House prices (provisional) - Q2 2025

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 second quarter of 2025 the HPI (see Italian IPAB) increased by 2.7% compared with the previous quarter and by 3.9% compared with the same quarter of the previous year (it was +4.4% in the first quarter 2025).

The increase on annual basis of HPI was due to both the prices of existing dwellings which rose by 4.5% (decelerating from +4.9% registered in the previous quarter) and those of new dwellings (from +1.5% to +1.1%).

The increase of HPI occured in the context of slightly attenuated increase in sales volumes (it was +8.1% the annual rate of change registered for the residential sector in the second quarter of 2025 by the Observatory of Real Estate Market belonging to Tax Office, down from +11.2% of the previous quarter).

The increase on quarterly basis of the HPI (+2.7%) is also attributable to both the prices of new and existing dwellings, which grew by 4.4% and 2.4% respectively.

In the second quarter of 2025, HPI increased in all the geographical areas. The highest trend growth is recorded in the North-East (+5.4%) primarily driven by the prices of existing dwellings, which rose by 6.5% and , to a lesser extent, to the prices of new dwellings which increased by 0.8%. This was followed by the Center (+3.8% from +4.7% in the previous quarter), the South and Islands (+3.6% from +4.7%) and the North-West (+3.4% from +3.8%).