Milan absorbs over a third of the small sizes of the whole of Lombardy
Official data, Italian Revenue Agency
The Lombardy property market shows an unparalleled concentration when the segment of small residential floor areas (up to 50 square metres) is analysed. In 2025, 5,715.99 sales (NTN - Normalised Number of Transactions) of homes up to 50 sqm were recorded in the municipality of Milan alone (Cadastral Code F205).
This volume corresponds exactly to 34.56% (over a third) of the entire Lombardy regional total for this specific category, which stands at 16,540.85 NTN.
The analysis of the official data provided by the Italian Revenue Agency (OMI) for 2023-2025 makes it possible to trace the structural dynamics of this segment, highlighting the geographic gap between the city of Milan, the Hinterland and the other ten provinces of the region.
Overview: The Concentration of Small Sizes in Lombardy (2025)
In 2025, total sales in Lombardy across all floor area bands reached 162,189.39 NTN. Of these, the up to 50 sqm category accounts for 10.20% of the regional total (16,540.85 NTN).
However, the distribution of this specific building type is strongly polarised towards the metropolitan city of Milan and in particular its city.
REGIONAL DISTRIBUTION OF PURCHASES OF HOMES <50 SQM (YEAR 2025)
| Milan city | 34.56% (5,715.99 NTN) |
| Milan Hinterland | 23.53% (3,891.67 NTN) |
| Province of Bergamo | 9.63% (1,592.97 NTN) |
| Province of Brescia | 8.45% (1,397.34 NTN) |
| Province of Varese | 6.15% (1,017.91 NTN) |
| Province of Como | 4.42% (731.54 NTN) |
| Province of Pavia | 3.77% (623.01 NTN) |
| Province of Sondrio | 3.04% (503.28 NTN) |
| Province of Lecco | 2.69% (445.59 NTN) |
| Province of Lodi | 1.63% (270.09 NTN) |
| Province of Cremona | 1.19% (196.46 NTN) |
| Province of Mantua | 0.94% (155.00 NTN) |
| TOTAL LOMBARDY <50 SQM | 16,540.85 NTN (100.00%) |
Source: official data, Italian Revenue Agency
Three-Year Evolution of Small Sizes: Milan vs Lombardy (2023-2025)
The historical comparison between 2023, 2024 and 2025 shows how the market share absorbed by Milan city stayed steadily above 33%, even expanding progressively in the last year.
Table 1: Sales <50 sqm over 2023-2025
| Area | Sales 2023 (NTN) | Sales 2024 (NTN) | Sales 2025 (NTN) | Change % 2024-2025 | Change % 2023-2025 | Share % of Lombardy (2025) |
|---|---|---|---|---|---|---|
| Milan city | 5,242.68 | 5,267.12 | 5,715.99 | +8.52% | +9.03% | 34.56% |
| Milan Hinterland | 3,659.96 | 3,619.57 | 3,891.67 | +7.52% | +6.33% | 23.53% |
| Total Prov. of Milan | 8,902.64 | 8,886.69 | 9,607.66 | +8.11% | +7.92% | 58.08% |
| Other 10 provinces | 6,559.65 | 6,789.23 | 6,933.19 | +2.12% | +5.70% | 41.92% |
| TOTAL LOMBARDY | 15,462.29 | 15,675.92 | 16,540.85 | +5.52% | +6.98% | 100.00% |
Source: official data, Italian Revenue Agency
Reading the data reveals three quantitative findings:
- Resilience in 2024: During 2024, while the overall market of the city of Milan contracted by -3.40% due to rising interest rates, the small-size band proved countercyclical, growing by +0.47% (from 5,242.68 to 5,267.12 NTN).
- Acceleration in 2025: In 2025 sales of micro-homes in Milan increased by +8.52% in twelve months (+448.87 transactions).
- Growth above the regional average: The three-year balance of Milan city for floor areas up to 50 sqm shows a jump of +9.03%, against an increase of +6.98% for the regional average and +5.70% for the other ten Lombardy provinces as a whole.
Territorial Comparison: The Metropolitan City vs the Rest of the Region
Analysing the distribution among the 11 Lombardy provinces in 2025, there is a marked difference in the internal composition of transactions.
Table 2: Share of small sizes (<50 sqm) in provincial markets (Year 2025)
| Province | Total sales 2025 (NTN) | Sales <50 sqm (NTN) | Share % <50 sqm of prov. total | Share % of regional total <50 sqm |
|---|---|---|---|---|
| Sondrio | 2,709.43 | 503.28 | 18.58% | 3.04% |
| Milan (city) | 25,172.96 | 5,715.99 | 22.71% | 34.56% |
| Milan (Province total) | 70,595.78 | 9,607.66 | 13.61% | 58.08% |
| Lecco | 4,915.49 | 445.59 | 9.07% | 2.69% |
| Bergamo | 17,935.93 | 1,592.97 | 8.88% | 9.63% |
| Milan Hinterland | 45,422.82 | 3,891.67 | 8.57% | 23.53% |
| Como | 9,482.59 | 731.54 | 7.71% | 4.42% |
| Brescia | 18,374.17 | 1,397.34 | 7.60% | 8.45% |
| Varese | 14,371.05 | 1,017.91 | 7.08% | 6.15% |
| Lodi | 3,898.32 | 270.09 | 6.93% | 1.63% |
| Pavia | 9,330.41 | 623.01 | 6.68% | 3.77% |
| Cremona | 5,009.32 | 196.46 | 3.92% | 1.19% |
| Mantua | 5,566.90 | 155.00 | 2.78% | 0.94% |
Source: official data, Italian Revenue Agency
Analysis of the Dynamics by Reader Category
Based on the OMI data 2023-2025, some descriptive considerations can be drawn on the structure of the Lombardy residential market.
Observations for those looking for a home
- High urban concentration: Those focusing their search on small homes (studios and compact one-bedroom flats) find supply and transactions concentrated mainly in the municipality of Milan (where they account for 22.71% of sales).
- Differences with the Hinterland: Moving to the municipalities of the first and second Milan ring, the share of homes below 50 sqm falls to 8.57% of the total, giving way to larger floor areas (50-85 sqm and 85-115 sqm).
Observations for those intending to sell
- Liquidity of the segment in Milan: In the city, the 5,715.99 sales recorded in 2025 show how demand for small floor areas remained dynamic even during the general market contraction (2024).
- Provincial markets: In provinces with an agricultural or manufacturing vocation such as Cremona and Mantua, small sizes cover marginal shares (3.92% and 2.78% of the local market respectively), reflecting a structural preference of local buyers for larger living spaces.
Observations on geographic dynamics
- The tourist exception of Sondrio: The province of Sondrio is the only area of the region, besides Milan city, to show a high share of micro-homes (18.58% of provincial sales). This is due to the presence of second homes and holiday accommodation in the alpine and valley resorts.
Frequently Asked Questions (FAQ)
How many micro-apartments (<50 sqm) were sold in Milan in 2025?
In the municipality of Milan (Code F205) 5,715.99 sales (NTN) of homes up to 50 sqm were recorded, equal to 22.71% of the city total.
What share of small sizes does Milan absorb compared with Lombardy?
Milan city absorbs 34.56% (over a third) of all sales of homes up to 50 sqm in the whole Lombardy region (5,715.99 out of 16,540.85 NTN).
How did the studio market in Milan perform during the 2024 rate rise?
In 2024, against an overall decline in city transactions of -3.40%, the up to 50 sqm segment recorded a positive change of +0.47% (5,267.12 NTN), showing stability compared with medium-large floor areas.
Which Lombardy provinces have the lowest share of sales below 50 sqm?
The provinces with the lowest percentage share of small sizes in local transactions are Mantua (2.78%, equal to 155.00 NTN) and Cremona (3.92%, equal to 196.46 NTN).
Related articles
- The reshaping of the property market in Lombardy in 2025: data, leading provinces and outlook
- Milan City Exceeds 25,000 Sales in 2025: The Three-Year Balance
- 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