The focus on luxury second homes in Italy
2025 marks a turning point for the premium market: 5,982 transactions above €1 million, twice as many as in 2016.
This picture emerges from the focus “Il mercato del pregio in Italia: fra prime e seconde case”, published by Patrigest and Santandrea (Gabetti Group).
The focus analyses Italy’s main luxury tourist destinations across the mountains, coast and lakes, with data on transaction values, most sought-after features, selling times and average discounts.
The result is a map of Italy’s residential luxury market, where a small number of ultra-high-value clusters account for almost the entire high-end segment.
Let’s take a closer look at what happened last year: here is a recap of Italy’s luxury market in 2025!
Cortina, Forte dei Marmi and Lake Como top the ranking for exclusive homes.
The market above €1 million
Between 2016 and 2025, transactions above €1 million increased by 103%, driven by second homes, which account for 75% of the total.
A growing segment, with rapid recoveries following the downturns of 2020 and 2023, and new highs reached in 2024 and 2025.
The luxury segment is no longer a niche: it is a structural component of the Italian real estate market.
Mountains: alpine luxury has its coordinates, the Dolomites and the Alps
Alpine destinations continue to attract qualified demand, with a strong international presence and a premium supply that, in some municipalities, accounts for more than a third of the total.
Cortina d’Ampezzo
- 1st in Italy for exclusivity
- prime values above €10,000/sqm
- demand focused on detached villas and high-end four-bedroom apartments
Courmayeur
- the most liquid market in the Alps
- average time to sell: 4 months
- demand exceeds the supply of quality properties, especially detached chalets
Sea: Liguria, Versilia and Sardinia chart the course of luxury living by the sea
Coastal destinations show a clear polarization: iconic locations with established values and surrounding areas experiencing renewed appreciation.
Gulf of Tigullio – Portofino
- prime values up to €13,600/sqm
- buyer budgets between €900,000 and €1.5 million
- key requirements: sea views, spacious terraces and private garages
Versilia – Forte dei Marmi
- highest share of luxury properties in Italy (34% of supply)
- prime values at €12,200/sqm
- international demand focused on turnkey detached villas
Riviera Romagnola
- upper-class demand with an average budget of €700,000
- growing demand for second homes used for long weekends, supported by remote working
Gallura and Emerald Coast
- Gallura: Italian buyers with budgets up to €1 million, focused on the Mediterranean lifestyle
- Emerald Coast: international investors with budgets above €3 million, seeking turnkey properties
Lakes: Como, the international queen
The lakes of Northern Italy are seeing the strongest growth in international demand, supported by the flat tax regime for new residents and proximity to Milan and its airports.
Lake Como
- prime values up to €8,950/sqm (Campione d’Italia)
- buyer budgets between €1.5 and €3 million, with virtually no discounting
- strong demand pressure for detached lakefront villas
Luxury Concentration Index
The focus introduces the Luxury Concentration Index, which measures the Italian municipalities where residential supply is most concentrated in the high-end segment
Top 5 nationwide:
- Cortina d’Ampezzo
- Capri
- Sorrento
- Forte dei Marmi
- Courmayeur
Tourist destinations dominate the ranking: among major cities, only Milan makes the top 30, ranking 26th.
Key trends at a glance
2025 highlights:
- structural growth of the premium segment
- strong international demand
- preference for turnkey properties
- demand for panoramic views, outdoor spaces and private garages
- shorter selling times in the most sought-after destinations
The luxury second-home market has become a structural component of Italian real estate, with market dynamics increasingly driven by product quality.
Value is no longer defined by location alone, but by the overall quality of living.
The outlook
The premium segment is expected to continue growing in 2026 and 2027, supported by:
- international demand
- new high-end developments
- redevelopment of existing properties
- increasing supply of quality one-bedroom and two-bedroom apartments
In summary
The luxury second-home market has doubled in volume over the past ten years, becoming one of the most dynamic and competitive segments of Italian real estate.
Italy continues to generate value in the premium segment. To explore the full analysis, download the complete report.