Rome & Florence for American Buyers
The dominant purchase thesis in Rome and Florence is the pied-a-terre: an apartment in the historic centre as a personal Italian base, used for a few weeks to a few months per year. This is the context in which city centre property in both cities makes sense. It does not make sense as a yield investment on today's prices.
Rome vs Florence: Two Different Markets
Rome is larger, more liquid, and has a broader supply of historic centre apartments at varying price points. Florence has a smaller historic centre, tighter supply, a higher price per square metre in premier addresses, and a shorter distance to the Tuscan countryside market. The choice between them should be driven by how you plan to use the property. The direct comparison is in the Rome vs Florence guide.
Rome: Key Neighbourhoods
Centro Storico (Pantheon, Navona, Campo de Fiori): highest prestige, 7,000 to 12,000+ EUR per sqm for renovated palazzo apartments. Trastevere: authentic character, strong short-term rental market, somewhat lower prices. Prati (Vatican-adjacent): more residential character, better value per sqm, less tourist pressure. Parioli: residential luxury, quieter.
Florence: Key Neighbourhoods
Centro Storico (around the Duomo): premium prices, UNESCO constraints, very limited supply, 8,000 to 14,000+ EUR per sqm. Oltrarno (south bank of the Arno): authentic artisan character, growing expat community, more supply, somewhat lower prices at 6,000 to 10,000 EUR per sqm. Oltrarno is increasingly the neighbourhood that Florentine buyers themselves prefer for actual habitation.
Short-Term Rental Considerations
Both cities have implemented restrictions on short-term tourist rentals. Florence has enacted some of the most stringent regulations in Italy, including restrictions in the Centro Storico. Rome's framework is less restrictive but evolving. Before any purchase where rental income is part of the business case, confirm the current local ordinance with your Italian attorney. The full current situation is in the short-term rental rules guide.
The Condominio Reality
Buying an apartment in a Roman or Florentine palazzo means buying into a condominio governance structure. Each owner holds a millesimi value — a proportional share of the building calculated by unit size and position. Costs for common areas are divided among owners. Historic buildings can generate unexpected assessments for structural work. Before closing, review the last three to five years of condominio assembly minutes and the current reserve fund balance. The full pre-purchase checklist is in the pied-a-terre ownership guide.
Frequently Asked Questions
What does a pied-a-terre cost in Rome versus Florence?
In Rome's historic centre, one-bedroom apartments start around 500,000 EUR. Quality two-bedroom units in prime locations run 800,000 to 2M EUR. Florence's Centro Storico and Oltrarno are similar in range, with some premier Florence addresses running marginally higher per square metre.
Can I do short-term rentals in Rome or Florence?
Florence has significantly restricted new short-term rental registrations in the Centro Storico. Rome is moving in the same direction. Buyers with rental intentions must verify current registration availability for the specific address before purchase. See the short-term rental rules guide.
Is Rome or Florence better for an American buying a pied-a-terre?
Rome suits buyers who want an international capital with diverse neighbourhoods and more supply across price points. Florence suits buyers for whom the concentrated Renaissance city experience within walking distance is the core of the ownership proposition. Full comparison in the Rome vs Florence guide.