Rome’s Luxury Homes Attract Bargain Hunters Betting on Revival
With Milan prices surging, property in the Eternal City looks relatively cheap. But buyers need to prepare for bureaucratic challenges.
The Arco Farnese, an arched bridge on Via Giulia, one of the most picturesque streets in Rome.
Photographer: Sklifas Steven / Alamy
In post-Covid Italy, luxury property shoppers have a new city at the top of their wish list: Rome. Its real estate market began to thrive in 2021 as the pandemic’s end came into sight. Prime residential sales volume in the Italian capital increased 31.4% from 2020, reaching its highest level since 2007, according to the Italian Revenue Authority. By contrast, sales in Milan rose 24.4%, slower than the 28% average for Italy’s largest cities. One out of three potential Italian luxury property buyers searched in the capital during the first quarter of 2022, according to a report from Immobiliare.it and LuxuryEstate.com.
The Eternal City’s timeless charm is one attraction, but another is how comparatively cheap it is. Luxury residential properties in Rome’s most sought-after neighborhoods cost an average of about €6,000 ($6,500) per square meter (10.7 square feet), half the price for similar properties in Milan, says Carlo Giordano, a board member of Immobiliare.it, Italy’s most popular property portal.