The Residential Investment Market in Lombardy: Traditional and Short-Term Lets (2023–2025)
Official data, Italian Revenue Agency
The 2023–2025 three-year period confirmed the central role of Lombardy as a hub of primary appeal for investment in the residential property sector. The combination of the strong push of the Metropolitan City of Milan, the presence of prestigious universities with a high density of out-of-town students and the dynamism of the alpine and lake tourist resorts has fuelled a steady flow of sales aimed at letting.
Examining the official data on sales (Normalised Number of Transactions - NTN), a clear polarisation of investment demand emerges on small floor areas (up to 50 sqm and 50–85 sqm), the type of choice both for long-term lets (open-market or agreed rent) and for the non-hotel and tourist sector (short-term and short-stay lets).
1. Small Sizes as the Pillar of Investment
In 2025, homes in the band up to 50 sqm generated 16,540.85 sales in Lombardy, equal to 10.20% of the entire regional residential market (162,189.39 NTN). Adding the large one-bedroom and compact two-bedroom flats of the 50–85 sqm band (56,476.93 NTN), the overall share of properties potentially intended for investment and letting reaches 45.02% of the regional total (73,017.78 sales).
Three-Year Evolution of the <50 sqm Band in Lombardy
| Year | Transactions <50 sqm (NTN) | Share of regional total (%) | Annual change (%) |
|---|---|---|---|
| 2023 | 15,462.29 | 10.26% | — |
| 2024 | 15,675.92 | 10.34% | +1.38% |
| 2025 | 16,540.85 | 10.20% | +5.52% |
Source: official data, Italian Revenue Agency
The trend shows how demand for small floor areas proved exceptionally resilient even during the 2024 rise in interest rates, then accelerated by +5.52% in 2025 (+1,078.56 net sales in two years).
2. Milan, Capital of Investment: Concentration of Micro-Sizes
The city of Milan is the regional epicentre of investment. In 2025, sales of properties below 50 sqm reached 5,715.99 NTN in the city, equal to 22.71% of all city transactions (25,172.96 NTN).
The Weight of Milan in the Regional Total of Small Sizes
- 34.56% of all micro-homes in Lombardy traded in 2025 are in the municipality of Milan alone (5,715.99 out of 16,540.85 NTN).
- Adding the 50–85 sqm band (10,638.00 NTN, equal to 42.26% of Milan sales), as much as 64.97% of the entire Milan city market (16,353.99 NTN) concerns homes below 85 sqm, where the investment or letting component plays a decisive role.
3. The Regional University Hubs: Pavia, Brescia and Bergamo
Outside the Milan metropolitan area, investment demand for traditional or student lets finds its reference points in the provincial capitals that host universities.
Pavia (Provincial capital)
- 2025: 1,299.28 sales (+15.26% from 2023).
- Home to one of the oldest universities in Europe and a large out-of-town student population.
- The 50–85 sqm band represents 32.66% of provincial sales (3,047.44 NTN), with strong demand for one-bedroom flats to split or let by the room.
Brescia and Bergamo
- Brescia city: Reaches 3,199.06 NTN in 2025 (+11.15% from 2023), with 5,406.13 transactions in the 50–85 sqm band at provincial level (29.42%).
- Bergamo city: Reaches 2,151.52 NTN in 2025 (+5.30% from 2023), supported both by the university population and by the impact of Orio al Serio airport on short-stay accommodation.
4. The Tourist Sector and Short-Term Lets: Lakes and Mountains
In areas with a strong tourist vocation, the purchase of second homes and small apartments is strongly oriented towards short-term lets or mixed use (personal and hospitality).
Province of Sondrio (Valtellina and Valchiavenna)
- Has the highest share of micro-sizes (<50 sqm) in the region: 18.58% of provincial sales (503.28 NTN in 2025).
- Municipalities such as Aprica (135.54 NTN, +41.91% from 2023) and Bormio (89.58 NTN, +11.86%) show lively flows driven by high-altitude tourist demand.
The Lakes Area (Garda, Lario and Iseo)
- Desenzano del Garda (BS): First lake municipality with 582.27 NTN in 2025.
- Como and Lecco: Total 14,398.08 sales in 2025 (+6.93% on 2023), with a strong component of buyers oriented towards non-hotel tourist hospitality.
Summary Table of the Share of Small Sizes (<50 sqm) in the Lombardy Provinces (2025)
| Province / Area | Sales <50 sqm 2025 | Share of provincial market (%) | Share of regional total <50 sqm (%) |
|---|---|---|---|
| Milan city | 5,715.99 | 22.71% | 34.56% |
| Province of Sondrio | 503.28 | 18.58% | 3.04% |
| Province of Lecco | 445.59 | 9.07% | 2.69% |
| Province of Bergamo | 1,592.97 | 8.88% | 9.63% |
| Milan Hinterland | 3,891.67 | 8.57% | 23.53% |
| Province of Como | 731.54 | 7.71% | 4.42% |
| Province of Brescia | 1,397.34 | 7.60% | 8.45% |
| Province of Varese | 1,017.91 | 7.08% | 6.15% |
| Province of Lodi | 270.09 | 6.93% | 1.63% |
| Province of Pavia | 623.01 | 6.68% | 3.77% |
| Province of Cremona | 196.46 | 3.92% | 1.19% |
| Province of Mantua | 155.00 | 2.78% | 0.94% |
| Lombardy (Total) | 16,540.85 | 10.20% | 100.00% |
Source: official data, Italian Revenue Agency
Summary of Market Evidence
- Prevalence of small floor areas in urban centres: The high concentration of micro-studios and one-bedroom flats in Milan and in the university cities reflects structural investment demand, supported by stable flows of students and young workers.
- Hospitality specialisation in tourist areas: In alpine and lake areas, the small size of the property meets the management needs of short-term lets and second homes.
- Marginal role of micro-sizes in the agricultural plain: In the provinces of Mantua and Cremona, a share below 4% confirms that the market is driven almost exclusively by demand for direct use as a main home.
Frequently Asked Questions (FAQ)
* In the official data of the Italian Revenue Agency, the municipalities of the province of Monza and Brianza are included in the province of Milan: the figures for the province of Milan and the Milan Hinterland therefore also include Monza and Brianza.
How many micro-apartments (<50 sqm) were sold in Lombardy in 2025?
In 2025 16,540.85 sales of homes below 50 sqm were recorded in Lombardy, equal to 10.20% of the regional total.
What is Milan's weight in the market for small-size investments?
The municipality of Milan alone absorbs 34.56% of all regional sales below 50 sqm (5,715.99 NTN out of 16,540.85).
Which Lombardy province has the highest percentage of small sizes after Milan?
The Province of Sondrio, where properties up to 50 sqm represent 18.58% of the local market, driven by second homes and tourist lets in the alpine resorts.
Informative article based on the official data of the Italian Revenue Agency (NTN 2023-2025).