Milan City Exceeds 25,000 Sales in 2025: The Three-Year Balance
Official data, Italian Revenue Agency
The property market of the city of Milan closes 2025 with a clear and tangible sign of recovery. After the setback recorded in 2024, linked to rising interest rates and the general tightening of access to credit, the Lombardy capital resumes its run and returns above the psychological threshold of 25,000 residential transactions in a single year.
The official data on sales (expressed as Normalised Number of Transactions - NTN) show that in 2025 25,172.96 sales were recorded in the municipality of Milan alone. This result marks an increase of +4.87% on 2024 (more than 1,170 additional homes traded in twelve months) and also exceeds the volumes of 2023, with a three-year balance of +1.31%.
Sales Trend in Milan: The 2023–2025 Comparison
The analysis of the last three years shows the absorption capacity and resilience of the Milan market in the face of cyclical swings.
In 2023, the municipality of Milan had recorded 24,847.91 sales, supported by the tail end of the post-pandemic push and the strong appeal of the city. In 2024, the market went through a natural contraction, falling to 24,002.90 sales (-3.40% year on year), in line with the cooling trend observed nationally. In 2025 came the turning point: the volume of sales rose to 25,172.96, the highest point of the three years.
Historical Table of Sales in Milan City
| Year | Normalised Number of Transactions (NTN) | Annual change (%) | Change on 2023 (%) |
|---|---|---|---|
| 2023 | 24,847.91 | — | Baseline |
| 2024 | 24,002.90 | -3.40% | -3.40% |
| 2025 | 25,172.96 | +4.87% | +1.31% |
Source: official data, Italian Revenue Agency
Breakdown by Floor Area: How Choices Are Distributed in the City
The structure of Milan sales in 2025 reflects the dual nature of the city property market: on the one hand the high share of small sizes linked to rental demand and small households, on the other the weight of large one-bedroom and compact two-bedroom flats.
BREAKDOWN OF SALES IN MILAN CITY BY FLOOR AREA BAND (2025)
| Up to 50 sqm | 5,715.99 NTN (22.71%) |
| 50 - 85 sqm | 10,638.00 NTN (42.26%) |
| 85 - 115 sqm | 5,054.66 NTN (20.08%) |
| 115 - 145 sqm | 2,006.38 NTN (7.97%) |
| Over 145 sqm | 1,757.93 NTN (6.98%) |
Source: official data, Italian Revenue Agency
1. 50–85 sqm band (42.26% of sales)
With 10,638.00 sales, the medium-small size (large one-bedroom and compact two-bedroom flats) is confirmed as the most traded type overall in the municipality of Milan, accounting for more than 4 purchases in 10.
2. Up to 50 sqm band (22.71% of sales)
Small sizes (studios and small one-bedroom flats) record 5,715.99 sales. In Milan city this category accounts for more than a fifth of the total, a percentage significantly higher than the regional average (10.20%) and that of the Hinterland (8.57%).
3. 85–115 sqm band (20.08% of sales)
Traditional two-bedroom and compact three-bedroom flats reach 5,054.66 sales, capturing the demand of families who choose to stay within the city boundaries.
4. 115–145 sqm and Over 145 sqm bands (14.95% combined)
Large floor areas count 2,006.38 sales for the 115–145 sqm size (7.97%) and 1,757.93 sales for homes above 145 sqm (6.98%).
Observations and Dynamics Emerging from the Data
The objective examination of the final data reveals three features of the city market:
- Rapid absorption of market swings: The decline recorded in 2024 was absorbed within just twelve months, with volumes returning above 2023 levels.
- High share of small sizes compared with the surrounding area: Almost one purchase in four in Milan concerns homes below 50 sqm, confirming an urban fabric with a high concentration of singles, students and relocated workers.
- Price pressure and selectivity on large floor areas: The limited share of homes above 115 sqm (14.95% in total) shows how the overall spending threshold directs a significant part of family demand towards the Hinterland, where large floor areas account for more than 22% of sales.
Frequently Asked Questions (FAQ)
How many homes were sold in Milan city in 2025?
In 2025 25,172.96 residential sales (NTN) were recorded in the municipality of Milan, an increase of +4.87% on the 24,002.90 of 2024.
What is the best-selling floor area in Milan?
The most sought-after floor area band is 50 to 85 sqm, which with 10,638.00 sales accounts for 42.26% of all sales concluded in the city in 2025.
How have sales in Milan changed compared with 2023?
Compared with the 24,847.91 sales of 2023, the 2025 figure shows a net increase of +1.31%, testifying to the full recovery of the volumes traded.