Milan Property Market and Real Estate Guide
(Milan, Lombardy, Italy)
Milan is the capital of Italy's Lombardy region and the fashion capital of the world. Around 13 percent of the cosmopolitan city's population is made up of expats and the city is one of Europe's most important hubs for business and finance. It is also one of the most expensive cities in Europe for foreigners and many of the world's rich and famous have bought properties here.
While many opt to buy outside the city alongside Italy's stunning northern lakes, such as Lake Como, Lake Maggiore and Lake Garda, properties in Milan city proper are an excellent choice for long-term visitors. Prices are high around the historical centre, although real bargains can be found on the city's outskirts in districts like Amendola-Fiera and Vittoria.
Buying property in Milan, particularly as a foreigner, can be very confusing, as the real estate laws in Italy are complicated. It's a good idea to rent for a while before committing to buy in Italy.
Renting Serviced Apartments
Rental properties in Milan come in three forms - empty with no light fittings or kitchen appliances, semi-furnished with a fitted kitchen and sometimes wardrobes, or completely furnished. Serviced apartments in Milan are normally in the latter category and some newer developments have their own swimming pools. The Corso Buenos Aires offers business types a few pricey options, while the old but renovated apartments of Ticinese-Navigli are also popular among professionals.
If the apartment is rented through an agent, tenants will usually have to pay an agent's fee - around ten percent of the year's rent. Tenants will also be asked to pay a deposit of anything from one to three months' rent, plus insurance and a service charge. The service charge will pay for rubbish removal and caretaker services. Prices are normally double the price of a regular apartment for a fully furnished apartment.
Buying Apartments and Houses
Milan properties around the lakes are a good investment, but are typically expensive and hard to come by. A luxury, five-bedroom lakeside villa will set buyers back around four times as much as a two-bedroom apartment in historical Milan. Offering even better value for money are the residential homes in the city's outer districts.
Hiring both a local lawyer and one from your home country is a good idea, since the property market in Italy can be tricky to navigate. Buyers will have to pay a deposit, agent fees and VAT on new-built properties. It can be worth the hassle, however, as you can receive good monthly and weekly rates if you decide to rent.
Real Estate Agents
There are plenty of real estate agents in Milan, most of which charge around 10 percent of the value of the property in fees. Some speak English better than others, so it's best to choose an agent who you can communicate well with. A professional-looking website and experience of working with expats is also advantageous.
Check out the following Milan real estate agents:
Address: Avenida Viale Piave 13, Milan, Italy
Tel: +39 02 760 05171
Casa Milano manages all sorts of condominiums in Milan.
Case Di Campagna
Address: Via Palermo 8, Milan, Italy
Tel: +39 02 657 2536
Case Di Campagna has properties to buy and rent and specialises in the Lake District area.
Address: Viale Lombardia 32, Milan, Italy
Tel: +39 02 706 38434
Radovix buys, sells and rents in Milan, as well as carrying out assessments and surveys.