FLORENCE, ITALY – Despite a general recovery in the national property market during the second quarter of 2024, Florence has experienced a notable decline, according to the Inland Revenue Agency’s Observatory on the Real Estate Market (OMI).
Nationally, around 186,000 residential properties were sold in the second quarter, representing a 1.2% increase compared to the same period in 2023, sharply contrasting with the 7.2% drop seen in the first quarter of this year.
However, the situation in Florence has been different. Among the eight major cities analyzed in the report, Florence saw one of the steepest declines in property transactions, with an 8.15% decrease compared to the previous year. Milan also experienced a significant drop of 7.3%.
In contrast, some cities performed better, with Rome registering a 3.4% increase in property sales and Genoa seeing a rise of 3.9%.