase of a first home in the city is expected, favoured by the gradual lowering of interest rates.

Source: Engel & Völkers

Aeolian Islands, Messina and the Tyrrhenian Coast

Source: Istat and Engel & Völkers

Within the varied Sicilian real estate market, the Aeolian Islands and the tourist resorts of the Tyrrhenian Coast stand out, where the prime segment is experiencing a moment of liveliness.

The year 2024 saw a positive trend, characterized by a significant increase in demand for second homes by foreign buyers, mainly from Germany and the United States. These represent 70% of the total demand and are mainly interested in the Aeolian Islands and the Tyrrhenian Coast around Capo d'Orlando.

In the Aeolian Islands, Panarea is confirmed as the most sought-after island, with an average price of 7,000 EUR/ sqm, followed by Salina, which, while remaining a prestigious destination, has an average price of 3,000 EUR/sqm.

On the mainland, on the other hand, Milazzo and Capo d'Orlando also intercept the demand for first homes, offering more accessible average prices, respectively 3,000 EUR/sqm and 2,500 EUR/sqm for renovated homes.

The area around Capo d'Orlando also represents a fairly interesting option for second homes and investments. The demand is focused on new or renovated properties, with particular attention to features that guarantee comfort and luxury, such as outdoor spaces, swimming pool, view and direct access to the sea.

In Messina city, the market is almost exclusively for first homes, with fairly low average prices, often less than 2,000 EUR/sqm even in the most sought-after locations, such as the historic centre, Ganzirri and Punta Faro, but very fast

average selling times.

On average, on the Tyrrhenian Coast, demand for the purchase of second homes represents 70% of the total market, that for investment 25%, while the demand for first homes is limited to 5%.

As regards the use of bank financing, it is appropriate to distinguish between the second home market, mainly intended for foreign customers, who in 80% of cases finalize the purchase with their own resources, and the first home market, concentrated mainly in the city of Messina, where loan-backed purchases exceed 70% of sales.

In the annual comparison, in the prime segment, average prices grow in a generalized way, both for renovated and non-renovated homes.

Among the top prices recorded in 2024, there are two sales in the Aeolian Islands equal to EUR 810,000 for a renovated property and EUR 4.5 million for a non-renovated residence, and two others in the city of Messina, one for EUR 830,000 and one for just under EUR 1 million, both for non-renovated properties.

The average discount on the initial asking price is around 15% for the most prestigious areas and the rest of the market, with 10% for the semi-central areas. The time required to sell a property remains stable, with an average of 12-14 months.

The forecasts for 2025, based on the 2024 trend, indicate a continuation of the positive trend, with an expected increase in sales of new or renovated first homes on the Tyrrhenian Coast.

Source: Engel & Völkers

In 2024, the market recorded an increase in demand for second homes, mainly in the Aeolian Islands by customers from abroad. The demand for investment is increasing, with particular attention to prestigious locations, with sea views and direct access to the sea. The outlook for 2025 confirms the current trend. An

increase in sales of new and renovated first homes is also expected. The market is expected to remain solid, with quick selling times, low average discounts and a high percentage of buyers with strong investment capacity.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Ragusa e Modica

Source: Istat and Engel & Völkers 154,034

The prime real estate market in the province of Ragusa in 2024 has confirmed its solidity, with growing demand, driven in particular by foreign buyers, who make up 65% of the total clientele. Countryside properties, especially those renovated and characterized by stone structures, attract for their great charm, while in the coastal area a more diversified demand has been observed, with interest in different types of housing in all price ranges.

Among the most prestigious areas for the purchase of prime residences, the countryside of Modica and Scicli stands out, reaching an average price of 2,200 EUR/sqm, while in the Scicli coast the value rises to 2,500 EUR/sqm.

Properties in the centre of Marina di Ragusa and on the Scicli coast have prices of 2,500 EUR/sqm, while in the historic centre of Modica they stand at 1,100 EUR/sqm. In Ragusa Ibla, the average price is 1,350 EUR/sqm, while in the countryside of Marina di Ragusa the value is around 1,500 EUR/sqm.

The most requested area for first home purchases is Ragusa, while the demand for second homes is distributed between Modica, Scicli, Marina di Ragusa and Ragusa Ibla, with average prices per square meter in line with those for prime properties, especially if features such as a swimming pool, panoramic view, energy efficiency, outdoor spaces, parking spaces and multiple rooms are required.

Selling times are quicker in Ragusa Ibla for renovated properties (around 3 months), in the countryside of Modica for farmhouses with panoramic views (1 month), and in Marina di Ragusa for properties in line with the market (less

than 1 month).

In 2024, the share of first home purchases was 24%, that of second homes 44% and that for investment 32%. Only 10% of first home buyers and 2% of second home buyers resorted to bank financing.

Positive continuity is expected for real estate sales in 2025: growing foreign demand and the consolidation of interest in the province of Ragusa suggest that the area will continue to be a popular destination for real estate investments.

Source: Engel & Völkers

Syracuse

363,296

Source: Istat and Engel & Völkers

The real estate market in the Syracuse and Noto area showed an excellent performance during 2024, with particular attention to second homes, which account for 90% of requests for Engel & Völkers. These properties, in fact, are particularly sought after both by those looking for a holiday home and by those intending to make an investment for rental purposes. On the other hand, the remaining 10% of demand is for first homes, which have sales prices that do not exceed 1,200 euros per square meter. The most desirable locations for second homes are Brucoli, Ortigia, Plemmirio, Fontane Bianche, the Avola waterfront, Noto, San Lorenzo, and Marzamemi, where prices per sq. m. reach EUR 6,000/sq. m.There is a strong presence of foreign buyers, especially in places like Ortigia, Plemmirio and Fontane Bianche, around 60% of buyers come from countries such as Germany, Austria, France, the United States, Switzerland, Belgium, Australia, the United Kingdom and Malta. These prestigious areas are characterised by average prices ranging from 3,000 EUR/ sqm in Ortigia to 4,500 EUR/sqm in the countryside of Noto and Vendicari, with an ever-increasing demand for renovated homes.

In 2024, a general increase in supply was recorded, both in the most valuable areas and in average ones. The demand for purchases grew in parallel, fuelled above all by the search for properties in the most valuable areas and in intermediate contexts. This led to an increase in the number of sales, confirming the constant dynamism of the market. The prices of renovated properties in prestigious areas

have increased, with values ranging between 3,500 and 4,800 EUR/sqm. On the other hand, the non-renovated houses have seen a general growth, with the exception of some less sought-after areas, where a slight decrease was recorded.

It is also interesting to note the absorption times: in prestigious areas, the times have reduced to around 8 months, while in the other areas they have remained stable at 9 months for the average areas and 18 months for the rest of the market. The average discount on the initial price has decreased in prestigious areas, settling at 15%, while it has remained unchanged in the other areas.

The outlook for 2025 is positive. Further growth is expected in both supply and purchase demand, with an increase in sales in all areas, confirming the solidity and liveliness of the real estate market in the area.

Source: Engel & Völkers

Source: Istat and Engel & Völkers

The most valuable areas in Cefalù, a well-known seaside tourist resort, include the historic centre, with average prices of 3,000 EUR/sqm, and the areas of the centre with sea views and views of the Duomo, where prices vary between 5,000 and 7,000 EUR/sqm.

The most sought-after areas for first home purchases are the central areas such as Via Roma, Via Gibilmanna, Spinito, Santa Barbara, with average prices ranging from 2,500 to 3,000 EUR/sqm, while, as regards second homes, the most sought-after areas include the historic centre, in particular Corso Ruggero, Via Vittorio Emanuele, Via Bordonaro, and the central areas closest to the beach such as Via Maestro Pintorno, Via Vazzana and Via Roma, with average prices between 3,000 and 3,500 EUR/sqm. Real estate investments are focused mainly in the historic centre, with small apartments at average prices of 3,000 EUR/sqm, in the central areas such as Via Maestro Pintorno at 3,500 EUR/sqm, and in residences near Cefalù, in Sant'Ambrogio, with average prices between 2,000 and 2,500 EUR/sqm.

The fastest selling times are recorded in the central areas, approximately 1 to 2 months. 50% of sales concern the purchase of a first home, 15% of a second home and 35% of investment use, the demand for which is increasing.

The properties that attract the most interest are those that are new or renovated for first home purchases, while, on the contrary, non-renovated ones are more attractive for second home purchases or for investment. Among the most requested features are the garden, the terrace, the swimming pool and the parking space or garage. Central

areas are highly sought after by residents for the convenience of being able to move around on foot and for the proximity to services, such as schools, hospital and train station.

Foreign demand, coming mainly from Germany, the United States, France and the United Kingdom, is attracted by areas such as Sant'Ambrogio and Gibilmanna and represents 30% of the total market.

For 2025, the demand for first home purchases is expected to remain stable, while investment purchases should increase. A growing interest is also expected for the purchase of villas with swimming pools, sea view or located on the sea, and first homes also in the historic centre.

Source: Engel & Völkers

Taormina, Etna and the Ionic Coast

142,433

Source: Istat and Engel & Völkers

The real estate market in the area around Taormina and Etna has experienced, in recent years, a powerful growth driven by the arrival of large luxury brands in Taormina and the development of the wine sector on Etna, with the birth of numerous labels and an ever-increasing demand for vineyards that has also driven the residential market.

The most valuable areas are the city centre and the beaches of Taormina, where the average price for renovated homes is well over 5,000 EUR/sqm and the D.O.C. areas of Etna, where, however, the still abundant supply of properties to be renovated keeps prices at affordable levels, with an average that is just over 1,000 EUR/sqm. Moving away from Taormina, on the seafront of the Ionian Coast, the average price drops to 2,700 EUR/sqm.

If, as mentioned, the most sought-after areas for the purchase of second homes or for real estate investments intended for income generation are Taormina (centre and sea), the Etna area with the wine roads and the Ionian Coast, the first home market is focused in the numerous, small municipalities of the area, among which Giarre and Riposto stand out, with average prices around 1,200 EUR/sqm.

Taormina is also the area where selling times are quickest, with an average of less than 6 months.

As for the reasons for purchasing, 52% of sales are for investment purposes, 42% for second homes and only 6% for first homes, with only a third of buyers resorting to bank financing.

Renovated homes are attracting more interest (67%) than non-renovated ones (33%), with an ever-increasing demand

for features such as outdoor spaces, sea view, parking space, access to the sea and at least two bedrooms with bathroom.

In addition to Taormina, the areas of Trappitello and the Alcantara Valley are also starting to attract interest, both for the still affordable prices and for the work on the new Messina-Catania railway line, with the upcoming opening of new stations that will make the area easier to reach.

Foreign demand is significant, with buyers coming mainly from Northern Europe and the United States, and it is focused mainly on Taormina and the D.O.C. areas of Etna.

For 2025, prices are expected to stabilize, with a slight increase in the availability of homes for sale. The demand for prime homes will continue to grow, as will the demand for medium and long-term rental homes.

Source: Engel & Völkers

Olbia and surrounding areas

Source: Istat and Engel & Völkers

In 2024, the stretch of coast that extends from Golfo Aranci to San Teodoro, passing through Olbia, confirmed to be among the most attractive medium-high range emerging markets in Northern Sardinia. Demand is constantly growing, both in the most exclusive locations and in the intermediate range areas, driven by the combination of crystal-clear sea, high-end services and efficient infrastructure. These elements consolidate the positioning of the area, making it a privileged target for international buyers and investors.

The city of Olbia is attracting an ever-increasing number of investors, not only for second homes intended for tourist use, but also for properties to generate income. Thanks to its role as the main access hub to the Costa Smeralda – with the international airport and the tourist port – Olbia enjoys a strategic position that makes it a centre of great interest for the real estate market.

Interest is focused in particular on the historic centre, where targeted investments for the redevelopment of period buildings and luxury apartments can be found, but also in the surrounding areas, where demand is supported by those looking for modern, functional and well-connected solutions. Average prices vary between 3,000 and 4,500 EUR/sqm, with higher peaks for renovated properties or with distinctive features.

The growing attractiveness of Olbia is also linked to the development of an increasingly dynamic economy, driven by luxury tourism, the nautical sector and new urban redevelopment projects that are further improving the

offer of services and infrastructure. Among the most prestigious locations, Puntaldia and the Giardini di Aldia complex stand out, where renovated and large homes reach average values of about 15,000 EUR/sqm. The nearby Costa Dorata and Coda Cavallo are also attracting an ever-increasing number of investors, willing to spend up to 10,000 EUR/sqm for a real estate asset in this corner of paradise overlooking the Tavolara marine park. In the intermediate areas closest to Olbia, such as Porto San Paolo and Pittulongu up to Golfo Aranci, prices are slightly more moderate, ranging between 4,000 and 5,500 EUR/ sqm. Here, demand is strongly influenced by a second home market, represented by approximately 80% of purchases, both for holiday use and for income investment. The international component plays a strategic role: over 53% of requests come from abroad, confirming the growing appeal of the sub-market outside national borders. Prestigious properties are absorbed by the market in an average time of 9-12 months, influenced by the strong seasonality of demand, which is mainly focused on the summer months. Newly renovated properties are those that record the fastest selling times, around 6 months. Despite the solidity of the market, some critical issues that limit its expansion still remain. On the one hand, the rigidity of urban planning regulations slows down the development of new residential projects, further reducing the supply of high-end properties. On the other, the nearby Costa Smeralda continues to attract the most demanding investors, positioning itself as an absolute reference for the

Source: Engel & Völkers

ultra-premium luxury segment.

The outlook for 2025 sees an international demand that will continue to represent a strategic driver for the local real estate market. The ability to respond to the growing need for modern, sustainable properties with exclusive services will be a key factor in attracting investors, particularly in the

Italian and foreign buyers

segment of luxury tourist rentals, which are increasingly in demand. The evolution of the market will therefore be linked to the ability to combine quality living, innovation and respect for the unique natural context that characterizes this portion of Sardinia.

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Costa Smeralda - Porto Rotondo and Porto Rafael

Source: Istat and Engel & Völkers

Costa Smeralda, with Porto Cervo, Porto Rotondo and Porto Rafael, is the stretch of coast of Sardinia that expresses a demand for extra-luxury real estate and becomes the meeting place of international and highspending tourism.

The most prestigious areas within this coastal strip are, in Costa Smeralda, those of Romazzino, Cala di Volpe, Pevero Golf, Porto Cervo centre and marina, Liscia di Vacca.

In these areas the prices for villas, especially if renovated, remain at very high levels, although there remains a certain variability between the different areas. In Romazzino and Cala di Volpe in particular, as well as in some areas of the Pevero golf hill, prices reach 27-29,000 EUR/sqm, while in Porto Cervo and Liscia di Vacca they stand between 21-23,000 EUR/sqm.

In Porto Rotondo and Porto Rafael, the price ranges vary from a minimum of 12,500 EUR/sqm to a maximum of 18-20,000 EUR/sqm.

In 2024, the demand has grown exponentially also for the countryside area and especially around the iconic village of San Pantaleo, thanks to an ever-increasing appreciation by a mainly Central European foreign clientèle

The international tensions and the resulting economic uncertainties have not affected the solidity of the Costa Smeralda real estate market, where, on the contrary, new business opportunities have opened up.

In fact, the increase in demand for luxury tourist rentals has given a boost to the most prestigious properties, with higher income prospects for property owners.

As one of the most exclusive areas internationally, the demand in Costa Smeralda is mainly for second homes for holidays. This type of property represents 60% of sales, followed by investment purchases in 30% of cases. In general, selling times vary from a minimum of 6 months for the Pevero golf area to over 24 months for the Romazzino seafront properties.

Costa Smeralda therefore continues to attract high-profile buyers, especially foreign ones: the most sought-after properties by Germans, Swiss, English and NorthAmericans are well-positioned, detached villas with sea and garden views, located in areas such as Porto Cervo, Cala di Volpe and Pevero, where the quality of the finishes, the refined design and the exclusive services are determining factors that influence purchasing decisions. In recent years, there has been a growing interest in the location of Porto Rafael and the countryside areas near the coast, such as San Pantaleo.

The forecasts for the luxury real estate market in 2025 are for moderate growth, fuelled by the constant demand for exclusive properties.

For 2025, a consolidation of the market and a slight increase in prices is expected, especially in the most prestigious areas, where the scarcity of the supply of prime properties, and the sustained demand, will help to keep property priceshigh. However, price increases are likely to be less pronounced than in previous years, due to the normalization of global economic conditions and inflation challenges.

Source: Engel & Völkers

Source: Engel & Völkers Italy

Source: Engel & Völkers Italy

Imprint

Publisher

Engel & Völkers Italia S.r.l.

Via Dante, 16

I-20121 Milano (MI)

Phone: +39 02-584 99 61

www.engelvoelkers.it

Project Management

Chiara Gasparetti, E&V Italia

Chiara Pelizzoni, Nomisma

Printing

Andrea Dal Prato

Milano, Marzo 2025