Italy’s residential market closed 2025 with roughly 767,000 property transactions, according to provisional figures published by the OMI through Scenari Immobiliari. The tally marks a 6.4% to 6.6% increase over 2024 and signals that domestic mobility and international buyer demand held firm despite early-year mortgage uncertainty.
OMI provisional data confirms rebound in transaction volumes
The Osservatorio del Mercato Immobiliare, Italy’s official property observatory under the Agenzia del Territorio, released provisional 2025 residential transaction counts through the Scenari Immobiliari research network. The 767,000 figure covers transfers of existing homes and new-build units registered through notarial deeds nationwide.
Scenari Immobiliari analysts noted that growth accelerated after the European Central Bank easing cycle reduced borrowing costs for Italian households. First-half volumes remained cautious, but the third and fourth quarters recovered momentum as sellers adjusted price expectations and buyers returned to urban employment centres.
For investors tracking macro trends, the updated OMI series aligns with the broader narrative in our Italy real estate market data 2025 hub, which cross-references regional price indices and foreign-buyer turnover.
Regional breakdown: Lombardy leads, Tuscany holds firm
Lombardy, anchored by Milan’s corporate rental market, accounted for the largest share of national transactions. Tecnocasa network data cited in parallel industry reports show Milan maintaining liquidity in both resale apartments and regeneration-zone new supply.
Tuscany recorded stable to rising volumes in countryside communes popular with international second-home buyers. Lazio benefited from Rome’s mixed domestic and tourism-linked demand. Southern regions, including Puglia, contributed a growing share of total deals as foreign enquiry converted into completed purchases, a trend detailed in our Puglia property investment guide.
| Region | Estimated share of 2025 transactions | Primary demand driver |
|---|---|---|
| Lombardy | Largest national share | Corporate tenants, domestic upgraders |
| Tuscany | Top three nationally | Foreign lifestyle buyers, Chianti resale |
| Lazio | Top five nationally | Rome domestic market, tourism rentals |
| Puglia | Rising southern share | International yield and trulli buyers |
Buyers comparing northern business exposure with central Italy lifestyle assets can consult our Tuscany property investment guide and Milan property investment guide for district-level price and yield context.
Cash buyers and mortgage-backed purchases both expanded
Industry observers report that cash transactions remained elevated in 2025, particularly among foreign purchasers and domestic sellers reinvesting equity from prior sales. Mortgage-backed deals recovered in the second half as banks offered more competitive fixed-rate products to qualified Italian residents.
Non-resident buyers continued to rely on cash or lower loan-to-value cross-border financing, a pattern consistent with the legal and tax framework outlined in our buy property in Italy as a foreigner guide. Notaries in Milan, Florence, and Ostuni reported shorter closing timelines when buyers arrived with full documentation and codice fiscale in place.
Cash and mortgage volumes expanding together is a healthier signal than either moving alone, and it is worth explaining why. Mortgage-backed growth reflects credit availability and domestic confidence, which supports the mid-market where most Italian stock sits. Cash growth reflects buyers who are not rate-sensitive: foreign purchasers, downsizers, and investors, and it concentrates in the markets that price on scarcity rather than affordability. For a foreign buyer the practical reading is about competition rather than sentiment. In a cash-heavy micro-market, a mortgage-contingent offer is structurally weaker regardless of price, which is why non-residents financing at 50-60% loan-to-value should have the bank’s offer in hand before the compromesso rather than treat the condition as routine. In a mortgage-led market the same buyer competes on equal terms.
What the 767,000 figure means for 2026 pricing
Transaction growth does not automatically translate into uniform price inflation. OMI price indices for 2025 show divergence: Milan asking values rose around 3.14% to €5,653 per square metre, while several southern markets posted modest nominal gains with stronger yield profiles.
Analysts at Scenari Immobiliari expect 2026 volumes to remain supported if ECB rates stay stable and construction completions in Milan regeneration districts (Porta Nuova, MIND, Cascina Merlata) absorb corporate tenant demand. Investors should treat the 767,000 headline as a liquidity signal rather than a blanket buy signal across every comune.
| Metric | 2025 provisional | YoY change | Source |
|---|---|---|---|
| National residential transactions | ~767,000 | +6.4% to +6.6% | OMI / Scenari Immobiliari |
| Milan average asking price | €5,653/m² | +3.14% | Tecnocasa / Immobiliare.it aggregates |
| Foreign residential turnover | €5.5 billion | +10% | Scenari / Milano Finanza |
The transaction rebound reinforces Italy’s position as a dual-track market: northern cities offer depth and institutional tenant demand, while central and southern regions attract capital seeking lifestyle assets and higher gross yields. Cross-border buyers entering now should pair OMI volume data with local notary due diligence and cadastral checks before signing a compromesso.
Frequently Asked Questions
According to provisional OMI (Osservatorio del Mercato Immobiliare) data cited by Scenari Immobiliari, Italy registered approximately 767,000 residential transactions in 2025, representing year-on-year growth of 6.4% to 6.6% compared with 2024.
Lombardy, led by Milan, remained the largest regional market by transaction count. Tuscany and Lazio followed, supported by domestic mobility and sustained foreign buyer activity in countryside and historic-centre segments.
Analysts attribute the rise to stabilising mortgage rates in the second half of the year, strong cash-buyer participation, and continued international demand for lifestyle and investment property in Tuscany, Puglia, and northern business hubs.
The 767,000 provisional total exceeds several mid-year forecasts and confirms a rebound after tighter credit conditions in early 2025. Full Agenzia delle Entrate registration data typically align with OMI within a narrow margin once finalised.
A national transaction count tells a buyer about liquidity rather than about price, and the distinction matters when planning an exit. Roughly 767,000 residential transactions describes a market where property changes hands readily in aggregate, but the figure aggregates Milan, where a correctly priced apartment clears in 4 to 8 months, with inland southern comuni where 18 to 36 months is normal. Volume also responds to credit conditions faster than price does, so a rebound in transactions can precede price movement by several quarters or resolve without any. For 2026 the useful reading is comparative: check the provincial volume trend for your target market against the national direction, because a province moving against the national trend is telling you something specific about local demand that the headline conceals entirely.
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