OMI property values (quotazioni OMI): what they are and how to read them
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What OMI property values areHow to read a valueExample with round numbersWhy OMI values are not the market priceHow to use them when you look at an auction appraisal reportWhat to check in the cadastral dataWhat not to do with OMI valuesIn practiceFrequently asked questionsSourcesOMI property values (quotazioni OMI) are indicative values, expressed in euros per square metre, that the Italian Revenue Agency (Agenzia delle Entrate) publishes by zone and property type. They help you understand whether a price is in line with the area, not establish the exact value of a home.
Invented example to explain the mechanism: for a flat in a certain zone, the table might show from €1,500 to €2,200 per square metre. These are not real market data, they are round numbers to understand how to read the table.
What OMI property values are
OMI stands for Osservatorio del Mercato Immobiliare. It is a service of the Italian Revenue Agency (Agenzia delle Entrate) that collects information on sales and rentals and publishes, every half-year, a table of values for each zone of the Comune.
The table does not tell you how much a specific home costs. It gives you a range: a minimum value and a maximum value, always per square metre, for a certain zone and a certain property type.
The key word is indicative. The OMI value is a guide to help you find your way, not a price that the market is obliged to respect.
How to read a value
To read the table you need four pieces of information. You will find them on the website of the Italian Revenue Agency (Agenzia delle Entrate), in the section dedicated to property values.
- Zone: the table divides the Comune into zones, each with a name or a code. It is not the neighbourhood as you understand it: it is the zone defined by the Agency.
- Type: civil dwellings, economic dwellings, luxury dwellings, box, shops, offices and others. Choose the type that corresponds to the cadastral category of the property.
- Condition: the value changes depending on the state the property is in, from excellent to poor. Do not trust the first value you see, look for the one that matches the real state of the home.
- Minimum and maximum value: these are the two extremes per square metre. The real value of the property falls within this range only if the other characteristics are similar to the zone average.
Warning: the reference surface for the calculation is the commercial surface, which may differ from the cadastral surface. Always ask how it was measured.
Example with round numbers
Let's say an 80 square-metre flat is in a zone where the table shows from €1,500 to €2,200 per square metre, for a property in normal condition.
Indicative minimum value: 80 × €1,500 = €120,000. Indicative maximum value: 80 × €2,200 = €176,000.
The range therefore goes from €120,000 to €176,000. If a seller asks for €200,000, you are outside the range: you need to ask why. There may be a real reason, such as a recent renovation or a particular view, but there may also be an inflated price.
Conversely, if the property needs major works, the more correct value could be in the lower part of the range. You must do the calculation yourself with the table, but the choice of the right point depends on the condition of the home.
Why OMI values are not the market price
The OMI value is an average for the zone, calculated across several properties. The home you are looking at is a single home, with its own history: the floor, the exposure, the condominium (building owners' association), the condition of the systems, the presence of a balcony or a box.
For this reason the OMI value is a starting point. From the OMI value you move towards the real value by considering all these elements.
OMI values do not even tell you how much the home will cost at auction. They are not a discount, they are not a guarantee and they are not a system for knowing whether you are paying too much. They are a comparison tool.
How to use them when you look at an auction appraisal report
In court auctions, the expert's appraisal report estimates the value of the property and the judge sets the base price (prezzo base). The appraiser usually states the source of the values he uses, and often refers precisely to the OMI property values of the zone.
When you read the appraisal report, look for the part where the appraiser explains how he reached the value. Compare his figure per square metre with the OMI band for the zone and ask yourself whether the difference is explained: the condition of the property, occupancy, any irregularities. To read the appraisal report in detail you can follow the guide on how to read an auction appraisal report, section by section.
The base price of the auction does not necessarily coincide with the OMI value. To understand the difference between base price (prezzo base) and minimum offer (offerta minima), read base price and minimum offer: the difference explained with an example.
What to check in the cadastral data
The OMI value is linked to the cadastral category. If the category of the property does not correspond to the type you have chosen, you are comparing apples and pears.
Always check the land registry extract (visura catastale), that is the document showing the category, class, size and cadastral income of the property. You can request it online from the Italian Revenue Agency (Agenzia delle Entrate).
Also pay attention to compliance: the cadastral floor plan must match the real state of the home. In a sale deed, the law requires precise declarations on this point. The regulatory framework is in the cadastral law, which is indicated in the sources.
If you find inconsistencies between the land registry extract, the floor plan and the real state, do not take anything for granted. Ask for clarification and, in the case of an auction, read carefully what the appraiser writes.
What not to do with OMI values
Do not use them as your only criterion. Do not compare a studio on the ground floor with the average of an entire zone. Do not ignore the condition, which changes the value more than it seems.
Do not cite them as proof that a price is good value. A price lower than the OMI value can hide real problems, such as encumbrances, unpaid charges or an occupied property. The comparison is a first filter, not a conclusion.
In practice
- Download the OMI table for the Comune of the property from the Italian Revenue Agency (Agenzia delle Entrate) website and find the right zone.
- Check that the type corresponds to the cadastral category shown in the land registry extract.
- Calculate the minimum and maximum value by multiplying the square metres by the values per square metre.
- Compare the result with the appraisal report or with the asking price and ask yourself why the difference exists.
Frequently asked questions
Are OMI values mandatory?
No. They are a public reference, consultable by anyone. No rule obliges you to use them to buy a home, but they are useful to help you find your way.
Is the OMI value the price at which I can buy?
No. It is an indicative range for the zone and the property type. The real price depends on the property, on negotiation or, at auction, on the base price and the bids.
Can I use OMI values to challenge the appraisal report?
You can use them as a point of comparison, but on their own they are not enough to prove an error. If you have doubts about the appraisal report, ask the professional who assists you for clarification and read the appraiser's explanations carefully.
Sources
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General information, not legal or tax advice: the law and the notice of sale prevail.
