Buying a home in Milan as a foreigner: the complete guide

Yes, foreigners can buy a home in Milan on the same terms as anywhere in Italy. EU citizens buy exactly like Italians, and most other nationals, including US, UK and Swiss buyers, can buy under the reciprocity rule, which the notary checks. What sets Milan apart is the market: more homes are sold new by developers with VAT, the best homes move quickly, and prices are Italy's highest, with idealista putting the city's average asking price at €5,659 per m² in September 2026.

This guide covers what is specific to Milan. For the step-by-step legal process, see the buying process in Italy, from offer to deed. Figures as of October 2026.

Can foreigners buy property in Milan?

Yes. The rules are national, so Milan works like Rome or any other Italian city. You do not need to be resident, and you do not need an Italian bank account to sign. You do need:

• An Italian tax code (codice fiscale). It is free and can be requested from abroad through an Italian consulate.
• Traceable funds. Every payment goes by bank transfer or banker's draft and is stated in the deed.
• A notary. In Italy the buyer chooses the notary, who checks title, collects the taxes and registers the sale.

Who buys in Milan?

Milan's international buyers tend to fall into three groups:

• Finance and business professionals relocating to banks, funds, law firms and corporate headquarters, often buying after a first year of renting.
• Families relocating for work, who usually choose the area by school and commute.
• New residents using Italy's flat tax. Milan is a natural base for people moving their tax residence under the fixed annual tax on foreign income. The home itself stays taxed under normal Italian rules; see our guide to Italy's flat tax for new residents.

What is the Milan property market like in 2026?

Milan remains Italy's most expensive city, but price growth has slowed. The latest published figures:

• Average asking price: €5,659 per m² in September 2026, up 0.2% on a year earlier, according to idealista. The recent peak was €5,768 in May 2026.
• Prime zones (idealista, September 2026): historic centre €12,404 per m², Garibaldi–Porta Venezia €7,809, Fiera–De Angeli (around CityLife) €7,255, Navigli–Bocconi €7,085.
• Sales volumes: about 12,931 homes changed hands in the first half of 2026, 7.8% more than a year earlier, according to Immobiliare.it Insights.
• Supply and demand: Immobiliare.it Insights also recorded 5.8% more homes for sale and 7.6% lower buyer pressure in the first half of 2026.

Zone averages include every type of home. Prime apartments in the best streets ask well above them.

How fast does the Milan market move?

For well-priced homes in prime streets, quickly. A good apartment in Brera, Magenta or Porta Venezia can attract offers soon after it is listed. Have your tax code, proof of funds or a mortgage pre-approval and your notary lined up before you start viewing.

The 2026 data point to a market that is a little more balanced than in recent years, with more homes for sale and less pressure from buyers. That gives you more room to negotiate on homes that have been listed for a while, but not on the most sought-after ones.

New build or resale: what changes?

New builds are far more common in Milan than in Rome, from the towers of Porta Nuova and CityLife to smaller developments across the city. The tax treatment is different, and so is the paperwork.

VAT applies when you buy from the company that built or renovated the home, within five years of completion (or later if the company chooses to apply it). Because VAT is charged on the full price and registration tax usually on the much lower cadastral value, a new build can cost noticeably more in tax than a resale at the same price. See the real costs of buying property in Italy for the full breakdown.

How are off-plan buyers protected?

Buying sulla carta (off-plan) or while the building is under construction falls under D.Lgs. 122/2005, the decree protecting buyers of homes still to be built. It applies when the buyer is a private individual and the building permit has been requested but the building is not yet finished. The main protections are:

1. A guarantee on your payments (fideiussione). Before or when you sign the preliminary contract, the developer must give you a bank or insurance guarantee covering all sums you pay before the deed. Without it the contract can be declared void at your request.
2. A notarised preliminary contract. Since 2019 the preliminary for a home to be built must be signed before a notary, who checks the guarantee.
3. A ten-year insurance policy (polizza decennale postuma). At the deed the developer must hand you a policy covering serious construction defects and collapse for ten years.
4. The developer's mortgage. Developers often finance a project with a mortgage on the whole site. The share on your home must be split off or cancelled before or at the deed.

Your notary checks these points. Ask for the building specifications (capitolato), the payment schedule tied to construction stages and the expected completion date in writing.

Which checks matter most in Milan?

On top of the usual planning and land-registry checks, Milan buyers should look closely at:

• Energy class. The energy performance certificate (APE) is required for every sale. Milan winters are cold, so a low class in an older palazzo means higher bills and, often, future works.
• Condominium heating. Many older Milan buildings have central heating (riscaldamento centralizzato), with the cost split between flats partly by metered use. Ask for the last two years' condominium accounts and look at the heating line.
• Service charges in new towers. Concierge, gym, pool and green spaces in new developments come with high condominium fees. Ask for the budget, not only the current figure.
• Approved works. As in any Italian condominium, check the minutes for approved facade, roof or energy works and agree who pays.
• Garage and Area C. The centre lies inside Area C, the paid traffic zone. A private garage adds real value in the centre.

The process in brief

1. Prepare: tax code, funds or mortgage pre-approval, and a notary.
2. Search and view: shortlist homes and view them in person, or remotely if you cannot travel.
3. Check before you offer: planning, land registry, energy certificate, condominium, and for off-plan, the guarantee and the developer's mortgage.
4. Offer and preliminary: a written, binding offer, then a preliminary contract (compromesso) with a deposit.
5. Deed (rogito): signed before the notary, who registers the sale and collects the taxes.

The full sequence, with timings, is in our guide to the buying process in Italy.

Did the 2026 Winter Olympics change Milan prices?

The Milano Cortina Games brought new infrastructure to the south-east of the city. The Olympic Village at Porta Romana was planned to become student housing, with about 1,700 beds. City-wide, however, idealista's asking prices were almost flat in the year to September 2026, so there is no sign of a general Olympic price jump. Effects, if any, are local to the areas around the new projects.

Where do foreigners buy in Milan?

At this budget, most international buyers look at Brera, the Quadrilatero, Magenta–Sant'Ambrogio, Porta Nuova, CityLife and Porta Venezia, with Porta Romana and the Navigli for more space. Each area, with its homes, parks and metro lines, is described in our guide to Milan's prime neighbourhoods.

FAQ

Is it cheaper to buy a new or an old apartment in Milan?

Not always. New builds often ask more per square metre and pay VAT on the full price, while resales pay registration tax usually on the lower cadastral value. A resale may need renovation and energy works, so compare the total cost, not just the price.

Can I get a mortgage in Milan as a non-resident?

Yes, Italian banks lend to non-residents, but expect a larger deposit, more paperwork and a longer approval. Start early, since a good home in Milan may not wait.

Do I need to live in Milan to buy there?

No. You can buy as a non-resident and sign the deed in person or through a power of attorney. Residence matters only for "prima casa" tax relief and, if relevant, for the flat tax.

How much deposit do I pay on an off-plan apartment?

It depends on the developer's payment schedule, which is usually staged with construction. Whatever the amount, every sum paid before the deed must be covered by the developer's guarantee.

Is Milan a good place to buy property in 2026?

Prices are high but stable, transactions rose in the first half of 2026 and more homes are on the market. That combination gives buyers more choice than in recent years. Whether it suits you depends on how long you plan to stay and which area you choose.

How Giusto helps

In Milan, your dedicated Buyer's Agent compares new builds and resales on total cost, checks off-plan guarantees with your notary and negotiates the price only for you. Our AI reads the main property portals every day and emails you the matching homes, and planning and land-registry checks are always free.

The search and the proposals are always free. If one of the homes catches your eye and you decide to go ahead, our fee is 20% of what we save you on the asking price. If you don't save, you don't pay.

Start your search on giustohomes.com

Sources

• Evoluzione del prezzo delle case in vendita, Milano (September 2026) — idealista
• Mercato immobiliare Milano 2026 — Il Giorno (data: Immobiliare.it Insights)
• Prezzi delle case nei quartieri delle Olimpiadi 2026 — Il Giorno

Figures as of October 2026. Rules change: always confirm with the notary or a tax adviser before signing.