House prices (provisional) - Q4 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 fourth quarter of 2025 the HPI (see Italian IPAB) increased by 0.9% compared with the previous quarter and by 4.1% compared with the same quarter of the previous year (it was +3.7% in the third quarter 2025).

The increase on annual basis of HPI was entirely due to the prices of existing dwellings, which rose by 5.2%, accelerating from +4.2% recorded in the previous quarter. Prices of new dwellings, on the other hand, showed a market slowdown in their trend dynamics, falling to -1.2% from +1.3% in the third quarter of 2025.

These trends of HPI occurred in a context of a slowdown in sales volume growth: +0.4% was the annual rate of change recorded in the fourth quarter of 2025 by the Observatory of Real Estate Market of the Tax Office for the residential sector (down from +8.5% in the previous quarter).

On a quarterly basis, the increase of the HPI (+0.9%) was attributable to both new and existing dwellings, whose prices rose by 1.3% and 0.8% respectively.

On average, in 2025, house prices increased by 4.0%, with prices of new dwellings up by 0.6% and those of existing dwellings up by 4.7%.