Generous tax benefits, vibrant urban development projects and low cost of living attract foreigners to the financial center of Italy.
What happened? The luxury apartment market in Milan is booming as bankers, fund managers, and private investors flock to Italy's financial center.
Context. In 2017, the Italian government began providing generous tax incentives to attract new arrivals. It helped tilt Milan's real estate market towards the elite segment, especially since the city has become a popular destination for financial workers leaving London after Brexit.
Infrastructure. In recent years, the city in northern Italy has experienced something of a renaissance thanks to the completion of several major projects to restore the urban environment. On the eve of the 2015 World Expo in Milan, the city authorities and real estate agencies turned the dilapidated Porta Nuova district and the old Milan exhibition complex into elegant modern attractions, which served as an impetus for the development of new luxury residential, commercial and business areas.
Location. Part of the attraction is geographical: Milan is an hour's flight from the financial center of Frankfurt and less than two from London. It is also a two-hour drive from the Mediterranean coast and about an hour and a half by car from the Alpine ski resorts.
Quote. "Milan is a great place to move," says Giovanni Raffa, a private banker at Credit Suisse Group AG, who moved to the Lombardy capital at the end of 2021 after 16 years in London.
"This is the financial center of the country that is well connected to the main transport hubs of continental Europe and offers a high–quality lifestyle," the banker adds.
Prices. According to the real estate website Immobiliare.it, the value of luxury real estate in Milan increased by 25% in the six months that ended November 2022. That is a significant increase compared to the period from 2019 to 2021 when average prices for luxury real estate throughout Italy rose by only 2%. The term of sale of luxury homes is also being shortened; currently, they remain on the market for an average of just over two months which is less than before the pandemic.
Brexit. After the UK left the EU, some of the world's largest banks were forced to move traders from the UK to continental Europe. Although Italian banks such as UniCredit SpA and Mediobanca SpA were the first to repatriate employees to Milan, their international counterparts are now following suit.
Goldman Sachs is moving traders from London to a city in northern Italy, and investment companies Certares, Eisler Capital UK, and Andera Partners have opened stores in Milan over the past few years. According to a new report by the European Banking Authority, the number of highly paid persons in Italy, defined as employees earning more than a million euros a year, increased to 351 in 2021, which is 88% more than a year earlier.
Taxes. The main advantage for wealthy people considering moving to Italy is tax benefits that allow newcomers to pay a fixed rate for income earned abroad, or not to pay taxes on an amount reaching 70% of income for five years.
Propreties for sale in Milan:
Price on request
Apartment in Milan, Italy
228 sq.m23
First-class apartment with an area of 228 sq.m. near the districts of San Babila and Montenapoleone. The house has 24-hour security and concierge, there is a large garden for the use of residents. The apartment is finished with high-quality materials, air conditioning system is installed.
The apartment includes a double living room, a kitchen...
Palazzo Estate
Price on request
Villa in Milan, Italy
1500 sq.m55
Just a few kilometres from Milan city centre, this prestigious building is for sale. Composed by eleven refined rooms, this livish palace is currently used as a tourist accommodation facility and boasts large rooms characterized by magnificent and well-preserved finishings, decorations and period frescoes, together with high ceilings and...
Lionard Luxury Real Estate
850 000 €
Apartment in Milan, Italy
70 sq.m11
Located in the residential residence "Winter Gardens", these apartments are thought out to the smallest detail so that you can get a unique experience of living in Milan.
Elegance and comfort are the main features of the residential residence in which the apartments for sale are located. There is a lobby area, a wellness complex with a panoramic...
Palazzo Estate
Price on request
Villa in Milan, Italy
5000 sq.m4240
On the outskirts of Milan, surrounded by a naturalistic context of great beauty, there is this charming historical villa of great historical and artistic prestige. Designed between the 17th and 18th centuries by the most important Lombard architect of the time, Francesco Maria Richini, author of the renowned Pinacoteca di Brera and the most...
Lionard Luxury Real Estate
1 200 000 €
Apartment in Milan, Italy
65 sq.m
For sale a view apartment with a terrace in the center of Milan, in a new residential complex.Apartment size: 65m2Terrace: 25m2Floor: 5Concierge 24/7 Round-the-clock surveillance Spacious basementThe property has a garage for two cars.The apartment is furnished.Price 1.200.000 €, condominium payments about 1000 € per year
Alisa Estejt
740 000 €
Apartment in Milan, Italy
130 sq.m32
Luxury two-bedroom apartment with two bathrooms and a separate kitchen, large terrace.
The view is stunning, convenient transport interchange, a shopping center for 250 shops and a cinema is being built opposite, a shuttle bus runs from the house to the airports of Malpensa and Bergamo.
The complex has a gym, spa, sauna, Parking with...
Alisa Estejt
1 800 000 €
Villa in Milan, Italy
780 sq.m105
This prestigious historical villa with an 18th-century church is for sale in a green oasis on the outskirts of Milan. Immersed in a splendid 4.5-hectare park, this structure, designed by famous architect Piero Portaluppi, is a prestigious venue where luxury and elegance come together in an unprecedented mix. This enchanting 350-sqm villa...
Lionard Luxury Real Estate
Price on request
Villa in Milan, Italy
1080 sq.m811
This prestigious property for sale is the 15th-century wing of Villa Frisiani Mereghetti, surrounded by the leafy landscape of Milan's countryside, in a strategic position to reach Malpensa's international airport. The villa itself was built in 1652 by one of the most important Lombard architects at the time. The part of the villa for sale has...
Lionard Luxury Real Estate
13 000 000 €
Villa in Milan, Italy
4500 sq.m85
Prestigious noble estate dating back to the late 17th-century surrounded by luxuriant nature for sale on the outskirts of Milan, within easy reach of Malpensa's international airport. The villa is still inhabited by the heirs of its historic owners and partly used as a venue for exclusive events and ceremonies. Although the first traces of the...
Lionard Luxury Real Estate
430 000 €
Apartment in Milan, Italy
52 sq.m11
NEW LARGE AND ELEGANT one-bedroom apartment with A BALCONY Area: CORSO BUENOS AIRES, Zone: Loreto, Centrale, Repubblica STRATEGIC LOCATION, served BY THREE LINES OF THE MILAN METRO MM1 LORETO output ARGENTINA MM2 CAIAZZO MM3 CENTRAL FS The apartment is located on the third floor in a well-maintained old building in common areas, currently...
Alisa Estejt
1 420 000 €
Villa in Milan, Italy
420 sq.m76
This luxurious villa with an outbuilding is for sale in Milan's leafy countryside, in the heart of a residential area a few km from Milan's city centre and Malpensa's airport. Measuring a striking 420 sqm between the main house and the outbuilding, and featuring elegant Art Nouveau features, this property offers privacy and tranquility thanks to...
Lionard Luxury Real Estate
3 560 000 €
Flat in Milan, Italy
350 sq.m1044
Rif.M230
Milan center
Apartment in historical building
Surface of 360 m2
First floor
4 bedrooms
4 bathrooms
Triple hall
3 balconies
The apartment is located in a three-story historical building with an elevator in the city center - close to the Palestro Gardens, the Brera area and the very heart of Milan - Duomo and the Golden...
Il Globo Real Estate Lake Como
Price on request
Apartment in Milan, Italy
300 sq.m33
In the heart of one of Milan's most sought-after districts, a few steps from the leafy gardens of the City Life area, this elegant and bright renovated penthouse is for sale with a stunning planted terrace. This 330-sqm apartment is located on the top two floors of a beautiful historical building equipped with a lift and concierge service. All...
Lionard Luxury Real Estate
550 000 €
Apartment in Milan, Italy
69 sq.m1
We offer you a new residential project in Milan.
The project is still under construction, the completion of construction is the beginning of 2025.
The project is located in the Parco Sempione area. A stone's throw from Arco della Pace.
Alisa Estejt
Price on request
Apartment in Milan, Italy
205 sq.m43
Prestigious apartment for sale in the most exclusive area of the historic center of Milan, between Brera and the Fashion Quadrilateral, which makes the corner with the elegant via Borgonuovo, continuation of Monte Napoleon. The splendid condominium context in which it stands, very particular in its modern style, is the result of the genius of...
Lionard Luxury Real Estate
850 000 €
Apartment in Milan, Italy
110 sq.m432
An apartment after a complete renovation in a chic area of Milan.
20 meters from Gambara metro station.
Area: 110 m2
Number of bedrooms: 3
2 balconies
The windows overlook two sides.
A very beautiful house, and an apartment with stylish high-quality repairs.
The apartment consists of: a living room with a kitchen, three bedrooms,...
Alisa Estejt
2 600 000 €
Apartment in Milan, Italy
160 sq.m32
An exclusive 160-sqm apartment is for sale in the heart of Milan, near Piazza San Babila. Situated on the second floor of an elegant building, this property offers easy access to Milan's iconic landmarks like the Cathedral, Galleria Vittorio Emanuele II, and Teatro alla Scala. Milan is renowned for its fashion, design, history, and culture, with...
Lionard Luxury Real Estate
2 300 000 €
Apartment in Milan, Italy
180 sq.m22
Located in Milan's bustling city center, this newly constructed luxury flat offers a modern design and sustainable living. Spanning 180 sqm with an additional 125 sqm of outdoor space, including a balcony and a terrace, it provides an elegant venue for open-air gatherings with privacy and panoramic city views. Situated between Corso Buenos Aires...
Lionard Luxury Real Estate
Price on request
Apartment in Milan, Italy
316 sq.m45
Situated in Milan's bustling financial hub near Piazza Gae Aulenti, this luxury penthouse spans two floors across 316 sqm, boasting three bedrooms, five bathrooms, and expansive terraces with panoramic views. The building offers communal amenities like a fitness area, a cinema room, and a party room, all accessible from spacious terraces. Within...
Lionard Luxury Real Estate
5 500 000 €
Apartment in Milan, Italy
290 sq.m45
This luxury flat, located in the heart of Milan just a short walk from Piazza del Duomo, offers 290 sqm of beautifully renovated living space and a double panoramic balcony. Situated on the second floor of a building with a lift, it combines comfort with the vibrancy of the Lombard capital. Surrounded by key cultural and historical landmarks...
