Published on and written by Cyril Jarnias
Investing in Real Estate in Turin is increasingly appealing to French and international buyers. The Piedmontese capital ticks many boxes rarely found together in a major European metropolis: still affordable prices, high rental yields for a regional capital, strong demand from students and young professionals, major infrastructure projects, and a deep yet gradual urban transformation.
For an investor, the question is not whether Turin is interesting, but rather where, what, and how to buy in order to best leverage its potential while managing taxes and costs.
A Market That Is Both Profitable and Relatively Low-Risk
Turin is now considered one of the best “value-for-money” cities in Italy. The basic figures set the tone: the average price hovers around €2,050 to €2,200 per m², for an average apartment of about 80 m² valued at nearly €170,000. In 80% of transactions, prices per square meter range between €1,200 and €3,300, placing it well below Milan or Rome for a comparable quality of life.
The average gross rental yield peaked at 8.07% in mid-2025, a particularly favorable level for investors.
On average, the market can be summarized as follows:
| Key Indicator | Indicative Value in Turin |
|---|---|
| Average price per m² (city) | ~€2,050–2,200 |
| Median home price | ~€170,000 |
| Average monthly rent | ~€800 |
| Average gross yield | 7–8.07% |
| Average net yield | 4–4.6% |
| Monthly rent-to-price ratio | ~0.55–0.58% |
| Theoretical payback period | ~16.1 years |
This profile is typical of a mature and relatively non-speculative market: price growth remains moderate (about +4% over twelve months as of early 2026, or +3% real after inflation), but the strength of rental demand and stable rents generate steady income. Turin’s real estate resembles a steady-yield investment more than a quick-flip gamble.
Prices Still Contained, but a Clear Upward Trend
In recent years, Turin has experienced a discreet but clear rise. Between end of 2023 and end of 2024, prices increased by just over 6% to reach around €2,040/m², before peaking at about €2,060/m² in the fall. In March 2026, listings in the municipality are negotiating at an average of €2,202/m², up 7.47% year-on-year. At the provincial level, prices remain lower (€1,692/m²), but with the same upward trajectory.
Turin’s historic center costs about three times more per square meter than the most affordable peripheral neighborhoods.
For an investor, this opens a range of very different strategies, from low-yield “trophy assets” in the Centro to high cash-flow apartments in Aurora or Vallette.
Rental Demand Driven by Students, Young Professionals, and Newcomers
Turin’s number one rental market asset remains demand. The city welcomes over 100,000 students, making it one of Italy’s largest university hubs. The Politecnico di Torino alone brings together more than 37,000 students, a significant share of them international, with an impressive employability rate (over 90% of engineers employed one year after graduation).
In Turin, the presence of prestigious higher education institutions attracts a young, international population. However, the supply of institutional housing is very insufficient, with roughly one bed for every sixteen students. Nationally, there are only 83,000 beds for over 1.8 million students, making the private sector a key player in filling this gap.
Investment firms know this: a player like Patrizia AG has committed €70 million to a 582-studio student residence near the Politecnico, targeting a high environmental certification. Operators such as CX, Camplus, BeYoo, and The Social Hub are multiplying student or hybrid residence projects across the city. Yet even with a pipeline of several thousand additional beds, the structural deficit remains significant, strongly supporting rents in university neighborhoods.
Turin is transforming into a major hub for innovation and services, attracting startups, technology companies, and headquarters of large industrial groups (Fiat/Stellantis, Lavazza, Ferrero, Barilla). This dynamic, combined with a lower cost of living than Milan and a high quality of life, appeals to a growing number of expats and teleworkers. The segment of young professionals and executives favors well-served and lively neighborhoods, especially near Porta Susa and Porta Nuova stations, or new hubs like Lingotto.
Yields: Small Apartments, Big Performance
One of the key takeaways from Turin data is the superiority of small units in terms of yield. Studios and one-bedroom apartments are by far the champions of rent-to-price ratio, especially in student or transforming areas.
To clearly visualize the differences, here is a summary table (all zones combined):
| Property Type | Average Price (€) | Average Monthly Rent (€) | Average Gross Yield |
|---|---|---|---|
| Studio | 92,000 | 570 | 7.43% |
| 1 Bedroom | 95,000 | 790 | 9.98% |
| 2 Bedrooms | 149,000 | 900 | 7.25% |
| 3 Bedrooms | 230,000 | 1,200 | 6.26% |
| 4+ Bedrooms | 395,000 | 1,800 | 5.47% |
When zooming in on certain segments, the picture is even sharper: according to another source, a studio can show an average yield of about 11.7%, with a price of €72,000 and a rent of €700 per month. Micro-units of 25 to 50 m² often generate €140 to €180 in annual rent per m², while large units frequently only achieve €100 to €130/m²/year.
The economic logic is simple: in a context of household fragmentation (rise in one- or two-person households, many students and young couples), purchase prices for small units increase less quickly than rents. This dynamic offers a double advantage: a lower entry ticket into the real estate market and generally higher rental yields.
In the hyper-central areas, however, this model reaches its limits. Take the example of the Centro:
| Centro – by Type | Average Price (€) | Average Monthly Rent (€) | Gross Yield |
|---|---|---|---|
| Studio | 169,000 | 630 | 4.47% |
| 1 Bedroom | 260,000 | 1,000 | 4.62% |
| 2 Bedrooms | 387,000 | 1,300 | 4.03% |
| 3 Bedrooms | 490,000 | 1,800 | 4.41% |
| 4+ Bedrooms | 755,000 | 2,300 | 3.66% |
In these premium neighborhoods, rents rise but prices climb even faster, compressing gross yields to around 4%, despite nearly inexhaustible rental demand, especially for short-term rentals.
Center vs. Periphery: The Yield/Heritage Duel
Another structural factor: the yield gap between the center and the periphery. In Turin, the center shows an average gross yield of about 4.1%, compared to nearly 6% outside the center. The best “yield” neighborhoods commonly exceed 8 to 10%, especially in Aurora, Barriera di Milano, or pockets like Le Vallette–Lucento–Madonna di Campagna.
In Turin, the difference in rental profitability between working-class and affluent neighborhoods is explained by opposing dynamics. In working-class areas, rents remain solid thanks to captive demand (students, low-income households), while purchase prices are low, supporting profitability. Conversely, in affluent neighborhoods like Centro, Crocetta, or Borgo Po, buyers pay a significant premium for image, tranquility, views, or architecture, which rent levels—though high—cannot fully compensate, thus reducing rental profitability.
A purely yield-oriented investor will therefore often favor intermediate zones or those undergoing transformation rather than the most prestigious addresses.
Understanding the Neighborhoods: Where to Invest Based on Your Profile
Turin is a mosaic of very different micro-markets. The key to investing is matching your goal (profitability, appreciation, security, ease of resale, etc.) with the right area.
Aurora and Barriera di Milano: High Yields, Betting on Redevelopment
North of the center, on both sides of the Dora, Aurora and Barriera di Milano embody the archetype of the “value” neighborhood. Long considered disadvantaged, these areas benefit from vast regeneration programs: redesigned urban planning, creation of pedestrian zones, bike lanes, artistic interventions (Urban Barriera), major rehabilitations like the Enneventotto project, and gradual infrastructure improvements.
Purchase prices are among the lowest in the city: around €1,317/m² in 2026 for the Aurora/Barriera/Rebaudengo area, barely over €1,000/m² in Barriera di Milano in 2024. In Aurora, many 55–70 m² apartments sell for between €85,000 and €125,000, often requiring renovations. On the flip side, rents remain surprisingly robust, easily ranging from €600 to €900 for a one-bedroom, with a large pool of students and young professionals on tight budgets.
The trade-off: a still heterogeneous environment with more pronounced safety issues (Aurora, for example, has a crime rate higher than that of bourgeois neighborhoods, though it is improving), aging building stock often needing major renovation, and a risk of vacancy to monitor in some micro-areas. However, for an investor willing to manage renovations and bet on gradual upscaling (future access to the second metro line, trams, proximity to campuses, incubators, and start-up hubs), the medium-term appreciation prospects are solid.
San Salvario: The Safe Bet for Students and Nightlife
On the southern edge of the center, between Porta Nuova station and Valentino Park, San Salvario has become the symbol of Turin’s “movida”. Bars, restaurants, small concert venues, and a very young atmosphere have sent rental demand soaring in recent decades. Rents surged nearly 9% over the 2023/2024 period.
This is the average rental budget for a student studio in Lyon, according to the study.
From an investor’s perspective, San Salvario combines several advantages: near-zero vacancy, very strong liquidity on resale, diverse tenant profiles (students, young professionals, remote work nomads), and the possibility of positioning for traditional long-term or medium/short-term furnished rentals. However, the lively neighborhood atmosphere may put off family clients; it is a market assumed to be “urban and lively,” rather than quiet residential.
Vanchiglia and Borgo Rossini: The New Creative Frontier
Heading northeast of the center, the duo Vanchiglia / Borgo Rossini attracts an increasingly young, creative, and international population. Proximity to the Po River and university campuses (especially Palazzo Nuovo and Einaudi), alleyways filled with alternative cafés, artist workshops, co-working spaces, galleries… These neighborhoods tick all the boxes of a European “up-and-coming” urban area.
Rents are already rising and sit around €700 for a studio, €1,000 for an apartment, with a wide range for student rooms. Despite this dynamism, purchase prices remain moderate compared to the centro: about €2,100–2,200/m² on average for standard properties, with significant anticipated upside (five-year growth scenarios estimate 18 to 28% price increases in these areas).
The short-term rental market, via platforms like Airbnb, is also thriving there, even though the city has set a cap of 90 days of tourist rental per year and a limit of two properties per host. These rules have cleaned up supply, limiting cutthroat competition and favoring professionally managed products.
Crocetta, Cit Turin, Cenisia, Borgo San Paolo: The “Family and Bourgeois” Heart
Immediately west of the center, Crocetta is the quintessential bourgeois neighborhood: Liberty architecture, large tree-lined avenues, a strong presence of executives, doctors, wealthy families, and many Politecnico students attracted by the living environment. Purchase prices generally range from €2,500 to €3,200/m², or more for upscale apartments. Rents are high (about €850 for a studio, €1,200 for an apartment), and vacancy is below average. The trade-off: moderate gross yields, around 4.5–5%.
These neighborhoods offer a balance between price, atmosphere, and accessibility. Rents are lower than in Crocetta but still above the Turin average. The population is very student-oriented, especially around the Politecnico. Service is excellent: trams, buses, proximity to Porta Susa station, BRT projects, and future metro extension. The urban fabric is lively and rental yields are often better than in Crocetta, without matching those of the working-class northern areas.
San Paolo and Pozzo Strada, in the same “western belt”, benefit from a family-suburb role, with good services, schools, and a full commercial network. Pozzo Strada, in particular, sees prices rising in a range of €1,600–2,100/m², driven by an increasing influx of families.
Lingotto, Nizza Millefonti, Mirafiori: Riding the Major Projects
In the south and southwest, neighborhoods long associated with the automotive industry are undergoing a deep transformation. Lingotto and Nizza Millefonti are turning into a major hub around the Lingotto Fiere exhibition center, new hospitals, and the future “Parco della Salute, della Ricerca e dell’Innovazione”. Public and private investments are reshaping the urban landscape: new residences, green spaces, better metro and rail connections, links to the Politecnico, and sports facilities.
Prices in Lingotto were around €1,740/m² at the end of 2024 (+6% year-on-year), with rents on the order of €10–11/m². The potential for growth is significant, especially as these areas benefit from strong short-term demand during trade fairs and conferences, and a clientele of healthcare workers, researchers, students, and business visitors over the long and medium term.
Further south, Mirafiori Sud boasts very attractive prices (about €1,425/m², or even €1,636/m² on certain axes like Corso Giovanni Agnelli). The Stellantis group is carrying out a massive redevelopment of the historic industrial site into a carbon-neutral “grEEn campus”, with a circular economy hub and battery center. The city also plans transport and infrastructure improvements (charging stations, road upgrades). Here, the investor is betting on strong revaluation of a relatively quiet, green residential neighborhood with a stable population base.
Santa Rita, Borgo Vittoria, Vallette, Barriera di Lanzo: Yield Pockets
Santa Rita, to the west, marries family spirit and accessibility. Sale prices mostly range between €2,000 and €2,600/m², with a plentiful supply of apartments in the €200,000 to €350,000 bracket. Sports facilities and parks ensure continuous demand from families and athletes, translating into stable rents around €10/m² and gross yields of about 7–8% on good products.
Rental yields can reach 8 to 10% in northern Turin neighborhoods like Borgo Vittoria, due to a favorable rent-to-price ratio.
Barriera di Lanzo, Falchera, Barca, and Bertolla show the lowest rents in the city (around €8.75/m²), but also rock-bottom prices, which may appeal to very small-budget investors willing to accept higher rental and capital risk.
Centro, Quadrilatero, Borgo Po, Cavoretto: The Heritage and Premium Segment
In the very heart of Turin, the historic Centro, the Quadrilatero Romano, and the areas around Piazza Castello concentrate monumental heritage and the bulk of tourism. Purchase prices hover around €3,800–4,500/m² depending on the source, and can climb much higher for prestige properties. Long-term rents are around €15–16/m², and short-term rentals command high rates with solid occupancy levels.
However, gross profitability is not exceptional (about 4% on average), and investors position themselves here primarily for capital security, resale liquidity, and the “showcase” effect of a central address. It is also the ideal playground for tourist rental or high-end residence strategies, provided that local regulations are managed seriously (cap of 90 annual nights for Airbnb-type rentals, declaration requirements, safety standards, etc.).
On the eastern hills (Borgo Po, Gran Madre, Cavoretto, Villa della Regina), the view of the city and surrounding nature comes at a high price: over €3,000/m², and much more for villas and penthouses. These areas are more suited to a capital preservation strategy or high-end clientele than a rental cash-flow project.
The Turin rental market offers several possible avenues, with different risk/return profiles.
Traditional long-term rentals provide an average gross yield of 6.5–7.5% on good residential products, with limited vacancy (around 5% on average, and often below 3% in neighborhoods like San Salvario or Vanchiglia). They appeal to investors seeking stability and simplicity of management, especially since current charges (electricity, gas, internet) are generally borne by tenants.
Number of nights rented per year for an efficiently managed short-term rental property in Turin, according to market data.
The municipality has, however, regulated this segment: in 2023, it introduced a limit of 90 days of short-term rental per year, and capped tourist accommodations at two per owner, with a registration requirement (CIR number). This framework has reduced the number of new listings, but also stabilized the market, reducing over-competition and strengthening professional players.
Finally, shared housing for students or young professionals, very common in university areas, allows generating more income from medium-sized apartments (3–4 bedrooms), even though, overall, these large units offer lower gross yields when rented as a single unit.
Costs, Taxes, and Net Yield: What Really Stays in Your Pocket
A gross yield of 8% can create the illusion of an Eldorado. But once charges, taxes, and unforeseen costs are deducted, the reality is more like 4 to 4.6% net yield on average in Turin.
It is commonly estimated that 30 to 35% of gross income is absorbed by:
Breakdown of the main recurring and tax costs to anticipate when renting out a property.
Cedolare secca: 21% in standard regime, with a reduced rate of 10% possible for certain capped-rent leases.
Generally between €800 and €2,000 per year for a typical rental apartment.
Costs for maintenance of common areas, central heating if present, etc.
Cost of a full service: between 6% and 10% of collected rents.
Annual amount generally between €150 and €400.
Routine maintenance budget: 0.8% to 1.2% of property value per year (e.g., €1,200 to €1,800 for a €150,000 property). Plus extraordinary condo expenses.
Add a cushion for vacancy periods: setting aside 10 to 15% of annual rents, equivalent to 4 to 6 weeks of vacancy, is a good practice.
During the acquisition phase, you must also factor in significant transaction costs. Between the registration tax (often 9% of the cadastral value for a non-resident buying a non-primary residence), notary fees, agency commission (often 2 to 4% per side), various expenses, and any renovation budget, the total bill typically adds 6 to 18% beyond the listed price. For a property worth €170,000 with “first home” benefits and average renovation, the final cost could thus fall in the range of €202,000 to €223,000.
Foreign Investor: Legal Framework, Financing, and Constraints
For a non-Italian investor, Turin imposes no particular barriers, but a few rules must be known.
On the legal side, foreigners can buy properties in Italy without limits on number or size. For EU and EEA citizens, rights are identical to those of Italians. For nationals of third countries, the “reciprocity” principle applies: an American, British, Swiss, or Australian, for example, can acquire property thanks to existing agreements, while the situation of other nationalities depends on applicable treaties.
Purchasing a property in Italy does not require prior residence in the country. However, mere property ownership does not automatically grant the right to stay beyond the 90 days allowed in the Schengen area, nor privileged access to Italian citizenship. For a permanent move, specific visas (such as the elective residence visa or investor visa) exist, but they are subject to strict financial criteria independent of the property’s value.
On the financing side, Italian banks are willing to lend to non-residents, but with stricter conditions: higher down payments (often 30 to 50% of the property value), shorter terms (10–25 years), and slightly higher rates compared to residents (as of early 2026, fixed rates around 3.1% to 4.0% for foreigners, i.e., 0.3 to 0.8 points higher). Major institutions like UniCredit, Intesa Sanpaolo, or BNL are accustomed to this type of application.
Purchase Process: From Offer to Notary
The purchase procedure follows relatively standardized steps:
1. obtaining a codice fiscale (Italian tax identification number), essential for signing a preliminary contract, opening a bank account, and paying taxes; 2. submitting a written offer, often accompanied by a small deposit; 3. signing a preliminary contract (contratto preliminare), usually with a deposit of 10 to 30% of the price; this contract makes the sale legally binding; 4. due diligence period (cadastral checks, building permits, absence of liens or mortgages, property compliance, inspection by a geometra); 5. signing the final deed (rogito notarile) before a notary; payment of the balance, taxes, and fees; registration of the sale by the notary at the land registry.
The buyer’s physical presence is not mandatory: a notarized power of attorney allows delegation of the signature. However, traveling to visit, get a feel for the neighborhood, and assess renovations remains highly recommended, especially in a city where building conditions vary enormously from one block to the next.
Outlook: A Yield Market with a Progressive Appreciation Bonus
Medium- and long-term projections confirm the image of a yield market rather than speculative. Over five years, reasonable scenarios expect a cumulative price increase of 12 to 18% nominal citywide, with conservative assumptions around 8–10% and optimistic scenarios at 20–25%. Over ten years, expectations rise to 25–40% growth, with extreme cases up to 45–50%.
This undermines the idea of a quick “coup,” but composes an interesting equation for the patient investor: by combining 7–8% gross annual yield with 2–3% price appreciation, a well-chosen, renovated, and well-located apartment can generate a total return (rent + latent capital gains) on the order of 30–40% over five years, or even more in neighborhoods boosted by major infrastructure projects.
Metro Line 2, Regeneration, and “Green Premium”: Three Powerful Drivers
Three structural factors can make the difference between an average investment and a true success in Turin.
The launch of Metro Line 2, which will connect neighborhoods like Rebaudengo and Aurora/Barriera to city centers, can generate added value. Experience from other Italian cities indicates that a property located within a 10-minute walk of a new station sees its value increase by 8 to 15% compared to a similar, less well-served property. Investing near future routes allows you to anticipate this appreciation.
2. Major urban regeneration projects Turin is multiplying large-scale interventions: transformation of Parco del Valentino with massive removal of asphalt and re-vegetation, redevelopment of Corso Palermo to connect Aurora and Barriera di Milano, projects in Mirafiori Sud as a laboratory for nature-based solutions, redevelopment of historic complexes like the Cavallerizza Reale or Torino Esposizioni. These operations change the face of entire neighborhoods, boost their attractiveness, and push prices upward.
This is the annual percentage price growth of renovated homes in well-served Turin neighborhoods, far exceeding the market average.
How to Position Yourself as an Investor
Faced with this abundance of data, the most effective strategy is to start from your own objectives before choosing a neighborhood or property type.
An investor primarily seeking rental yield could target:
– studios or small one-bedroom apartments of 25–50 m² in student areas (San Salvario, Vanchiglia, Cit Turin, Cenisia, Lingotto);
– well-located two- or three-bedroom apartments in low-price but redeveloping neighborhoods (Aurora, Barriera di Milano, Borgo Vittoria, Vallette, Mirafiori Sud);
– while ensuring selection of structurally sound buildings, ideally already energy-upgraded or easily renovable.
A more capital-preservation-oriented profile, seeking security, will lean toward investments considered stable and low-risk, such as real estate, government bonds, or term deposits, to preserve capital over the long term.
– medium-sized apartments (60–90 m²) in Crocetta, Cit Turin, “quiet” San Salvario, Borgo Po, or the Centro, targeting a long-term clientele;
– or premium hillside properties, betting on scarcity of supply and high liquidity in the luxury segment.
Candidates for more sophisticated operations (student co-living, short-term rentals, PBSA in partnership with specialized operators) could target:
Projects should concern either large apartments near campuses and stations, or entire buildings to be restructured in neighborhoods with high student rental tension. It is imperative to comply with current regulations regarding bed numbers, safety, and taxation.
In all cases, selection discipline remains the same:
– prioritize well-connected areas (current or future) to heavy transport networks (metro, stations, structuring tram lines);
– aim for micro-areas with high rental liquidity (low vacancy, strong student/professional demand);
– stay alert to surrounding urban projects (redevelopments, parks, public facilities);
– factor in the cost of gradual energy upgrades from the purchase stage if necessary.
In Summary: A Market for Patient Investors, Not for Hasty Speculators
Investing in real estate in Turin is not about betting on a rapid doubling of prices, but on a rare combination in Western Europe: above-average rental yields, still contained prices for a major metropolis, a solid economic environment, booming student and young professional demographics, and an ambitious urban agenda (metro, brownfield redevelopment, renaturation of public spaces).
The market rewards investors able to:
To succeed in a real estate investment in Rome, it is essential to accept a medium- or long-term horizon. It also requires thorough study, neighborhood by neighborhood and street by street. A clear-eyed integration of Italian taxation and the true cost of ownership is crucial. Finally, favor the ‘good horses’: small units in sought-after neighborhoods, near universities and the future metro, in buildings already compliant with energy standards or easily renovable.
Under these conditions, Turin stands out as one of the most interesting European capitals for anyone seeking a rental asset generating steady income, with the added bonus of progressive appreciation potential driven by a city that, without fanfare, is completing its transformation from former industrial capital to a student-friendly, green, and innovative metropolis.
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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.
