As the Olympic Games get underway, take a look at Milan’s real estate market

The Olympic Games kicked off in Italy late last week, with events taking place in Milan and other cities in northern Italy.

The country is known for its haute couture, art, sumptuous cuisine, history and architecture and is now fully dedicated to the expected thousands of visitors from all over the world.

Northern Italy is expected to see a 300 percent increase in the number of Canadian air travelers for the Games compared to the same time last year, while the number of travelers from the U.S. is estimated to rise 141 percent year-over-year, and the number of tourists from China is expected to increase 129 percent year-over-year, according to data from the International Air Transport Association.

The attention garnered by the Olympics is known to give host cities a slight boost in property rentals and sales in the run-up to the event, as cities invest in new infrastructure and work to meet tourist demand and a larger workforce, according to a study by the Austrian Institute for Economic Research cited in a recent Sotheby’s International Realty report.

“Market shifts are usually driven by factors such as tax policy and lifestyle appeal,” said Sotheby’s International Realty, head of Italy’s residential sector. said Diletta Giorgolo in the company’s Luxury Outlook 2026. “We have certainly seen a boost in tourism for both Cortina and Milan.

“Cortina, being a niche market, will attract significant international interest, but we do not expect major price increases. We already have a strong market, with more international buyers coming to Italy due to favorable tax policies for foreign investors. The Games will likely boost tourism more than real estate.”

“There are more requests for short-term rentals in Cortina, and although it is already famous among Italians and Europeans, we are now seeing an influx of American tourists and renters,” Giorgolo added. “We will see after the Games whether these tenants become buyers.”

What kind of housing market will they encounter when athletes, celebrities and fans fly to Milan for the Winter Olympics this week? And what swoon-worthy properties will they see? Read on to find out.

The Milan market

House prices in Milan have risen steadily over the past five years. The average asking price for homes in January was €5,615 per square meter, an increase of 3.58 percent year-on-year, according to the Italian real estate site. Immobiliare.it. Translated for US buyers, home sales prices in December 2025 were about $608 per square meter, according to PricewaterhouseCoopers Italy.

It is not surprising that homes in the city center often sell for the highest price per square meter.

Knight Frank has also said the chic city lays claim to Europe’s strongest luxury market. The Wall Street Journal reported. Prime homes in Milan saw a price increase of 7 percent between the second quarter of 2024 and the second quarter of 2025. The city’s main market is expected to see a 2 percent price increase over the course of 2026, Knight Frank said.

Housing in the city center tends towards older, historic apartments, although many properties have been rebuilt and redeveloped over time, which is common in Milan. Some of the city’s most coveted homes are redeveloped penthouses with panoramic views, said Danilo Orlando of Savills Residential Italy. The WSJ.

Further into the city’s outskirts, such as Monza Brianza, properties can be new apartment buildings or historic villas. As of December 2025, the average asking price in these suburbs was approximately $254 per square foot.

The majority of home buyers in Milan are Italian citizens, but about 10 percent come from other countries Engel & Völkers. British citizens dominate Milan’s foreign buyer market, followed by citizens from Sweden and the Netherlands Knight Frank.

Real estate in the spotlight

Home to luxury brands like Armani, Dolce & Gabbana, Versace and more, as well as beautiful landmarks like the Duomo and La Scala Opera House, Milan seems to exude an essence of high class.

This sense of style also extends to the city’s luxurious homes.

For example, this five-storey penthousewhich is being redeveloped is located on the coveted Via Monte di Pietà, a beautiful historic street within walking distance of several of Milan’s main attractions. The property, owned by Engel & Völkers Milano Porta Romana, has four bedrooms and five bathrooms, plus a basement that can accommodate a wine cellar or a wellness area with sauna.

A terrace provides an outdoor space for relaxation with views of the 18th-century Madonnina, an iconic statue of the Virgin Mary at the top of Milan Cathedral. The price of the penthouse is available on request.

Meanwhile, another penthouse, located just steps from Porta Romana, Milan’s ancient city gate, offers move-in ready luxury. The two-bedroom home is located on the top two floors of a newer building from the early 2000s and features a landscaped and fully equipped wrap-around terrace.

The top floor features a living area and a stainless steel kitchen, surrounded by floor-to-ceiling glass windows that take full advantage of the greenery of the terrace. The apartmentoffered by Christie’s International Real Estate – Milan Exclusive, asking $2.119 million.

Those who find the luxurious lifestyle offered by the ample space in the countryside most appealing may find this appealing this 17th century villa in Paderno Dugnano more to their liking. The Baroque listed estate of Laura Benedetti d’Orsi at Sotheby’s International Realty in Italy consists of several buildings and a main house dating from 1693.

The decadent interior features marble floors, original fireplaces and coffered ceilings. Meanwhile, the grounds include a swimming pool, tennis court and manicured private gardens. The asking price for the elegant complex is available upon request, but curious minds can take a closer look at the offering here.

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Email Lillian Dickerson