General Summary and Reading Guide to the Lombardy Property Market (2023-2025 Data)
Official data, Italian Revenue Agency
The residential property market of Lombardy is the main and most articulated economic engine of the Italian housing sector. Over 2023, 2024 and 2025, the region showed an extraordinary capacity for recovery and territorial reorganisation, moving from a phase of consolidation and contraction linked to the rise in interest rates in 2024 towards a decisive acceleration in 2025.
The analysis of the official data expressed as Normalised Number of Transactions (NTN) provided by the Italian Revenue Agency (Real Estate Market Observatory - OMI) shows that in 2025 Lombardy recorded a total of 162,189.39 residential sales, comfortably exceeding both the levels of 2024 (151,558.71 NTN, +7.01%) and those of 2023 (150,722.67 NTN, +7.61%).
This summary guide offers an organic map and a descriptive key to the entire series of territorial and thematic analyses produced on the Lombardy market.
1. The Three-Year Trajectory of the Regional Market (2023 - 2025)
The overall trend of residential transactions in Lombardy over the last three years reflects the combination of macroeconomic factors, credit policies and housing decentralisation dynamics.
| Year | Residential sales (NTN) | Annual change (%) | Change from 2023 (%) | General description |
|---|---|---|---|---|
| 2023 | 150,722.67 | — | — | Post-pandemic peak and start of ECB monetary tightening. |
| 2024 | 151,558.71 | +0.55% | +0.55% | Overall regional resilience; slight decline in Milan city (-3.40%), offset by the Hinterland. |
| 2025 | 162,189.39 | +7.01% | +7.61% | Widespread restart, mortgages unlocked and strong acceleration in the belt and plain provinces. |
Source: official data, Italian Revenue Agency
2. The Map of Volumes in the 11 Lombardy Provinces
The Lombardy market is characterised by a clear volume hierarchy and a polycentric structure in which the Metropolitan City of Milan concentrates over 43% of total sales, alongside the large provincial markets of the pre-Alpine belt and the plain.
Ranking of the Provinces by Sales Volume in 2025
- Metropolitan City of Milan: 70,595.78 NTN (43.53% of the regional total)
- Milan city: 25,172.96 NTN (35.66% of the province)
- Milan Hinterland: 45,422.82 NTN (64.34% of the province)
- Province of Brescia: 18,374.17 NTN (11.33% of the regional total — provincial capital at 3,199.06 NTN)
- Province of Bergamo: 17,935.93 NTN (11.06% of the regional total — provincial capital at 2,151.52 NTN)
- Province of Varese: 14,371.05 NTN (8.86% of the regional total — Busto Arsizio at 1,366.27 NTN, Varese city at 1,344.20 NTN)
- Province of Como: 9,482.59 NTN (5.85% of the regional total — provincial capital at 1,391.47 NTN)
- Province of Pavia: 9,330.41 NTN (5.75% of the regional total — provincial capital at 1,299.28 NTN, Vigevano at 1,051.47 NTN)
- Province of Mantua: 5,566.90 NTN (3.43% of the regional total — provincial capital at 876.52 NTN)
- Province of Cremona: 5,009.32 NTN (3.09% of the regional total — provincial capital at 1,155.70 NTN)
- Province of Lecco: 4,915.49 NTN (3.03% of the regional total — provincial capital at 658.22 NTN)
- Province of Lodi: 3,898.32 NTN (2.40% of the regional total — provincial capital at 744.39 NTN)
- Province of Sondrio: 2,709.43 NTN (1.67% of the regional total — provincial capital at 336.54 NTN)
3. Breakdown by Floor Area: The Structure of Demand
The size analysis of the properties sold in 2025 gives an exact picture of the housing preferences of residents and investors in Lombardy.
| Floor area band | Type | Sales 2025 (NTN) | Share |
|---|---|---|---|
| 50 – 85 sqm | Large one-bedroom and two-bedroom flats | 56,476.93 | 34.82% |
| 85 – 115 sqm | Large two-bedroom and three-bedroom flats | 43,833.76 | 27.03% |
| Over 145 sqm | Single-family homes and villas | 23,858.38 | 14.71% |
| 115 – 145 sqm | Large three-bedroom flats | 21,479.47 | 13.24% |
| Up to 50 sqm | Micro-homes | 16,540.85 | 10.20% |
Source: official data, Italian Revenue Agency
- The engine of the market (50–115 sqm): Represents 61.85% of the entire regional market (100,310.69 NTN), the backbone of first-home demand from young couples and families.
- Large floor areas (>115 sqm): Cover a total of 27.95% of transactions (45,337.85 NTN), with the highest shares in the agricultural and pre-Alpine provinces (up to 48.98% in Mantua and 43.94% in Cremona).
- Micro-sizes (<50 sqm): Represent 10.20% of the total (16,540.85 NTN), with a very high concentration in Milan city (where they reach 22.71% of local sales) and in the mountain tourist resorts (18.58% in the province of Sondrio).
4. Guide to the 6 Sections of the Editorial Plan
To explore the 2023-2025 data in detail, the articles are organised into 6 main thematic blocks:
Block 1: Regional Overview and Major Trends
In-depth analysis of the whole Lombardy market, the provincial breakdown, the 2024 contraction and the 2025 restart.
Block 2: Milan City and Its Market
Detailed focus on the city of Milan, with the analysis of volumes (over 25,000 sales), the concentration of micro-apartments and the one-bedroom flat as the queen type.
Block 3: The Milan Hinterland and the Large Hubs
A complete journey through the municipalities of the Metropolitan City: from the Martesana and North-West routes to the large urban hubs such as Sesto San Giovanni, Rho, Cinisello Balsamo, San Donato, Legnano and the Altomilanese.
Block 4: The Lombardy Provinces
Detailed analysis of the individual provinces: the giants Brescia and Bergamo, the pre-Alpine market of Varese, the Lario area of Como and Lecco, the record growth of Lodi (+14.78%) and Pavia (+13.66%), the stability of Cremona, Mantua and Sondrio.
Block 5: Size Comparisons and Floor Areas
Cross-cutting analysis of living spaces: the map of micro-sizes, the 50-85 sqm engine, demand for two-bedroom flats for families, single-family homes over 115 sqm and the markets with the most space.
Block 6: Buyers, Investment and Outlook
Summary of demand profiles: first homes for young people and families, residential investment and short-term lets, accessibility and suburbanisation along the mobility routes, outlook towards 2026.
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 residential sales were recorded in Lombardy in 2025?
In 2025 162,189.39 residential sales (NTN) were recorded across the region, up +7.01% on 2024 and +7.61% on 2023.
Which Lombardy province has the largest volume of sales?
The Metropolitan City of Milan leads the region with 70,595.78 sales in 2025 (equal to 43.53% of the Lombardy total), followed by the Province of Brescia (18,374.17 NTN) and the Province of Bergamo (17,935.93 NTN).
What is the best-selling floor area in Lombardy?
The most sought-after and traded floor area is the 50–85 sqm band, which in 2025 recorded 56,476.93 sales, equal to 34.82% of the entire Lombardy residential market.
General summary article based on the official surveys of the Italian Revenue Agency (NTN data 2023-2025).