The Major Real Estate Trends in Lombardy in 2026
Lombardy remains one of the most active markets in Southern Europe. Strong domestic demand, international appeal, and limited supply in prime locations are driving prices upwards.
After the 2023–2026 peak, financing conditions are gradually easing, which is smoothing out transactions. At the same time, energy efficiency and the quality of urban services are becoming key criteria.
In terms of prices, demand for second homes spans a wide range: ≈ €2,339/sqm in Bergamo, ≈ €6,153/sqm in Milan and ≈ €6,333/sqm in Como (data from Green Acres, a specialist second homes website). This highlights the gaps between premium hubs and secondary markets.
The most expensive region in Italy outside Tuscany
- High price levels in premium hubs (central Milan, shores of Lakes Como and Garda).
- Significant disparities between waterfront, historic centers, and peripheral towns.
- Rare new builds in city centers and prime lakeside, supporting value.
Strong polarization between Milan and secondary provinces
- Milan attracts most investment and qualified employment.
- Mid-sized cities (Bergamo, Brescia, Pavia, Lodi): steady growth driven by quality of life and rail links 🚆.
- Hinterland: renovation opportunities with discounted prices and potential for value increases.
For international demand, Milan attracts buyers mainly from the United States (~8%), Germany (~7%), and France (~6%). In Como, the foreign share is led by Poland (~12%), the US (~11%) and Israel/Germany (~10% each), while Garda (Brescia) sees a Poland/Germany duo (~14% each).
The Most Sought-After Areas in Lombardy
Milan: Stability and Safe-Haven Value
The Italian economic capital remains a market of conviction. Central districts (Brera, Quadrilatero, Porta Venezia, Navigli, CityLife, Isola) combine liquidity, services, and price resilience.
- Advantages: jobs, universities, culture, transport (recent metro extensions), easy resale.
- Points to watch: higher condo fees and maintenance for Haussmann-style or upscale buildings.
- Rental market: strong demand from executives and international students.
Market benchmarks (second homes): average real estate price in Milan: €1,606,000 for 261 sqm, i.e. ≈ €6,153/sqm, in line with the most sought-after central districts.
The Lakes: Como, Garda and Iseo, strong foreign appeal
Panoramic views, water access, and architectural charm justify the lakeside premium 💧. Como shows the highest values along the waterfront; Garda is more extensive, with a variety of micro-markets; Iseo has a lower entry point.
- Premium: lakeshores, iconic villages (Bellagio, Tremezzo, Sirmione).
- Alternatives: hillsides 10–20 minutes from the shore, with more accessible budgets.
- Seasonal returns possible on well-located properties, subject to local regulations.
On Lake Como, real estate listings show an average of ≈ €6,333/sqm (≈ €532,000 for 84 sqm), illustrating the premium for prime waterfront and open views.
Affordable Alternatives in Lombardy
Bergamo, Pavia, Lodi: Good Price/Quality of Life Compromises
These cities offer excellent value for money, vibrant heritage, and fast connections to Milan.
- Bergamo: historic Città Alta, modern districts in the lower town, nearby airport.
- Pavia: university city, good rental demand, pleasant historic center.
- Lodi: family-friendly profile, comprehensive services, motorway and rail access.
In Bergamo, the average requested property basket is around €290,000 for 124 sqm (≈ €2,339/sqm), reflecting a good price/amenities compromise. Pavia and Lodi remain less targeted by foreign buyers in our database, which may offer local opportunity windows.
Properties to Renovate in the Prealpine Valleys
In the valleys of Bergamo, Brescia or Valtellina, rustici and village houses are available at significant discounts 🏡.
- Attractive entry price, with extension and value-add potential.
- Indicative renovation costs: standard €600–1,200/sqm; heavy €1,500–2,500/sqm depending on condition and desired energy performance.
- Checks: landscape, energy, and seismic constraints; access and parking; connections.
Real Estate Supply and Price Levels in Lombardy
Recent Apartments Around €3,000/sqm
Outside prime locations, new or well-maintained developments are often traded around €3,000/sqm, with strong local variations.
- Milan: €5,000–8,000+ /sqm in the city; €3,000–4,500/sqm in the first ring.
- Lakes: €3,500–6,000/sqm depending on views, proximity to the shore, and quality.
- Secondary cities: €2,200–3,200/sqm for well-located recent properties.
Rural Houses from €1,500/sqm in the Hinterland
In the hinterland, detached houses or renovated farmhouses start from €1,500/sqm, increasing with land, outbuildings, and views.
- Recurring costs to anticipate: heating, outdoor maintenance, access road.
- Condominiums: often €2–5/sqm/month for services (elevator, security, green spaces).
- Acquisition costs: taxes and notary fees vary according to main/secondary residence; plan for an additional budget.
Value-Added Prospects in Lombardy
2026 Olympics Effect on Alpine Areas and Infrastructure
The Milano-Cortina 2026 Winter Olympics are boosting Lombardy’s alpine sectors (Bormio, Livigno) and some transport routes 🏔️. Micro-locations near sports hubs and stations could benefit from greater visibility.
- Infrastructure: targeted rail and road improvements; local extensions and upgrades.
- Hotels and seasonal rental: image boost, especially for well-connected resorts.
In the province of Sondrio (Bormio, Livigno), few foreign demands are reported today, but the Olympics effect could gradually improve liquidity in certain micro-sectors.
Continued Growth in Secondary Markets
Remote work, the search for space, and controlled budgets sustain the measured growth of secondary towns and the hinterland.
- Investment theses: proximity to stations, renewing neighborhoods, renovated historic centers.
- Key to success: buying the right address and the right building, more than « the market. »
