International capital continued to flow into Italian residential real estate in 2025, with foreign buyers accounting for approximately €5.5 billion in turnover, according to Scenari Immobiliari figures cited by Milano Finanza. The total represents a 10% year-on-year increase and reflects roughly 8,700 foreign families purchasing at an average price near €632,000.
Scenari Immobiliari reports double-digit growth in foreign turnover
The Scenari Immobiliari research unit, which tracks notarial registrations and buyer nationality trends, published its 2025 foreign-buyer summary through industry media including Milano Finanza. Analysts highlighted that international purchasers remained active even as domestic mortgage volumes fluctuated in the first half of the year.
The €5.5 billion headline captures completed residential transfers rather than preliminary offers or off-plan deposits. Scenari’s methodology cross-checks Agenzia delle Entrate registration data with regional notary chambers, giving investors a reliable benchmark for cross-border capital flows.
Readers seeking full national context should cross-reference our Italy real estate market data 2025 review, which integrates OMI transaction counts with foreign-buyer share estimates.
Average ticket size rises to €632,000 per foreign family
Scenari Immobiliari calculated an average purchase price of approximately €632,000 per foreign-buying household in 2025. The figure exceeds median domestic transaction values and reflects concentration in premium markets: Milan centro storico, Tuscan countryside estates, and coastal Puglia villas with pool and trullo restoration premiums.
Tecnocasa network commentary noted that American and British buyers often target turnkey properties with short-term rental history, while German and Swiss purchasers favour long-term lettings in Lombardy lake districts and South Tyrol periphery markets covered in our broader regional guides.
| Buyer segment | Approx. 2025 avg ticket | Typical property type |
|---|---|---|
| US and UK lifestyle buyers | €550,000-€850,000 | Tuscan farmhouses, Puglia masserie |
| Milan corporate relocations | €700,000-€1.2M | Porta Nuova and Navigli apartments |
| Northern EU yield seekers | €400,000-€650,000 | Florence long-let units, Lucca flats |
Foreign purchasers navigating reciprocity rules, notary costs, and registration tax bands should review our buy property in Italy as a foreigner guide before committing capital.
Regional hotspots: Tuscany prestige, Puglia value, Milan liquidity
Tuscany retained its appeal among international families seeking heritage properties and established short-term rental infrastructure. Our Tuscany property investment guide documents Florence asking prices near €4,737 per square metre and Chianti premium segments with slower but stable resale liquidity.
Puglia captured a growing share of foreign transactions, supported by Ostuni’s national ranking for international enquiry and yields that often exceed northern gross returns. The Puglia property investment guide outlines trulli restoration budgets, CIN licensing, and comune-level SCIA requirements.
Milan remained the liquidity anchor for buyers prioritising corporate tenant demand and regeneration upside in Porta Nuova, MIND, and Cascina Merlata. City asking prices averaged €5,653 per square metre in 2025 per Tecnocasa-linked indices cited across industry reports and in our Milan property investment guide.
The three markets absorbing most foreign capital are doing three different jobs, and a portfolio built from all of them behaves better than one concentrated in the most photogenic. Tuscany sells prestige: Florence near €4,737 per sqm, a buyer pool spread across many price tiers, and the deepest international resale in Italy. Puglia sells value and yield: entry from €80,000-150,000 on renovation stock, 5-8% gross on licensed short lets, and a season that concentrates the income. Milan sells liquidity: a €5,653 average, foreign buyers near 22% of central transactions, and a resale that clears in months rather than years. Yields run inversely to all of that, which is the trade being made. A buyer choosing on aggregate turnover alone will end up in the most crowded of the three rather than the one matching their horizon.
Implications for 2026 acquisition strategy
The 10% turnover increase suggests foreign confidence held despite euro volatility and Italian tax debates on short-term rentals. Scenari analysts caution that average ticket inflation partly reflects mix shift toward larger rural properties rather than uniform price acceleration in every comune.
| Indicator | 2025 value | YoY change | Data source |
|---|---|---|---|
| Foreign residential turnover | €5.5 billion | +10% | Scenari / Milano Finanza |
| Foreign-buying families | ~8,700 | Stable to rising | Scenari Immobiliari |
| Average foreign purchase price | ~€632,000 | Up on mix | Scenari Immobiliari |
| National transactions (all buyers) | ~767,000 | +6.4-6.6% | OMI provisional |
Investors comparing regions should weigh gross yield against liquidity and regulatory risk. Puglia offers higher nominal yields but requires careful permit verification. Tuscany commands brand premium. Milan delivers depth for euro-denominated capital preservation with lower gross returns.
Gate-away portal data, published separately in 2025, shows enquiry volumes softening slightly year-on-year while five-year enquiry growth remains strong. Together, Scenari turnover figures and Gate-away search behaviour confirm that international interest in Italian property is broadening beyond legacy luxury postcodes into southern value markets.
Frequently Asked Questions
Scenari Immobiliari data reported by Milano Finanza put total foreign residential turnover at approximately €5.5 billion in 2025, a 10% increase compared with 2024.
Industry estimates indicate roughly 8,700 foreign families completed residential purchases in Italy during 2025, with an average transaction value near €632,000 according to Scenari Immobiliari aggregates.
Tuscany, Lombardy, and Puglia consistently rank among the top destinations. Tuscany leads enquiry share in Gate-away data, Milan draws corporate and luxury buyers, and Puglia benefits from lower entry prices and strong short-term rental demand.
No. EU citizens buy on equal terms with Italians. Non-EU nationals from reciprocity countries, including the United States and United Kingdom, face no ownership ban but must obtain a codice fiscale and complete notary-led due diligence.
An average foreign ticket of €632,000 is the figure most worth interrogating, because it describes almost nobody’s actual purchase. It blends a €150,000 Calabrian apartment with a €4 million Como waterfront villa, and the regional composition moves it more than any price trend does: a strong year for Tuscan and lake stock lifts the average while southern volume stays flat. For a buyer planning 2026, three practical readings follow. Set the budget against the OMI band for the specific quartiere rather than against a national mean. Expect the 10-15% non-resident closing stack to apply whatever the ticket size, so a €300,000 purchase carries €30,000-45,000 of costs on the same percentages as a €900,000 one. And treat aggregate foreign turnover as a demand signal for liquidity at resale, not as evidence that any particular market is appreciating.
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