Property in Milan: acquisition features, recommendations, tips

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Milan is the business capital of Italy, the most investment-attractive city in the country. The demand for real estate in Milan is constantly growing both among the Italians themselves and among citizens of other countries. For those who want to learn a little more about how and why they buy real estate in the capital of Lombardy, this material is intended.

Main reasons to buy property in Milan

• Milan is attractive to live in - today it is the fastest growing city in Italy. The infrastructure is constantly improving, new residential and business complexes appear, the metro is being expanded and completed.
• Milan is attractive for investment - it is a major financial center and the capital of world fashion. The demand for rental property in Milan is constantly growing. In addition, there are excellent business opportunities.
• Milan is attractive for study. There are a lot of prestigious universities here. Italian education in architecture or haute coutureis the best in the world. A diploma from one of the Milan Business Schools guarantees a place in most international companies. Therefore, Russians very often buy real estate in Milan for their children to give them the opportunity to live and work in Europe.
• Milan is attractive for travel. The excellent location of Milan in relation to all the centers of European tourism - in the immediate vicinity are Austria, Switzerland, France, Germany - is a huge plus for travel lovers. Less than two hours away by car are the coasts of the Tyrrhenian and Ligurian seas, a little further - the coast of the Adriatic Sea. The proximity of motorways and a developed network of rail links make it possible to quickly and comfortably travel within Italy and to other European countries.
• Milan is a convenient transport hub. Residents of the European part of Russia can easily travel to Milan and back. Malpensa International Airport is the second major airport in the country. From Moscow and St. Petersburg, you can fly to Milan by flights of Aeroflot or the national carrier Alitalia. From Kyiv you can go by UIA flight. A huge number of budget low-cost airlines from all over the world fly to another nearby Bergamo airport.
• The cost of real estate in Milan and Italy as a whole shows constant growth. Therefore, today, compared to London or Paris, where, according to analysts, the price of real estate has reached its peak and will only fall, this is a more highly liquid investment in both the short and medium term.run.

What gives the purchase of real estate to a Russian citizen

Having property in Italy makes entry easier. Many residents of non-EU countries buy property in Milan to make it easier for them to enter the Schengen area. This en titles you to multiple Schengen visas and opens up the possibility of staying in the Schengen countries 180 days a year.

What determines the cost of an apartment

The price of real estate in Milan will depend on several factors: location relative to the center, type of housing (apartment, studio, villa, apartment) and the surrounding infrastructure. The average three-room apartment in a well-maintained area of Milan costs about 400 thousand euros (31 million rubles). In the center of Milan, for example, not far from the Duomo Cathedral, the price will be about 8,000 euros (615 thousand rubles) per square meter and more. It is worth noting that, according to reviews, real estate in Milan is valued by square meters, but the price may vary depending on the size of the apartment - the larger the area, the often cheaper is 1 sq. m.

Buying a home directly from the developer usually costs more than on the secondary market. This is due to the fact that Italians themselves prefer to invest free money in buying real estate in their city, and by the time the house is built, most apartments may already be sold out.

The cost of apartments in the city center and in other parts of it

As already mentioned, in many waysthe value is determined by the location of the property. Milan is divided into 9 territorial zones, each with its own characteristics and charms.

The most expensive is considered to be the historical center of Milan. Here, the cost of real estate is the highest due to the proximity to such world attractions as the Duomo and La Scala. Payment for housing will cost at least 1 million euros (77 million rubles). Typically, such luxury real estate in Milan is bought as a commercial property for subsequent rental to tourists.

More affordable prices for apartments in the southern, northern or eastern regions. The cheapest option would be to buy a home on the periphery of the city or in the suburbs.

Business Real Estate Value

Those who are thinking about buying commercial property in Milan should not lose sight of the fact that in the first half of 2018, prices for business properties in Milan fell slightly, but generally remain at a fairly high level. Thus, ready-made commercial real estate in Milan is in great demand among businessmen: cafes, restaurants and shops along Via Torino. The average cost is 12 thousand euros (920 thousand rubles) per square meter. More budget options are located in the Navigli and Darsena areas. There are also many catering outlets, and prices are much lower - from 4 thousand euros (307 thousand rubles) per sq. m. m.

What to look for when choosing a property

Of course, first of all, you should pay attentionattention to the infrastructure of the region. Then it is necessary to find out if the government or the city of Milan is planning to build some large-scale factory or transport interchange nearby.

As elsewhere in Europe, the most expensive apartment to maintain in Milan will be the heating bill. Therefore, the condition of pipes, windows, doors and roofs should be paid close attention.

When buying real estate on the secondary market, especially in old houses, you need to carefully look at the corners and joints. It is often very damp in Italian houses. If you overlook this moment, then you will have to spend money on repairs.

The process of buying property in Italy

In order to complete a real estate purchase and sale transaction, Russians need to have a passport, a valid Schengen visa and an identification code received in advance from the Italian Embassy - codice fiscale. It is also important to understand that all payments will be made in a non-cash way. It would be useful to contact a special agency or an interpreter, since all transactions will be carried out in Italian.

After the buyer has finally decided on the choice of the purchased property, a written offer to purchase (proposta irrevocable d'acquisto) is made - standard forms can be found at a real estate agency or on the Internet. The meaning of this letter is that the buyer undertakes to purchase housing or commercial property on the agreedthe seller's earlier conditions. The seller also informs about his decision in writing.

Then the parties draw up a protocol of intent (compromesso/preliminare di vendita). This is already a mutual obligation to complete the transaction, at this moment the buyer makes an advance payment of 10-15% of the total value of the property. In the event that the transaction is disrupted due to the fault of the buyer, the prepayment will be compensation for the seller. If, on the contrary, the seller changes his mind about selling the property, the buyer can demand double the return of the deposit. The final stage of the transaction is the signing of a notarial deed by a notary. In the same place, after the final payment of all taxes, final calculations are made, and the property becomes the property of the buyer.