The Olympics opened in Italy late last week, with events held in Milan and other cities in northern Italy.
The country, known for its high fashion, art, sumptuous cuisine, history and architecture, is currently on full display for the thousands of visitors expected from around the world.
In northern Italy, Canadian air travel for the Olympics is expected to increase by 300 per cent compared to the same time last year, while travelers from the United States are expected to increase by 141 per cent year-on-year and travelers from China by 129 per cent year-on-year, according to data from the International Air Transport Association.
According to a study by the Austrian Institute for Economic Research cited in a recent report by Sotheby’s International Realty, the spotlight on the Olympics is known to cause a slight increase in rental and condominium sales in host cities in the run-up to the Games, as cities invest in new infrastructure and strive to cater to increased tourism and workforce growth.
“Changes in the market are usually driven by factors such as tax policy and lifestyle attractiveness,” said Diletta Giorgolo, head of residential at Sotheby’s International Realty Italy, in her company’s 2026 Luxury Outlook. “Tourism is definitely increasing in both Cortina and Milan.
“Cortina is a niche market and will attract a lot of international interest, but we don’t expect significant price increases. Thanks to the tax incentives for foreign investors, more international buyers are coming to Italy and we already have a strong market. The Olympics will boost tourism more than real estate.”
“We are seeing an increasing demand for short-term rentals in Cortina, already famous among Italians and Europeans, but now with an influx of American tourists and renters,” Giorgolo added. “After the Olympics, we will see whether these renters turn into buyers.”
Athletes, celebrities and fans will fly into Milan this week for the Winter Olympics, but what kind of housing market will they find? And what amazing properties will they see? Read on to find out.
milan market
House prices in Milan have been steadily rising over the past five years. According to Italian real estate site Imbiliare.it, the average asking price for residential properties was 5,615 euros per square meter in January, an increase of 3.58% year-on-year. For U.S. buyers, home sales prices in December 2025 were about $608 per square foot, according to PricewaterhouseCoopers Italia.
Not surprisingly, properties in city centers tend to sell for the highest price per square foot.
Knight Frank also said the chic city has a claim to be Europe’s strongest luxury goods market, the Wall Street Journal reported. Luxury residential properties in Milan saw a 7% price increase from Q2 2024 to Q2 2025. The city’s luxury housing market is expected to see price increases of 2% during 2026, Knight Frank said.
Housing in the city center is biased toward older, historic apartments, but many properties have been rebuilt and redeveloped over time, and this is common in Milan. Danilo Orlando of Savills Residential Italia told WSJ that some of the city’s most popular homes are redeveloped penthouses with panoramic views.
On the outskirts of the city, like Monza Brianza, you may find new apartments or historic villas. As of December 2025, the average asking price in these suburbs was approximately $254 per square foot.
According to Engel & Völkers, the majority of home buyers in Milan are Italian nationals, but around 10% are from other countries. Knight Frank said Milan’s foreign buyer market was dominated by British nationals, followed by Swedish and Dutch nationals.
Property spotlight
Home to luxury brands such as Armani, Dolce & Gabbana, and Versace, as well as beautiful landmarks such as the Duomo and La Scala Opera House, Milan seems to exude a sense of luxury.
This sense of style also applies to the city’s luxury homes.
For example, this five-storey penthouse, which is being redeveloped, is located on the coveted Via Monte di Pieta, a beautiful historic street within walking distance of some of Milan’s main attractions. Owned by Engel & Völkers Milano Porta Romana, the property has four bedrooms and five bathrooms, as well as a basement that can accommodate a wine cellar and a wellness area with a sauna.
The terrace offers an outdoor space where you can relax and admire the 18th-century Madonnina, the iconic statue of the Virgin Mary atop Milan Cathedral. Penthouse pricing is available upon request.
Meanwhile, another penthouse, located “a stone’s throw” from Porta Romana, Milan’s old city gate, offers ready-to-move-in luxury. This two-bedroom property is located on the top two floors of a new building built in the early 2000s and features a beautifully landscaped and well-appointed wraparound terrace.
The upper floor features a living area and stainless steel kitchen surrounded by floor-to-ceiling glass windows, with full views of the greenery of the terrace. The apartment is being offered by Christie’s International Real Estate – Milan Exclusive and has an asking price of $2,119,000.
Credit: Italy Sotheby’s International Realty
For those who find the luxury lifestyle afforded by ample space in the countryside most appealing, this 17th-century villa in Paderno Dugnano may be more to your liking. Listed by Laura Benedetti d’Orsi of Sotheby’s International Realty, the Baroque-style estate includes several buildings and a main residence built in 1693.
Decadent interiors feature marble floors, original fireplaces, and coffered ceilings. Meanwhile, the grounds include a swimming pool, tennis court and private landscaped garden. The asking price for the elegant complex is available upon request, but the curious can take a closer look at the listing here.
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Email Lillian Dickerson
