property
Milan Property Prices Hit 5-Year High, Fashion Sector Fuels Demand
Current price movements in central districts parallel the sharp rises seen five years ago, driven by fashion sector demand and limited supply.
How we reported this
Milan residential prices have climbed 14 percent since July 2024, bringing the citywide average to €5,000 per square metre and matching the pace recorded during the 2021 surge that followed the first pandemic lockdowns.
The parallel to 2021 matters because both periods featured sudden external shocks that pushed international buyers and local investors toward Italian real estate as a store of value, with Milan absorbing much of the flow due to its established luxury and design clusters.
Brera and Porta Nuova lead renewed demand
In Brera, apartments along Via Brera and Via Fiori Chiari now list between €7,200 and €8,100 per square metre, levels last seen in late 2021 before the subsequent correction. Porta Nuova developments around Piazza Gae Aulenti continue to attract fashion executives relocating from Paris and London, with several buildings completed in 2023 reporting full occupancy by the end of 2025. Agents note that units in the Isola neighbourhood near the new Biblioteca degli Alberi park are also moving faster than in 2024, though prices there remain 18 percent below Brera equivalents.
Navigli and Nolo show more moderate gains. Along the Naviglio Grande canal, renovated two-bedroom flats trade at €5,800 per square metre, up 9 percent from mid-2025, while Nolo streets such as Via Padova record smaller lifts of 6 percent. The fashion industry remains the dominant driver, with several houses expanding Milan offices this spring and offering relocation packages that include property search support for new staff.
Transaction data and buyer profiles
City records released last week show 2,840 residential sales closed in the first half of 2026, a 7 percent increase over the same period in 2021 when volumes also spiked after earlier restrictions eased. Average days on market have shortened to 48, compared with 62 days in the first quarter of 2025. Luxury transactions above €1.5 million, concentrated in Brera and Porta Nuova, account for 22 percent of total value, a share similar to the 2021 peak.
Buyers should review current listings in target neighbourhoods this month and secure financing pre-approval before autumn viewings begin, as inventory is expected to tighten further once summer holidays end.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.