The reshaping of the property market in Lombardy in 2025: data, leading provinces and outlook
Official data, Italian Revenue Agency
The property market in Lombardy closes the 2023-2025 three-year period confirming itself as the true driving force of the entire Italian residential sector. After a 2024 of substantial stabilisation (+0.55% on the previous year), 2025 records a decisive acceleration: total regional sales reach 162,189.39 NTN (Normalised Number of Transactions), an increase of +7.01% on 2024 and +7.61% on 2023.
A significant result that shows the extraordinary responsiveness of Lombardy bricks and mortar, able to absorb the impact of interest rates and regain momentum thanks to the recovery of purchasing power, the search for larger living spaces and resilient employment.
Key points of the 2023–2025 analysis
- The big leap of 2025: After a 2023 with 150,722.67 transactions and an almost identical 2024 (151,558.71 transactions), 2025 marks a clear change of pace, coming close to 162,200 sales.
- Lodi and Pavia lead percentage growth: Lodi is the province with the highest three-year growth in the region (+14.78%), followed by Pavia (+13.66%) and Cremona (+10.03%).
- Milan absorbs 43.5% of regional sales: The metropolitan province exceeds 70,500 sales in 2025, returning to sustained growth (+6.75% on 2024).
- The large one-bedroom and the two-bedroom flat (50–85 sqm) dominate choices: More than one purchase in three in Lombardy (34.8%) falls within the 50 to 85 square metre floor area band.
2023–2025: From a waiting phase to the market's revival
To understand the scale of the reshaping under way, it is worth retracing the evolution of the three years analysed through the official data of the Italian Revenue Agency:
- 2023 (150,722.67 NTN): A year marked by rising mortgage rates, which led many buyers to postpone the decision to buy or to scale down their budget.
- 2024 (151,558.71 NTN, +0.55%): A year of "transition and consolidation", in which demand began to adapt to the new financial conditions, keeping volumes at the previous year's levels.
- 2025 (162,189.39 NTN, +7.01% on 2024 and +7.61% on 2023): The return of confidence. The stabilisation of interest rates and the push from the commuter-belt provinces generated more than 10,600 additional sales in just 12 months.
The NTN (Normalised Number of Transactions) is the official statistical indicator used to measure the number of homes sold, taking into account the ownership shares traded (for example, the sale of 100% of a home equals 1 NTN).
Ranking of the Lombardy provinces: volumes and growth rates
All eleven provinces of Lombardy close 2025 in positive territory compared with 2023, but with different dynamics between the large metropolitan hubs and the provinces with high economic accessibility.
| Province | Sales 2023 | Sales 2024 | Sales 2025 | Change 2023–2025 | Change 2024–2025 |
|---|---|---|---|---|---|
| Milan (MI) | 66,876.55 | 66,130.87 | 70,595.78 | +5.56% | +6.75% |
| Brescia (BS) | 16,831.46 | 17,144.58 | 18,374.17 | +9.17% | +7.17% |
| Bergamo (BG) | 16,411.91 | 17,365.24 | 17,935.93 | +9.29% | +3.29% |
| Varese (VA) | 13,217.26 | 12,958.89 | 14,371.05 | +8.73% | +10.90% |
| Como (CO) | 8,856.66 | 8,963.71 | 9,482.59 | +7.07% | +5.79% |
| Pavia (PV) | 8,208.98 | 8,524.00 | 9,330.41 | +13.66% | +9.46% |
| Mantua (MN) | 5,076.17 | 5,142.58 | 5,566.90 | +9.67% | +8.25% |
| Cremona (CR) | 4,552.82 | 4,764.19 | 5,009.32 | +10.03% | +5.15% |
| Lecco (LC) | 4,607.96 | 4,583.77 | 4,915.49 | +6.67% | +7.24% |
| Lodi (LO) | 3,396.20 | 3,305.62 | 3,898.32 | +14.78% | +17.93% |
| Sondrio (SO) | 2,686.70 | 2,675.26 | 2,709.43 | +0.85% | +1.28% |
Source: official data, Italian Revenue Agency
The three geographic macro-trends that emerged
- The Lodi and Pavia phenomenon (+14.78% and +13.66%): The provinces south of Milan are capturing a growing share of families and urban leavers looking for larger floor areas and sustainable prices per square metre, while keeping the option of a quick commute to the city thanks to the rail and motorway network.
- The industrial pillars: Brescia and Bergamo above 36,000 combined sales: Brescia (18,374.17 NTN) and Bergamo (17,935.93 NTN) confirm themselves as mature, extremely solid markets independent of Milan's dynamics, driven by a strong local economy and high internal demand.
- Varese's rebound (+10.90% in 2025 alone): After a slight decline in 2024, the province of Varese records one of the clearest recoveries of the last year, exceeding 14,300 homes sold.
Which homes are Lombardy residents looking for? The analysis by floor area
The 2025 data show a clearly defined distribution of preferences by floor area band:
Breakdown of sales by floor area (2025)
| Up to 50 sqm | 16,540.85 (10.2%) |
| 50 - 85 sqm | 56,476.93 (34.8%) |
| 85 - 115 sqm | 43,833.76 (27.0%) |
| 115 - 145 sqm | 21,479.47 (13.2%) |
| Over 145 sqm | 23,858.38 (14.7%) |
Source: official data, Italian Revenue Agency
- 50–85 sqm (34.8%): It is by far the preferred size in Lombardy (56,476.93 NTN). It meets the needs of young couples and first-time buyers as well as those of investors looking for one-bedroom flats to let.
- 85–115 sqm (27.0%): The classic family two-bedroom flat comes second with 43,833.76 sales, showing how the search for a second bedroom has become an essential requirement.
- Over 145 sqm (14.7%): Very large floor areas (detached homes, penthouses, villas) clearly outnumber small studios (23,858.38 NTN against 16,540.85 NTN), confirming strong demand for housing quality in extra-urban areas.
Frequently Asked Questions (FAQ)
How many homes were sold in Lombardy in 2025?
In 2025 a total of 162,189.39 homes were sold (in terms of Normalised Number of Transactions - NTN), an increase of +7.01% on 2024 and +7.61% on 2023.
Which Lombardy province saw the largest growth in sales?
The province of Lodi records the highest growth rate over 2023–2025 (+14.78%), followed by Pavia (+13.66%) and Cremona (+10.03%).
What is the most purchased floor area in the region?
The most traded floor area band is 50 to 85 sqm, which covers 34.8% of all regional transactions in 2025 (56,476.93 sales).
Conclusions and outlook
The 2023–2025 data show Lombardy's ability to regenerate its property market quickly. The expansion does not concern only the large metropolitan centres but actively involves the whole regional territory, with a strong push from the neighbouring provinces and from demand for quality homes.