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
What do the latest numbers reveal about Milan’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Milan, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Properties with energy-efficient certifications in Milan rose by 15% in 2024
In 2024, the number of properties with energy-efficient certifications in Milan increased by 15%.
Getting an Attestato di Prestazione Energetica (APE) in Milan is straightforward, thanks to a well-regulated process involving certified professionals. This makes the certifications trustworthy, prompting more property owners to pursue them.
The Rapporto Annuale 2024 showed that Italy's buildings are becoming more energy-efficient. There's a noticeable drop in buildings rated F and G, while more are climbing to higher classes like A4-B, reflecting a national shift towards better energy performance.
Lombardy, where Milan is situated, led the country in 2023 with 21.7% of all APE certifications. This regional emphasis on energy efficiency likely played a role in Milan's increase.
Sources: Certificazione Energetica Facile, Idealista News
2) Transaction volumes in Milan's property market are rising by 1.5% annually
Milan's property market is buzzing with a 1.5% annual increase in transaction volumes.
Property prices in Milan have been on the rise, with a 1.6% increase over the past year and a remarkable 28% growth over the last five years. This steady climb shows that demand is strong, which naturally boosts the number of transactions.
In Milan, smaller apartments are in high demand. Over 65% of sales involve properties under 85 square meters, which is much higher than the national average. This trend highlights a vibrant local market for compact living spaces.
Financing options are also playing a big role. 52% of property transactions are now supported by mortgages, making it easier for buyers to step into the market. This accessibility is a key driver behind the rising transaction volumes.
Sources: Dils, Milano Events
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.
3) Property buyers in Milan are currently averaging 42 years old
The average age of property buyers in Milan is currently 42 years.
Across Italy, the trend shows that in 2023, the average age of property buyers was 43.8 years, with Milan slightly younger at 41.5 years. This shift is largely due to the rising cost of living, which makes it tough for younger people to buy homes. Many are looking for more spacious and energy-efficient homes, often found in the city's outskirts.
Older buyers, who generally have more financial stability, are in a better position to purchase these types of properties. This has led to a gradual increase in the average age of property buyers in Milan.
In Milan, the demand for homes that offer more space and energy efficiency is growing. These homes are typically located outside the city center, appealing to buyers who prioritize comfort and sustainability.
As a result, the property market in Milan is seeing a shift, with older buyers becoming more prominent. This demographic is better equipped to handle the financial demands of purchasing homes that align with these new preferences.
4) Properties in Milan now stay on the market for about 60 days
In Milan, properties now typically sell in about 60 days.
The city's real estate market is buzzing, with prices climbing steadily. By 2025, the average price per square meter is expected to hit €5,700, reflecting a strong demand for housing. This surge in prices often means homes are snapped up quickly.
Different areas tell different stories. Peripheral zones are seeing significant price hikes due to gentrification. For example, neighborhoods like Cimiano/Crescenzago/Adriano and Affori/Bovisa are booming, which can lead to faster sales in these parts.
But it's not all smooth sailing. Rising prices are squeezing out many potential buyers, especially those with lower incomes. This has caused a drop in sales volume by 8.8% in 2024 compared to 2023. Yet, for those who can afford it, the demand and limited supply keep sales brisk.
Despite these challenges, the market remains dynamic. The high demand continues to push properties off the market quickly, especially in sought-after areas. This trend is a testament to Milan's vibrant real estate scene.
Sources: Fanpage.it, AlleAree.it, Milano Corriere
5) By 2025, renovating a property in Milan will cost about €1,000 per square meter
In 2025, renovating a property in Milan costs about €1,000 per square meter.
This figure comes from analyzing data from 2023 and 2024, where renovation costs ranged from €700 to €1,300 per square meter. The price depends on factors like property size, materials, and the type of work needed. For example, a basic update might be cheaper, while a full overhaul could push costs higher.
In Milan, a complete renovation typically costs between €700 and €1,000 per square meter. This range shows the variety of projects, from simple fixes to major upgrades. The average cost of €1,000 per square meter in 2025 is a middle ground, covering both moderate and high-end renovations.
Specific tasks like painting or kitchen installations have their own price tags, adding to the overall cost. Painting might cost €20 to €40 per square meter, while a bathroom renovation could be €800 to €1,200 per square meter. These differences show how personalized and complex renovations can be, affecting the average cost per square meter.
Understanding these costs helps in planning your renovation budget effectively. Whether you're updating a single room or the entire property, knowing the price range for each task can guide your decisions.
Sources: Source 1, Source 3, Source 5
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6) A parking space in Milan currently costs about €30,000
The average cost of a parking space in Milan is currently around €30,000.
In Milan, parking spaces are in high demand, especially in central and prestigious areas, where prices can soar. These prime locations often see costs ranging from €2,422 to €4,000 per square meter, pushing the average price higher.
Imagine a typical parking space of about 16 square meters. In these sought-after spots, it could easily cost around €40,000. This means that while €30,000 is the average, many spaces in prime areas are priced above this figure.
Factors like location and demand significantly influence these prices. In central Milan, the need for parking is intense, driving up costs. This trend is particularly evident in areas where real estate is at a premium.
For those considering buying property in Milan, understanding these parking costs is crucial. It’s not just about the space; it’s about the location and the demand that comes with it. In some areas, parking can be as valuable as the property itself.
So, if you're eyeing a property in Milan, keep in mind that parking is a significant investment. The price you pay can vary widely, depending on where you are in the city. Location truly matters when it comes to parking in Milan.
Sources: WikiMilano
7) A one-bedroom apartment in Milan rents for about €1,200 per month
In Milan, the average rental price for a one-bedroom apartment is around €1,200 per month.
When you dive into the details, Spotahome reveals that rents can range from €800 to €1,000, depending on where you look. If you're eyeing posh areas like Via Montenapoleone or Corso Vittorio Emanuele II, expect to pay more. But if you're open to living on the outskirts, you might find more budget-friendly options.
HousingAnywhere offers another angle, suggesting that the average rent, including utilities, hovers around €1,150. This figure is pretty close to the €1,200 mark when you factor in extra costs and the ups and downs of the market.
Fanpage.it backs up the €1,200 average, pointing out that high rental costs are a common theme in Milan. This agreement among different sources paints a picture of a stable rental market, where prices are shaped by location and the perks that come with it.
So, if you're considering a move to Milan, be prepared for these rental prices. The consistency in data from various sources suggests that the market is quite predictable, with location playing a big role in what you'll pay.
Whether you're drawn to the bustling city center or the quieter outskirts, understanding these price dynamics can help you make an informed decision about where to live.
Sources: Spotahome, HousingAnywhere, Fanpage.it
8) By 2025, the average price per square meter for homes in Milan is about €5,500
In 2025, the average price per square meter for residential properties in Milan is around €5,500.
Just a couple of years ago, in 2023 and 2024, the Milanese real estate market was already on the rise. Reports from sources like Wikimilano.it showed a trend of rising prices, with predictions of a 6% increase by 2025. This growth was largely due to Milan's ongoing expansion and its appeal as an international city.
Insights from Immobiliare.it also pointed out that both residential and rental markets were experiencing price hikes. Different areas of the city saw varying levels of increase, but the overall trend was upward, contributing to the average price reaching around €5,500 per square meter.
In some neighborhoods, the demand for property has been particularly strong, pushing prices even higher. This demand is driven by Milan's reputation as a cultural and economic hub, attracting both local and international buyers.
Moreover, the city's infrastructure improvements and urban development projects have made it an even more attractive place to live. These factors have played a significant role in the steady increase in property values.
While the current average price is slightly lower than the expected €5,700, it still marks a significant rise from previous years. This trend reflects Milan's growing status as a desirable location for property investment.
Source: Wikimilano.it
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.
9) Properties with smart home features in Milan increased by 12% in 2024
In 2024, the number of properties with smart home features in Milan increased by 12%.
This surge is part of a larger trend in Italy, where the smart home market has been on the rise since the pandemic. Back in 2021, the market experienced a significant 29% increase compared to 2020, thanks to innovative business strategies and a growing consumer interest in smart home services.
People are particularly drawn to connected appliances, smart speakers, and security solutions. These technologies are popular for private surveillance, emergency response, and cloud-based video storage, which likely contributed to the rise in smart home properties in Milan.
Moreover, Milan's smart home growth is supported by Italy's broader smart city initiatives. In 2022, the smart city market in Italy grew by 23%, reaching 900 million euros. These initiatives focus on smart mobility, smart buildings, and data analysis, which help drive the adoption of smart home features.
In Milan, these smart city efforts are evident in the push for smarter buildings and infrastructure. This environment encourages homeowners to integrate smart technologies, making their properties more attractive and efficient.
As a result, Milan is becoming a hub for smart living, with more properties offering advanced features that cater to modern needs. This trend is not just about convenience but also about enhancing security and energy efficiency.
10) Properties in Milan's city center are priced at least 20% higher than in the suburbs
In 2023 and 2024, properties in Milan's city center were priced at least 20% higher than those in the suburbs.
Imagine strolling through Milan's Centro Storico, Magenta, or Brera, where property prices range from 10,150 to 12,000 euros per square meter for new or renovated homes. These areas are not just about location; they offer a slice of Milanese history and culture, making them highly sought after.
Now, compare this to the suburbs like Vigentino-Ripamonti and Vialba-Gallaratese, where prices drop significantly, ranging from 4,667 to 2,927 euros per square meter. The difference is stark, and it's not just about the distance from the city center. It's about the lifestyle and prestige that come with a central address.
Despite new metro lines and urban regeneration projects boosting suburban appeal, the city center's prices remain consistently higher. This is largely due to the limited availability of properties and the high demand for central locations, as highlighted by Expatica.
Even with suburban areas experiencing price hikes, central Milan's exclusivity keeps its property values elevated. The allure of living amidst iconic landmarks and vibrant city life is a strong pull for many buyers.
For those considering a property purchase, understanding these dynamics is crucial. The city center's charm and limited space mean prices are unlikely to drop anytime soon, making it a prime investment area.
Sources: Dove.it, Expatica, Il Sole 24 Ore, Idealista
11) Rental demand in Milan increased by 4% in 2024
In 2024, Milan's rental market saw a 4% increase in demand, driven by several key factors.
One major reason for this surge is the overall high demand for rentals across Italy, with Milan being a prime example. Rental prices for various types of apartments, like monolocali and bilocali, have risen by about 4% in the first half of 2024 compared to the latter half of 2023. This trend highlights the growing interest in Milan's rental properties.
The real estate market in Milan is also showing positive signs, with apartments spending less time on the market. This quick turnover suggests a competitive environment where properties are snapped up fast, indicating strong demand. By June 2024, the average price per square meter for apartments in Milan had climbed to 5,456 euros, underscoring the market's vibrancy.
While rental prices in Milan increased moderately by 1.7% in 2024, the combination of high demand, limited supply, and the popularity of short-term rentals has shaped the market dynamics. These elements together create a picture of a robust rental market in Milan, even if the specific 4% increase in demand isn't directly mentioned.
For those considering buying property in the country, understanding these trends is crucial. The competitive nature of Milan's rental market means that potential buyers should be prepared for a fast-paced environment. With rental prices on the rise and properties being rented out quickly, it's essential to act swiftly and decisively.
As Milan continues to attract interest from renters and investors alike, the city's real estate landscape remains dynamic and promising. The ongoing demand and limited supply make it a compelling market for those looking to invest in property.
Sources: Qui Finanza, Housy Milano, Mi-Tomorrow
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.