buying property in Milan
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Updated 8 months ago

The decision to buy a house in Milan, a city that has the highest prices in Italy, is not an easy choice. It is a step that depends on many variables and needs to be based on proper research of the market.

There are many reasons to buy or not a house in Milan, but one thing is for sure, the city is expanding into an important European centre. Buying a home might, therefore, be an investment that will have a return in the future.

Real estate agencies

The first important step is the contact with real estate agencies, as buying a house in Milan is not an easy task, especially without the expertise and knowledge of the market. This is made easy with the significant amount of websites and specialised platforms, which give a better understanding of the necessary budget and the opportunities. Some of these are Idealista, Casa.it, and Immobiliare. It is also possible to even visit two or more real estate agencies and discuss personal interests and possibilities. The agencies usually propose some customised options and organise visits to the properties.

Checking the neighbourhoods

Milan is the most important metropolitan area in Italy and is divided into different areas which have different housing price trends. One of the most obvious decisions to make is to identify a neighbourhood of interest. For that, you will need to identify the place of interest, whether it is just a desire to be situated closer to the city centre, or reasons like job/university/other activities. You might also want to check whether the desired location is easily connected to the metropolitan area and well organised with supermarkets.

Understanding the prices

Overall, Milan is well connected to all of its areas and the upcoming projects such as the expansion of the metro lines, will offer connections even to the more remote areas of the city. The apparent idea is that the city centre, the Duomo area, Brera, Sant'Ambrogio (area best for the Catholic University students) are the ideal (and expensive) solutions (around 5,900⬠for m²). Another area good for investment is Buenos Aires as it is close to Corso Como, which is the main financial square and a great place of interest for any visitor, tourist or business seeking individual.

There are other areas of the city that require a lower budget, such as Viale Monza or Città Studi (⬠3.550 /m²) which are great for students (graduate or PhD) attending the University of Politecnico. Porta Genova and Navigli are other good options. However, you might face difficulties with the high demand for these areas, as they are already overpopulated. The goes with the area around the Central Station, and while it is a geographically good point, the area is not considered too safe.

Conditions

Important decisions relate to the overall conditions of the apartment, its size, number of rooms, balconies, windows, and whether it is already furnished or not. Milanese buildings are usually old, and it is important to double-check all the conditions of the house as well as the technical elements such as heating, electricity, etc. You should also check the overall conditions of the condominium, taking into account the specific Italian way of organising condominiums.

Payment method

One of the most important steps is the organisation of finances. Based on your personal possibilities, you can choose whether to rely on personal savings or the possibility of having a mortgage. Mortgages, like in every other country, offer different rates depending on the risk profile of the subscriber.

So how can you decide on a excellent investment? Evaluating the possibilities and the above-mentioned choices is important. It is also useful to consider investing in areas that will bloom in the upcoming years, such as Isola, Ripamonti or Rogoredo. While these areas now seem isolated, the coming of the new Metropolitan line will make transport easier for future movements.

Besides, it is important to remember that Milan is a city that has events year round and that offers numerous possibilities for room or apartment rentals for short or long term periods. The interest in the city is constant, and the earnings for renting are practically guaranteed

Useful links:

Nord Milano 24
The Millenial
Grandigian Carlo ' How to buy property
Gromia ' Buying property in Milano

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