Why this article is worth 3 minutes of your time

In 2025, the Milan real estate market has changed its skin. It doesn't run, but it doesn't stop. It doesn't explode, but it holds - and it does so well right where it builds best.

Three numbers tell why to invest in new construction in 2025:

• • 23 % of homes sold in Milan are new construction-a record among large Italian cities.

• • The "green" mortgage reduces the fixed rate by up to 35 bps.

• • From 2030 only zero-emission buildings can be built in Europe: those who buy class A now are already in compliance, years in advance.

This article explores data, context, rules and opportunities. It is worth 3 minutes. For buyers, for investors, for builders.

 

1 | Milan: selective market, not firm

Milan is not standing still, but moving more carefully. Prices are growing little, but they are growing mostly where the city is changing its skin: urban regeneration, incoming infrastructure, new young demand.

Zone	Prices 2024	What is happening
Historical center	- 0,8 %	More cautious demand, limited supply
Semicenter and inner suburbs (Lodi-Corsica, Navigli-Famagosta, Certosa, Precotto, Gorla)	+1,9 %	Urban regenerations, new services
First Belt (San Donato, Pioltello, Carugate)	+2,3 %	Affordable prices

Take-away: value is created where the city expands-not where it is already mature.

Sources: OMI Q4 2024 - Nomisma Report 2025 

2 | Credit back in the spotlight

The cost of money falls, disbursements rise. Mortgages once again become an accelerator rather than a brake.

• • 43 bn € of mortgages disbursed in 2024(+13 % year-on-year)

• • +19.5 % purchases and sales with mortgages in Q4 alone

• • 2025 estimate: €46 bn, at pre-Covid levels

Those who buy in class A can access the green mortgage, with reduced spreads of 25-35 bps → up to €22,000 in interest saved on a 30-year €280 k.

3 | New = "future-proof" (it's not marketing, it's legislation)

From 2030, only "zero-emission" buildings can be built in Europe (Green Homes Directive 2024/825). New Class A buildings anticipate this threshold. And meanwhile they offer:

Advantage	Why it affects ROI
Class A today	No future adjustment expenses
VAT 4 % first home	Immediate price savings
Green mortgage	Lower rate, better rating

4 | Governance: the invisible asset

The difference is not only made by the project. It is made by management. Milan has seen construction sites slow down drastically due to authorization issues. Giemme only starts after full approval of all permits.

Trusted drivers	What does it mean to you
Permit approved	Full regulatory clarity
Insurance-backed Guarantee	100 % protected down payments
Quarterly reports	Transparency → risk control

5 | Where we are building - pipeline of more than 25 000 m² (Class A)