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Italy’s rich culture, vibrant arts scene, renowned culinary heritage and breathtaking scenery make it the ultimate vacation destination. Its varied regions – from the rolling hills of Tuscany to the dramatic seascapes of the Amalfi Coast – are a feast for the senses, each offering a distinct and memorable experience. Stroll through the ancient cobbled streets of Rome or Florence and you will immediately be transported to another era. Or explore Milan’s famous food and shopping scene.
Whether you’re a foodie, history buff or design enthusiast, Italy has a lot to offer, so it’s no surprise that many people choose to invest in a second home here. In fact, the nation is now the number one second home market for North Americans, according to Bloomberg. Not only is property in Italy more affordable than other popular European holiday destinations like Spain and France, but lower transaction costs, tax incentives and government assistance are also enticing foreigners to invest in holiday homes in the country.
Below we have collected the most attractive regions in Italy for real estate investment.
Lake Maggiore
Italy’s second largest lake stretches north from Milan and into Switzerland, offering visitors a picturesque mix of mountain, lake and island views.
“The lakes of northern Italy, especially Lake Maggiore and its surroundings, are one of the best locations for holiday homes in our country,” said Eleonora Andriollo, broker at Stresa Luxury Real Estate, Luxury Portfolio International. Most of our customers come from Northern Europe, Switzerland and Germany, and a lot of big Italian cities like Milan or Turin.”
And while properties along the shores of nearby Lake Como are priced to match its popularity, second home buyers in the Lake Maggiore region are enjoying the same kind of home features at far lower prices.
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Milano
Milan has always been the beating heart of Italy’s economy, but it also attracts visitors with its vibrant nightlife, phenomenal food scene, and unparalleled cultural and artistic landscape. With three international airports and a location within driving distance of several other major Italian cities, Milan is the ideal departure point for many European and international destinations.
“International clients arrive as expats, start renting and end up buying – loving the European spirit of the city, its old buildings mixed with new modern condos and the city’s welcoming atmosphere,” Benedetta said. Viganò, a broker with Giorgio Viganò Real Estate, Luxury Portfolio International. She added that forecasts call for a 4.2% increase in house values by the end of the year, which means that the average price per square meter will reach 5,107 euros, making Milan one of of the most expensive real estate markets in Italy.
Sardinia
With around 200 beaches lapped by the blue waters of the Mediterranean, quaint villages offering a laid-back vibe, mountain scenery and a notoriously healthy lifestyle (it’s home to one of the five Blue Zones, where people live the longest ), Sardinia is a perfect holiday destination. Porto Cervo to the north is an exclusive seaside resort with designer boutiques and fine dining establishments, while Sardinia’s capital, Cagliari, is its historic heart with attractions dating back 5,000 years.
In Sardinia, the median price of a luxury home is 1.65 million euros (about $1.7 million). And the median price per square meter reaches 7,524 euros, according to a 2022 report James Edition real estate company report.
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Lake Como
The Lake Como region has been attracting Europe’s best for centuries with its dramatic mountains, small villages, emerald waters and historic lakeside mansions. European aristocrats, Hollywood celebrities, politicians and well-heeled jet-setters all flock here to take in the peaceful views in complete privacy.
The lower western shore of the lake, including Cernobbio, Moltrasio and Laglio, is the most expensive and popular area with buyers, followed by the Tremezzina area from Colonno to Cadenabbia, known for its stunning views of Bellagio and its charming hamlets.
“The COVID-19 pandemic has only increased demand for prime properties in the region, so it now outstrips supply,” said Lone Heron, director of international sales at Property at Lake Como, Luxury Portfolio International. “The real estate market was already busy in 2019, and we saw record sales in 2020 and 2021.” She added that the properties most in demand are historic estates with large gardens and original details such as frescoes and Venetian marble floors, as well as contemporary homes with high-tech amenities like entertainment areas and eco-friendly and energy-saving features.
Tuscany
With charming medieval villages, hills, vineyards and olive groves, the enchanting landscapes of Tuscany have always captivated travelers.
“Embracing a sense of place, our villages are famous for having a lifestyle of tranquility and peace, full of history, art, good food and good wine,” said Rosalba Sale, a broker with Tamagnini Luxury Estate, Luxury Portfolio Internationalnoting that the proximity to several major Italian cities such as Siena, Perugia, Orvieto, Rome and Florence, as well as the seaside, make Tuscany the most popular second home market in Italy.
Sale explained that the luxury real estate market in the region is booming, with interest coming from buyers from Europe and North America.
She added: “Three types of properties are in particular demand: apartments with outdoor space in villages, country houses which are mostly restored – traditional in style with a modern twist – and villas filled with lush gardens and olive groves”.
Florence
The capital of Tuscany needs no introduction. Birthplace of the Renaissance and arguably one of the most beautiful and culturally significant cities in the world, Florence is steeped in history (its center is also a UNESCO World Heritage Site).
It’s the place that inspired Leonardo da Vinci, Brunelleschi and Michelangelo, and is home to the breathtaking Duomo, the romantic Ponte Vecchio, the monumental Medici Chapels and Piazzale Michelangelo. The city’s elegant palaces, bustling squares, cobbled streets lined with family-run shops and artisan workshops attract millions of tourists each year. Not surprisingly, Florence is also one of the most popular real estate markets for second homes.
“We have seen a very strong demand for apartments – from buyers who want to rent these units to tourists. But there is also a demand for large properties, such as villas or country houses with lots of land,” explained Chiara Parronchi, broker at Studio 18, International Luxury Portfolio. With prices per square meter reaching 3,877 euros, Florence has some of the most expensive real estate properties in Italy.
Venice
The canals, bridges and narrow streets of Venice transform the city into a romantic and magical destination frequented by millions of visitors. With its eclectic mix of architectural styles, it creates a unique cityscape like no other European destination. Plus, having a gondola as your primary mode of public transportation is pretty cool, too.
The real estate market in Venice is one of the most dynamic in Italy, with prices per square meter fluctuating between 4,000 and 5,800 euros depending on the district. The San Marco district, home to most of Venice’s main landmarks, is the most expensive, followed by the university district of Dorsoduro, according to data from Idealistic.
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