7% of luxury properties in Italy are on the market for less than a week

In the second quarter of 2024, 7% of luxury property listings, meaning those valued over €1 million, were taken off the market in less than a week. An analysis by idealista's research department, Italy’s leading real estate portal for technological development, shows that 18% of homes were sold within a period of one week to one month, 29% between one and three months, and 33% between 90 days and a year. Finally, the remaining 13% of prestige properties were sold in a time frame exceeding 12 months. Compared to last year, the percentage of homes sold in less than a week has decreased, dropping from 13% in the second quarter of 2023 to the current 7%.

Main cities

Udine, with 57%, is the Italian city with the highest rate of luxury property sales completed in less than a week. It is followed by Macerata (38%), Trieste (34%), Fermo (33%), and Belluno (25%). In the top 10 for "express" sales of prestige properties, we also find major markets like Bologna and Naples, with 22% and 20%, respectively. Milan, Venice, and Florence (all at 8%) also exceed the national average, while Turin (6%), Rome (5%), and Palermo (3%) fall below the Italian average. In 40 Italian cities, no express sales of prestige properties within 7 days were recorded.

The rate of luxury property sales within a week decreased in 42 cities compared to the second quarter of last year, with the most significant drops recorded in Pordenone (-20%), followed by Vercelli and Ragusa (both -11%). All other declines were less than 10%. In 20 cities, including Milan, Rome, Florence, and Palermo, the sale of prestige homes within 7 days remained unchanged from the same period last year. Conversely, in 32 cities, luxury sales increased, with double-digit growth in Udine (34%), Macerata (26%), Belluno (25%), Fermo (18%), Lucca (13%), and Grosseto (10%).

Provinces

Trieste (33%) is the province with the highest number of luxury property sales completed in under a week, followed by Udine (23%) and Naples (22%), then Pordenone (20%) and Bologna (16%). Among the major provincial markets, Milan saw 8% of rapid prestige sales, while Rome recorded 5%, below the national average, alongside 59 other provinces. Finally, in 14 areas, no luxury express sales within 7 days were reported.

Sales time frames

Most luxury properties in Italy (33%) are sold within a period of 3 to 12 months. The cities with the highest percentages in this category are Rovigo (88%), Pisa (68%), Vercelli (67%), and Varese (64%). Rome reached 37%, while Milan stood at 28%. For sales exceeding a year, the highest figures were recorded in Teramo (57%), Reggio Calabria (56%), and Avellino (50%). On the other hand, Milan has one of the lowest percentages (5%), followed by Novara and Forlì, both at 5%.

Methodology

Data collected and analysed by idealista/data, idealista’s proptech that provides information to a professional audience to facilitate strategic decision-making in Spain, Italy, and Portugal. It uses all the parameters from the idealista database in each country, as well as other public and private data sources, to offer services in valuation, investment, acquisition, and market analysis.

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