Published on and written by Cyril Jarnias
Brescia does not (yet) have the media prestige of Milan or Venice, but for a real estate investor, the city ticks a lot of interesting boxes: high rental yield, still reasonable prices, a solid economy, major urban projects, and an attractive quality of life for active middle classes. All this in a metropolis of nearly 200,000 inhabitants, the second-largest city in Lombardy, at the heart of one of Italy’s most industrial provinces.
This article analyzes the Brescia real estate market to assess its investment potential. It presents price and rent levels, yields by property type, dynamics of different neighborhoods, the local economic context, applicable taxation, and medium-term prospects. The goal is to provide concrete data to determine whether an investment in Brescia matches a wealth strategy.
A still affordable market with solid yields
The first thing that strikes you when looking at Brescia’s figures is the balance between purchase prices and rents. Where many large Italian cities have seen their yields compress, Brescia still boasts an average gross return of 6.65%, with peaks up to around 7.5% depending on the neighborhood and property type.
On average, a property sells for €2,070 per m² in the city, with an average price around €219,000 and a monthly rent around €1,000. The price-to-rent ratio gives a payback period of about 18.3 years, which remains reasonable for a dynamic urban market located in one of Europe’s wealthiest regions.
To illustrate the diversity of territorial dynamics, we can compare the features of city living versus provincial living. In the city, you generally find higher population density, a wider range of cultural and service offerings, but also a higher cost of living and a faster pace of life. In the province, the advantages often lie in better housing affordability, a lifestyle closer to nature, and a stronger sense of community, even if the job market and specialized services may be more limited. This comparison summarizes the trade-offs and lifestyle choices associated with each type of area.
| Indicator (March 2026 / recent data) | City of Brescia | Province of Brescia |
|---|---|---|
| Average sale price (€/m²) | 2,298 | 2,391 |
| Average rent (€/m²/month) | 12.06 | 11.75 |
| Average rental yield (gross) | 6.65% | ~6% – 7% (estimated) |
| Estimated average property price | €219,000 | — |
| Estimated average monthly rent | €1,000 | — |
We observe an urban market slightly cheaper than the provincial average per square meter, but with slightly higher rents, which mechanically improves the yield.
A market recovering after a decade of decline
Over the long term, Brescia is emerging from a corrective phase: properties lost nearly 30% of their value over ten years, while homes in the province fell by about 20%. This decline had a double effect. On one hand, it weighed on some long-time owners; on the other, it reopened interesting entry points for new investors.
This is the increase in the average price per square meter in Brescia between November 2023 and September 2025, from €1,941 to €2,238.
This upturn occurs in a context where the transaction market remains active: +5% sales in the city and +6% in the province over the first half of 2024. For an investor, this means two things: market liquidity is good, and the current window still combines reasonable prices with a moderate upward trend.
Prices, rents and yields by housing type
One of Brescia’s advantages is the clarity of its price grid by size of dwelling. Available data allow a fairly precise idea of what an investment costs and returns based on the number of bedrooms.
Apartment types: how much do they cost, how much do they yield?
Here is a summary of average prices, rents and estimated yields for the city:
| Type | Average price (€) | Average monthly rent (€) | Annual rental income (€) | Average gross yield |
|---|---|---|---|---|
| Studio | n.d. (stock ≈ €90,000 from other sources) | 1,000 | 12,000 | n.d. |
| 1 bed (T2) | 100,000 | 620 | 7,440 | 7.38% |
| 2 beds (T3) | 139,950 | 800 | 9,600 | 6.86% |
| 3 beds (T4) | 220,000 | 1,200 | 14,400 | 6.55% |
| 4 beds and more | 295,500 | 1,500 | 18,000 | 6.09% |
Several interesting takeaways for an investor:
Analysis of rental performance by dwelling size, including gross yield and associated value-add strategies.
Offer the best gross yield, around 7.4%, with an entry ticket limited to €100,000.
Attractive yields between 6.5% and 6.9%, targeting a broad audience (couples, families, shared living).
Slightly lower yield, but can be enhanced through shared living, subdivision into studios, or the high-end family market.
It is also worth keeping in mind that another, more generic grid assesses the average “stock” of dwellings (without time precision) as follows:
| Type | Indicated average stock price (€) |
|---|---|
| Studio | 90,000 |
| 1 bed | 120,000 |
| 2 beds | 150,000 |
| 3 beds | 180,000 |
| 4 beds and more | 210,000 |
These figures do not exactly match those used to calculate yields, but they confirm the idea of a market where you can still find properties starting at €100,000 within the city, which has become rare in many Italian cities of comparable size.
The impact of location within the city
Within Brescia itself, prices vary significantly by area:
| City area (September 2025) | Sale price (€/m²) | Rent (€/m²/month) |
|---|---|---|
| Centro Storico | 2,777 | 12.96 |
| Borgo Trento / Crocifissa di Rosa / Mompiano / Villaggio Prealpino | 2,407 | 11.34 |
| Panoramica / Porta Venezia | 2,194 | 10.68 |
| Brescia Due / Via Cremona / Villaggio Sereno | 1,998 | 12.01 |
| Urago Mella / Primo Maggio / Sant’Anna / Villaggio Badia | 2,036 | 11.12 |
| San Polo / Caionvico / Sant’Eufemia | 1,868 | 10.56 |
Centro Storico is the most expensive area, both for purchase and rent, but some sectors like Brescia Due or well-connected metropolitan neighborhoods (Borgo Trento, Mompiano) offer a very good price-to-rent trade-off, thus potentially a slightly above-average yield.
For an investor, it is crucial to think not only in terms of price per square meter, but also based on the target rental demand: students, young professionals, families, shared living, short-term tourist or corporate rental, etc.
Neighborhood overview: where to invest in Brescia?
Investing in real estate in Brescia requires a good understanding of the mosaic of neighborhoods that make up the city, each with its natural clientele and value appreciation prospects.
Centro Storico: historic heart, tourism, and short-term rentals
The Centro Storico concentrates Brescia’s ancient and medieval heritage: Santa Giulia (UNESCO-listed), the Roman Capitolium, the castle, historic squares like Piazza della Loggia. Prices reach €2,777/m² for sales and nearly €13/m² for rent, above the city averages.
Here you find rehabilitation projects of medieval buildings, especially around Piazza della Loggia, transformed into contemporary apartments. It is the ideal playground for investors targeting:
– short-term tourist rentals, driven by cultural appeal and proximity to the lakes,
– high-end housing for executives and expatriates,
– renovation projects with heritage value-add.
Gross yields on purchase will be slightly tighter, but compensated by high rents and strong resale liquidity.
Brescia Due and Lamarmora: modern business and residential hubs
Brescia Due, southeast of the center, is the city’s “vertical business district,” one of the few clusters of modern office towers in Italy outside Milan, Naples or Genoa. It mixes offices and residential, with particularly efficient transport links.
The Lamarmora district, to the east, combines tradition and modernization. It is well located near the station and historic squares. Together with the Don Bosco and Porta Cremona areas, it forms a complete district offering services, shops, and high-end housing.
These areas are relevant for:
– long-term rentals for executives at local companies,
– office investments (office rents between €70 and €150/m²/year in the city),
– high-end shared living combining proximity to the center and major employers.
Mompiano, Villaggio Prealpino, Borgo Trento: green and stable residential
To the northwest, Mompiano and Villaggio Prealpino offer a more suburban, green setting with views of the Cicogne hill. These neighborhoods are popular with families and professionals seeking peace and green spaces, within reasonable distance of the center.
Mompiano is described as a “village” with pizzerias, cafés and quiet streets, illustrating a search for quality of life rather than pure profitability. Prices are slightly lower than the center, with solid rents, thus offering good yields for long-term family rentals.
Tommaso B., resident quoted in sources
Borgo Trento, often associated with San Bartolomeo and Casazza, completes this triangle as a “safe bet” neighborhood: convenient, close to the center and the castle, well served. It lends itself to “patrimonial” acquisitions for more defensively minded investors.
San Polo, Fiumicello, southern outskirts: affordable prices and redevelopment potential
San Polo and its surroundings (Caionvico, Sant’Eufemia) show the lowest square meter prices in the city, around €1,868/m², with rents just over €10.5/m². It is a quiet area, well connected by the A4 motorway and public transport, close to commercial zones and employment centers.
Fiumicello, on the other hand, is described as an emerging peripheral sector, engaged in a process of urban regeneration along the Naviglio canal. It is recommended for first-time purchases, notably because prices are still affordable.
These sectors offer several advantages for the investor:
– lower entry tickets,
– potentially higher gross yield if combining discounted purchase with renovation,
– exposure to future price increases tied to redevelopment and transport improvement projects.
Other areas to watch
Several zones and axes are mentioned as interesting:
– Via Cremona and Via Volta, two central or near-central addresses, 5–10 minutes from the center, well served, with local shops.
– Costalunga, a quieter, greener, slightly outlying district, where new high-end residences are being built, with prices starting at €725,000 in some programs.
– Chiesanuova and Villaggio Sereno, considered well balanced in terms of quality of life and services (Nicola M. cites Chiesanuova as one of the most “complete” neighborhoods).
For the investor, the strategy will often consist of arbitrating between:
– center and historic districts for heritage value and short-term rentals,
– well-served inner ring for families, students and young professionals,
– southern or eastern fringe undergoing conversion for opportunistic purchases with strong capital gain potential.
A very favorable economic environment
Investing in real estate in Brescia is not just about rental figures. The depth of the local economic fabric is a key element that secures long-term rental demand.
One of Italy’s most industrial provinces
The province of Brescia ranks among the engines of the Italian economy. It is:
– one of the most industrialized territories in the country,
– Italy’s third largest export hub, behind Milan and Turin,
– an economy whose value added rivals, at the European level, that of countries like Slovenia or Lithuania.
The key sectors are metallurgy, mechanics, automotive parts, firearms (with brands like Beretta or Perazzi), engineering, but also agri-food and tourism. Local SMEs, often family-run, are renowned for the quality of their production and their export capacity.
Brescia’s GDP per capita exceeds €30,000, placing the city well above the Italian average.
A dynamic job market, despite the crisis
Historically, the province experienced near full employment, with an unemployment rate for a long time half the national average. The global financial crisis hit local industry, especially small export-oriented businesses, but activity remained robust:
– between 1993 and 2007, employment grew faster than in Lombardy as a whole,
– in recent years, the shift to services has accelerated without erasing the industrial base,
– the city attracts hundreds of thousands of daily commuters for work, study or services, doubling its daily population.The high concentration of jobs in an area simultaneously generates demand for long-term rentals and a need for temporary solutions, such as shared living, student residences, or apartments for business assignments.
University, training and demographics
Brescia is also a university city, with around 25,000 students for a population of about 200,000. The local university, expanding, offers technical curricula in line with the productive fabric (engineering, health, economics, future curricula in agriculture, pharmacy, building). This strengthens rental demand in certain neighborhoods near campuses and hospitals.
Demographically, the city stands out for: its dynamic population, its cultural diversity, and ongoing urbanization projects.
– a population officially close to 200,000, within an urban area of more than 670,000 people,
– a significant proportion of foreigners (about 18% of residents), making it one of the most cosmopolitan cities in the country,
– marked aging, but a birth rate that has picked up in recent years thanks to the contribution of migrants and new generations.For an investor, the combination of a significant student base, a large working population, and a daily influx of commuters creates a diversified rental pool.
Cost of living and residential attractiveness
Another often underestimated asset of Brescia is its relatively moderate cost of living compared to Milan, while offering a high level of services.
A one-bedroom apartment in the center typically rents for between €550 and €800 per month, with an average around €600–650, whereas the Italian national average is around €950. Basic monthly utilities (electricity, heating, water, waste) are around €150, below the national average (€180). A public transport pass costs about €38 per month, while some large cities exceed €60.
This is the average monthly cost of childcare, €200 less than in more expensive metropolitan areas.
This cost-of-life differential enhances Brescia’s appeal for:
– households looking for a more affordable alternative to Milan,
– students and young professionals seeking manageable rents,
– retirees or semi-actives attracted by a mid-sized urban environment, well connected to lakes and mountains.
For an investor, this translates into a “safety net”: even in times of economic strain, the city remains competitively residential, limiting the risk of structural vacancy.
Infrastructure, mobility, and major urban projects
One of the structural strengths of the Brescia real estate market is the density of its infrastructure and the scale of ongoing public investments, which are shaping the city of tomorrow.
Transport: metro, tram, regional lines
Brescia already has a 13 km automated metro line and a dense bus network extended to the hinterland. Added to this are:
– more than 200 km of bike paths,
– a bike-sharing system (“Bici-Mia”), – pedestrian zones and “30 km/h zones” in several neighborhoods, – major sustainable mobility improvement projects.The major upcoming project is the new Fiera – Pendolina (T2) tram line, 11.3 km long with 22 stops, which will connect a peripheral district to the fairground. Fully electric, with battery-operated sections in the city center, this line is designed to increase public transport ridership by nearly 47% and reduce car traffic by 5%.
These mobility investments have two direct consequences for real estate:
– they broaden the “attractive zone” around the center, allowing peripheral neighborhoods to benefit from revaluation,
– they improve accessibility, a key criterion for tenants (students, employees, families).
Urban planning and regeneration: brownfields as opportunities
Since the early 2000s, the city has adopted a strategic urban plan that prioritizes:
Among the concrete measures for sustainable development are: limiting consumption of new natural or agricultural land, converting former industrial sites and abandoned quarries into new neighborhoods or green spaces, creating large urban parks and green corridors to preserve biodiversity, and rehabilitating and modernizing existing public facilities such as schools, sports facilities, and cultural infrastructure.
Among the flagship projects:
– “Oltre la Strada”, a vast regeneration program around Via Milano with a budget of €48 million, including the creation of the Museum of Industry and Labor (Musil) and the reuse of abandoned buildings,
– the redevelopment of the former Gnutti barracks, the Baribbi site, certain barracks (Papa) and public buildings (Campo Marte), – the “La scuola al centro del futuro” strategy in the southwest, with more than €37 million for a new school campus, energy renovations, and public amenities in neighborhoods such as Fiumicello, Porta Milano, Lamarmora, Chiesanuova, Primo Maggio, – the construction of a new covered multi-sport center of more than 7,000 m² in Sanpolino, with athletics, climbing and martial arts facilities, partly funded by the national recovery plan.Urban interventions are gradually transforming former industrial or degraded areas into mixed neighborhoods, with new housing, shops and offices emerging. For the investor, these changing areas often represent the segments with the highest potential for capital appreciation, provided you accept a slightly longer holding horizon.
Environmental framework: a green asset but also caution
Brescia has massively invested in an integrated energy system (cogeneration, district heating, energy-from-waste) recognized as an example of circularity. The city has committed to ambitious European initiatives (Covenant of Mayors for Climate, Green City Accord, candidacy for the European Green Capital label).
It has more than 3.8 million m² of public green spaces and more than 120,000 trees, as well as parks of supra-municipal interest such as Parco delle Colline or Parco delle Carriere.
But we must also mention a heavy environmental legacy: some areas are classified as “sites of national interest” due to historical contamination (PCBs, heavy metals) linked to past chemical and industrial activities. Cleanup and redevelopment plans are funded by the state (about €90 million for five major sectors, plus €20 million for public spaces) but, for the investor, a thorough technical and urban planning audit is imperative before exposure to brownfields or former industrial sites.
Taxation and legal framework: what an investor needs to know
Investing in real estate in Brescia means investing in Italy. The tax and legal framework is national, even if certain taxes (IMU, municipal surtaxes) are set locally.
Acquisition costs: new vs. old, primary residence vs. investment
Upon purchase, two tax regimes apply, depending on whether the seller is a private individual or a developer:
– Purchase from a private individual (old property)
– Primary residence (prima casa): registration tax at 2% of the cadastral value (often 30 to 60% below market price), plus fixed mortgage and cadastral taxes (€50 each).
– Secondary residence or investment: registration tax at 9% of the cadastral value, same fixed taxes.
– Purchase from a developer (new property)
– VAT (IVA) will replace the registration tax: 4% for primary residence, 10% for secondary residence, 22% for luxury properties; plus €200 registration tax, €200 mortgage tax and €200 cadastral tax.
The total entry cost for a property purchase, including notary fees, commissions and ancillary costs, represents this percentage of the purchase price.
Recurring taxes: IMU, TARI, rental taxation
Once the property is acquired, the investor must bear: maintenance charges, taxes, and possibly management fees.
– IMU (municipal property tax): due on secondary residences and rental properties, calculated on the basis of the revalued cadastral value multiplied by coefficients. The base rate is 0.86%, adjustable by the municipality up to 1.06%. Brescia follows this framework and may adjust slightly up or down. Primary residences that are not luxury are generally exempt.
– TARI: waste tax, paid by the occupant (often recoverable from the tenant in the lease).
On the income tax side, rents can be taxed:
Flat tax rate (cedolare secca) applicable to gross rental income for individual landlords in Italy.
For short-term rentals (e.g. Airbnb), the rules are tightening: the flat rate of 21% applies only to one property, and if you exceed two properties in short-term rental, the administration presumes a professional activity, with VAT, accounting obligations, and exclusion from simplified schemes.
Capital gains and transmission
Capital gains realized on the sale of a property held for less than five years may be taxed at 26%. Beyond five years, it is exempt for individuals. Another exemption exists if the sold property was the seller’s primary residence for most of the holding period.
Properties received by inheritance are not subject to capital gains tax upon subsequent resale, unlike those received by gift. Inheritance tax is moderate, with rates ranging from 4% to 8% depending on the degree of kinship, and benefits from significant allowances for the surviving spouse and children.
Purchase process for a foreigner
The Italian legal framework allows foreigners to buy in Brescia, subject to a reciprocity agreement or a residence permit. The main steps are:
– obtain the codice fiscale (tax ID) from the Italian tax authority or a consulate,
– sign a purchase offer, then a preliminary contract (contratto preliminare) with a deposit often between 10 and 30%, – notarial and technical due diligence (title deeds, absence of liens, building compliance, certificate of habitability), – signing of the final deed (rogito) before a notary, who collects taxes, registers the sale, and transfers ownership in the land registry.Italian notaries are neutral public officials; the buyer is advised to also engage an independent lawyer and a technician (surveyor, engineer) to secure the legal and technical aspects of the investment, especially on old buildings or brownfields undergoing conversion.
Financing: accessing credit to invest in Brescia
For investors resident in Italy, banks offer mortgages up to 70–80% of the property value (even more for some first-time buyers), with average rates around 3.2–3.5% in 2025–2026 for fixed rates, in a context of slightly easing benchmark rates (Euribor declining).
For non-residents, conditions are more restrictive:
Mortgage loans for non-residents in France have specific and stricter conditions: the loan-to-value ratio is generally limited to 50–60%, documentary requirements are high (proof of income, credit history, professional stability), the loan term is often capped at 20–25 years with a maximum maturity before age 75, and interest rates are slightly higher (often +0.5 to +1 point compared to residents).
Major banks like Intesa Sanpaolo, UniCredit, or BNL have offers for non-residents. The classic approach is to open an account locally, obtain a pre-approval (pre-delibera reddituale), and structure the financing plan ensuring the monthly payment does not exceed 30–35% of net income.
For a buy-to-let investment in Brescia, the key is to calibrate the leverage so that the rent covers not only the mortgage payment, but also IMU, TARI, running costs, and a provision for maintenance and vacancy. With gross yields around 6.5–7.5%, it is generally possible to build a “positive leverage” structure, especially with a secured fixed rate.
Opportunities and specific risks of the Brescian market
Like any market, real estate in Brescia combines supportive factors and points to watch.
What favors an investment
Several objective elements support a positive investment thesis:
Main strengths of buy-to-let real estate in Bergamo, Italy, for investors.
Average gross yield of 6.65%, reaching 7-7.5% for 1-2 bed units, higher than the average for major Italian cities.
Prices still accessible from €100,000, well below those in Milan or Bologna, opening the market to medium budgets.
High GDP per capita, dense fabric of industrial SMEs and services, and significant exports.
Driven by students, young professionals, employees in industrial and tertiary zones, and growing urban/cultural tourism (UNESCO, lakes).
Significant investments in infrastructure and urban regeneration, improving accessibility and neighborhood value.
Strengthens long-term residential appeal and rent affordability for tenants.
The main points to watch
On the other side, several factors must be integrated into a risk analysis:
Real estate investment in Brescia presents several specific challenges: an environmental liability on former industrial sites requiring great caution, an aging population influencing demand, economic pressures weakening small neighborhood shops, Italian administrative complexity requiring local support, and a national tightening of regulations on short-term rentals (e.g. Airbnb).
Positioning your strategy: what investment profile for Brescia?
Depending on your investment horizon, risk appetite, and objectives (yield vs. capital gain), Brescia offers several possible “readings”.
Secure yield strategy: 1–2 bedrooms in well-located areas
For an investor seeking a stable rental income without excessive risk, the “1 or 2 bedroom” combination in a well-served neighborhood (Brescia Due, Borgo Trento, Mompiano, Lamarmora, areas near the metro or hospital) provides a solid base:
– entry ticket of €100,000 to €150,000,
– gross yield around 6.8–7.4%,
– deep rental demand (couples, young professionals, healthcare workers, master’s students, young families),
– relatively liquid resale.Value-add strategy: peripheral areas undergoing conversion and heritage renovation
For those targeting capital gains over 7–10 years, two obvious targets stand out:
Two types of opportunities stand out in Brescia: the requalification of peripheral districts like Fiumicello, San Polo, Porta Milano or Primo Maggio within public projects, and the renovation of well-located historic buildings in Centro Storico or Brescia Antica to reposition them on high-end segments such as coliving, lofts, or upscale student residences.
In these cases, the immediate yield may be slightly lower (cost of works, vacancy during renovations), but the prospect of resale at a significantly higher price in the medium term compensates.
“Mixed” strategy: arbitrating between city and province
Finally, some investors choose to combine:
For a buy-to-let investment in Lombardy, it is advisable to combine two types of properties. In Brescia itself, opt for one or two units to ensure a regular rental income. In the province, especially around Lake Garda or Lake Iseo (e.g. Desenzano, Gardone Riviera, or Limone), choose a vacation or tourist accommodation property. Square meter prices are higher there, but the international clientele is strong.
Provincial data show, for example, prices of €3,966/m² in Desenzano del Garda (rents €14.11/m²) or €4,498/m² in Gardone Riviera (rents €12.65/m²). These markets are more expensive but more “premium”, and may suit a clientele seeking geographical diversification while staying within the same economic basin.
Conclusion: Brescia, a fundamental market rather than a speculative bet
Investing in real estate in Brescia is neither betting on a tourist “hot streak” à la Venice, nor hoping for a price explosion comparable to Milan’s center. Rather, it is exposing yourself to a fundamental market: a solid industrial and service city, at the heart of a wealthy province, with a growing university, modern infrastructure, and major urban projects underway.
Rental yields can remain attractive and acquisition prices accessible, supported by diversified and stable rental demand. To manage inherent risks (environmental, regulatory, macroeconomic), it is essential to rigorously select locations, conduct thorough due diligence, and opt for a prudent financial structure.
For an investor ready to work with local partners (notaries, lawyers, technicians, banks) and to think on a medium to long-term horizon, Brescia today offers one of the best “yield / security / value-add potential” trade-offs in northern Italy. It is precisely this kind of discreet but robust market that, in a diversified real estate portfolio, often makes the difference over time.
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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.
