Milan, Italy – A significant portion of homes in Milan are being purchased not for immediate residency, but as strategic investments, leading to a substantial number of vacant properties across the city. A new report from a real estate survey company reveals that one in five homes remains unoccupied after sale, a trend that underscores the city’s unique real estate landscape.
Milan’s ‘Ghost’ Apartments: A Growing Phenomenon
The report highlights that approximately 90,000 apartments in Milan are currently vacant post-sale, a figure that surpasses Rome by almost 30,000 units. This phenomenon of ‘ghost’ apartments points to a strong preference among buyers for investment opportunities rather than personal occupancy, significantly impacting the local housing market.
Real Estate Market Trends and Projections
Despite the high number of vacant properties, the Milanese real estate market continues to thrive. The study projects that around 29,000 homes will be sold by 2026, a slight increase from the previous year. Furthermore, the real estate market’s turnover is expected to reach an impressive 12 billion euros, driven by sustained investor interest.
Luxury apartments are a primary driver of these acquisitions, a trend that was already evident in 2024. Prices for these high-end properties exceed 11,000 euros per square meter in prime central areas such as Brera and Isola. This demand for luxury housing contributes to the escalating rental costs across the city.
Soaring Rental Prices Across the City
The influx of investment purchases has directly contributed to a significant rise in rental prices. In central Milan, rents now surpass 3,800 euros per month, while in peripheral areas, they average around 1,300 euros per month. Even in these outlying districts, property values have seen an increase, partly due to upcoming events like the Olympics and the expansion of the M4 blue metro line.
National Impact and Future Outlook
On a national scale, Milan, alongside Rome, accounts for 70% of available housing, indicating a concentrated supply of new homes in major urban centers. The residential sector continues to be a strategic investment engine nationwide, with a notable surge in 2025 pushing the sector’s value to nearly 135 billion euros. This sustained growth underscores the enduring appeal of real estate as an investment vehicle in Italy’s largest cities.
The report’s findings raise important questions about housing affordability and availability for residents in Milan, as the city navigates a dynamic real estate market driven by investor demand.
Source: https://milanopavia.news/news-milano/milano-una-casa-su-cinque-senza-inquilini-dopo-la-vendita-la-predilezione-per-gli-affari/
