Luxury Real Estate: Lombardy accelerates in the ultra-luxury segment

In 2025, the high-end real estate market in Lombardy shows a particularly significant evolution, confirming the region's role as one of the main luxury hubs at both national and international levels. Data from Gate-away.com, the real estate portal dedicated to international citizens looking to buy a home, highlights a marked growth in inquiries within the ultra-luxury segment (properties over 3 million euros), increasing by +44.88% compared to 2024, alongside a solid and structured demand in the 1 to 3 million euro range.

The picture that emerges is that of a highly polarized yet complementary market: on one hand, iconic destinations capable of attracting high-level international capital; on the other, major urban centers that intercept demand more closely linked to investment, work, and stable residency.

Segment over 3 million: Lake Como strengthens its global leadership

In the ultra-luxury segment, Lake Como confirms itself as the primary epicenter of the regional market and one of the absolute points of reference internationally, concentrating the vast majority of inquiries in Lombardy and recording significant growth compared to the previous year.

Its strength lies in a unique combination of factors: global recognition, an extremely exclusive real estate offering, and strategic proximity to Milan. Historic villas, lakefront properties, and residences immersed in landscapes of the highest value represent assets that are difficult to replicate, capable of attracting an international clientele with high purchasing power.

Demand is driven particularly by U.S. buyers, who are showing strong growth, joined by an increasingly active European component. Parallel to this, an expansion—albeit more contained—is observed toward other lake districts such as Lake Garda and Lake Maggiore, confirming the strategic role of the lake system in the Italian luxury market.

Areas recording the highest number of inquiries (percentage of total)

• Lake Como: 79.63% (+70.98% over 2024)

• Lake Garda: 8.52% (+32% over 2024)

• Lake Maggiore: 1.25%

• Lake Iseo: 0.83%

From a typological point of view, demand is clearly focused on villas, which represent the dominant solution in the segment over 3 million, followed by chalets and independent properties, testifying to a search increasingly oriented toward privacy, exclusivity, and the quality of the context.

Segment 1–3 million: stable and increasingly international demand

In the segment between 1 and 3 million euros as well, Lombardy shows solid and articulated demand, characterized by increasing geographical diversification.

The United States confirms itself as the main reference market, followed by a broad and varied European component including Germany, the United Kingdom, France, the Netherlands, and Switzerland. There is also an increase in inquiries sent while buyers are already in Italy, a sign of a decision-making process increasingly linked to direct experience of the territory.

At a territorial level, Lake Como maintains a dominant position in this bracket as well, followed by Lake Garda, which is showing significant signs of growth. The provinces of Como, Brescia, and Lecco are confirmed as the main attractive hubs, while Milan represents a distinct market with its own characteristics and dynamics.

Typological preferences highlight a strong predominance of villas, representing about half of the inquiries, followed by apartments and, growing in popularity, prestigious penthouses. The average value of sought-after properties remains stable at around 1.7 million euros, confirming the balance between supply and demand in this bracket.

Focus on Lake Como: the international heart of the Lombard market

Within the regional market, Lake Como represents the true center of gravity for international demand, confirming its status as one of the most attractive destinations in Europe both in the luxury segment and, above all, in the ultra-luxury one.

In the 1 to 3 million euro range, the Lake area shows extremely structured and strongly international demand. U.S. buyers clearly lead the market, followed by a consolidated European component and emerging markets that contribute to an increasingly diversified demand pool.

Geographically, the province of Como concentrates the vast majority of inquiries, joined by a smaller but significant presence in the Lecco area. At a municipal level, iconic and highly recognizable locations such as Cernobbio, Tremezzina, Menaggio, and Laglio emerge, alongside more private but rapidly growing centers—a sign of demand that is progressively expanding toward less-known areas of high scenic value.

Typological preferences confirm a clear predominance of villas, which are the primary choice for this market segment, followed at a distance by apartments and independent solutions. These are largely properties that are already renovated or ready to use, with an average value of around 1.77 million euros, substantially stable compared to the previous year.

In the segment over 3 million euros, Lake Como further strengthens its leadership with an inquiry growth of over +70%, one of the most significant figures at a national level. In this bracket, demand is concentrated almost exclusively in the province of Como and reflects an international clientele with very high purchasing power, driven once again by the United States and supported by a rapidly expanding European presence.

At the municipal level, locations such as Faggeto Lario, Menaggio, Laglio, and Bellagio stand out, consolidating their positioning as reference destinations for ultra-luxury. The dominant typology is represented by high-value villas, often accompanied by chalets and independent properties, set in contexts of absolute exclusivity.

The average property value exceeds 6.9 million euros, confirming Lake Como as one of the most premium and consolidated markets internationally. This figure reflects not only the uniqueness of the offering but also the increasing global competition to access iconic properties in one of the most recognized landscapes in the world.

Milan: between investment and international residency

Within the regional system, Milan stands out as the main urban hub of Lombardy in the luxury segment, with demand concentrated mainly in the 1 to 3 million euro range.

Unlike the lake destinations, Milan intercepts demand strongly linked to investment logic, work, and stable presence in the territory. International buyers—particularly Americans, Germans, and Swiss—join a significant domestic component, confirming the city's role as a mature and highly liquid market.

Demand is mainly focused on prestigious apartments, which represent the dominant typology, followed by urban villas and penthouses. A distinctive element of the Milanese market is the quality of the properties requested: over half of the searches concern new properties, while a significant portion is oriented toward fully renovated, ready-to-use properties.

The average value of sought-after properties exceeds 1.8 million euros, an increase over the previous year, signaling a demand that is progressively shifting toward higher-end products.

In the segment over 3 million euros, Milan presents a more selective but highly qualified market, with very high average values and a diversified demand that includes apartments, penthouses, lofts, and mixed-use properties. The average value of sought-after properties stands at 8 million euros. In this bracket, an even more articulated international composition emerges, with a strong European presence (Germany and France) alongside global investors.

Lombardy: an integrated system of iconic destinations and strategic cities

The luxury real estate market in Lombardy in 2025 is thus configured as an articulated and complementary system where two distinct but synergistic souls coexist: on one side, Lake Como and the lake districts, representing the excellence of international ultra-luxury; on the other, Milan, which consolidates its role as an urban hub for the luxury segment.

"Lombardy is today one of the most complete and competitive markets on the Italian scene," comments Simone Rossi, co-founder of Gate-away.com. "The ability to combine global-level iconic destinations with a major international metropolis like Milan represents a unique competitive advantage. It is this complementarity that continues to attract an increasingly broad, sophisticated, and long-term oriented international demand."