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
If you are considering buying residential property in Milan, you probably want to know how the real estate market is doing right now.
In this article, we break down the current housing prices in Milan and everything else you need to know before making a decision.
We constantly update this blog post to make sure you get the freshest data available.
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.
How's the real estate market going in Milan in 2026?
What's the average days-on-market in Milan in 2026?
As of early 2026, the estimated average days-on-market for residential properties in Milan is around 80 to 95 days, which is significantly faster than the Italian national average of about 5.6 months.
That said, the realistic range varies a lot depending on what you are buying: turnkey apartments in popular areas like Centro, Isola, or CityLife often sell in 30 to 75 days, while properties needing renovation or with poor energy ratings can sit for 120 days or more.
Compared to one or two years ago, days-on-market in Milan has stayed near historical lows, mainly because buyer demand remains strong while the supply of quality listings keeps shrinking.
Are properties selling above or below asking in Milan in 2026?
As of early 2026, the estimated average sale-to-asking price ratio for residential properties in Milan is around 94% to 96%, which means most homes close at about 4% to 6% below their listed price.
Roughly 8% to 12% of properties in Milan sell above asking price, though we are moderately confident in this estimate because it comes from combining national closed-deal data with Milan-specific liquidity signals rather than direct citywide statistics.
The properties most likely to see bidding wars and above-asking sales in Milan are small, renovated apartments with good natural light, elevator access, and well-maintained buildings, especially in high-demand neighborhoods like Porta Venezia, Navigli, Isola, and around the Porta Romana regeneration area.
By the way, you will find much more detailed data in our property pack covering the real estate market in Milan.
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.
What kinds of residential properties can I realistically buy in Milan?
What property types dominate in Milan right now?
In Milan in 2026, roughly 85% of residential listings are apartments, with penthouses making up about 5%, townhouses around 6%, villas about 2%, and lofts roughly 2%.
Condominium apartments represent by far the largest share of the Milan real estate market, especially mid-century buildings and newer residence complexes with better energy performance.
Apartments became so dominant in Milan because the city developed as a dense urban center with limited land, and post-war reconstruction prioritized multi-family housing to accommodate rapid population growth and industrial workers.
If you want to know more, you should read our dedicated analyses:
Are new builds widely available in Milan right now?
New-build properties represent a relatively small share of all residential listings in Milan, estimated at around 10% to 15%, because the city has limited developable land and urban regeneration projects deliver housing slowly in phases.
As of early 2026, the highest concentration of new-build developments in Milan is found around CityLife, Porta Nuova, the Porta Romana regeneration area (boosted by the Olympic Village project), and emerging zones like Bovisa and Lambrate where former industrial land is being converted.
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Which neighborhoods are improving fastest in Milan in 2026?
Which areas in Milan are gentrifying in 2026?
As of early 2026, the neighborhoods in Milan showing the clearest signs of gentrification include NoLo (North of Loreto), Bovisa, Lambrate, Corvetto, Rogoredo, Giambellino, Lorenteggio, and Dergano.
Visible changes in these Milan neighborhoods include the arrival of specialty coffee shops, co-working spaces, and design studios in former industrial buildings, alongside facade renovations, new bike lanes, and a noticeable shift toward younger professionals and creative workers moving in.
Over the past two to three years, asking prices in gentrifying Milan neighborhoods like NoLo and Lambrate have appreciated by an estimated 15% to 25%, outpacing the citywide average growth of around 10% to 15%.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Milan.
Where are infrastructure projects boosting demand in Milan in 2026?
As of early 2026, the top areas in Milan where major infrastructure projects are boosting housing demand include Porta Romana, Ripamonti, Rogoredo, San Cristoforo, and the zones surrounding the seven Scali ferroviari (rail-yard regeneration sites).
The specific projects driving demand in Milan are the Porta Romana Olympic Village (now being converted to student housing after the 2026 Winter Olympics), the M4 metro line extension connecting Linate Airport to the city center, and the broader Scali ferroviari regeneration program covering sites like Scalo Farini, Scalo Greco-Breda, and Scalo Lambrate.
The Olympic Village at Porta Romana was delivered in late 2025 and will become student housing by the 2026-27 academic year, while the broader rail-yard regeneration projects are planned to unfold in phases through 2030 and beyond.
In Milan, the typical price impact from infrastructure announcements is around 5% to 10% initially, with an additional 10% to 20% appreciation once projects are completed and the neighborhood's connectivity becomes tangible.
We have made this infographic to give you a quick and clear snapshot of the property market in Italy. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
What do locals and insiders say the market feels like in Milan?
Do people think homes are overpriced in Milan in 2026?
As of early 2026, the general sentiment among locals and market insiders in Milan is that homes feel overpriced relative to what you get, especially for older apartments that need renovation or have poor energy ratings.
When locals argue Milan homes are overpriced, they typically point to the gap between asking prices (averaging around 5,600 euros per square meter citywide) and median local salaries, noting that a typical 75-square-meter apartment costs around 400,000 euros while the average household income struggles to support such a purchase without substantial savings or family help.
On the other hand, those who believe Milan prices are fair argue that the city remains cheaper than Paris, London, or Amsterdam, that supply is structurally limited, and that strong international demand from expats and companies relocating from London (post-Brexit) justifies the premium.
Milan's price-to-income ratio is significantly higher than the Italian national average: a median-priced apartment in Milan requires roughly 12 to 15 years of average household income, compared to around 8 to 10 years in most other Italian cities.
What are common buyer mistakes people regret in Milan right now?
The most frequently cited buyer mistake in Milan is underestimating condominium costs and politics, including unexpected special assessments for facade or elevator repairs, heating system centralization mandates, and dealing with difficult building administrators or neighbors who block needed renovations.
The second most common regret is buying a cheap property that needs renovation without understanding how long and expensive the process becomes in Milan, where contractor availability is tight, permit timelines slip, and material costs have risen significantly in recent years.
If you want to go deeper, you can check our list of risks and pitfalls people face when buying property in Milan.
It's because of these mistakes that we have decided to build our pack covering the property buying process in Milan.
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How easy is it for foreigners to buy in Milan in 2026?
Do foreigners face extra challenges in Milan right now?
The overall difficulty level for foreigners buying property in Milan is moderate: the legal process is the same as for Italians, but practical hurdles like documentation, language barriers, and mortgage access make it more time-consuming.
For non-EU citizens, Italy applies a reciprocity rule, meaning your home country must allow Italian citizens to buy property there before you can legally purchase in Milan, though EU citizens and residents face no such restriction.
Practical challenges specific to Milan include navigating the Italian notarial system (where deeds must be read aloud in Italian), coordinating with local banks that may not have English-speaking staff, and understanding condominium rules that are often only documented in Italian and can significantly affect your property rights and costs.
We will tell you more in our blog article about foreigner property ownership in Milan.
Do banks lend to foreigners in Milan in 2026?
As of early 2026, mortgage financing is available for foreign buyers in Milan, though banks are more conservative with non-residents and typically require larger down payments than they would from Italian residents.
Foreign buyers in Milan can generally expect loan-to-value ratios of 50% to 60% (meaning a 40% to 50% down payment is required), with interest rates ranging from approximately 2.7% to 4% depending on whether you choose a fixed or variable rate and your personal financial profile.
Banks typically require foreign applicants in Milan to provide proof of income (employment contracts, payslips, tax returns), identity documents with certified translations and apostille where needed, and sometimes a guarantor or substantial liquid assets held with the lending bank.
You can also read our latest update about mortgage and interest rates in Italy.
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.
How risky is buying in Milan compared to other nearby markets?
Is Milan more volatile than nearby places in 2026?
As of early 2026, Milan shows slightly higher price volatility than nearby Italian cities like Turin or Bologna, but also offers much greater liquidity, meaning properties sell faster and the market responds more quickly to both positive and negative economic signals.
Over the past decade, Milan has experienced price swings of around 15% to 28% upward since the post-2014 recovery, while cities like Turin saw more modest appreciation of around 5% to 10%, and Bologna fell somewhere in between with steady but less dramatic growth.
If you want to go into more details, we also have a blog article detailing the updated housing prices in Milan.
Is Milan resilient during downturns historically?
Milan has historically shown above-average resilience during economic downturns compared to the rest of Italy, mainly because its diverse economy (finance, fashion, design, tech) and deep rental demand from students, professionals, and expats provide a floor under prices.
During the most recent major downturn (2009-2014), Milan property prices dropped by roughly 15% to 20% in real terms, and recovery took until around 2017-2018 to return to pre-crisis levels, which was faster than most other Italian cities.
Property types and neighborhoods in Milan that held value best during past downturns include prime central apartments in areas like Brera, Magenta, and Quadrilatero della Moda, as well as small, well-maintained units near major universities and transit hubs.
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How strong is rental demand behind the scenes in Milan in 2026?
Is long-term rental demand growing in Milan in 2026?
As of early 2026, long-term rental demand in Milan continues to grow steadily, driven by a structural shortage of affordable housing combined with ongoing inflows of students, young professionals, and international workers.
The tenant demographics driving long-term rental demand in Milan include university students (over 200,000 enrolled across institutions like Bocconi, Politecnico, and Cattolica), young professionals in finance, fashion, and tech, and expats working for multinational companies that relocated headquarters from London post-Brexit.
Neighborhoods in Milan with the strongest long-term rental demand right now include Citta Studi (near Politecnico), the area around Bocconi University, Porta Romana, Isola, and Navigli, where vacancy rates can drop below 2% for well-priced units.
You might want to check our latest analysis about rental yields in Milan.
Is short-term rental demand growing in Milan in 2026?
Italy has introduced stricter regulations on short-term rentals, including mandatory national registration codes (CIN) for all properties and a ban on remote self-check-ins, which has caused short-term rental occupancy to drop from around 78% to 70% nationwide.
As of early 2026, short-term rental demand in Milan remains strong but more volatile, with the Milano Cortina 2026 Winter Olympics creating a temporary surge (rental prices for the Olympic period jumped over 100% compared to normal weeks), followed by an expected normalization afterward.
The current estimated average occupancy rate for short-term rentals in Milan is around 65% to 72%, down from higher levels in 2023-2024, partly due to increased regulatory scrutiny and more competition from new listings.
Guest demographics driving short-term rental demand in Milan include business travelers attending trade fairs (Milan hosts major events like Salone del Mobile), tourists exploring northern Italy, and digital nomads attracted by the city's lifestyle and connectivity.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Milan.
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.
What are the realistic short-term and long-term projections for Milan in 2026?
What's the 12-month outlook for demand in Milan in 2026?
As of early 2026, the 12-month demand outlook for residential property in Milan is moderately positive, with competition expected to remain strong for turnkey apartments in liquid neighborhoods while properties needing work will offer more negotiation room.
The key factors most likely to influence Milan demand over the next 12 months include ECB interest rate decisions (which directly affect mortgage affordability), the post-Olympics economic momentum, and whether Italy's broader economic growth stays near the projected 1% GDP increase.
Price forecasts for Milan over the next 12 months range from 4% to 7% appreciation, according to Scenari Immobiliari and other market analysts, though this assumes no major credit shock or regulatory surprise.
By the way, we also have an update regarding price forecasts in Italy.
What's the 3-5 year outlook for housing in Milan in 2026?
As of early 2026, the 3-5 year outlook for housing prices and demand in Milan is constructively positive, mainly because supply remains structurally constrained while demand from international buyers, students, and professionals shows no sign of weakening.
Major development projects expected to shape Milan over the next 3-5 years include the completion of the Scali ferroviari rail-yard regeneration (covering sites like Farini, Greco-Breda, and San Cristoforo), continued buildout around the Porta Romana legacy zone, and potential expansion of the metro network.
The single biggest uncertainty that could alter the 3-5 year outlook for Milan is a sudden tightening of credit conditions, whether from ECB rate hikes or Italian bank policy changes, which would directly impact both buyer affordability and transaction volumes.
Are demographics or other trends pushing prices up in Milan in 2026?
As of early 2026, demographic trends are having a significant upward impact on Milan housing prices, though it is more about household formation patterns and inward migration than raw population growth.
The specific demographic shifts most affecting Milan prices include a steady inflow of young professionals and students (over 200,000 university students citywide), delayed homeownership leading to prolonged rental demand, and international families relocating from London following the expiration of UK non-dom tax benefits in April 2025.
Beyond demographics, non-demographic trends pushing Milan prices include the city's growing status as a global fashion and design capital, institutional investor interest in build-to-rent and student housing, and the flight to quality where buyers increasingly pay premiums for energy-efficient, well-maintained properties.
These demographic and trend-driven price pressures are expected to continue in Milan for at least the next 5 to 10 years, given the structural undersupply of housing and Milan's strengthening position as Italy's most internationally connected city.
What scenario would cause a downturn in Milan in 2026?
As of early 2026, the most likely scenario that could trigger a housing downturn in Milan would be a sudden credit shock, either from ECB rate hikes that push mortgage costs sharply higher or from Italian banks tightening lending standards in response to rising non-performing loans.
Early warning signs that would indicate a downturn is beginning in Milan include a rapid increase in days-on-market (beyond 120 days citywide), a widening gap between asking and closing prices (discounts exceeding 10%), and a noticeable drop in mortgage application volumes from Bank of Italy surveys.
Based on historical patterns, a potential downturn in Milan could realistically see prices drop by 10% to 20% in real terms over 2 to 4 years, similar to the 2009-2014 correction, though prime central neighborhoods would likely hold value better than peripheral areas.
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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 we trust it | How we used it |
|---|---|---|
| Bank of Italy Housing Market Survey (Q3 2025) | It's the Italian central bank's recurring survey of real estate agents, published with full methodology. | We used it to anchor negotiation discounts and time-on-market direction. We also used its commentary on mortgage availability and rent pressures. |
| ISTAT House Price Index (Q3 2025) | ISTAT is Italy's national statistics institute and this is the official House Price Index. | We used it to anchor the national price trend backdrop behind Milan. We used it as a macro reality check against city-level private indices. |
| Agenzia delle Entrate OMI Residential Statistics (Q1 2025) | OMI is the government's real estate observatory within the tax agency, used widely in official analysis. | We used it to cross-check transaction momentum and rental-contract trends. We used it as the authoritative baseline for market activity, not just asking prices. |
| European Central Bank Key Interest Rates | It's the official source of euro-area policy rates that drive mortgage pricing. | We used it to ground the rates environment behind Italian mortgage offers in early 2026. We then translated that into practical implications for affordability. |
| idealista Milan Price Report | idealista is a major property portal with transparent time-series methodology and granular zone data. | We used it to approximate current asking-price levels and which zones are rising fastest. We used it to provide concrete neighborhood examples with actual numbers. |
| Immobiliare.it Milan Market Data | It's one of Italy's largest listing portals and publishes consistent local market snapshots. | We used it to triangulate price levels and intra-city dispersion between center and outer districts. We used it as a second private index to cross-check idealista. |
| Tecnocasa Milan Market Report (H1 2025) | Tecnocasa is a major national brokerage network with a long-running research office and structured reports. | We used it to understand what's actually transacting by sub-area, not just what's listed. We used it to inform which improving neighborhoods are pulled by real demand. |
| Comune di Milano Scali Ferroviari Program | It's the City of Milan describing the official rail-yard regeneration plan and sites. | We used it to identify where large-scale redevelopment is structurally changing neighborhoods. We then mapped those projects to nearby residential zones buyers actually shop in. |
| Scalo Porta Romana Olympic Village Project | It's the official project site detailing delivery and legacy timing and intended post-Olympic use. | We used it to support the infrastructure and demand shock story around Porta Romana. We used it to explain why student housing supply dynamics may shift locally after 2026. |
| Cushman & Wakefield Italy Outlook 2026 | It's a global real estate consultancy that publishes structured outlooks and sector commentary. | We used it to frame the 2026-2030 supply constraint story in Milan, especially living sectors. We used it as a sanity-check on forward-looking risks and segments like BTR and student housing. |
| Italian Ministry of Foreign Affairs Reciprocity Rule | It's the Italian government's official explanation of the reciprocity principle for civil rights. | We used it to anchor the key foreign-buyer eligibility concept for non-EU citizens. We used it to frame what you must verify before making offers. |
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