The Milan restart of 2025: +4.87% on 2024 and 1,170 more sales in 12 months
Official data, Italian Revenue Agency
After the slowdown recorded during 2024, the residential property market of the city of Milan (Municipality Code F205) showed a clear reversal of trend in 2025. The official surveys of the Italian Revenue Agency show a significant increase in transactions, which exceeded both the volumes of the previous year and the pre-contraction levels of 2023.
The data on the Normalised Number of Transactions (NTN) indicate that in 2025 sales in the city rose to 25,172.96 NTN, against 24,002.90 NTN in 2024, generating a net positive balance of +1,170.06 sales (+4.87%) in just twelve months.
Summary picture of the three years in Milan City (2023–2025)
The observation of the last three years makes it possible to reconstruct the arc of the Milan residential market: a solid 2023, a temporary decline in 2024 coinciding with rising mortgage rates and a rapid recovery in 2025 conditioned by the gradual easing of credit conditions.
| Year | Residential sales (NTN) | Absolute change on previous year | Percentage change on previous year |
|---|---|---|---|
| 2023 | 24,847.91 | — | — |
| 2024 | 24,002.90 | -845.01 NTN | -3.40% |
| 2025 | 25,172.96 | +1,170.06 NTN | +4.87% |
Source: official data, Italian Revenue Agency
In cumulative terms compared with 2023, the Milan market closes the three years with an overall balance of +325.05 sales (+1.31%), confirming that the 2024 interlude was a cyclical adjustment phase and not a structural change of trend.
The restart by floor area band
The detailed analysis by floor area class reveals how the 2025 recovery involved almost all size segments, with different rhythms and intensities.
| Floor area band | NTN 2024 | NTN 2025 | Change % |
|---|---|---|---|
| Up to 50 sqm | 5,267.12 | 5,715.99 | +8.52% |
| 50 – 85 sqm | 10,350.56 | 10,638.00 | +2.78% |
| 85 – 115 sqm | 4,720.14 | 5,054.66 | +7.09% |
| 115 – 145 sqm | 2,033.05 | 2,006.38 | -1.31% |
| Over 145 sqm | 1,632.03 | 1,757.93 | +7.71% |
Source: official data, Italian Revenue Agency
1. Small sizes (<50 sqm): the main push (+8.52%)
Studios and compact one-bedroom flats recorded the highest increase in both percentage and absolute terms, rising from 5,267.12 NTN to 5,715.99 NTN (+448.87 transactions). This segment alone accounts for 38.36% of the city's entire annual increase.
2. Two-bedroom flats (85–115 sqm): the return of families (+7.09%)
After being the segment most penalised by credit costs in 2024 (-7.71%), two-bedroom flats rose from 4,720.14 NTN to 5,054.66 NTN (+334.52 transactions), moving closer to 2023 levels (5,114.72 NTN).
3. Large one-bedroom flats (50–85 sqm): continuous consolidation (+2.78%)
The largest band of the Milan market grew from 10,350.56 NTN to 10,638.00 NTN (+287.44 transactions), absorbing 42.26% of all city transactions in 2025.
4. Large floor areas (>145 sqm): a quality recovery (+7.71%)
Large homes grew from 1,632.03 NTN to 1,757.93 NTN (+125.90 transactions), also exceeding the 2023 figure (1,675.43 NTN).
5. Intermediate three-bedroom flats (115–145 sqm): stability (-1.31%)
The only segment slightly down on 2024, the 115–145 sqm band stood at 2,006.38 NTN (compared with 2,033.05 NTN the previous year), still showing a value above the 2023 figure (1,985.86 NTN).
Structural observations on the Milan residential market
The objective examination of the official surveys reveals three features of the urban context in 2025:
- Speed of absorbing credit shocks: The 2024 decline was offset within twelve months, testifying to structurally lively demand within the city boundaries.
- Polarisation between small sizes and the middle band: Sales growth was concentrated mainly at the two ends of housing needs: maximum compactness (<50 sqm) and residential solutions for families (85–115 sqm).
- Proportions maintained: The internal structure of sales remains strongly weighted towards the first two size brackets (up to 85 sqm), which together make up 64.97% of total sales in the city.
Frequently Asked Questions (FAQ)
How many sales were recorded in Milan in 2025?
In 2025 25,172.96 residential sales (NTN) were recorded in the city of Milan alone, up 1,170.06 units on 2024 (+4.87%).
Which floor area band grew most in 2025?
The band up to 50 sqm recorded the sharpest percentage increase, +8.52% (+448.87 sales compared with 2024).
How does the 2025 figure compare with 2023?
The 2025 figure exceeds the 2023 level (24,847.91 NTN) by +1.31%, marking a full recovery after the contraction of 2024.
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- Milan City Exceeds 25,000 Sales in 2025: The Three-Year Balance
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- Milan is the capital of micro-apartments: over 5,700 sales below 50 sqm in 2025
- The 50–85 sqm one-bedroom flat covers 42.3% of sales in Milan: the queen floor area of the city