Apartments in Rome, Milan, Florence: buying guide

Rome, Milan and Florence are the three Italian cities most foreign buyers look at first, and they work in very different ways. Milan is the expensive business market, Rome the largest and most varied, and Florence a smaller, tourist-driven city with protected centre. This guide covers prices, what you can do with the apartment, the taxes, and the Italian purchase procedure step by step. It is informational and not legal, tax or investment advice. Figures are indicative as of October 2026.

Prices per m²

According to idealista's second-quarter 2026 report on used homes, asking prices were about 5,165 euro per m² in Milan (down 0.5% in the quarter), about 4,623 in Florence (+0.5%) and about 3,429 in Rome (+1.8%). They are listing prices, not completed sales, and a central historic flat can cost much more than the city average, while a flat in a distant district costs less. Our wider comparison is in Italy property prices and buying costs. Milan is cooling slightly while Rome strengthens, according to the same sources.

Living or letting

Gross rental yields in big Italian cities are lower than in the south and in many other European countries. Indicative ranges from aggregator data differ by source, with Milan at the low end of the national range and Rome somewhat higher; the details and our caveats are in Italy rental yield and investment. In practice:

• Milan has deep demand from professionals and students and the highest prices.
• Rome has the biggest market and tourist and diplomatic demand, with large differences between districts.
• Florence has strong tourist demand and tight rules around the historic centre.

Rental rules

• Long lets. Residential leases in Italy follow national rules; the commonly used formats are a standard four-year contract with a four-year renewal and a negotiated format with local agreed rents and a shorter term. Contracts must be registered. Confirm the current terms and tax treatment with an Italian accountant before signing.
• Flat rental tax. Italy offers an optional flat tax on residential rent (cedolare secca) instead of the progressive rate. Whether a non-resident can use it is a point we could not confirm; ask your accountant.
• Short lets. Short-term and tourist lets are regulated nationally and by the region and commune, including registration and identification codes, and Florence and other tourist cities apply their own limits. Read short-term rental rules in Italy and check the building's condominium rules, which may forbid tourist use.

Taxes: registration tax, IMU, prima casa

• Registration tax. 2% for a main home (the "prima casa" regime, with conditions) and 9% for a second home, calculated on the cadastral value rather than the negotiated price, plus fixed mortgage and cadastral taxes of about 50 euro each on a resale. The conditions of the prima casa regime include living or taking residence in the municipality, so a foreign investor or holiday buyer will normally pay 9%. Confirm eligibility with the notary. A new flat from a developer is taxed with IVA instead.
• IMU. Annual tax on a second home: base rate 0.86%, with municipalities going up to about 1.06%, applied to the cadastral-based value. Rome, Milan and Florence set their own rates. The main-home exemption generally does not apply to a non-resident owner.
• TARI. Waste tax, around 340 euro a year for a typical family in 2025 and more in large cities.
• Selling later. Capital gains rules are in our capital gains tax guide.
• Buying costs. Notary roughly 1-3%, agency about 3% plus IVA, legal fees around 1,500-3,000 euro. The whole package is often quoted at 10-15%.

The purchase process: compromesso and rogito

• Codice fiscale. Get an Italian tax number before anything is signed.
• Offer. An offer (proposta d'acquisto) is usually accompanied by a deposit. Read it with your lawyer before you sign: it may be binding.
• Due diligence. Check title, mortgages, planning compliance (conformità urbanistica and catastale), the energy certificate and the condominium accounts. Use our resale checklist.
• Compromesso. The preliminary contract, with a deposit commonly around 10% of the price according to secondary guides. It sets the date, the price and the penalties. A defaulting buyer may lose the deposit and a defaulting seller may owe more.
• Rogito. The final deed signed before a notary. The notary checks the title and the parties, collects taxes, registers the deed and transfers ownership. The deed is read in Italian, so use a sworn translator or interpreter if you do not speak Italian.
• Payment. Payment is made with traceable means such as bank transfer or banker's draft, and the notary reports how the price was paid.

Mortgage for non-residents

Italian banks do lend to non-residents, on stricter terms than for residents. Secondary guides report a loan of 50-60% of the appraised value (some say up to 70%), a deposit of 40-50%, and terms of 10-25 years, with the borrower's age at maturity capped. Proof of income, tax returns and a clean credit file are standard, and the bank will value the property itself. Details in mortgages for foreigners in Italy and mortgages for non-residents.

For Russian-speaking buyers and expats

• Language. We work in Russian, Polish and English and coordinate independent Italian lawyers and notaries. Many Russian-speaking buyers in Rome and Milan are residents of other EU countries who buy remotely or on short visits; see buying property abroad remotely.
• Documents. A codice fiscale, passport, proof of address and, for foreign deeds or powers of attorney, an apostille and sworn translation. If you sign by power of attorney, have the notary confirm the form.
• Banks. Open a bank account early: the notary and the mortgage bank both ask for it. Expect a source-of-funds file and stricter checks if you hold some passports. Pay only from an account in your own name, and keep documents showing where the money came from. Do not split transfers.
• Non-EU citizens. The notary may check reciprocity; confirm before signing.

FAQ

Is Milan more expensive than Rome? Yes: about 5,165 euro per m² against about 3,429 in Q2 2026 listings. Do I pay 2% or 9%? 9% on a second home; 2% for a main home that meets the conditions. What is IMU? An annual property tax on second homes, with a base of 0.86% and up to about 1.06%. What is the difference between compromesso and rogito? The first is the preliminary contract with a deposit; the second is the final deed before a notary. Can a non-resident get a mortgage? Often, at 50-60% of the value or somewhat more. Can I let it to tourists? Often yes, subject to registration and local limits, but check the condominium rules.

How we help

We are a trilingual platform that finds properties and coordinates independent local lawyers and tax advisers. Browse listings in Italy and use the calculators to model the full cost. This text is informational and not legal, tax or investment advice; verify current rules before you decide.