House prices (provisional) - Q1 2026

The House Price Index (HPI) measures the evolution of market prices of all residential properties that are purchased by households (flats, detached houses, terraced houses, etc.), both new and existing, independently if bought for own-occupancy or investment.

According to preliminary estimates, in the first quarter of 2026 the HPI (see Italian IPAB) increased by 1.0% compared with the previous quarter and by 5.2% compared with the same quarter of the previous year (it was +4.0% in the fourth quarter 2025).

The year on year increase in the HPI was attributable to both the new and existing dwellings prices of: the former rose by 6.7%, returning to growth after the -1.1% recorded in the previous quarter, while prices of existing dwellings, increased by 4.8%, slightly slowing from +5.0% recorded in the fourth quarter of 2025.

These trends occurred in a context of growth in sales volumes: +4.4% was the year on year rate of change recorded in the first quarter of 2026 by the Observatory of Real Estate Market of the Tax Office for the residential sector (up from +0.4% in the previous quarter).

On a quarterly basis, the increase of the HPI (+1.0%) was entirely due to the existing dwellings prices, which rose by 1.5%, accelerating from +0.7% of the previous quarter, while those of new dwellings decreased to -1.5%, from +1.4%.

Together with the release of HPI for the first quarter of 2026, the updated weights used to compile the indices are also disseminated. In particular, in 2026, the weight of new dwellings amounts to 13.09% (it was 17.60% in 2025) against 86.91% of the existing ones (it was 82.40% last year).

Starting from the data of the first quarter of 2026, the reference base of the HPI is 2025 (the previous base was 2015).