In the first half of 2026, prices for secondary housingincreased by an average of 1.8%, for new by 1.4%. At the same time, consumer activity is shifting towards new housing: transactions with new buildings increased by 14.6%, reaching 6% of the total market volume. There is a structural imbalance in the rental market: a shortage of supply amid an increase in the number of families looking for rental housing (+12% in five years, about 296 thousand households) continues to push up rates. In the first half of the year, rental rates increased by 3.3% year-on-year, while the average rent in large cities ranges from 660 to 780 euros per month, reaching 1,200 euros in Milan, Rome and Florence.
The key trend of the half-year is the divergence of the dynamics of the two main cities of the country. Milan, which has long been the locomotive of the market, is showing the first signs of cooling. Prices in the capital of Lombardy are practically stagnating: +0.8% for new and +0.9% for secondary housing, and rental rates for the first time went down by 0.9% in the first half of the year and by 0.7% in annual terms. The deterioration of operator sentiment in the Milan market may be a signal for other major cities. Rome, on the contrary, shows above-average growth: transactions increased by 5.1% in the first quarter.
In parallel with the residential sector, the total investment in Italian real estate has updated a ten-year record. In the first half of 2026, investments reached 7 billion euros, 28% more than in the same period of 2025, and 62% higher than the average over the past ten years. This confirms the steady interest of investors in the Italian market, despite the macroeconomic uncertainty.
Buyers are increasingly paying attention to the energy efficiency class of housing. The share of high-end homes sold (A4-B) increased from 6% to 8% between 2024 and the first half of 2026. Among new housing, 96% belong to high energy classes, and 67% of renovated facilities also fall into the categories of medium and high level. This trend is becoming more and more decisive in the decisions of buyers.
Sources: Nomisma, Bank of Italy
