Authored by the expert who managed and guided the team behind the Italy Property Pack
Yes, the analysis of Milan's property market is included in our pack
Buying an apartment in Milan can feel overwhelming when you're not familiar with Italian real estate rules, taxes, and hidden costs.
This guide breaks down exactly what you'll pay in early 2026, from purchase prices to ongoing expenses, so you can plan with confidence.
We constantly update this blog post to reflect the latest market data and official regulations.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Milan.
Insights
- Milan apartment prices in 2026 show a 3.7x gap between the cheapest neighborhoods like Baggio (around €3,000 per square meter) and the priciest like Centro Storico (over €11,000 per square meter).
- The typical discount between asking price and final transaction price in Milan is about 7.5%, meaning buyers who negotiate can save €20,000 to €40,000 on a standard apartment.
- Closing costs in Milan can range from 6% to 18% of the purchase price, with the biggest variable being whether you qualify for the "prima casa" tax benefit.
- About 66% of apartment purchases in Milan are financed with a mortgage, meaning one-third of buyers pay entirely in cash.
- Milan's average monthly HOA fee is around €162, but buildings with concierge services, lifts, and central heating can push this figure much higher.
- New-build apartments in Milan command a premium of 15% to 30% over resale properties, largely driven by energy efficiency ratings and modern amenities.
- Centro Storico apartment prices in Milan rose by 10.3% in the past year, making it one of the fastest-appreciating neighborhoods in the city.
- Property tax (IMU) in Milan typically ranges from €800 to €2,500 per year for non-primary residences, but primary homes are generally exempt.
- Foreign buyers in Milan often need to plan for a 30% or higher down payment, as Italian banks tend to require more documentation and equity from non-residents.
How much do apartments really cost in Milan in 2026?
What's the average and median apartment price in Milan in 2026?
As of January 2026, the average asking price for an apartment in Milan is around €5,500 per square meter (about $5,940 or £4,620), while the median price that buyers actually pay after negotiation sits closer to €5,100 per square meter (around $5,510 or £4,280).
This difference exists because sellers in Milan typically accept a discount of about 7% to 8% from their initial asking price, according to central bank data on housing transactions.
For a typical Milan apartment, you can expect prices to range from €150,000 for a small studio to over €700,000 for a spacious three-bedroom, with most standard apartments falling between €250,000 and €500,000 (roughly $270,000 to $540,000).
How much is a studio apartment in Milan in 2026?
As of January 2026, a typical studio apartment in Milan costs between €150,000 and €210,000 (around $162,000 to $227,000), depending on location and condition.
Entry-level studios in outer neighborhoods like Baggio or Vialba-Gallaratese can start around €90,000 to €120,000, while high-end or renovated studios in central areas like Porta Venezia or Navigli can reach €280,000 to €350,000 (roughly $300,000 to $380,000).
Studio apartments in Milan typically measure between 30 and 40 square meters, which is fairly compact but standard for this property type in major Italian cities.
How much is a one-bedroom apartment in Milan in 2026?
As of January 2026, a typical one-bedroom apartment in Milan costs between €230,000 and €310,000 (approximately $248,000 to $335,000), making it the most popular choice for first-time buyers and investors.
Entry-level one-bedroom apartments in affordable areas like Comasina-Bicocca or Certosa range from €160,000 to €230,000, while luxury one-bedroom units in prestigious neighborhoods like Brera or Quadrilatero della Moda can exceed €500,000 (over $540,000).
One-bedroom apartments in Milan, locally called "bilocale," typically measure between 45 and 60 square meters, which usually includes a separate bedroom, living area with kitchenette, and bathroom.
How much is a two-bedroom apartment in Milan in 2026?
As of January 2026, a typical two-bedroom apartment in Milan costs between €360,000 and €485,000 (roughly $390,000 to $525,000), representing the most common family-sized option in the city.
Entry-level two-bedroom apartments in outer districts start around €280,000, while luxury two-bedroom units in prime locations like Corso Magenta, Citylife, or Porta Nuova can range from €650,000 to over €1,000,000 (approximately $700,000 to $1,080,000).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Milan.
How much is a three-bedroom apartment in Milan in 2026?
As of January 2026, a typical three-bedroom apartment in Milan costs between €535,000 and €715,000 (approximately $580,000 to $775,000), placing it firmly in the upper segment of the market.
Entry-level three-bedroom apartments in peripheral neighborhoods like Baggio or Gallaratese can start around €400,000, while high-end three-bedroom units in central or prestigious areas regularly exceed €1,000,000 and can reach €2,000,000 or more ($1,080,000 to $2,160,000) in prime locations.
Three-bedroom apartments in Milan, called "quadrilocale," typically measure between 105 and 140 square meters, often featuring a living room, kitchen, three bedrooms, and two bathrooms.
What's the price gap between new and resale apartments in Milan in 2026?
As of January 2026, new-build apartments in Milan typically cost 15% to 30% more than comparable resale properties, with the premium varying based on location, energy efficiency class, and building amenities.
The average price per square meter for new-build apartments in Milan ranges from €6,200 to €7,300 (approximately $6,700 to $7,900), with developments in areas like Porta Nuova or Citylife commanding even higher prices.
Resale apartments in Milan average around €5,100 per square meter (about $5,500), though this figure drops to €3,000 to €4,000 per square meter in older buildings in peripheral neighborhoods and rises above €8,000 per square meter in renovated central properties.
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Can I afford to buy in Milan in 2026?
What's the typical total budget (all-in) to buy an apartment in Milan in 2026?
As of January 2026, the typical all-in budget to buy a standard one-bedroom apartment in Milan ranges from €255,000 to €365,000 (approximately $275,000 to $395,000), which includes the purchase price plus all buyer closing costs.
Beyond the apartment price, your all-in budget in Milan must cover property transfer taxes (which can be 2% to 10% depending on your status), notary fees, agency commissions (typically 3% to 4% plus VAT), and mortgage setup costs if applicable, including a substitute tax on the loan.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Milan property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Milan.
What down payment is typical to buy in Milan in 2026?
As of January 2026, the typical down payment to buy an apartment in Milan is around 22% of the purchase price, which means roughly €55,000 to €70,000 (approximately $60,000 to $75,000) for a standard one-bedroom apartment priced at €280,000.
Most Italian banks require a minimum down payment of 20% for residents, but foreign buyers in Milan often face stricter requirements and should plan for 25% to 30% or more to secure financing.
To get favorable mortgage terms with lower interest rates in Milan, a down payment of 30% or higher is recommended, as this reduces the bank's risk and typically results in better loan conditions.
You can also read our latest update about mortgage and interest rates in Italy.
We made this infographic to show you how property prices in Italy compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Milan in 2026?
How much does the price per m² for apartments vary by neighborhood in Milan in 2026?
As of January 2026, apartment prices in Milan range dramatically from around €3,000 per square meter ($3,240) in the most affordable neighborhoods to over €11,000 per square meter ($11,900) in the most exclusive areas, representing a 3.7x price gap across the city.
The most affordable neighborhoods for apartments in Milan include Baggio at around €3,000 per square meter, Vialba-Gallaratese at approximately €3,100 per square meter, and Comasina-Bicocca at roughly €3,200 per square meter (about $3,240 to $3,460).
The most expensive neighborhoods for apartments in Milan are Centro Storico at around €11,100 per square meter ($12,000), Garibaldi-Porta Venezia at approximately €7,300 per square meter ($7,900), and Fiera-De Angeli at roughly €7,200 per square meter ($7,780).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Milan.
What neighborhoods are best for first-time buyers on a budget in Milan in 2026?
As of January 2026, the top three neighborhoods for first-time buyers on a budget in Milan are Baggio in the west, Vialba-Gallaratese in the northwest, and Comasina-Bicocca in the north, all offering prices well below the city average.
In these budget-friendly Milan neighborhoods, a typical one-bedroom apartment costs between €140,000 and €200,000 (approximately $150,000 to $216,000), which is 30% to 40% less than the city average.
These areas offer good public transit connections via Milan's metro and tram network, local shops, parks, and a more residential atmosphere, making them practical choices for everyday living without the premium of central locations.
The main trade-off of buying in these budget-friendly Milan neighborhoods is longer commute times to the city center (typically 30 to 45 minutes) and fewer entertainment and dining options compared to trendier districts.
Which neighborhoods have the fastest-rising apartment prices in Milan in 2026?
As of January 2026, the top three neighborhoods with the fastest-rising apartment prices in Milan are Centro Storico, Citta Studi-Lambrate, and Forlanini, all showing strong year-over-year appreciation.
Centro Storico leads Milan's price growth with a 10.3% increase over the past year, followed by Citta Studi-Lambrate at 6.4% and Forlanini at 5.5%, all significantly outpacing the city average.
The main drivers behind these rapid price increases include ongoing urban regeneration projects, proximity to universities and business districts, and improved public transit connections that make these Milan neighborhoods increasingly attractive to buyers.
You can also read our latest update about property price forecasts in Milan.
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What extra costs will I pay on top of the apartment price in Milan in 2026?
What are all the buyer closing costs when you buy an apartment in Milan?
The estimated total buyer closing costs for a typical apartment purchase in Milan range from €15,000 to €55,000 (approximately $16,200 to $59,400) on a €300,000 property, depending on your tax status and financing method.
The main categories of closing costs in Milan include property transfer taxes (imposta di registro or VAT), notary fees for the deed and mortgage, real estate agency commission, and mortgage setup costs including the substitute tax on the loan.
The largest closing cost for buyers in Milan is typically the property transfer tax, which can be 2% of the cadastral value for "prima casa" buyers or 9% for second homes and investors, potentially reaching tens of thousands of euros.
Agency commissions in Milan (usually 3% to 4% plus 22% VAT) and notary fees are somewhat negotiable and can vary between transactions, while taxes follow fixed government rules that leave no room for negotiation.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Milan?
The estimated typical percentage of the purchase price that buyers should budget for closing costs in Milan ranges from 6% to 18%, with the exact amount heavily influenced by whether you qualify for "prima casa" (first home) tax benefits.
For buyers who qualify for prima casa benefits, closing costs in Milan typically fall between 6% and 10% of the purchase price, while ordinary purchases (including non-resident second homes) should budget 10% to 18% to cover the higher tax rates and all associated fees.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Milan.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Italy versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the ongoing monthly and yearly costs of an apartment in Milan in 2026?
What are typical HOA fees in Milan right now?
The typical monthly HOA fee (called "spese condominiali") for an apartment in Milan is around €162 (approximately $175), according to recent survey data on condo living costs in the city.
HOA fees in Milan can range from €80 to €120 per month (around $86 to $130) for basic buildings without extras, to €250 to €400 or more per month ($270 to $430) for luxury buildings with concierge services, multiple lifts, central heating, gardens, and premium maintenance.
What utilities should I budget monthly in Milan right now?
The estimated total monthly utility cost for a typical apartment in Milan ranges from €180 to €400 (approximately $195 to $430), depending on apartment size, heating system, and personal usage habits.
For a smaller studio or one-bedroom apartment in Milan, monthly utilities typically run €150 to €250 ($162 to $270), while larger two or three-bedroom apartments can see costs of €300 to €500 or more ($325 to $540), especially during cold winter months.
The typical monthly utility budget in Milan covers electricity (€60 to €110), gas and heating (€80 to €200 averaged over the year), water and small services (€20 to €50), and internet (€25 to €40).
Heating and gas represent the most expensive utility for Milan apartment owners, especially in older buildings with poor insulation or central heating systems that run on fixed schedules regardless of individual usage.
How much is property tax on apartments in Milan?
The estimated typical annual property tax (IMU) for a non-primary residence apartment in Milan ranges from €800 to €2,500 (approximately $865 to $2,700), though primary residences are generally exempt from this tax except for luxury categories.
Property tax in Milan is calculated by applying the municipal rate (1.14% for most non-primary properties, or 1.04% for certain rental situations) to the property's cadastral value, which is a government-assessed figure typically lower than market value.
The realistic range of annual property tax in Milan depends heavily on the cadastral classification and size of your apartment, with smaller units in peripheral areas paying closer to €500 to €800 per year, while larger central apartments can exceed €3,000 annually.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Milan.
What's the yearly building maintenance cost in Milan?
The estimated typical yearly building maintenance cost for apartment owners in Milan ranges from €2,000 to €4,500 (approximately $2,160 to $4,860), which mainly consists of the regular HOA fees that cover ongoing upkeep.
The realistic range of yearly maintenance costs in Milan varies based on building age and type, with newer buildings in good condition costing €1,500 to €2,500 per year, while older buildings requiring more frequent repairs can run €3,500 to €6,000 or more annually.
Building maintenance costs in Milan typically cover common area cleaning, lift servicing, garden upkeep, building insurance, stairwell lighting, and a reserve fund for future repairs.
In Milan, ordinary maintenance costs are included in your monthly HOA fees, but extraordinary works (major roof repairs, facade renovation, lift replacement) come as separate special assessments that can add thousands of euros in specific years.
How much does home insurance cost in Milan?
The estimated typical annual home insurance cost for an apartment in Milan ranges from €200 to €450 (approximately $216 to $486), covering contents, liability, and potentially additional fire or water damage protection.
The realistic range of annual home insurance costs in Milan varies from €150 to €250 per year for basic coverage on smaller apartments, to €400 to €700 per year for comprehensive policies on larger units with higher insured values and lower deductibles.
Home insurance is not legally mandatory for apartment owners in Milan, but mortgage lenders typically require at least fire and explosion coverage, and most owners choose to add contents and liability protection for peace of mind.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Milan, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Immobiliare.it | Italy's largest property portal with consistent, time-stamped price data from millions of listings. | We used it as our primary asking price benchmark for Milan in December 2025. We also used its year-over-year changes to validate our early 2026 pricing. |
| Idealista | A major European property portal with transparent neighborhood breakdowns and regular updates. | We used it as our second independent benchmark and for neighborhood-level price analysis. We also extracted year-over-year changes to identify fastest-rising areas. |
| Banca d'Italia | Italy's central bank publishes highly credible housing market surveys on prices, discounts, and mortgages. | We used it to estimate the asking-to-transaction discount and typical loan-to-value ratios. We also referenced its data on the share of purchases financed by mortgages. |
| ISTAT | Italy's official statistics institute providing the national reference for house price dynamics. | We used it to understand the price gap between new and existing homes. We treated it as a reality check against portal-based asking prices. |
| Agenzia delle Entrate | The official Italian tax authority explaining exactly what taxes apply to property purchases. | We used it to list buyer taxes for purchases from private sellers versus developers. We built our closing cost percentage ranges around these official rules. |
| Consiglio Nazionale del Notariato | The national notariat is Italy's authoritative source for property transfer procedures and rules. | We used it to explain prima casa benefits and their practical impact on taxes. We also used its framing for decision points foreign buyers should clarify early. |
| Notaio.org | The official portal collecting citizen guides from Italy's notariat. | We used it to cross-reference our tax and legal explanations. We relied on it to avoid low-quality third-party summaries. |
| Notariato Condo Guide | An official notariat guide specifically created to help ordinary buyers understand condo life. | We used it to structure the HOA and condo fee section in plain language. We referenced it for what's typically included in building fees. |
| Comune di Milano | The municipality's official tariff schedule for waste tax in Milan. | We used it to compute realistic annual waste tax examples for typical apartment sizes. We also showed how the tariff is built from fixed and variable components. |
| Ministry of Economy and Finance | The official IMU rate tables approved by Milan's municipal government. | We used it to state the actual property tax rates Milan applies. We translated these rates into practical budget estimates for apartment owners. |
| Banca d'Italia Mortgage Guide | The central bank's consumer guide, very reliable for mortgage fees and taxes. | We used it to confirm the substitute tax on mortgages. We kept mortgage-cost explanations buyer-friendly using their plain-language approach. |
| ANIA | Italy's national insurance association publishing sector-wide statistics and indicators. | We used it to anchor a credible average home insurance premium reference point. We adjusted the baseline with transparent assumptions about coverage levels. |
| Changes Unipol-Ipsos | A major Italian insurer with a reputable polling partner providing survey data on condo costs. | We used it as a quantitative anchor for typical monthly condo fees in Milan. We layered practical explanations on why individual buildings vary. |
| Acquirente Unico | Italy's public reference body for transparent consumer electricity price information. | We used it to ground the electricity budget discussion in official reference pricing. We converted unit prices into monthly ranges using typical consumption. |
| ARERA | Italy's energy regulator and the top authority on consumer energy market data. | We used it to check gas and heating cost expectations. We expressed the outcome as a monthly range with clear drivers like heating type and insulation. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Italy. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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