Milan-Cortina 2026: market data and real estate areas in the spotlight

The impact of the Olympics on real estate markets: what the data show

The experience of cities that have hosted major international events shows that the most solid real estate benefits tend to emerge over time. Infrastructure development, urban regeneration, and the strengthening of international image have a greater impact in the medium to long term rather than in the immediate pre-event phase.

The Italian context currently appears favorable to these dynamics. According to Engel & Völkers data, in 2024 the national residential market showed signs of gradual stabilization, easing the downturn that began in 2023. After a negative first quarter, the recovery recorded in the second and third quarters led to a limited overall contraction (-1.1% in the first nine months of the year).

Within this scenario, Milan Cortina 2026 stands out as a confidence driver, capable of supporting demand and reinforcing the attractiveness of markets already characterized by high quality and strong liquidity.

Milan: where the Olympic effect meets an already mature market

Milan approaches this event with an already mature and strongly international real estate market.

In the prime segment, central areas such as Brera and the Quadrilatero continue to represent an absolute benchmark, with top values that – according to Engel & Völkers data – can exceed €22,000 per sqm for renovated properties. Here, the Olympic event mainly strengthens Milan’s reputation as a stable, long-term real estate asset, appreciated by institutional investors and high-net-worth individuals. This positioning is also reflected in the quality of the properties currently available on the Milanese market, especially in the prime and high-end residential segments.

The real impact of the Olympics, however, emerges in areas affected by urban regeneration projectsand infrastructure upgrades, where the event acts as an accelerator of trends already underway. This is the case of the Porta Romana railway yard area, where the Olympic and Paralympic Village has been developed, conceived from the outset as a project with a strong urban legacy. After the Games, the residences will in fact be converted into a modern student housing complex, integrating into a broader redevelopment plan aimed at reconnecting the urban fabric between central Milan and the hinterland.

Located between the vibrancy of Porta Romana and the cultural hub of Fondazione Prada, the project helps strengthen the attractiveness of the southern quadrant of the city, demonstrating how the Olympic effect primarily acts as an accelerator of structural, long-term-oriented transformations.

Similarly, the western quadrant of the city, historically linked to the San Siro area, is undergoing a structural rethink that goes beyond the debate surrounding the stadium. The Olympics help to refocus attention on this strategic area, where infrastructure, accessibility and new urban projects are redefining residential potential over the medium to long term.

In this context, Milan confirms its role as a European hub for high-quality real estate investment: a market in which the Olympic Games do not create value ex novo, but rather make more visible and legible the urban transformations that sustain value over time.

Cortina d’Ampezzo: the Olympics as a multiplier of rarity

If in Milan the Olympic effect builds on a broad and well-structured market, in Cortina d’Ampezzo it takes on a different significance. Here, the event acts on an already highly exclusive context, where limited supply has always been the main driver of value. In a market where availability remains structurally scarce, the opportunities in Cortina d’Ampezzo represent a concrete synthesis of exclusivity, lifestyle and long-term value stability.

According to Engel & Völkers analyses, in the most prestigious areas of the Ampezzo Valley renovated properties reach average values of around €12,000 per sqm, confirming Cortina as one of Italy’s most solid prime markets. Demand is mainly oriented towards second homes, with a strong lifestyle component and growing attention to property quality.

As the 2026 Winter Olympics approach, interest in the resort has strengthened further, with sustained demand and particularly fast sales times in central areas and those immediately surrounding them.

Beyond the event, the value of place

Milano Cortina 2026 represents a pivotal moment for the Italian real estate market, but its impact must be interpreted with care. As shown by the analysis of Milan and Cortina d’Ampezzo, the Olympics primarily act as an accelerator of dynamics already underway, amplifying the value of solid markets and of areas truly capable of delivering quality over time.

In this scenario, the key differentiator is the ability to read data within its proper context. Through proprietary analyses, deep local expertise and a well-established international network, Engel & Völkers supports clients and investors in identifying opportunities aligned with their objectives.