Average price per square meter for retail spaces in main cities in Italy 2021

In 2021, a square meter of retail space in Venice cost on average 4,300 euros, making it the most expensive city in Italy for retailers. The ranking presented in the graph shows that Milan, the Italian fashion capital, came second, with an average price per square meter of 3,490 euros. When looking at office space, Venice boasted again the highest prices in Italy. In this real estate segment, second in the ranking was Rome, followed by Milan.

Residential real estate in Venice

Venice is not only the most expensive city in Italy for office and retail spaces, but it also boasts some of the highest prices for residential properties. Residential dwellings on the island can fetch up to 5,570 euros per square meter, with the most expensive areas being the districts San Marco and Rialto. Renting is not very affordable either: a flat in the two districts cost on average approximately 16 euros per square meter per month.

Why is Venice so expensive?

Space in Venice is limited, and the city island became the victim of its own success. Before the coronavirus pandemic struck, the number of overnight stays in Venice had grown twofold since 2003. The unavailability of space for new constructions and the increasing pressure exerted by tourism pushed prices up in all real estate sectors. Due to many tourists visiting from all over the world, it should not come as a surprise that retailers and investors want to seize the chance to own a space in one of the most famous cities in the world.