In Milan, three-room apartments revalued by almost 50 per cent in nine years (but in Verona and Bologna more)

In the other major Italian cities, the rise in prices of three-room houses has been more moderate. Turin showed an increase of 13 per cent, from 1,755 euro/sq m in 2016 to 1,984 euro/sq m today, while Bari and Venice experienced very similar growth, between +9 per cent and +10 per cent. In the Apulian capital, the average price has risen from 2,055 to 2,253 euro/sq m, while in the Veneto region, it has well exceeded 3,000 euro/sq m (from 2,975 to 3,251 euro/sq m in nine years).

Finally, Rome is the city that has shown, in percentage terms, the smallest increase over the period under review, +5%. In 2016, a three-room apartment cost an average of 3,322 euro/sqm, compared with around 3,500 in 2025.

"The three-room apartment segment closely reflects the trend of the Italian real estate market in recent years, which in the country's main centres has recorded an overall positive trend, albeit with different intensity and timing depending on the area," comments Paolo Giabardo, general manager of Immobiliare.it. "The increases have not only affected cities with initially lower values, but also realities such as Milan or Florence. This trend has been accompanied by a solid average demand, even outside the most central contexts, while the offer, while gradually adapting, has not always been able to respond with the same speed and effectiveness".

Only in four circumstances did the value of three-room apartments not increase in comparison with 2016. Naples is the only major city in which the price has remained more or less the same, at around 2,700 euros/sqm on average, while the two Sicilian biggies, Palermo and Catania, as well as Genoa, have experienced a decrease in prices.

Palermo lost 3%, falling to an average of €1,394/sqm from €1,436/sqm in 2016. More marked were the decreases in Catania (-14%), from €1,470/sqm to €1,259, and Genoa, where three-room apartments depreciated by 15% from €1,835/sqm nine years ago to €1,565/sqm today.

Two-bedroom apartments for sale have risen in value in all districts of Milan when comparing costs with those of nine years ago. Everywhere, however, the increases are over +30 per cent, but the three most significant occurred in areas outside the city centre, namely Pasteur-Rovereto (+73 per cent), Viale Certosa-Cascina Merlata (+72 per cent) and Corvetto-Rogoredo (+72 per cent). In Florence too, the costs of three-room apartments have risen everywhere compared to 2016, especially in the northernmost areas of the city: Bolognese-Le Cure recorded +43% over the period; followed by Firenze Nord and L'Isolotto, both +40%.

In Rome, the situation is more varied: in some neighbourhoods, prices of three-room apartments have fallen, such as in Ponte Mammolo-San Basilio-Tor Cervara (-8 per cent) and in Lido di Ostia-Ostia Antica-Castel Fusano (-6 per cent). The greatest appreciations, on the other hand, contrary to what happens in Milan, occur in central areas: +20% in Prati-Borgo-Mazzini-Delle Vittorie-Degli Eroi, +19% in Bologna-Policlinico and +18% in Pigneto-San Lorenzo-Casal Bertone.

Finally, the situation in Naples is similar to that in the capital. Three-room apartments, in the nine years covered by this analysis, have depreciated in several neighbourhoods, especially in Chiaiano-Piscinola (-16%) and Rione Alto-Camaldoli (-10%). In the Centre, on the other hand, this type of housing has experienced the highest increase in the entire city (+23 per cent) and is ahead of San Carlo All'Arena-Sanità (+17 per cent) and Materdei-Museo (+11 per cent) in the ranking of increases.