Three-bedroom flats (115–145 sqm) account for 8.0% of choices in Milan: the analysis of 2023-2025 data
Official data, Italian Revenue Agency
In the property geography of the municipality of Milan, homes with a floor area between 115 and 145 square metres — mainly three-bedroom flats with two bathrooms or two-bedroom flats with a double living room — keep an extremely stable and defined market share: 8.0% of total city transactions.
The official data surveyed by the Real Estate Market Observatory (NTN - Normalised Number of Transactions) for 2023-2025 make it possible to draw a detailed picture of the size and evolution of this floor area band within the city and in comparison with the metropolitan city.
The numbers for three-bedroom flats in the Municipality of Milan (2023–2025)
In 2025, against 25,172.96 total sales recorded in the city (Code F205), homes in the 115–145 sqm band totalled 2,006.38 transactions (equal to 7.97%, rounded to 8.0%).
The analysis of the last three years shows a trend marked by great resilience even during phases of general contraction in sales:
| Year 2023 | 1,985.86 NTN (7.99% of the 24,847.91 city sales) |
| Year 2024 | 2,033.05 NTN (8.47% of the 24,002.90 city sales) |
| Year 2025 | 2,006.38 NTN (7.97% of the 25,172.96 city sales) |
Source: official data, Italian Revenue Agency
| Year | Sales 115–145 sqm (Milan) | Total sales Milan | Share % Milan | Change on previous year |
|---|---|---|---|---|
| 2023 | 1,985.86 | 24,847.91 | 7.99% | — |
| 2024 | 2,033.05 | 24,002.90 | 8.47% | +2.38% |
| 2025 | 2,006.38 | 25,172.96 | 7.97% | -1.31% |
Source: official data, Italian Revenue Agency
The peculiarity of 2024: a band going against the trend
A particularly interesting element emerges from the observation of 2024. While the overall property market of Milan city recorded a decline of -3.40% due to rising interest rates on mortgages, the segment of three-bedroom flats between 115 and 145 sqm recorded positive growth of +2.38%, from 1,985.86 to 2,033.05 NTN.
In 2025, with the general recovery of the city market (+4.87% on the total), the 115–145 sqm band recorded a slight adjustment (-1.31%), realigning with the natural threshold of 2,000 sales a year. Compared with 2023, the three-year balance remains positive at +1.03%.
Milan City vs Hinterland: the distribution of the 115–145 sqm floor area
The comparison between the city and the municipalities of the Hinterland shows a clear difference in the distribution of living spaces in the metropolitan city:
- In the Municipality of Milan: The 115–145 sqm band covers 8.0% of sales (2,006.38 NTN), ranking fourth after large one-bedroom flats (42.3%), micro-apartments (22.7%) and two-bedroom flats (20.1%).
- In the Milan Hinterland: Homes between 115 and 145 sqm represent 12.22% of the market (5,552.83 NTN out of 45,422.82 in total). In absolute volume, the Hinterland records almost three times (2.77 times) the sales of three-bedroom flats of Milan city.
- In the Province of Milan (Total): The sum of the two areas comes to 7,559.21 NTN, equal to 10.71% of the provincial total.
- Lombardy regional average: At regional level the share rises to 13.24% (21,479.47 NTN out of 162,189.39).
| Area | Sales 115–145 sqm (2025) | Total sales (2025) | Market share % |
|---|---|---|---|
| Milan city | 2,006.38 | 25,172.96 | 7.97% |
| Milan Hinterland | 5,552.83 | 45,422.82 | 12.22% |
| Province of Milan | 7,559.21 | 70,595.78 | 10.71% |
| Lombardy (Region) | 21,479.47 | 162,189.39 | 13.24% |
Source: official data, Italian Revenue Agency
Supply and demand dynamics for the 115–145 sqm band
The stability of 8.0% of sales in the city responds to precise structural factors of Milan's urban fabric:
- Selectivity of the absolute value: Since the average price per square metre in Milan's districts is high compared with the regional average, buying a home between 115 and 145 sqm requires significant financial resources, concentrating demand on a select group of families and buyers with high spending capacity.
- Composition of the building stock: Within the consolidated urban fabric, traditional three-bedroom flats are found mainly in period buildings and in the residential speculation of the second half of the twentieth century, as well as in new urban regeneration projects.
- Prevailing use: Unlike micro-sizes (<50 sqm) and one-bedroom flats (50–85 sqm), strongly affected by rental demand and flexible uses, the 115–145 sqm band is intended almost exclusively for direct residential use by households.
Frequently Asked Questions (FAQ)
How many sales of three-bedroom flats (115-145 sqm) were recorded in Milan in 2025?
In 2025 2,006.38 normalised sales (NTN) in the 115–145 sqm band were recorded in the municipality of Milan, equal to 7.97% of total city transactions.
What is the difference between Milan city and the Hinterland for 115-145 sqm homes?
In the municipality of Milan the 115–145 sqm band accounts for 7.97% of sales (2,006.38 NTN), while in the Hinterland it accounts for 12.22% (5,552.83 NTN). The municipalities of the province record a sales volume for this floor area almost three times that of the city.
How did sales of 115-145 sqm homes change between 2023 and 2025?
In Milan city transactions went from 1,985.86 NTN in 2023 to 2,033.05 NTN in 2024 (+2.38%), then settled at 2,006.38 NTN in 2025 (-1.31% on 2024), keeping a slightly positive three-year balance (+1.03%).