Explore Italy’s mountain real estate trends for 2024, highlighting prime locations for buying homes near popular tourist resorts.

As we embark on an exploration of the current real estate landscape in Italy’s mountainous regions, particularly those that host the country’s most frequented tourist resorts, a compelling narrative unfolds. The first half of 2024 has witnessed a notable increase in property prices across various municipalities, although this trend is not universally applicable, with certain areas, notably Piedmont, experiencing stagnation or declines.

Valle d’Aosta has emerged as the standout region, recording the most significant price increases. Meanwhile, Lombardy and Veneto have also seen a rise in property values within their mountain resorts. In contrast, Abruzzo has maintained a stable pricing structure, particularly in its most sought-after southern mountain locales.

A recent study conducted by the Tecnocasa group indicates that the real estate market in Italy’s mountain resorts is generally trending upwards, driven by a demand that slightly exceeds supply, a situation further enhanced by the gradual reduction of interest rates. Valle d’Aosta is the most sought-after region, boasting a price increase of 1.1%. Cervinia, in particular, has solidified its reputation as the most expensive locale, with prices soaring to an impressive €9,000 per square meter. Conversely, Cogne is facing challenges, having experienced a 2.2% decline in prices following a summer flood that impacted the municipality.

Lombardy, while having lost its status as Italy’s economic powerhouse, continues to see an upward trend in mountain property prices. During the first six months of 2024, the average cost of an apartment in the region’s most popular ski resorts increased by 0.6%. Notably, prices in Ponte di Legno have remained stable, attributed to delays in the completion of thermal facilities. Bormio, on the other hand, has experienced a net increase of 2%, driven by a growing trend towards short-term rental investments. Veneto, albeit at a modest pace, recorded a price increase of 0.1% in the same period, with municipalities such as Asiago, Gallio, and Roana emerging as particularly desirable due to limited supply. Here, used properties typically do not exceed €3,000 per square meter, while new constructions can reach up to €4,000.

In contrast, several regions have observed stable or declining prices. Trentino-Alto Adige serves as a prime example, where the market has remained relatively stagnant in the first half of 2024, with prices across various locations ranging between €2,000 and €4,000 per square meter. Abruzzo, the southern bastion of high mountain resorts, mirrors this trend, with new properties not surpassing €3,500, even those boasting energy class A ratings, while used solutions may dip below €2,000.

The only significant decline in mountain town real estate prices has been recorded in Piedmont, where, during the first half of 2024, the cost of an apartment in the Western Alps fell by 0.4%. This decline is particularly perplexing given the absence of substantial real estate development initiatives. Current prices remain elevated, ranging from €4,500 to €5,000 per square meter for new constructions, while older properties command no less than €2,500 per square meter.

The mountain real estate market in Italy presents a complex tapestry of rising and stable prices, interwoven with regional disparities and influenced by external economic factors. As prospective buyers navigate this intricate landscape, a nuanced understanding of these trends will be essential for making informed investment decisions.