Published on and written by Cyril Jarnias
Forlì doesn’t make headlines like Milan or Florence, and that’s precisely what makes it an interesting playground for investors. Prices remain reasonable, the city is driven by a clear public strategy through 2050, and the entire Emilia-Romagna ecosystem is pulling values upward. Against this backdrop, the Italian real estate market is enjoying a favorable cycle, fueled by the return of capital, easing rates, and ever-stronger rental demand.
Forlì represents a real estate investment in a well-structured and connected mid-sized Italian city with a long-term vision. Its market has not yet reached the valuation levels of more high-profile neighboring cities, which may present an opportunity.
A municipal strategic framework favorable to investors
Forlì is not just a provincial city growing by chance. It has equipped itself with substantial planning tools that structure urban development, which reduces regulatory uncertainty for a real estate investor.
The municipality operates with a Single Programming Document (DUP), consisting of a strategic section and an operational section. The strategic part sets the main directions of the term, in line with regional guidelines and public finance constraints; the operational part details, over three years, concrete investment programs that are reflected in the preliminary budget.
Alongside this budgetary tool, the city has a General Urban Plan (PUG) with a vision through 2050. The stated objectives directly interest an investor: strengthening local economic competitiveness, reusing and regenerating existing buildings, limiting land consumption, adapting to climate change, and revitalizing the historic center. In other words, Forlì wants to “grow by regenerating,” not by sprawling, which supports values in established neighborhoods.
Forlì General Urban Plan (PUG)
This vision was not developed in a closed room. The municipality conducted a participatory process called “La Nostra Forlì”, involving neighborhoods, and plans to broaden consultation to professional associations and intermediary bodies. For an investor, this means relatively predictable urban planning, where the main axes (densification around the center, redevelopment of brownfields, sustainable mobility) are known in advance.
A city positioning itself as a “city of culture” and innovation
The other strategic pillar is the image Forlì wants to project: “City of Culture” and “City of Innovation”. The administration is betting that culture, the university, and innovative technology activities will be drivers of attractiveness and, ultimately, of real estate value creation.
The city plans an urban hub dedicated to economic activities in the historic center, supported by a regional law. This hub aims to modernize the commercial fabric and requalify the urban context. Its governance is shared between the municipality and the main professional organizations (CNA, Confartigianato, Confcommercio, Confesercenti), to concretely revitalize shopping streets, ground floors, and the economic life of the center.
In a part of the old center marked by decay, the city wants to establish an innovation lab focused on the sharing economy and new creative and artisanal production chains. The goal is twofold: social cohesion and economic revival. Here again, for a residential or commercial investor, this means potential for revaluation of currently underutilized blocks.
The municipality aims to position Forlì as a “20th-century city” by enhancing its Novecento heritage. Although the joint bid with Cesena for the title of Italian Capital of Culture was unsuccessful, the submitted dossier (“I sentieri della bellezza”) now serves as a strategic plan for cultural and economic development. The Emilia-Romagna region has confirmed its support for this program, ensuring the realization of planned cultural projects.
Real estate prices in Forlì: an affordable market in an expensive region
One of Forlì’s main assets is its price level, significantly lower than neighboring metropolises, while remaining in a region with strong economic dynamics.
In July 2025, the average asking price for residential properties for sale in the municipality was €1,667/m². Over the previous two years, the high point was reached in June 2024 at €1,715/m², the low point in March 2025 at €1,652/m². The recent trend is therefore slightly declining (–1.19% year-on-year), but within a very narrow corridor, reflecting a relatively stable market.
The average asking price per m² in the province of Forlì-Cesena in August 2025, up 3.26% year-on-year.
Broadening to the regional level, Emilia‑Romagna is around €2,050–2,150/m², with an annual progression of about 4.5–4.6%. Forlì thus positions itself as a cheaper entry point into a globally dynamic region, which is a good point for medium-term value strategies.
This can be summarized as follows:
| Territory | Average sale price (€/m²) | Approximate recent change |
|---|---|---|
| Forlì (municipality, July 2025) | 1,667 | –1.19% over 12 months |
| Province Forlì‑Cesena (August 2025) | 1,932 | +3.26% over 12 months |
| Cesena (August 2025) | 2,140 | increase over one year |
| Emilia‑Romagna (end 2025) | ≈ 2,112–2,146 | +4.5 to +4.6% |
| Milan (large Italian city) | ≈ 4,100 | +5.9% (order of magnitude) |
| Florence | ≈ 3,300–4,500 | +1.5% to more in prime center |
For an international investor hesitating between a studio in Milan and a two-room apartment in Forlì, the trade-off is clear: at equivalent cost, the size and sometimes quality of life will be significantly higher in Forlì, while remaining in a very solid economic area.
Rental market: rising rents and areas with high potential yield
On the rental side, the signal is even more interesting. In July 2025, the average asking rent in Forlì was €9.30/m² per month, up 3.22% compared to July 2024 (€9.01/m²). Over two years, the peak was reached one month earlier, in June 2025, at €9.46/m², and the low in November 2023 at €7.93/m².
The province of Forlì‑Cesena, meanwhile, shows in August 2025 an average rent of €10.31/m², up 1.48% year-on-year. The trend is clear: rents are rising faster than sale prices in the municipality, which mechanically improves gross yields for investors.
Data from June-July 2025 reveal that not all areas of Forlì share the same characteristics, with marked differences depending on the neighborhood.
Price mapping by neighborhood
Here is an excerpt of average sale/rental values for the main areas of Forlì (June–July 2025):
| Forlì zone | Sale (€/m²) | Rent (€/m²/month) |
|---|---|---|
| Centro | 1,697–1,699 | 9.54–9.63 |
| Vecchiazzano, Ospedale, San Lorenzo in Noceto | 1,694–1,712 | 8.74–9.99 |
| San Martino in Strada, Carpena, Grisignano | 1,547–1,575 | 10.55 |
| San Benedetto, Foro Boario | 1,890–1,922 | 8.95 |
| Parco Urbano, Piscina, Cà Ossi | 1,776 | 9.49 |
| Spazzoli, Medaglie d’Oro, Parco Resistenza | 1,728 | 9.67 |
| Buscherini, Pianta, Coriano | 1,806 | 7.84 |
| Ronco, Villa Selva, San Leonardo | 1,649–1,663 | 7.61–9.20 |
| Ospedaletto, San Giorgio, Pieve Acquedotto | 1,684–1,720 | 7.23–8.56 |
| Romiti, Cava, Villanova | 1,575 | 9.43 |
| Quattro, Villagrappa | 1,918 | 9.19 |
| Carpinello, Pievequinta, Casemurate | 1,259–1,279 | 8.19–8.87 |
| Stazione, Grandi Italiani, Musicisti | 1,650 | 8.66 |
For an investor, the challenge is to identify sectors where the rent/price ratio is most attractive, while taking into account the depth of demand (students, families, workers) and the likelihood of capital appreciation.
A striking example is the **San Martino in Strada – Carpena – Grisignano** area, where sale prices remain moderate (around €1,550–1,575/m²), but average rents reach **€10.55/m²**, the highest level in the city, suggesting excellent potential rental yield. Conversely, in the **Buscherini–Pianta–Coriano** neighborhood, sale prices are in the upper range, but rents are lower (€7.84/m²), reducing the gross rental yield despite a higher initial investment.
Applying a simple gross yield formula (annual rent / purchase price), an area like San Martino in Strada, with above-average rents and contained prices, can theoretically approach or exceed 6% on well-positioned small units, while some more expensive neighborhoods will cap lower.
Neighborhoods to target based on your strategy
Forlì offers a range of micro-markets, each with its own occupant profile, services, and rental potential. Several areas stand out particularly for a purchase intended for rental or resale.
Centro Storico: prestige, mixed residential and short-term stays
The historic center concentrates heritage, iconic squares like Piazza Saffi, proximity to the university and train station. It is recommended for various tenant profiles: young professionals, students, freelancers, and also tourists. It is the most obvious sector for a B&B or short-term rental strategy, thanks to proximity to main cultural sites (Musei San Domenico, San Mercuriale church, municipal palaces).
Prices here are slightly above the municipal average, around €1,700/m², with rents close to €9.5–9.6/m². It’s not about extreme yields, but a balance between rental yield and capital growth potential, amplified by the municipal strategy of center revitalization, the creation of the urban hub, and cultural investments.
Spazzoli / Cà Ossi / Parco della Resistenza / Stadio: sought-after residential
To the south, the Spazzoli and Cà Ossi neighborhoods are described as highly appreciated for their quality of life. They offer many schools, shops, sports facilities (municipal pool, Morgagni stadium), parks and numerous homes in 1980s-1990s apartment buildings or row houses.
Prioritize areas that combine good public services and strong family demand. These sectors offer solid rental levels, generally around €9.5 to €9.7/m², and sale prices in the upper average, while still remaining lower than premium city centers of major metropolises. They are ideal targets for a buy-to-let long-term strategy, aiming for a stable tenant base.
San Martino in Strada: the rental yield star
Formerly a rural area urbanized over the last twenty years, San Martino in Strada has transformed into a residential neighborhood with many single-family homes and apartments with gardens. It remains relatively quiet, well connected to major roads, and posts the highest rent level in Forlì.
For an average sale price lower than other “bourgeois” areas, this neighborhood therefore offers an excellent gross yield lever, especially on small units (recent 2-room, 3-room apartments) and on energy-efficient properties (class A or B) much sought after by young households.
Cava and Romiti: still accessible entry tickets
The Cava area, combined with Romiti, is described as popular, lively, very well served, with prices slightly below the city average. It attracts young couples in particular, thanks to a good level of services (supermarkets, schools) and unit values still contained (around €1,575/m² for sale, with rents close to €9.4/m²).
For an investor with a limited budget, these neighborhoods offer an interesting compromise between acquisition cost and rental demand, making them suitable choices for a first buy-to-let investment.
San Benedetto / Foro Boario: upscale residential near main roads
The San Benedetto – Foro Boario area ranks among the most expensive in Forlì, with prices close to €1,900–1,920/m², well above the municipal average. Rents are decent (around €8.9/m²), but less explosive than in San Martino in Strada.
This is more about a capital preservation logic: proximity to the Foro Boario axis, redevelopment project of the covered market, restructuring of a disused building into a multifunctional center, new connecting bike path (via Vespucci) and overall improvement of connections to the campus and parking lots. In the medium term, these public investments strengthen the residential desirability of this sector.
Ronco and peripheral areas: a bet on mobility and the airport
The Ronco neighborhood, near the Ridolfi airport, benefits from quick access to major road arteries and proximity to green spaces along the river. It is particularly suited for people who travel often for work. With prices around €1,650/m² and variable rents depending on micro-areas, it can fit into a strategy targeting commuters or employees of logistics and airport companies, especially if airport hub development projects materialize with the creation of new hangars and facilities on the 700,000 m² available.
Short-term rentals and Airbnb: a niche with controlled expansion
The short-term rental market in Forlì is still modest in volume, but already well structured. In 2025, there are 121 active listings, of which three-quarters are entire homes (75.2%), mostly apartments (76%) and especially small types (studios and one-bedrooms represent more than half of the market).
For an investor oriented toward Airbnb or medium-term rentals, this gives a clear idea of the product to favor: small entire apartments, well located, with good finishes.
The most suitable areas for this segment are:
Discover the main neighborhoods of Forlì and their strengths for different types of visitors.
Ideal for cultural tourists, with Piazza Aurelio Saffi, San Mercuriale Abbey, San Domenico Museums, and Palazzo Hercolani.
Cultural extension of the center, with the museum complex and cutting-edge exhibition offerings.
Perfect for travelers arriving by train, seeking quick access to transportation.
Aimed at a young clientele, with lively city life: cinemas, shops, and restaurants.
Suitable for longer stays, oriented toward families or people seeking a residential environment near the center.
Adapted to a business clientele (trade shows, conferences), thanks to proximity to the exhibition center and Palasport.
The fact that the majority of supply is already in small apartment/hotel units shows that the market is beginning to professionalize, but remains far from the densities seen in the tourist hyper-centers of Florence or Rome. This limits the risk of short-term saturation, especially if targeting mixed segments (tourism + business travel + short university stays).
Public projects and infrastructure: value catalysts
Investing in real estate in Forlì also means betting on a progressive upgrade of the city through public projects already funded or underway.
Mobility and parking
Several strategic interventions are planned:
– Creation of an employment center on via Serra, with an investment of €4.7 million.
– Construction of a new bike path on via Casamorata (€500,000) and an associated parking lot (€511,460).
– Construction of a service parking lot for the university campus (€1.35 million) and redevelopment of existing parking areas (€5.87 million).
– Improvement of pedestrian, cycling, and road connections to cultural and monumental sites.
The works carried out in the campus, Foro Boario, and along the main roads improve accessibility and quality of life. These improvements indirectly strengthen the attractiveness of these areas, both for housing and for rental.
Redevelopment of brownfields and major sites
The municipality is participating in a national call for development plans for disused public areas, with three projects east of the historic center for a total cost of €10.4 million, including €1.1 million municipal contribution. A particular compartment, located east of the center, is targeted for major redevelopment.
Among the flagship projects are:
– “ATR Contemporaneo”: conversion of the former bus depot (a 1930s structure) into community spaces, exhibition areas, and labs, supported by the region.
– Redevelopment of the Foro Boario covered market and transformation of a neighboring disused building into a multifunctional center.
– Development of a protected bike path via Vespucci to connect these sites.
For an investor, positioning early on the periphery of urban redevelopment projects allows benefiting from the progressive revaluation of properties, thanks to public works and neighborhood gentrification.
Energy transition and resilience
Specific envelopes are also committed for:
– Energy upgrading of public lighting, with several tranches of €210,000 and one of €420,000.
– Hydraulic safety works on the Rio Bolzanino watercourse and hydraulic efficiency improvement operations in the via Veclezio and Castel Latino areas (€200,000).
These investments are more technical, but contribute to the overall improvement of urban resilience (flooding, energy efficiency), elements that increasingly influence the perception of a property’s value over time, especially for buyers sensitive to ESG criteria.
A solid demographic and economic environment
The province of Forlì‑Cesena has just under 400,000 inhabitants and saw its population increase in 2023, despite a negative natural balance, thanks to a positive migratory balance. The city of Forlì itself is close to 117,000 inhabitants according to the most recent estimates, with notable long-term growth (about +25.8% between 1975 and 2015).
The age structure shows progressive aging (median age around 42 for Forlì), but still with a significant base of young people and working-age adults, particularly in the 30–49 age bracket. For an investor, this translates into:
The Forlì rental market has three main segments. Solid family demand is concentrated in well-equipped residential neighborhoods like Spazzoli, Ca’ Ossi, San Benedetto, and Vecchiazzano (near the hospital). Strong student and young professional demand exists around the city center, the university campus, and axes well served by public transport. In the medium term, there is potential for developing products tailored to seniors (service residences, accessible apartments), given the growing share of the population over 65.
Economically, the province is driven by a diversified industrial and service base: housing, mechanics, agri-food, not to mention the wellness hub (Wellness Valley) driven by companies like Technogym. The presence of an aeronautical technology hub and a developing airport further strengthens the local economic base.
Comparison with other Italian markets: why Forlì remains competitive
The Italian real estate market as a whole is going through a phase of controlled recovery. Investment volumes increased by about 23% to reach €12.5 billion in 2025, with a significant contribution from foreign capital (58% of volumes), particularly in retail, hospitality, and logistics. The 2026 outlook anticipates an additional increase in national real estate turnover of around 8.4% and an average price progression close to 3–4%.
In the Italian real estate landscape, major metropolises like Milan, Rome, Florence, and Bologna have significantly higher average purchase prices than a city like Forlì, without systematically guaranteeing superior rental yields.
Data on gross yields in large cities show for example:
| City | Approximate average gross rental yield |
|---|---|
| Milan | 5.19% |
| Rome | 7.05% |
| Florence | 6.24% |
| Turin | 7.28% |
| Naples | 7.27% |
| Palermo | 8.51% |
| Catania | 9.19% |
| Italy (average) | 7.25% (Q3 2025) |
The most profitable sectors in the country are often in southern cities (Palermo, Naples, Catania) where prices are very low, but with higher risks (volatility, vacancy, fragile socio-economic context). Conversely, the most prestigious neighborhoods of Milan or Rome have lower gross yields (3–4%) due to very high purchase prices.
The average price per square meter in Forlì, placing the city in an intermediate zone with a moderate entry ticket and lower risk.
One can see a favorable ground for strategies:
– Capital appreciation (buy a quality apartment in the center or a residential neighborhood and capitalize on the gradual rise in regional prices);
– Reasonable and stable yield (small apartments in high-rent-stress neighborhoods like San Martino in Strada, near the hospital or campus);
– Value-add (renovation of old homes or small buildings in regeneration areas).
Renovation and optimization: taking advantage of Italian tax bonuses
A significant part of the Italian housing stock needs upgrading work, whether for comfort, energy efficiency, or structural compliance. For an investor in Forlì, renovation can be a real value creation lever, especially since the Italian government maintains several tax incentive schemes.
Two mechanisms are particularly relevant:
– the Renovation Bonus, which allows deducting 50% of renovation expenses from income tax, up to €96,000 per property;
– the Ecobonus, which offers deductions up to 65% for energy efficiency improvements (insulation, windows, high-performance boilers, etc.).
Renovation costs vary widely depending on the nature of the work, the region, and the target quality level. Available references provide useful orders of magnitude for establishing a preliminary budget.
| Type of renovation | Indicative range (€/m²) |
|---|---|
| Light refresh | 300 – 500 |
| Medium renovation (systems, partitions) | 800 – 1,200 |
| Heavy renovation (structure) | 1,200 – 1,800 |
| Rebuild / ruin restoration | 1,500 – 2,500 |
Other items show significant unit costs: a new bathroom can cost €8,000–15,000, a complete heating system €8,000–20,000, roof replacement €150–250/m². These levels remain consistent with sale prices in Forlì, especially if one manages to buy a property below market value due to its condition.
For a foreign investor, it is essential to work with local professionals (surveyor, architect, structural engineer, safety coordinator) and to account for permit fees and urbanization charges, which can reach several thousand, even tens of thousands of euros depending on the project, especially in case of change of use (e.g., converting commercial space into residential).
Italian real estate taxation: what an investor in Forlì should know
Tax rules apply the same way in Forlì as in the rest of the country. Some useful benchmarks:
Registration tax rate applicable when purchasing a property from a private individual in Italy, outside the prima casa regime.
These rules are important for calibrating an investment plan in Forlì, especially if one considers building a portfolio of several properties (including short-term rentals). Depending on the chosen structure (individual ownership, SRL capital company, investor visa), the tax and regulatory implications may change.
Investment strategies suited to Forlì
Combining all this data – prices, rents, urban projects, economic and fiscal environment – several strategies emerge for investing in real estate in Forlì.
1. City-center apartment with capital value
Target: Good-quality 2-room or 3-room apartment in Centro Storico, Spazzoli, Cà Ossi, San Benedetto, or Vecchiazzano (near the hospital), ideally in an already renovated building or eligible for renovation energy bonuses.
Logic: Secure a prime location at the city level, with deep rental demand (young professionals, families, freelancers, hospital or university staff) and potential for appreciation linked to urban and cultural redevelopment policy.
2. Small units with high yield in high-rent-stress neighborhoods
Target: Studios or 2-room units in areas with high rent / contained price like San Martino in Strada, certain sectors near the campus, train station, or Fiera.
For an effective real estate strategy, aim for an attractive gross yield by selecting properties with a good rent/price ratio. Prioritize small units, which are easier to re-rent and resell. These homes are particularly suited for medium-term rental, meeting demand from students, young professionals on the move, interns, or trainee doctors.
3. Airbnb and hybrid short-term rental
Target: small entire apartments in the historic center, near major cultural attractions, the train station or the Fiera, in well-maintained buildings, with careful decoration and good internet connection.
To optimize profitability, it is advisable to diversify income sources by targeting three segments: cultural tourism, business travel, and university-related stays. The current market presents an opportunity, with only about 121 listings available, leaving room for differentiated and innovative offerings.
4. Regeneration and value-add operations
Target: old homes to renovate, small buildings or spaces to convert in sectors targeted by the municipality for regeneration (east of the center, near the former ATR depot, Foro Boario, San Domenico, former brownfield areas around the station).
Logic: benefit from lower purchase prices on obsolete properties, possible public aid (renovation bonus, Ecobonus, PNRR funding) and progressive neighborhood redevelopment to create additional value upon resale or improve rental yield (better energy class, redistribution of spaces, creation of several small units).
Conclusion: Forlì, an Italian “mid-sized city” to read as a long-term asset
Investing in real estate in Forlì means arbitrating between several dimensions: a still moderate price level, rental demand supported by relatively stable demographics and a solid economic fabric, a clear municipal policy of regeneration and upgrading, and a regional environment (Emilia‑Romagna) in full dynamic.
This market stands out for its stability and is not focused on speculation or high yields. It is supported by solid fundamentals: infrastructure modernization, development of a university hub, enhancement of cultural heritage, as well as projects for sustainable mobility, energy transition, and urban redevelopments.
For the patient investor, able to project over five to ten years, Forlì thus offers a rare combination: accessible prices, stability, revaluation potential, all in one of Italy’s most performing regions. Still, one must know how to choose the right neighborhood, the right product, and the right tax strategy. It is on this condition that Forlì can become, discreetly but surely, a robust pillar of a well-diversified Italian real estate portfolio.
A wealth project or a question? Contact us now to speak with a wealth management expert.
Disclaimer: The information provided on this website is for informational purposes only and does not constitute financial, legal, or professional advice. We encourage you to consult qualified experts before making any investment, real estate, or expatriation decisions. Although we strive to maintain up-to-date and accurate information, we do not guarantee the completeness, accuracy, or timeliness of the proposed content. As investment and expatriation involve risks, we disclaim any liability for potential losses or damages arising from the use of this site. Your use of this site confirms your acceptance of these terms and your understanding of the associated risks.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
