Every spring Knight Frank's Wealth Report measures where the world's great fortunes live, invest and buy homes. The 2026 edition gives Milan a picture that, at first sight, may seem contradictory.
The numbers
- +0.4%
- prime price growth in Milan in 2025
- +2%
- the forecast for 2026
- +5%
- prime residential growth in Italy in 2025
After years of sustained growth, Milan has slowed. The report nonetheless expects a further rise in 2026, and describes Italy as one of the most attractive destinations for wealthy individuals, thanks in part to the tax regime for new residents.
Why prices rose so little
Milan's prime segment has reached high levels. The most widely cited estimates suggest that, in the best areas, one million euros buys about 45 square metres: more than in London or Paris, less than in Zurich or Munich. At these values buyers become more careful, and growth slows.
It is not a sign of weakness. It is the typical behaviour of a mature market, in which prices no longer move on momentum but on quality.
When prices grow slowly, the difference between the right home and any home becomes enormous.
Why the appeal remains strong
Wealthy families choose a city for reasons that do not change from one quarter to the next: safety, services, schools, connections, culture, clear taxation. Milan offers all of these together, a rare thing in Europe. And the supply of truly excellent homes remains very limited.
What I take from it, in everyday work
- Exceptional properties, those with light, a high floor, a terrace, services and flawless documentation, keep selling quickly, often without going through the portals.
- Good but not exceptional properties need more patience and a realistic price from day one.
- Buyers have more time to choose, and a little more room to negotiate, but not on the best homes.
Looking ahead
The forecast of +2% for 2026 is cautious, and it seems reasonable to me. Milan does not need to race: it needs to remain a city where people want to live. The rest, over time, follows.
Real estate advisor · Milan