🇮🇹 Property investment in Italy
Market data for 20 major Italian cities. Compare rental yields, median prices, and population trends. Italy's gross yields range from 4.99% in Milan to 8.44% in Palermo — average 6.6% across these markets.
Rome
Lazio
Milan
Lombardia
Naples
Campania
Turin
Piemonte
Palermo
Sicilia
Genoa
Liguria
Bologna
Emilia-Romagna
Florence
Toscana
Bari
Puglia
Catania
Sicilia
Verona
Veneto
Venice
Veneto
Padua
Veneto
Brescia
Lombardia
Parma
Emilia-Romagna
Trieste
Friuli-Venezia Giulia
Modena
Emilia-Romagna
Cagliari
Sardegna
Rimini
Emilia-Romagna
Perugia
Umbria
Investing in Italian property as a foreign buyer
Purchase costs — budget ~12% on top of the price
Italian property purchases carry significant transaction costs. For existing residential properties, registro (registration) tax is 9% of the cadastral value (or 2% for a primary residence). Notary fees add 1–2.5%, and estate agent commissions typically run 3–5% (split between buyer and seller or charged to both). Budget a total of around 10–13% in acquisition costs depending on the property type, value, and whether you use an agent.
Cedolare secca — Italy's flat rental tax
Non-resident and resident landlords can elect the cedolare secca flat tax regime instead of paying income tax on rental income. The standard rate is 21% for free-market contracts (contratto a canone libero). For regulated "agreed rent" contracts (contratto a canone concordato), the rate drops to 10%, though rents are capped below market rates. Short-term lets (under 30 days) on a second property attract a 26% withholding rate from 2024. Cedolare secca cannot be combined with IRPEF income tax deductions.
IMU — the annual property tax
IMU (Imposta Municipale Unica) is levied annually by each municipality on property owners. Rates range from 0.4% to 1.06% of the cadastral value, which is typically well below market value. Primary residences are IMU-exempt; investment properties and second homes are subject to it. IMU is not deductible against cedolare secca income. Always check the specific rate set by the municipality where you are buying.
Spese condominiali and running costs
Most Italian apartments are in condominium buildings with shared maintenance costs (spese condominiali). Expect €100–250/month for ordinary management, cleaning, and lift maintenance. Extraordinary repairs (roof, facade) can run to several thousand euros and are typically split among owners by share (millesimi). Include these in your cash flow projections — they are often not passed on to tenants in full.
Short-term rental rules: CIN code and APE
Since November 2024, all short-term rental properties in Italy must display a national identification code (Codice Identificativo Nazionale, CIN) issued by the Ministry of Tourism. The CIN must appear on all listings. Additionally, all rental properties — short or long term — must have a valid energy performance certificate (APE). Without these, platforms such as Airbnb may delist your property and fines apply.
Key data sources
Price and rent data is sourced from Immobiliare.it market reports, ISTAT housing statistics, and the Agenzia delle Entrate's OMI (Osservatorio del Mercato Immobiliare) database. Population data from ISTAT census and municipal registry. Data reflects 2025–2026 transaction and rental market conditions.
Italy-specific rental yield calculator
Includes cedolare secca tax regime selector, IMU slider, spese condominiali, and Italian purchase costs.