Published on and written by Cyril Jarnias
Investing in Real Estate in Bergamo is no longer just a bet on a “quiet little town” in Lombardy. It means betting on a territory that combines rising prices, solid rental yields, increasing commuter flows to Milan, a tourism boom, and major urban and infrastructure projects. In other words, a secondary market that is becoming strategic.
The article analyzes the dynamics of the city and its province, presents possible yields (traditional, student, short-term), identifies the neighborhoods to target according to your budget, and details the major structuring projects (Bergamo2030, Porta Sud, airport, Fiera) that are redrawing the map of investment opportunities.
A market under pressure, but still affordable on an Italian scale
When you look at recent data, one thing is clear: Bergamo is in an upward cycle, but remains much more affordable than Milan, while often offering higher yields.
In February 2026, in the province, the average asking price for homes for sale was around €1,773/m², an increase of 5.72% year-on-year. The same period marks the high point of the last two years, after a low of around €1,584/m² in April 2024. On the rental side, the province shows an average of €11.77/m² per month, up 7.1% year-on-year, also at a two-year high.
The average asking price for a property in Bergamo in February 2026 is €2,875/m², up 6.8% year-on-year.
These figures are part of a national context where residential prices increased by about 3.9% in 2025, and projections for 2026 are around +3 to +4% on average. Lombardy even stands out with an increase of over 6.5% and an average price of €2,668/m², placing Bergamo slightly below the regional average but in the dynamic part of the market.
Average price per square meter in Milan, significantly higher than in Bergamo.
Prices in the province: a very wide range
The diversity of municipalities in the province of Bergamo is reflected in an extremely wide price range, from €367/m² to €3,029/m² in February 2026. Sarnico, on Lake Iseo, peaks at €3,029/m², while Blello drops to €367/m². The city of Bergamo is in the upper end of the province, with €2,875/m² and the highest rents (€13.35/m²).
Here are some price benchmarks for several key municipalities (average asking values, February 2026):
| Municipality | Sale Price €/m² | Rent €/m²/month |
|---|---|---|
| Bergamo | 2,875 | 13.35 |
| Sarnico | 3,029 | 10.79 |
| Treviglio | 2,169 | 10.93 |
| Dalmine | 1,861 | 10.56 |
| Seriate | 1,817 | 11.58 |
| Azzano San Paolo | 2,203 | 11.72 |
| Albino | 1,470 | 8.44 |
| Zogno | 997 | 6.53 |
| Serina | — | 4.58 |
For an investor, this dispersion opens up two strategies: target the city of Bergamo and its neighborhoods with high appreciation potential, or take advantage of more affordable municipalities (Dalmine, Seriate, Albino, Zogno…) to seek higher yields at the cost of a more peripheral profile.
Bergamo, a “quiet alternative” to Milan, but increasingly connected
Several structural factors are fueling demand in Bergamo.
The rise in prices and rents in Milan is pushing households and investors toward satellite markets that offer better value. Bergamo ticks several boxes: lower cost of living, a more peaceful living environment, an attractive historic center, and, above all, continuously improving transport links.
The Bergamo–Milan rail connections have been strengthened, with around fifteen daily regional trains and travel times of about 50 minutes. Fast connections like the Frecciarossa even go down to 37 minutes. This dynamic is gradually transforming Bergamo into a commuter town for Milan, as confirmed by demographic studies: population growth is largely driven by these new commuting residents.
Milan Bergamo Airport is undergoing a major transformation with the expansion of its terminal (78,000 m³ built, 22 new check-in counters, enlarged security and duty-free areas), the creation of new parking lots, and new Schengen and non-Schengen gates. A key project is the opening, scheduled for the second half of 2026, of a railway station that will connect it to Bergamo, Milan, Monza, and Lecco. An underground tunnel already linking the terminal to this future station is complete.
The airport already handles up to 54,000 passengers on certain days and about 17 million passengers annually. The addition of 14 new aircraft stands to the north and the extension of taxiways are set to further increase capacity. In the long term, Bergamo positions itself as a major hub in the European low-cost airline network, with direct rail access to the city and Milan. For an investor, this means more tourist flows, more short-term rental demand, and more international executives and employees passing through.
A city in transformation: Bergamo2030, Porta Sud, and new hubs
Investing in real estate in Bergamo also means betting on a deliberate urban transformation trajectory, driven by the municipality, the chamber of commerce, and private players.
Bergamo2030: short-term construction sites, long-term value
The Bergamo2030 program sets the course for the next five years: new infrastructure, rethought mobility, improved quality of life, but also acceptance of temporary disruptions (construction work, traffic changes). An interactive map lists active and planned construction sites for the next six months, color-coded according to their impact on mobility.
Concretely, several projects are already underway: a new sports arena at Piazzale Walter Bonatti, five underground eco-islands for waste collection, road resurfacing work as part of the high-level bus service (e-BRT) project, a new rail link between Bergamo and Orio al Serio airport, and interventions on many major thoroughfares (Via Statuto, Via Borgo Palazzo, Via San Bernardino, Asse Interurbano SP671, etc.).
In the short term, urban development works can complicate travel and make a neighborhood temporarily less attractive for impatient tenants. However, in the medium to long term, these investments improve accessibility, transport, the environment, and overall enhance the city’s appeal. For a patient real estate investor, buying a property during the construction phase can thus result in significant added value once the neighborhood fully benefits from the new infrastructure.
Porta Sud: a key new district around the station
The Bergamo Porta Sud project is arguably the most structuring. It involves redeveloping over one million square meters around the station, tackling what is currently a “railway barrier” separating the historic center from the neighborhoods south of the tracks.
The program is based on two pillars: the creation of an intermodal hub (train, tram, bus, soft mobility) around the station, and the birth of a new district mixing housing, offices, shops, public spaces, parks, bike lanes, and pedestrian paths. The positioning is clear: a “smart, innovative, and green” district, adjacent to the city center and the main pedestrian and transport flows.
The orders of magnitude give a sense of the scale of the project: approximately €1 billion in land and real estate investments, and hypothetical exit prices around €2,900/m² for residential, €150/m²/year for retail, and €140/m²/year for offices. Major facilities (hospital, university, tram line terminus, numerous bus lines) are also concentrated around this operation, promising a constant flow of users and customers.
For an investor, the broader “Borgo Palazzo – Center – Station” area is already one of the most expensive sectors, with sale prices around €3,312/m² and rents of €13.93/m². The key question is whether the redevelopment and service improvements will support continued price increases, a trend already observed recently with increases of +3.2% in the ultra-center and +2.2% in the semi-central area.
Fiera di Bergamo and new activity hubs
Another major focus: the expansion of the Fiera di Bergamo, the exhibition center. A masterplan calls for doubling its surface area. An underground pedestrian and cycle passage, a prerequisite for creating a “Bergamo Fiera” stop on the new train line to Orio, is set to begin in early 2026. The stated goal is to elevate the Fiera to the rank of a major national mid-sized player, capable of attracting additional trade fairs and exhibitions.
In parallel, several emblematic projects (the smart ChorusLife district with a Radisson Blu hotel and arena, a new university sports center, new university buildings, logistics and industrial campuses in the metropolitan area…) help diversify the economic drivers and attract students, researchers, executives, and business visitors. These are all audiences that feed both traditional rental demand and short-term rentals.
Bergamo neighborhoods: from the prestige of Città Alta to affordable pockets
The city is divided into two main entities: Città Alta (upper town), a medieval heart surrounded by UNESCO-listed Venetian walls, and Città Bassa (lower town), more modern, which concentrates most of the recent residential supply, shops, and services.
Each sector has a distinct price and demand profile. Investing in real estate in Bergamo means choosing between iconic, expensive but very secure areas in terms of heritage, and neighborhoods undergoing valorization, more accessible but potentially more volatile.
Price overview by zone within the city
Data from February 2026 clearly shows the city’s internal hierarchy. Some illustrative zones:
| Bergamo Zone | Sale €/m² | Rent €/m²/month |
|---|---|---|
| Città Alta | 4,421 | 14.52 |
| Colli | 4,545 | 13.09 |
| Borgo Palazzo – Center – Station | 3,312 | 13.93 |
| Corridoni – Redona | 2,690 | 14.17 |
| Longuelo – San Paolo | 2,739 | 12.17 |
| Monterosso – Valtesse | 2,571 | 11.83 |
| Celadina – Boccaleone – Malpensata – Campagnola | 2,099 | 11.91 |
In addition to these figures, there are occasionally higher price levels on certain highly sought-after streets: around €4,280/m² on Viale Vittorio Emanuele Secondo, €3,608/m² on Via San Tomaso, €3,591/m² on Via dei Legionari in Polonia. In prestigious micro-areas, prices reach €5,000/m², or even €5,500/m² on Viale Vittorio Emanuele and in the Colli, and up to €6,500/m² in Città Alta, with peaks up to €8,000/m² according to Engel & Völkers.
The price of a studio or one-bedroom apartment in the Celadina–Boccaleone–Campagnola neighborhoods of Bergamo.
Città Alta and Colli: the high-end heritage foundation
The upper town and the hills (Colli di Bergamo) combine historical prestige, panoramic views, scarcity of supply, and strong tourist demand. Renovated old apartments frequently sell for around €4,000/m² and above. Properties needing renovation can be negotiated around €3,000/m², but renovation costs, especially in a heritage context, can quickly rise to between €1,200 and €1,800/m², or even more depending on the level of finish and architectural constraints.
For an investor, Città Alta is particularly well-suited for seasonal or mid-term rental to a tourist and cultural audience. Reference rents (€14.52/m²) reflect a tight market. Purchase prices may seem high, but the combination of international appeal, UNESCO status, and the ability to generate a stable tourist income gives these properties a “safe haven” profile in a portfolio.
This neighborhood offers a good balance between natural setting and proximity to the center. Prices are similar to those in Città Alta (around €4,545/m²). The clientele is primarily affluent and looking for villas or apartments with a garden or large terraces. Local studies indicate that properties on the garden level or top floor with a large terrace are the most in demand in the city.
Center and upscale neighborhoods: yield and capital preservation
The city center (Sentierone, Via Tasso, Via XX Settembre) and areas like Santa Lucia, Sant’Alessandro, Borgo Pignolo, or the Finardi district combine architectural elegance and good accessibility. Prices generally range between €2,000 and €3,000/m², with peaks at €3,000/m² in Borgo Pignolo and along sought-after axes.
Price benchmarks for some of these neighborhoods:
| Sector | Indicative Price €/m² (sale) |
|---|---|
| Città Alta (average, excluding peaks) | ≈ 3,000 (to renovate) – 4,100 (renovated) |
| Sant’Alessandro | ≈ 2,500 |
| San Paolo | ≈ 1,800 |
| City center (excluding premium streets) | 2,000 – 2,900 |
| Borgo Pignolo, Via Mazzi | up to ≈ 3,000 |
These are areas where properties, especially when renovated and well-positioned (floor, light, balcony, elevator), hold their value well over time. Demand is driven by families, professionals, and an international clientele looking for elegant second homes that are less expensive than in Florence or Rome.
Transitional zones: opportunities for mid-range budget investors
Around the center, several neighborhoods combine relative accessibility and appreciation prospects: Borgo Santa Caterina and Redona (artistic atmosphere, local shops, good transport links), Loreto, Longuelo, Canovine, or Conca Fiorita, historically one of the most sought-after residential areas since the 1960s.
In these areas, the supply is varied, ranging from small old apartments needing renovation to recent buildings with green spaces and parking. Prices, between €1,900 and €2,700/m², allow you to purchase a two- or three-room apartment for a budget of €150,000 to €250,000, depending on size and condition. Since rents are close to those in the city center, gross yields can be very attractive, especially for three-room apartments, which are in high demand.
Popular and student pockets: maximizing yield
Neighborhoods like Malpensata, Celadina, Boccaleone, Campagnola, Colognola, Villaggio degli Sposi, or Grumello del Piano are characterized by lower prices and an active rental market. Outside investors are already looking to buy studios and one-bedroom apartments for under €100,000, precisely to generate income.
Between Malpensata (€1,200–€1,600/m²) and Celadina–Boccaleone–Campagnola (around €1,350/m²), you can structure deals with entry tickets of €80–130,000 for a small apartment, or even less by targeting properties needing a refresh. These areas, well-served by infrastructure and shops, lend themselves well to student rentals or young professionals. The presence of the university across several hubs and a market for shared apartments and rooms with high occupancy rates (student supply occupancy rate above 88%) reinforce this profile.
Rental yields in Bergamo: from long-term to Airbnb
The available data paints a rather favorable picture of rental yields in Bergamo.
Overall yield and basic ratios
The city’s average gross rental yield is estimated at 6.28%, across all product types, with an average price around €249,000 and an average rent of €950 per month. By extrapolation, a typical property would take about 21.8 years to “pay itself off” through rents, which is reasonable for a major European city.
Price-to-rent ratios are around 16.6 in the center and 17.9 on the outskirts, confirming that renting is relatively attractive compared to the purchase price (the lower the ratio, the more profitable the rental). Average gross yields stand at 6.02% in the center and 5.58% outside the center, which is above the yields observed in many large Italian metropolises for comparable products.
In the market by apartment type, the following figures provide an order of magnitude for price/rent pairs:
| Property Type (city of Bergamo) | Average Price (€) | Average Rent €/month | Gross Yield |
|---|---|---|---|
| 1 bedroom | 135,000 | 750 | ≈ 6.67% |
| 2 bedrooms | 179,000 | 900 | ≈ 6.03% |
| 3 bedrooms | 245,000 | 1,350 | ≈ 6.61% |
| 4+ bedrooms | 364,150 | 1,750 | ≈ 5.77% |
We see that 1- and 3-bedroom units offer the best gross rates, slightly above 6.5%, while larger units start to lose yield, which is logical: they appeal more to resident families than to rental investors.
Theoretical maximum yield for very cheap studios and one-bedroom apartments in certain rural or mountain municipalities of the province.
Residential rental market: rents and affordability
Average rents recorded by local contributors provide a concrete picture of current levels:
– 1-bedroom in city center: about €717/month (range €550–€1,000).
– 1-bedroom outside center: €531/month (€450–€750).
– 3-bedroom in city center: €1,521/month (€850–€2,800).
– 3-bedroom outside center: €815/month (€600–€1,200).
With an average net salary of €1,889, a rent of €700–€900 is manageable for a two-income household or a shared apartment, but heavy for a single income. The mortgage payment share averages 47% of income, with fixed rates at 4.27% over 20 years, which explains the success of shared apartments, optimized three-room units, and well-located compact homes.
Short-term rental and Airbnb market
In the tourist segment, Bergamo ranks in the top tier nationally in terms of short-term rental yield. Airbtics data (early 2026) indicates:
– 1,303 active listings, up more than 21% year-on-year.
– Average occupancy rate around 73%, despite a slight decline compared to previous years.
– Average daily rate (ADR) around €106, up 10.6% year-on-year.
– Median annual revenue per unit at €29,000, up 6.2%.
Incidentally, Bergamo is in the top 24% of Italian cities for short-term rental yield. Licensing regulations are in place, which limits uncontrolled proliferation but does not prevent the expansion of the supply; on the contrary, a more than 90% increase in the number of listings in three years shows that the city has entered the radar of investors specialized in this segment.
The Italian regulatory framework is evolving towards greater control of tourist rentals, especially in historic centers. Although Bergamo is not yet as restrictive as Florence or Venice, debates exist on the saturation of the rental supply and pressure on residents. Local authorities emphasize the need for balanced taxation, respect for property owners’ rights, and preservation of access to housing.
Student housing: an increasingly tight niche
With its dynamic university, Bergamo attracts many students, Italian and foreign (Erasmus in particular). In this segment, indicators show a market under pressure:
– Average rent across all categories: €651/month.
– Private room: median at €540/month.
– Studio: about €650/month.
– Occupancy rate of supply: over 88%.
– Total listed supply: 67 units, with a gradual increase over the past 6–12 months.
The rent distribution tables show a strong concentration between €500 and €600, which corresponds to the affordable range for a student or young professional in a shared apartment. For an investor, this reinforces the relevance of buying small units or three-room apartments suitable for shared rentals, in neighborhoods connected to university hubs (Redona, Borgo Santa Caterina, Villaggio degli Sposi, San Paolo, etc.).
Province of Bergamo: yield or appreciation, choose your ground
Investing in real estate in Bergamo can also mean investing in its province, which offers a fairly wide range of opportunities.
On one hand, well-connected municipalities like Treviglio, Seriate, Dalmine, Stezzano, Azzano San Paolo, or Treviolo, with prices between €1,700 and just over €2,000/m² and appreciation prospects driven by proximity to Bergamo and Milan, as well as the presence of industrial or logistics hubs. In these major centers, price increases have reached 3–4% per year, sometimes more in certain niche markets.
Price per square meter for a property on the lakefront or in the city center of Sarnico on Lake Iseo.
Finally, rural or valley areas (Val Brembana, Val Seriana, etc.) show very low prices, sometimes below €1,000/m², but with a struggling secondary rental market when tourist appeal is low. In some resorts, up to over 90% of the housing stock consists of little-used second homes. These markets should be approached with caution and a clear strategy (personal residence, specific tourism project, or very long-term opportunistic purchase).
Building your setup: financing, taxation, renovation
Beyond choosing the neighborhood, investing in real estate in Bergamo requires a good understanding of the Italian framework: purchase process, taxation, renovation costs.
Purchase process: role of the notary, preliminary contract, and financing
Italy requires a notary for any real estate transfer. The classic process includes:
– a written purchase offer (proposta di acquisto), often accompanied by an initial deposit;
– a preliminary contract (contratto preliminare or compromesso) with a larger deposit (often 10–20%, sometimes 30%), which firmly commits the parties;
– the final deed (rogito) signed before a notary, which transfers ownership and is registered.
The notary, an impartial public officer, checks the titles, the absence of liens, planning and cadastral compliance, calculates and collects taxes, and registers the deed. Notary fees typically range between 1 and 2.5% of the price, plus registration taxes (2% for a primary residence, 9% for a secondary residence, on the cadastral value) or, in the case of a new build purchase from a developer, VAT (4% / 10% / 22% depending on the type of property and use).
For non-residents, Italian banks can finance up to about 50% of the property’s price. Interest rates are generally fixed, around 3 to 5%, for a loan term of up to 20 years. This approach requires a larger initial down payment than in many other countries, but it has the advantage of limiting risk in the event of future interest rate increases.
Recurrent taxation: property, rents, capital gains
Once you are an owner, you are subject to:
– IMU, the municipal property tax, mainly on secondary residences and investment properties, with a rate varying by municipality (0.4 to over 1%) on the cadastral base;
– TARI, the waste tax, calculated on surface area and number of occupants, generally payable by the occupant (owner or tenant);
– taxation of rents, either under the progressive IRPEF scale, or via the simplified flat-rate regime (cedolare secca), often 21% for standard rentals, with some cases at 10% in areas with high rental tension.
Non-resident foreigners must also consider tax treaties between Italy and their country to avoid double taxation on rental income and capital gains. Italy generally applies a capital gains tax of 26% if the property is sold within five years, unless it was the primary residence. Beyond five years, capital gains are generally exempt for an individual.
Renovation: realistic costs and pitfalls to avoid
Many attractive properties in Bergamo, especially in historic and peripheral neighborhoods, require more or less extensive work. Experiences compiled across different Italian regions – applicable by order of magnitude to Lombardy – give the following range:
Price range per square meter depending on the level of intervention on a property.
Refurbishment without structural work: €300–€500/m²
New installations and partition redistribution: €800–€1,200/m²
Work including structural interventions: €1,200–€1,800/m²
Complete reconstruction or intervention on a ruin: €1,500–€2,500/m²
Line items like roofing (€150–€250/m²), complete bathroom renovation (€3,000–€10,000), a kitchen (€5,000–€15,000 excluding appliances), or window replacement (€400–€800 each) have a significant impact on the budget. It is recommended to add at least 30 to 50% margin to the contractor’s quote to cover unforeseen issues, as many projects far exceed the initial budget.
The duration of a serious project is between 4 and 8 months for a medium renovation of a 100 m² apartment, and 12–18 months for a heavy restoration. Permit issues (CILA, SCIA, possibly a building permit and validation by the Superintendence for protected areas) can add several months of delays.
From a tax perspective, Italy offers interesting deductions on certain work, with the possibility of recovering about 50% of eligible expenses (capped at €96,000 for certain types of work) in the form of a tax credit, and a reduced VAT rate of 10% on renovations. These schemes, legacies of the “Superbonus”, should be studied with a tax advisor as their conditions change frequently.
Tourism, Milan-Cortina 2026, and appreciation outlook
Bergamo does not have the tourist pressure of Florence or Venice, where prices have soared to often inaccessible levels (€4,500–€7,000/m² and more in the centers), but tourism is increasingly weighing on its market.
Overnight stays in the province surpassed the 2 million mark in 2015, with a boom in foreign arrivals.
Surveys of local businesses in retail and tourism show that more than 80% of them believe that the growth in visitor flows is generally beneficial for the territory, citing economic development, heritage enhancement, and the incentive to invest in infrastructure. A significant proportion of tourism stakeholders say they are optimistic about the impact of the 2026 Milan-Cortina Winter Olympics, even though Bergamo is not a main Olympic venue.
The organization of the Olympic Games in Lombardy generates positive effects for Bergamo, including the modernization of infrastructure, improved connectivity, and increased international visibility for the region. The economic impact is significant, as evidenced by the occasional surges in short-term rental rates near Olympic sites, which can reach +144% compared to normal periods.
In this context, the following combination makes Bergamo particularly interesting:
– prices still below the average of major first-tier Italian cities;
– rental yields above 6% possible in many segments;
– rising tourist and commuter flows, driven by the airport and trains;
– major urban projects (Porta Sud, Bergamo2030, Fiera, new university and cultural hubs) likely to support demand and prices.
How to position yourself as an investor?
To sum up, investing in real estate in Bergamo can take several forms, depending on your risk profile and time horizon.
A long-term wealth investor may prioritize:
– Città Alta and Colli, for rare, expensive, but very secure properties with a strong tourist dimension;
– the city center and certain premium streets (Viale Vittorio Emanuele, Via San Tomaso, neighborhoods near the Accademia Carrara), to capture solvent local and international demand.
An investor oriented toward yield will instead favor:
Analysis of neighborhoods offering a good price/rent ratio or low-cost acquisition opportunities for rental.
Borgo Santa Caterina, Redona, Longuelo, Loreto, Canovine, Conca Fiorita. These areas offer a very favorable price/rent ratio for the investor.
Malpensata, Celadina, Boccaleone, Campagnola, Villaggio degli Sposi, Colognola. Ideal for buying small, low-cost units, before or after renovation, intended for rental (students, young professionals, workers).
The most opportunistic profiles may also look at:
– municipalities in the metropolitan belt (Seriate, Dalmine, Treviolo, Stezzano, Azzano San Paolo), connected to Bergamo and sometimes Milan, where price growth is already sustained but still leaves room;
– certain tourist areas of the province (Sarnico, Lovere, San Pellegrino Terme) for high-end second home projects with partial rental.
The real estate market is broadly rising, driven by limited new supply, interest rates lower than in 2023, and sustained demand. However, this dynamic is mainly concentrated in attractive cities like Bergamo and well-connected sectors. The key to success is targeting the “right perimeter” – urban or peri-urban – aligned with major development axes: proximity to train stations, tram lines, development projects (like Porta Sud), university and hospital hubs, or offering a quick connection to Milan.
Investing in real estate in Bergamo today ultimately means accepting to pay a bit more than five years ago, but to enter a market that still has room to grow – provided you know its neighborhoods, its projects, its figures, and its rules of the game.
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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.
