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
Milan remains Italy's most expensive city for residential property in 2026, with prices rising 2.3% in 2025 and strong growth expected to continue thanks to the Milan-Cortina Winter Olympics and ongoing urban regeneration projects.
Whether you are looking for rental yield, capital appreciation, or a balance of both, choosing the right neighborhood in Milan can make or break your investment.
We constantly update this blog post with the latest data and trends to help you make informed decisions.
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.
What's the Current Real Estate Market Situation by Area in Milan?
Which areas in Milan have the highest property prices per square meter in 2026?
As of early 2026, the three most expensive areas for residential property in Milan are Centro Storico (including Duomo, Brera, and Quadrilatero) at around 11,100 euros per square meter, followed by Garibaldi-Porta Venezia (including Porta Nuova and Repubblica) at approximately 7,300 euros per square meter, and Fiera-De Angeli (including CityLife edges and Wagner) at about 7,200 euros per square meter.
In these premium Milan neighborhoods, typical asking prices range from 7,000 to over 11,000 euros per square meter, with luxury properties in the Quadrilatero or CityLife developments sometimes exceeding 15,000 to 23,000 euros per square meter for high-end penthouses.
Each of these expensive Milan areas commands top prices for different reasons:
- Centro Storico (Duomo, Brera, Quadrilatero): historic prestige, walkable luxury retail, and scarcity of available units
- Garibaldi-Porta Venezia (Porta Nuova, Repubblica): modern skyscrapers, corporate headquarters, and excellent train connections
- Fiera-De Angeli (CityLife, Wagner, Buonarroti): brand-new developments, green spaces, and proximity to the trade fair district
Which areas in Milan have the most affordable property prices in 2026?
As of early 2026, the most affordable areas to buy residential property in Milan are Baggio (including Quartiere Olmi edges) at around 3,000 euros per square meter, Bisceglie-Olmi at approximately 3,160 euros per square meter, and Vialba-Gallaratese (including Bonola corridor) at about 3,080 euros per square meter.
In these more affordable Milan neighborhoods, typical asking prices range from 2,700 to 3,500 euros per square meter, which is roughly 70% below the prices found in the historic center.
However, buyers should expect certain trade-offs: Baggio offers lower prices but has longer commute times and more variable building quality; Bisceglie-Olmi provides good metro access via M1 but has fewer local amenities and nightlife; Vialba-Gallaratese is well-connected but some buildings date from the 1960s-70s and may need renovation.
You can also read our latest analysis regarding housing prices 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.
Which Areas in Milan Offer the Best Rental Yields?
Which neighborhoods in Milan have the highest gross rental yields in 2026?
As of early 2026, the Milan neighborhoods with the highest gross rental yields are Baggio at approximately 6.8%, Certosa (near Cascina Merlata) at around 5.8%, Comasina-Bicocca at about 5.5%, and Famagosta-Barona at roughly 5.5%.
Across Milan as a whole, typical gross rental yields for investment properties range from 3.5% in prime central areas to 6% or more in well-connected peripheral neighborhoods with strong tenant demand.
Each of these high-yielding Milan neighborhoods delivers better returns for specific reasons:
- Baggio: low purchase prices combined with steady working-class tenant demand
- Certosa (Cascina Merlata area): new developments attracting young professionals near the MIND innovation district
- Comasina-Bicocca: strong university and corporate tenant pipeline from Bicocca campus and nearby offices
- Famagosta-Barona: excellent metro access and affordable rents attracting students and young workers
- Greco-Turro: NoLo-adjacent gentrification dynamics with good transit links
Finally, please note that we cover the rental yields in Milan here.
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Which Areas in Milan Are Best for Short-Term Vacation Rentals?
Which neighborhoods in Milan perform best on Airbnb in 2026?
As of early 2026, the Milan neighborhoods that perform best for short-term rentals are Centro Storico (Duomo-San Babila area) with the highest nightly rates, Brera (Pinacoteca district) with consistent premium positioning, Navigli (Darsena corridor) with strong weekend occupancy, and Porta Nuova-Garibaldi with solid business traveler demand.
Top-performing Airbnb properties in central Milan can generate between 2,000 and 3,500 euros per month in gross revenue during normal periods, though during the 2026 Winter Olympics, weekly rates have jumped 100% to 150% above typical levels.
Each of these Milan neighborhoods outperforms others for short-term rentals due to distinct advantages:
- Centro Storico (Duomo-San Babila): highest tourist foot traffic and landmark proximity
- Brera (Pinacoteca district): art galleries, design shops, and upscale dining attract premium guests
- Navigli (Darsena, Ripa di Porta Ticinese): nightlife scene drives weekend bookings year-round
- Porta Nuova-Garibaldi: direct train access for business travelers and event visitors
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Milan.
Which tourist areas in Milan are becoming oversaturated with short-term rentals?
The three Milan tourist areas showing signs of oversaturation with short-term rentals are Centro Storico (Duomo-Brera-San Babila core), the Navigli nightlife spine (around Darsena and Porta Ticinese), and parts of Porta Nuova near Corso Como.
In these oversaturated areas, active short-term rental listings number in the thousands, with Milan overall having more than 24,000 active Airbnb listings, and the densest concentration found within the historic center and canal district.
The main indicator that these Milan areas have reached oversaturation is not just listing density but active regulatory pushback: the city banned keyboxes for self-check-in in late 2025, raised the tourist tax to 9.50 euros per night for 2026, and national CIN registration requirements have increased compliance friction for all hosts.
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.
Which Areas in Milan Are Best for Long-Term Rentals?
Which neighborhoods in Milan have the strongest demand for long-term tenants?
The Milan neighborhoods with the strongest demand for long-term tenants are Citta Studi-Lambrate (near Politecnico), Bicocca (university and office district), Porta Vittoria-Dateo (passante rail access), and Garibaldi-Porta Venezia (corporate and lifestyle hub).
In these high-demand Milan neighborhoods, well-priced apartments typically rent within 15 to 30 days, and vacancy rates in prime areas like Brera and Porta Nuova can drop to 2% or lower.
Different tenant profiles drive demand in each of these Milan neighborhoods:
- Citta Studi-Lambrate: engineering students and young researchers from Politecnico di Milano
- Bicocca: university students and employees of nearby corporate offices and research centers
- Porta Vittoria-Dateo: young professionals seeking central access with more reasonable rents
- Garibaldi-Porta Venezia: corporate expats and creative industry professionals
The key amenity that makes these Milan neighborhoods attractive to long-term tenants is excellent public transport: Citta Studi and Bicocca offer direct metro access, Porta Vittoria benefits from the passante rail network, and Garibaldi-Porta Venezia sits at a major interchange connecting multiple metro lines and the central train station.
Finally, please note that we provide a very granular rental analysis in our property pack about Milan.
What are the average long-term monthly rents by neighborhood in Milan in 2026?
As of early 2026, average long-term monthly rents per square meter in Milan vary significantly by neighborhood: Centro Storico commands about 33 euros per square meter per month, Garibaldi-Porta Venezia around 26 euros, Navigli-Bocconi approximately 25 euros, and Citta Studi-Lambrate about 20 euros per square meter per month.
In the most affordable Milan neighborhoods like Baggio or Bisceglie-Olmi, entry-level apartments of 50 to 60 square meters typically rent for 850 to 1,000 euros per month.
In mid-range Milan neighborhoods like Citta Studi, Bicocca, or Corvetto-Rogoredo, a standard two-bedroom apartment of 70 to 85 square meters typically rents for 1,400 to 1,700 euros per month.
In the most expensive Milan neighborhoods like Centro Storico, Brera, or CityLife, high-end apartments of 80 to 100 square meters can command rents of 2,500 to 3,500 euros per month or more.
You may want to check our latest analysis about the rents in Milan here.
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Which Are the Up-and-Coming Areas to Invest in Milan?
Which neighborhoods in Milan are gentrifying and attracting new investors in 2026?
As of early 2026, the Milan neighborhoods currently gentrifying and attracting new investors include Greco-Turro (NoLo-adjacent), Porta Romana-Lodi TIBB corridor (near the Olympic Village), Certosa-Cascina Merlata (MIND innovation district edge), and Corvetto-Rogoredo (Rogoredo rail hub influence).
These gentrifying Milan neighborhoods have experienced annual price appreciation of 4% to 6% in recent years, with areas closest to the Porta Romana Olympic Village regeneration project seeing increases of up to 48% over five years according to property analysts.
Which areas in Milan have major infrastructure projects planned that will boost prices?
The Milan areas with major infrastructure projects expected to boost property prices include the M4 metro corridor (San Cristoforo to Linate), the Porta Romana rail yard regeneration zone, the Scali Ferroviari Circle Line station areas (Tibaldi, Dergano-Istria, Greco-Pirelli), and the MIND Milano Innovation District near Cascina Merlata.
Specific infrastructure projects underway or planned in Milan include the fully operational M4 Blue Line metro connecting 21 stations from San Cristoforo to Linate Airport, the Scalo Porta Romana Olympic Village conversion into student housing, and the Circle Line rail project adding new stations across the city.
Historically, Milan neighborhoods near completed major infrastructure projects have seen price increases of 10% to 20% within two to three years of project completion, with the Olympic Village area at Porta Romana having already risen 48% over five years during the construction phase.
You'll find our latest property market analysis about Milan here.
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.
Which Areas in Milan Should I Avoid as a Property Investor?
Which neighborhoods in Milan with lots of problems I should avoid and why?
The Milan neighborhoods that present significant challenges for property investors include parts of Baggio and Vialba-Gallaratese (where building quality varies widely), Centro Storico and Navigli for short-term rental strategies (due to regulatory tightening), and some pockets of Corvetto with older social housing stock.
Each of these Milan areas has specific issues that can hurt investment returns:
- Baggio (outer sections): variable building quality from 1960s-70s construction and longer resale times
- Vialba-Gallaratese: some blocks have deferred maintenance and weaker tenant profiles
- Centro Storico (for STR investors): keybox bans, 9.50 euro tourist tax, and CIN compliance overhead
- Navigli (for STR investors): oversaturated listing density and increasing municipal scrutiny
For any of these Milan neighborhoods to become more viable investment options, specific improvements would need to occur: in peripheral areas, building-by-building due diligence and proximity to strong metro stations become essential; for short-term rental zones, investors would need to budget for higher management costs and accept more conservative occupancy projections.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Milan.
Which areas in Milan have stagnant or declining property prices as of 2026?
As of early 2026, the Milan areas showing flat to slightly negative annual price movement include Navigli-Bocconi (approximately -0.1% year-on-year), Porta Vittoria (around -0.4% year-on-year), and Certosa (about -0.1% year-on-year) based on December 2025 zone index data.
These Milan areas have experienced stagnation or slight declines of 0.1% to 0.4% over the past year, though this follows several years of strong growth, suggesting price consolidation rather than fundamental weakness.
The underlying causes of price stagnation differ by area:
- Navigli-Bocconi: prices ran ahead of fundamentals in previous years and rents have not kept pace
- Porta Vittoria: some sellers have sticky asking prices that do not reflect current buyer appetite
- Certosa: new supply from nearby developments has created temporary competition
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Which Areas in Milan Have the Best Long-Term Appreciation Potential?
Which areas in Milan have historically appreciated the most recently?
The Milan areas that have appreciated most strongly over the past five to ten years include Centro Storico (with 10.3% growth in 2025 alone), Porta Romana-Scalo area (up 48% over five years), Citta Studi-Lambrate (6.4% in 2025), and Forlanini (5.5% in 2025).
Each of these top-performing Milan areas achieved different appreciation levels:
- Centro Storico (Duomo, Brera): approximately 10% annual growth in 2025, driven by luxury demand
- Porta Romana-Scalo area: 48% total appreciation over five years due to Olympic regeneration
- Citta Studi-Lambrate: 6.4% in 2025, supported by university expansion and young professional demand
- Forlanini: 5.5% in 2025, benefiting from M4 metro connectivity to Linate Airport
The main driver behind above-average appreciation in these Milan areas is improved accessibility: the M4 metro completion transformed travel times for eastern neighborhoods, while the Olympic Village project created a catalytic regeneration effect around Porta Romana that attracted both institutional and private investment.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Milan.
Which neighborhoods in Milan are expected to see price growth in coming years?
The Milan neighborhoods expected to see the strongest price growth in coming years include the M4 corridor stations (Lorenteggio, Frattini, Tolstoj, Sant'Ambrogio), Porta Romana-Lodi TIBB (Olympic Village legacy), Bicocca-Greco-Turro (innovation and university pull), and Circle Line station areas (Tibaldi, Dergano-Istria).
Projected annual price growth for these high-potential Milan neighborhoods:
- M4 corridor (Lorenteggio, Sant'Ambrogio): 3% to 5% annually as connectivity benefits fully materialize
- Porta Romana-Lodi TIBB: 4% to 7% as student housing demand stabilizes post-Olympics
- Bicocca-Greco-Turro: 3% to 4% driven by continued gentrification and corporate tenant growth
- Circle Line stations (Tibaldi, Dergano-Istria): 4% to 6% as new rail connections come online
The single most important catalyst expected to drive future price growth in these Milan neighborhoods is the combination of improved public transport accessibility and concentrated urban regeneration investment, which creates durable value uplift as areas become "one change closer" to the city center.
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 Do Locals and Expats Really Think About Different Areas in Milan?
Which areas in Milan do local residents consider the most desirable to live?
The Milan areas that local residents consider most desirable to live include Centro Storico (Brera, Quadrilatero), Fiera-De Angeli (Wagner, Buonarroti), Magenta-Sant'Ambrogio, and Porta Venezia-Indipendenza.
Each of these locally-preferred Milan areas is valued for distinct qualities:
- Centro Storico (Brera, Quadrilatero): historic charm, walkability, and cultural density
- Fiera-De Angeli (Wagner, Buonarroti): elegant residential streets with excellent schools
- Magenta-Sant'Ambrogio: prestigious addresses near the Basilica and historic architecture
- Porta Venezia-Indipendenza: vibrant atmosphere, Liberty architecture, and green spaces
These locally-preferred Milan areas typically attract established Milanese families, professionals, and affluent retirees who prioritize walkability, heritage architecture, and proximity to cultural institutions over rental yield.
Local preferences in Milan often differ from what foreign investors typically target: locals value quiet residential streets and neighborhood stability, while foreign investors often prioritize high-traffic tourist zones or high-yield peripheral areas that locals consider less desirable for daily living.
Which neighborhoods in Milan have the best reputation among expat communities?
The Milan neighborhoods with the best reputation among expat communities include Garibaldi-Porta Venezia (Porta Nuova, Repubblica), Navigli-Bocconi (Darsena area), Sant'Ambrogio-De Amicis corridor, and Citta Studi-Lambrate for younger expats on tighter budgets.
Expats prefer these Milan neighborhoods over others for practical reasons:
- Garibaldi-Porta Venezia: international atmosphere, English-friendly services, and train connections
- Navigli-Bocconi: social nightlife, restaurants, and proximity to Bocconi University
- Sant'Ambrogio-De Amicis: historic charm combined with new M4 metro convenience
- Citta Studi-Lambrate: affordable rents near universities and young creative scene
The expat profiles most commonly found in these Milan neighborhoods include corporate transferees and consultants in Porta Nuova, business school students and young professionals in Navigli-Bocconi, and academics and researchers in Citta Studi-Bicocca.
Which areas in Milan do locals say are overhyped by foreign buyers?
The Milan areas that locals commonly say are overhyped by foreign buyers include Centro Storico (Duomo-Brera core) for investment purposes, Navigli (Darsena spine) for rental yield expectations, and Porta Nuova for those expecting easy Airbnb returns.
Locals believe these Milan areas are overvalued or overhyped for specific reasons:
- Centro Storico (Duomo-Brera): gross yields around 3.6% make investment math challenging
- Navigli (Darsena area): nightlife buzz does not translate to sustainable rental premiums
- Porta Nuova: high prices reflect corporate prestige more than residential livability
Foreign buyers typically see prestigious addresses and tourist appeal in these areas, while locals recognize that the combination of high purchase prices, regulatory friction for short-term rentals, and compressed yields makes them better suited for lifestyle purchases than pure investment plays.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Milan.
Which areas in Milan are considered boring or undesirable by residents?
The Milan areas that residents commonly consider boring or undesirable include outer sections of Baggio and Quartiere Olmi, parts of Vialba-Gallaratese away from metro stations, and some blocks in Quarto Oggiaro.
Residents find these Milan areas boring or undesirable for practical reasons:
- Baggio (outer sections): limited nightlife, fewer restaurants, and car-dependent daily life
- Vialba-Gallaratese (away from metro): feels suburban rather than urban Milanese
- Quarto Oggiaro (some blocks): dated housing stock and fewer destination amenities
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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 |
|---|---|---|
| Agenzia delle Entrate (OMI) | Italy's official nationwide reference for property values by micro-zone | We used it as the backbone for price and rent ranges. We also used it to keep neighborhoods grounded in official zone definitions. |
| Idealista | Major European property portal with zone-level indices and transparent methodology | We extracted comparable sale and rent levels across Milan zones as of December 2025. We used it to compute gross yields consistently. |
| Immobiliare.it | Italy's largest property portal with monthly tracking of asking prices | We anchored early-2026 asking prices and rent levels from their December 2025 data. We cross-checked zone rankings against Idealista. |
| ISTAT | Italy's national statistics institute providing official house price indices | We used it to ground market direction in national statistics. We cross-checked Milan's price growth against broader Italian trends. |
| Banca d'Italia | Central bank with regular housing market surveys capturing market conditions | We used it to interpret credit conditions and bargaining power. We avoided overfitting conclusions to single-month portal data. |
| ATM Milano | Official operator of Milan public transport with authoritative M4 information | We linked transport improvements to specific station corridors. We supported neighborhood attractiveness claims with real connectivity data. |
| Comune di Milano | City's official source for regeneration projects and Circle Line plans | We identified infrastructure catalysts tied to specific areas. We justified up-and-coming calls with documented projects. |
| Scalo Porta Romana | Official project site for the Olympic Village regeneration | We timed the Olympics-to-legacy transition for student housing. We connected nearby micro-areas to concrete demand drivers. |
| Ministry of Tourism (BDSR) | National system for CIN registration of short-term rentals | We explained compliance requirements and operational friction for Airbnb investing. We framed regulatory risks for 2026. |
| Inside Airbnb | Independent research dataset with downloadable STR supply analysis | We grounded short-term rental discussion in measurable supply data. We explained how to verify oversupply hotspots with real counts. |
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