Home in Italy: 2025 sees a drop in demand from USA and Germany. The geography of foreign purchases in Italy is changing
In 2025, requests for properties in Italy by foreign buyers recorded an overall decline of -5.89% compared to 2024. However, the aggregate figure hides a much more complex and dynamic scenario that outlines a transformation of a market that remains in constant growth; looking at the last five years, requests have indeed grown by 65.19%.
This is what emerges from the annual analysis by Gate-away.com, the Italian real estate portal dedicated exclusively to international buyers, which highlights how the decline is heavily influenced by the contraction of two historically dominant markets—the United States and Germany—while new geographical areas strengthen and grow, interest in hamlets and secondary territories increases, and the priorities of foreign buyers change.
During 2025, the segment of foreigners interested in buying a home in Italy remains active but appears more selective and rational: there is increasing attention to limited budgets, choices are guided by quality of life and opportunities offered by less inflated areas, while emerging countries advance and long-term trends related to lifestyle, sustainability, authenticity, and a return to local territories consolidate.
The weight of the United States reshapes the overall figure
The United States remains the top country of origin for foreign buyers (25% of total requests), but in 2025 it marks a significant drop (-21.6%). This decline directly affects the general trend: by stripping the overall demand of the US data, the total 2025 market would show a substantially stable, if not slightly positive, dynamic.
A similar contraction, although less marked, also concerns Germany (-13.6%), another historical pillar of the international real estate market in Italy. The slowdown in these two pools appears linked to macroeconomic factors: greater caution regarding real estate investments abroad, geopolitical uncertainty, and a waiting phase that pushes many buyers to postpone long-term decisions.
Growth in new countries and a more European and diversified demand
In 2025, alternative markets are growing and progressively rebalancing demand, such as the United Kingdom, which consolidates its role as the second market for Italy with a growth of +23.23%, followed by France (+4.73%) and a strong increase in requests sent by foreigners while they are in Italy (+18.58%)—a clear sign of tourism increasingly oriented toward transforming into a purchase project.
Particularly interesting is the expansion of emerging or previously marginal markets: Spain, Greece, Czech Republic, Romania, Brazil, Argentina, India, and Mexico show very sustained growth compared to 2024. This is a more fragmented but dynamic demand, often linked to lower budgets and interest in areas that are less inflated compared to traditional markets. Also noteworthy is the progressive increase from the United Arab Emirates; in this case, interest is mainly focused on properties in the luxury segment.
Countries recording the highest increase:
Czech Republic: +96.68% y/y
India: +52.27% y/y
Greece: +49.38% y/y
Spain: +43.43% y/y
Romania: +42.48% y/y
Argentina: +36.05% y/y
Brazil: +31.42% y/y
Mexico: +27.13% y/y
United Arab Emirates: +15.18% y/y
Less concentration on "classic" regions, more search for alternatives
From a geographical point of view, 2025 marks an important rebalancing regarding the regions. Tuscany remains the most desired with 14.77% of total requests, but it records a significant annual drop of -17.76%, as do Liguria (-17.15% y/y), Lombardy (-6.44% y/y), and Umbria (-9.23% y/y). However, note: this data does not indicate a loss of attractiveness, but rather a saturation of more mature and expensive markets.
In parallel, regions are emerging with decisive growth: Trentino-Alto Adige (+44.29% compared to 2024), driven by quality of life, the Alpine context, and long-term prospects. Friuli-Venezia Giulia (+27.52% compared to 2024), increasingly perceived as a more accessible alternative in the North-East. Piedmont (+11.27% compared to 2024), driven by Langhe, Monferrato, and the lakes. Basilicata (+10.25% y/y) and Veneto (+5.8% y/y), which intercept demand oriented toward authentic and less crowded territories.
Provinces and municipalities: "secondary" Italy becomes the protagonist
The analysis at the local level confirms a now structural trend: growth does not concern the iconic large cities, but medium-small provinces and municipalities, often far from mass tourism circuits.
The provinces growing the most—Vercelli (+85% y/y), Novara (+61.74% y/y), Biella (+63.08% y/y), Fermo (+52.01% y/y), Viterbo (+48.43% y/y), Naples (+55.36% y/y), and Bergamo (+44.34% y/y)—tell the story of a widespread Italy that intercepts buyers looking for quality of life, natural surroundings, and more accessible prices.
The same applies to municipalities: alongside established names like Ostuni (BR)—which for the second consecutive year is the most requested municipality in Italy—Scalea (CS), and Noto (SR), locations such as Caltagirone (CT), Santa Maria del Cedro (CS), Nizza Monferrato (AT), Longobardi (CS), Chiusa Sclafani (PA), Semproniano (GR), Urbe (SV), Petacciato (CB), and several centers on the Lombard and Piedmontese lakes are emerging. It is a demand that prioritizes strong local identities, authenticity, and potential for appreciation rather than name recognition.
Among the large Italian cities, the first for interest is Rome, which in 2025, pushed by the Jubilee event, records a growth of +44.69% compared to last year. Following in the ranking is Florence, which however drops by 6.27% y/y in 2025, followed by Genoa with -3.28% y/y and Milan, which closes 2025 with -2.76% y/y. Also in negative territory are Catania with -10.94% y/y and Palermo with -10.53% y/y. Among the other large Italian cities that instead close 2025 in positive territory are Naples, Bologna, Turin (+43.64% y/y), and Bari (+35.71% y/y).
Prices and budgets: a more prudent and rational market
The average value of requested properties stands at 428,622 euros, a slight increase (+1.27%), but the distribution of price ranges tells of a more cautious market. Requests under 100,000 euros are increasing, while all higher ranges are falling, particularly those between 250,000 and 1 million euros. This is a signal of international demand that is less speculative, more selective, and oriented toward a reasoned purchase, often linked to life projects, second homes, or gradual relocations.
The comment from Gate-away.com
“2025 is not a year of crisis for the international real estate market in Italy, but one of profound transformation,” comments Simone Rossi, co-founder of Gate-away.com. “The decline of the United States weighs on the overall figure, but at the same time, we see a market that is diversifying: less dependence on a few countries, more interest from new nations, and a demand moving toward less inflated territories. Foreign buyers today are more aware, more prudent, and much more attentive to the real value of the investment. They look for livable places, sustainable prices, and authentic contexts. This,” concludes Simone Rossi, “is reshaping the map of international interest toward Italy and opens enormous opportunities for provinces and municipalities that until a few years ago were off the radar.”