After analysing the real estate market in Northern Italy, it is worth taking a look at Lombardy. This region is one of the most dynamic and attractive areas in the country for premium investment. Lombardy continues to lead the high end real estate segment strengthening its position as Italy’s main destination for global capital.

Do you want to know how to get a mortgage in Italy for foreigners? Curious about the most sought after locations in Lombardy? Keep reading to discover everything you need to know.

Lombardy in 2025

In 2025 the ultra luxury segment which includes properties valued above 3 million euros recorded growth of more than 44%. These results highlight steadily increasing demand from both Italian and international buyers. Furthermore, in 2025, Lombardy ranked among the most sought after Italian regions for international investors accounting for around 9% of total foreign demand.

Milan between reverse brain drain and rising property values

Milan in particular is the centre of an interesting phenomenon known as the real estate reverse brain drain. This refers to the return to Italy of highly skilled professionals, managers and entrepreneurs who, after gaining work and life experience abroad, choose to come back to their country of origin. This trend has a positive impact on the high-end property market, especially in the dynamic areas of the region.

Specifically, the high end property market in Milan has recorded particularly strong growth in recent years. Property values in the luxury segment have increased by around 50% over the past five years. This confirms the city’s strong appeal to investors, foreign buyers and professionals returning from abroad.

This growth reflects the rising demand for luxury homes in exclusive and well connected neighbourhoods, supported by Milan’s role as Italy’s economic and financial capital, as well as a consistent focus on urban quality, services and the opportunities offered by the local market.

According to Il Sole 24 Ore dated 25 May 2026, prime residential properties in Milan have reached values ranging between 10,000 and 23,000 euros per square metre, with peaks of up to 27,000 euros in the most exclusive areas. Although still below levels seen in global hubs such as London, Milan’s luxury segment has experienced significant growth in recent years. Between 2020 and 2025, peak values rose from approximately 18,000 to nearly 28,000 euros per square metre. The increase of 54% confirmed the city’s strong appeal as one of Europe’s most dynamic destinations for high end buyers.

The tax effect: why more and more international investors are choosing Milan

As already mentioned in a previous article, a significant share of international investor flows has been driven by changes in the United Kingdom’s tax system and by the greater competitiveness of Italy’s flat tax regime, which continues to be attractive for certain income brackets.

In this context, alongside the 42% growth in demand recorded in Milan between 2023 and 2025, a particularly interesting trend is the shift of buyers from the United Kingdom towards the Lombardy capital. In fact, according to Il Sole 24 Ore, British buyers increased by 260% over the period considered.

From the residences of CityLife to the charm of Lake Como: what international buyers are looking for

From a real estate perspective, demand is focused on a balance between the appeal of historic architecture and the comfort of contemporary living. International buyers often favour neighbourhoods such as CityLife in Milan. where it is easier to find properties with highly sought after luxury features, including private parking spaces, large terraces and high security standards. These elements are much harder to obtain in historic buildings in the city centre, even though such properties continue to enjoy strong appeal due to their prestige and architectural value.

Alongside Milan, another key reference point for international buyers in Lombardy is Lake Como, an iconic destination and long standing symbol of lifestyle and elegance, accounting for around 55 percent of foreign demand. In this regard, Sky TG24 highlights how the concept of real estate prestige has evolved. Today, buyers are no longer looking only for a valuable asset but for a fully immersive emotional experience. High quality landscapes, construction standards, privacy and increasingly ready to move in properties are among the main factors shaping the decisions of high end clients. Sky TG24 reports that this shift reflects a broader change in expectations within the luxury property segment.

Focus on the provinces of Como and Bergamo

The province of Como confirms its position as the most sought after area in Italy among international buyers, thanks to the global appeal of Lake Como and the exceptionally high quality of its real estate heritage. The combination of natural scenery, lifestyle appeal and limited supply continues to drive strong demand in the high end segment.

Interest is also growing in Bergamo, a location further away from mass tourism and increasingly appreciated for its proximity to Lombardy’s main lakes, in particular Lake Iseo, as well as for its more accessible property values compared with more established luxury destinations. Bergamo also stands out as a strategic choice in terms of connectivity, being well linked both to Milan and to the rest of Europe. Property demand ranges from apartments in Città Alta, the historic heart of the city, to detached homes surrounded by greenery.

Where do international buyers come from?

According to leading industry reports, international demand for prime real estate in Lombardy is driven mainly by buyers from the United States, Germany and the United Kingdom, markets that continue to see the region as one of the most attractive destinations for high end residential investment. In the province of Bergamo there is also a strong presence of French and Swiss buyers, reflecting both geographical proximity and excellent cross border connectivity.

Our Data

Data collected by FIDEA – TopItalianMortgage, credit intermediary specialising in international clients, also confirms the attractiveness of Lombardy. Between 2021 and 2025, the region accounted for approximately 10% of mortgage applications submitted by foreign buyers purchasing property in Italy, ranking fourth among all Italian regions. When including Italian citizens living abroad, this share rises to nearly 13%.

Looking at buyer origins over the 2021 to 2025 period, there is a predominance of the United States, which represents around 29% of the total. This is followed by the United Kingdom at 23.5%, Switzerland at 17.6% (a number that increases when AIRE registered Italians are included), and both the Netherlands and Germany at 12% each. The data also highlights a significant rise in US clients between 2024 and 2025, confirming the growing interest of American investors in the Lombardy real estate market.

Buying a home in Italy with a mortgage: the support of a credit intermediary

Are you a foreign citizen living abroad or an Italian citizen registered with AIRE and looking to purchase a home in Italy with a mortgage? Navigating banking procedures, documentation and lending requirements can be complex, especially for those based outside the country.

For this reason FIDEA – Top Italian Mortgage, a credit intermediary specialising in international clients, offers dedicated advisory services for international buyers, supporting them at every stage of the process. From the initial feasibility assessment through to mortgage approval, the team provides tailored assistance to simplify bureaucratic procedures and make the purchasing journey and getting a mortgage for foreigners clearer, more efficient and more secure.

Start your journey towards buying your dream home in Italy with the support of Top Italian Mortgage.