Since 1998, city houses have appreciated by 50% (+140% in Milan)

If those who invest in real estate look not only at rental yields but also at capital revaluation, in Italy's major cities alone, from 1998 to 2024, this alone grew by an average of 51.5 per cent. Needless to say, the city where houses have revalued the most is Milan, with a leap in capital value, in 25 years, of 140.3 per cent followed by Florence, with 82.7 per cent. This was reported by Tecnocasa.

"From 1998 to 2024, the city with the largest increase was Milan, which recorded 140.3%. The 2000s," explains Fabiana Megliola, head of the Tecnocasa Group Studies Office, "saw significant growth in prices in the city (15.2%) and also in 2002 (+13.5%). In Milan, the redevelopment projects that have affected the city over the years (from the redevelopment of disused areas to the expansion of the metro lines) have made a significant contribution. Florence saw an important growth in 2002 when prices rose over 17%, also thanks to the work in progress for the establishment of the university campus in Novoli. Demand from investors, especially in central areas, also played a role. Naples saw a recovery in values between the end of the 1990s and 2000, and in recent times has benefited from the strong influx of tourists that has stimulated demand for investment in tourist accommodation. Since 1998, Turin has recorded a growth in values of 23.5%, initially put in place for the 'Winter Olympics'. Subsequently, the market has recorded a decrease in prices mainly linked to the low spending capacity of potential buyers. Lately the city has been going through a good period thanks to the high-speed train that connects it to Milan and to the recent interest of foreign investors."The only city, Megliola goes on to explain, that has lost value "in recent years has been Genoa, which has always suffered from a lack of quality housing and from the prevalence of council housing whose prices have fallen over time because they did not meet with the favour of potential buyers. It has also suffered from problems related to the nature of the territory. The city is currently experiencing investor interest and is awaiting the completion of work on the third pass.

According to the analysis of the Tecnocasa Group Studies Office, there have been no major changes in the second half of 2024 at investment level. Annual rental yields for a two-room apartment of 65 square metres have risen compared to a year ago to 5.8%, thanks to the increase in rents over the past year. The metropolises that stand out for having the highest yields are: Genoa with 7.6 per cent, Palermo with 7.2 per cent and Verona with 6.7 per cent.