Two-bedroom flats (85–115 sqm) hold up in Milan: they cover 20.1% of sales in 2025
Official data, Italian Revenue Agency
In the property landscape of the Lombardy capital, characterised by a significant presence of small sizes and compact one-bedroom flats, the band between 85 and 115 square metres — traditionally corresponding to large two-bedroom and small three-bedroom flats — continues to be one of the fundamental pillars of the city residential market.
According to the official surveys of the Italian Revenue Agency (Normalised Number of Transactions - NTN), 5,054.66 sales of this size were recorded in the municipality of Milan (Code F205) during 2025. This figure corresponds exactly to 20.08% (about 20.1%) of the 25,172.96 homes bought in the city during the year.
After the decline recorded in 2024 due to the credit squeeze and rising mortgage rates, demand for two-bedroom flats showed a lively recovery in 2025, confirming the central role of this floor area for families and long-term residents.
Evolution of two-bedroom flat sales in Milan (2023–2025)
The analysis of the last three years shows how the band between 85 and 115 sqm was directly affected by swings in mortgage credit conditions, then rebounded decisively as soon as interest rates began to stabilise.
The numbers for the three years in the city:
- Year 2023: 5,114.72 NTN (equal to 20.58% of the 24,847.91 city sales).
- Year 2024: 4,720.14 NTN (equal to 19.66% of the total of 24,002.90 sales), with a decline of -7.71% year on year.
- Year 2025: 5,054.66 NTN (equal to 20.08% of the total of 25,172.96 sales), marking a recovery of +7.09% on 2024 (+334.52 transactions in twelve months).
Compared with the 2023 level, the 2023–2025 balance closes with a slight adjustment of -1.17%, showing the substantial resilience of the segment and full absorption of the decline of the previous year.
Comparative Table: Residential floor areas in Milan in 2025
To understand the position of two-bedroom flats within the Milan property structure, the complete picture of transactions broken down by floor area band in 2025 is shown below:
| Floor area band (sqm) | Sales 2025 (NTN) | Share of Milan city (%) | Prevailing type |
|---|---|---|---|
| Up to 50 sqm | 5,715.99 | 22.71% | Studios / Small one-bedroom flats |
| 50 – 85 sqm | 10,638.00 | 42.26% | Large one-bedroom / Compact two-bedroom flats |
| 85 – 115 sqm | 5,054.66 | 20.08% | Large two-bedroom / Compact three-bedroom flats |
| 115 – 145 sqm | 2,006.38 | 7.97% | Large three-bedroom flats |
| Over 145 sqm | 1,757.93 | 6.98% | Multi-room / Prestige homes |
| TOTAL MILAN | 25,172.96 | 100.00% | City residential market |
Source: official data, Italian Revenue Agency
Territorial comparison: Milan City vs Milan Hinterland
The 20.1% share recorded in Milan city takes on even greater significance when compared with the data for the Milan Hinterland (the municipalities of the province excluding the city).
- Milan City: The 85–115 sqm band accounts for 20.08% of sales (5,054.66 NTN out of 25,172.96).
- Milan Hinterland: The 85–115 sqm band represents 30.02% of sales (13,636.65 NTN out of 45,422.82).
- Total Province of Milan: Across the province 18,691.31 sales are recorded for this size, equal to 26.48% of the market.
This difference reflects the different urban and economic configuration: while the Hinterland sees a high share of purchases aimed at the family first home with floor areas above 85 sqm (30.0% for 85–115 sqm and 12.2% for 115–145 sqm), Milan city concentrates a larger share of purchases on floor areas below 50 sqm (22.71% against 8.57% in the Hinterland). Nevertheless, one purchase in five within the municipal boundaries of Milan still concerns a generously sized two-bedroom flat.
Characteristics of demand and observed dynamics
The cross-reading of the official data reveals three distinctive factors characterising the 85–115 sqm band in the city:
- Sensitivity to mortgage costs: As a size typically intended as the main home of families and young couples, the trend in transactions responds promptly to changes in interest rates. The decline of 2024 (-7.71%) and the subsequent rebound of 2025 (+7.09%) faithfully reflect the evolution of bank financing conditions.
- Resilience of total volumes: Despite the high market values per square metre in the municipality of Milan, the threshold of 5,000 sales a year proves extremely solid, confirming a structural housing need for homes with two bedrooms and two bathrooms.
- Distribution in semi-central and peripheral districts: Two-bedroom flats between 85 and 115 sqm are mainly found in the semi-central belts, the second ring and the urban regeneration districts, where overall sale values are accessible to a broader range of residents.
Frequently Asked Questions (FAQ)
How many sales of two-bedroom flats (85–115 sqm) were recorded in Milan in 2025?
In 2025 5,054.66 sales (NTN) of homes between 85 and 115 sqm were recorded in the municipality of Milan.
What is the share of two-bedroom flats in total sales in Milan?
The 85–115 sqm band represents 20.08% (about 20.1%) of the 25,172.96 residential sales concluded in the city of Milan in 2025.
How did sales of two-bedroom flats in Milan change between 2023 and 2025?
After falling from 5,114.72 NTN in 2023 to 4,720.14 NTN in 2024 (-7.71%), transactions rose again to 5,054.66 NTN in 2025 (+7.09% on 2024), closing the three years with a limited adjustment of -1.17%.
Is there a difference between the share of two-bedroom flats sold in Milan city and in the Hinterland?
Yes. In Milan city two-bedroom flats (85–115 sqm) cover 20.08% of sales, while in the Milan Hinterland they reach 30.02% of total sales.
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