Luxury Residences in Milan: A Record-Breaking Half-Year!

Luxury Residences Report, 1st Semester 2022 • Milan, Italy | Tirelli & Partners | Finest Residences

The Luxury Residences Report Milan has been published by Tirelli & Partners showing the figures concerning the first half-year of 2022. The report analyses in detail the highest real estate market segment for the city of Milan.

Many are the records beaten in the period – some of them, all-time ones since our first survey in 2003, while others refer to the last 10 years:


  • The absorption rate gets to 27.5%
  • The average timing of sales decreases to 3.8 months
  • The highest average prices of all five specific areas under analysis exceed 13,000 € / sqm
  • The highest average price in other areas in Milan is over the threshold of 11,000 € / sqm
  • The top prices of single estate exceed 20,000 € / sqm in four areas
  • The average actual sales price reaches 8,772 € / sqm
  • The total amount of the three most remarkable transactions is close to 43 million, with sales prices which are all over 21,000 € / sqm


  • The absorption rate reaches 32.7%
  • The average discount applied to the transactions drops to 4.4%
  • The average timing for closing deals decreases to 4.9 months
  • The levels of leases and top rents reached their highest peak in 10 years

A landmark year, in which as far as buying and selling is concerned, we highlight a still active and strong demand, nevertheless selective and mature in the decision to purchase – so Marco E. Tirelli. The favorite areas for the research are especially the ones within the so-called Cerchia dei Navigli and its natural continuation towards Magenta, Garibaldi and the city center. The other locations become appealing mainly when they offer high standing homes in terms of architectural value and livability.

A Slightening Offer

The offer of luxury residences is progressively and steadily slightening. This is why the number of transactions does not increase: the segment slows down by the limited availability of stock.

According to The Luxury Residences Report Milan, The poor renewal rate of the offer leads to a further rise of over 1% in the absorption rate, which gets to an average of 27.5% with growth peaks in Brera, City center and Other areas.

Quality homes offered either on the record or off market find a buyer in a shorter and shorter lapse of time – says Gabriele Torchiani, senior partner in charge of the Report. The discounts recorded mirror such market dynamic, fluctuating between zero for the best residences (sold overnight) and 12% for the least refined ones, with a fixed average about 5% – a fair value for a market which is led by vendors.

The asking price shows an average increase of 1.2%, which corresponds to the combo of a strong demand, a fading offer and the stagnation in the number of transactions.

As usual, the most remarkable clues is in the unbundled data. Taking into account the features of the estate, the variance is very high: while the rate is +0.6% for the last quartile of the distribution, the most valuable ones reach +1.7%.

The overall average value of the estate offered in the half-year drops by over 2.1% due to the average decrease in the surfaces: big luxury residences in Milan are getting rarer and rarer.

If we consider single areas, though, the trend of the average asking prices is more varied: from +2% in Brera to -0.3% in Porta Venezia.

The combination of an increase in the asking prices on one hand and the fractional fall in the discounts on the other has generated a further rise in the actual average sales prices recorded: +1,3% if compared to the average value in 2021.

The demand of leases in the luxury homes market in Milan is restless, mainly pushed by the temporary needs related to the prolonged research for a house to purchase – on the domestic market, referring to compatriots coming back from abroad and for foreigners relocating for personal choice, business or fiscal reasons” so Torchiani.

The demands exceed the availabilities

The demands exceed the availabilities, especially in the slot over 80,000 € per year, and are addressed exclusively to residences in perfect conditions and ready to dwell, considering that the contracts will last no longer than 18 to 24 months.

The offer shows positive signals, especially if we take into account the fact that the estate which would need great renovation works before finding a lessee are progressively disappearing. A strong message is that sent by those owners so far reluctant to invest and qualify their assets who, after vain months and years in which they witnessed the success of renewed homes and incentives granted, have decided to proceed in that very direction which the market was unmistakably suggesting. In a couple of half-years, we should therefore have good effects on the quantity and quality of the offer.

Facing such dynamics, not a surprise that the percentage of the residences on rent in the period rises if compared to the previous half-year, reaching 32.7%.

The success of the segment can be underlined by a significant decrease in the discount and timing which we mentioned in the records beaten – the unleased homes on stock drop under 10 months, thus showing that the quality of the offer is improving.

As to the rents, after some stagnation caused by the shock of the pandemic and thanks to the above-mentioned reasons, the rental market of luxury residences in Milan has literally exploded. The effects on the rents are remarkable: on the average there has been a rise by 3.1%, but the strongest effect is that on the maximum average rent (+ 4.1% for the best homes) and especially that on the top rents – the highest values asked for single units, skyrocketed in all survey areas.

Luxury Residences Report Milan: Forecast

On the buying and selling market the conditions linked to the political stability and tumultuousness of the international scenarios are going to determine the market frame in the second part of the year: in the absence of exogenous shocks we foresee a stabilization of the current trend, whose real driver will keep being the quality of the offer. The top segment (over 3 mln euros) will for sure be able to absorb further increases in the asking prices, which will then applies to the prices of the transactions.

Considering rents, facing a probably further increasing demand a better and more qualified offer is going to progressively bring to an increase in the number of contracts and in the level of the rents.


About Tirelli & Partners srl Società Benefit

Tirelli & Partners SB is an atelier which devotes to luxury residential properties and a real estate consulting company.

Founded in 1987 as a boutique for homeowners, buyers and hosts of luxury homes in Italy and the world, the company stands out for the quality of their service, being it residential or commercial, and their commitment to the customer. Since 2003 it has published the Observatory on Luxury Residences on a semi-annual basis.

In 2020 Tirelli & Partners became Società Benefit and has been the first Italian real estate company to achieve B Corp® certification.

Press Office Tirelli & Partners

Irina Dragutan: +39 02 8051673

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