The Olympic Games launched in Italy late last week, with events taking place in Milan and other cities across northern Italy.
Known for high fashion, art, sumptuous cuisine, history and architecture, the country is now on full display for the thousands of visitors anticipated from across the world.
Northern Italy is expected to see a 300 percent increase in Canadian air travelers for the Games compared to the same time last year, while travelers from the U.S. are estimated to be up 141 percent year over year, and tourists from China are expected to be up 129 percent year over year, according to data from the International Air Transport Association.
Attention garnered by the Olympics has been known to give host cities a slight boost in rentals and for-sale properties leading up to the event, as cities invest in new infrastructure and work to meet demand from tourists and a larger workforce, according to a study by the Austrian Institute of Economic Research cited in a recent report by Sotheby’s International Realty.
“Market shifts are usually driven by factors like tax policies and lifestyle appeal,” Italy Sotheby’s International Realty residential head Diletta Giorgolo said in the company’s 2026 Luxury Outlook. “We’ve certainly seen a boost in tourism for both Cortina and Milan.
“Cortina, being a niche market, will attract significant international interest, but we don’t anticipate big price increases. We have a strong market already, with more international buyers coming to Italy due to favorable tax policies for foreign investors. The Games will likely boost tourism more than real estate.”
“There are more requests for Cortina short-term rentals, and while it’s already famous among Italians and Europeans, we’re now seeing an influx of American tourists and renters,” Giorgolo added. “We’ll see, after the Games, if these renters turn into buyers.”
As athletes, celebrities and fans fly into Milan this week for the Winter Olympics, what kind of housing market will they find? And what kind of swoon-worthy properties will they see? Read on to find out.
The Milan market
Home prices in Milan have steadily risen over the past five years. The average asking price for residential properties was €5,615 per square meter as of January, up 3.58 percent year over year, according to Italian real estate property site Immobiliare.it. Translated for U.S. buyers, home sale prices were around $608 per square foot as of December 2025, according to PricewaterhouseCoopers Italy.
Properties in the city center, not surprisingly, tend to sell for the highest price per square foot.
Knight Frank has also said the chic city claims Europe’s strongest luxury market, The Wall Street Journal reported. Prime residential properties in Milan saw a 7 percent price increase between Q2 2024 to Q2 2025. The city’s prime market is expected to see a 2 percent price increase over the course of 2026, Knight Frank said.
Housing in the city center skews towards older, historic apartments, although many properties have been rebuilt and redeveloped over time, which is common in Milan. Some of the city’s most coveted homes are redeveloped penthouses that boast panoramic views, Danilo Orlando of Savills Residential Italy told The WSJ.
Further out in the city’s suburbs, like Monza Brianza, properties might be new apartment buildings or historic villas. As of December 2025, the average asking price in these suburbs was about $254 per square foot.
The majority of Milan homebuyers are Italian citizens, but about 10 percent come from other countries, according to Engel & Völkers. UK citizens dominate Milan’s foreign buyer market, followed by citizens from Sweden and the Netherlands, according to Knight Frank.
Property spotlight
As home to luxurious brands like Armani, Dolce & Gabbana, Versace and more, as well as stunning landmarks like the Duomo and La Scala Opera House, Milan seems to exude an essence of high class.
This sense of style also extends to the city’s residential luxury properties.
For instance, this five-story penthouse, which is undergoing redevelopment, is located on the coveted Via Monte di Pietà, a stunning historic street within walking distance of several of Milan’s main attractions. The listing, held by Engel & Völkers Milano Porta Romana, has four bedrooms and five bathrooms, plus a basement that could accommodate a wine cellar or a wellness area with sauna.
A terrace provides an outdoor space for relaxation with a view of the 18th-century Madonnina, an iconic statue of the Virgin Mary perched at the top of the Milan Cathedral. The penthouse’s price is available upon request.
Meanwhile, another penthouse located “a stone’s throw” away from Porta Romana, Milan’s old city gate, offers move-in ready luxury. The two-bedroom property is located on the top two floors of a newer building dating to the early 2000s and features a landscaped and fully equipped wraparound terrace.
The upper floor features a living area and stainless steel kitchen encased by floor-to-ceiling glass windows that place the greenery of the terrace on full display. The apartment, offered by Christie’s International Real Estate – Milan Exclusive, is asking $2.119 million.
Credit: Italy Sotheby’s International Realty
Those who find the luxurious lifestyle afforded by ample space in the countryside most attractive may find this 17th-century villa in Paderno Dugnano more to their liking. The baroque estate listed by Laura Benedetti d’Orsi at Italy Sotheby’s International Realty features multiple buildings and a main residence that was built in 1693.
The decadent interior features marble floors, original fireplaces and coffered ceilings. Meanwhile, the grounds include a swimming pool, tennis court and private, manicured gardens. The asking price for the elegant complex is available upon request, but curious minds can take a closer look at the listing here.
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