As one of several sites hosting the Milan-Cortina Games, the northern Italian city has benefited from major investments, with the Santagiulia ice hockey arena one example.
Built on a vacant lot in the southeast suburbs, near a wooded area known for crack cocaine dealing, the arena will be turned into a concert venue after the Games, with hopes that it will regenerate the run-down area.
But the Olympic spirit is hard to find in much of Milan, where rents have soared in the past few years as skyscrapers and top restaurants multiply.
Thousands of people protested the opening of the February 6th-22nd Games, many railing against the social impact, bearing banners saying "Eat the rich, not the city".
"Milan is becoming very attractive for tourists, for the rich – but what will be left?" Giovanni Gaiani, 69, told AFP at the demonstration.
READ ALSO: How the 'Olympic effect' is driving up property prices in Milan
Rising rents
Milan has long been the economic capital of Italy and is used to holding international events, from fashion weeks to design fairs and football matches by its two top-flight clubs, AC Milan and Inter Milan.
Employment possibilities are greater and wages generally higher than elsewhere in Italy, and the city has long attracted workers from across the country, especially the poorer south.
But wages in Milan grew just 10 percent between 2015 and 2023, while rents jumped 45 percent in the same period, according to the Affordable Housing Observatory.
They have stabilised in recent months, but many middle-class families have been pushed far from the city centre, and students struggle to find affordable accommodation.
"Even on the outskirts it's hard to find something... rents and sale prices have reached crazy levels," said Giorgio Saccone, a 31-year-old baker.
Milan has also seen a huge influx of tourists and capital in recent years, boosted by the 2015 World Expo.
Visitor numbers have doubled over the past decade, to 9.7 million in 2025, according to city authorities.
The Expo attracted expatriates who "want a dynamic life, close to fashion and design", said Diletta Giorgolo Spinola, head of residential offerings in Italy for Sotheby's.
Changes to the British tax regime have also pushed some wealthy individuals to leave the UK and "choose between Italy and Dubai", both of which offer tax advantages and international schools, she told AFP.
"We're seeing many families, single people, or couples whose children have left home, coming from the tech, banking and finance sectors" and typically buying properties worth five to 10 million euros ($6-12 million), she said.
Disneyland?
In Milan's city centre, Via Montenapoleone – labelled the street with the world's most expensive shop rents in 2024 – has just welcomed a huge Fendi store.
High-end restaurant openings are also multiplying, including the recent arrival of Turkish chef and influencer "Salt Bae" and his 285 euro steaks.
At the same time, Milan has experienced a property development boom, accelerated by the Olympic Games.
In the south of the city, the Olympic Village has been built on a disused rail yard opposite the Prada Foundation.
After the Games, it will be transformed into a huge university residence with rooms costing more than 800 euros a month.
Measuring the economic impact of major events is always difficult, but business lobby group Assolombarda put the immediate benefits at several hundred million euros, including 139 million for the hospitality industry.
However, "the real issue with these Games is their legacy", which will be assessed only in the coming years, said Valeria Negri, author of the Assolombarda report.
For Alberto di Monte, one of the organisers of the anti-Olympic protests, the verdict is already in.
Milan has been transformed into a "pleasant Disneyland for tourists", he told AFP.
By AFP's Taimaz SZIRNIKS.
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