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The Luxury Real Estate Boom in Milan

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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:
Flat for 600 000 euro in Milan, Italy
600 000 €
Flat in Milan, Italy
1
Luxury apartments are located in a unique area of Milan, where modern construction harmoniously combines with the architecture of the XIX century.High-quality natural materials such as wood and natural stone were used in the decoration.The integrated apartment management system allows you to combine all utility systems and minimize...
NF Group
Villa for 2 150 000 euro in Milan, Italy
2 150 000 €
Villa in Milan, Italy
380 sq.m 5 5
This luxury villa for sale, located in Lombardy, near Milan, has a total internal surface of 380 sq m, equally distributed on two levels. A luxuriant and well-kept green space of 3.200 sq m surrounds the property that consists of a main villa and an annex. Built in the 70s, the interiors of the estate are well distributed and cared for in every...
Lionard Luxury Real Estate
Villa for 2 600 000 euro in Milan, Italy
2 600 000 €
Villa in Milan, Italy
750 sq.m 4 5
Elegant and very charming villa for sale on the outskirts of Milan, surrounded by a stunning 3,000-sqm garden with a swimming pool. This recently-built property measures 650 sqm and has four floors. Great care has been given to the choice of materials: the kitchen and floorings in the living area are of exclusive Italian marble, the sleeping...
Lionard Luxury Real Estate
Villa in Milan, Italy (price on request)
Price on request
Villa in Milan, Italy
1284 sq.m 20 17
This wonderful villa surrounded by an 800-sqm private garden with swimming pool is for sale near Milan. This luxury property measures 1,280 sqm, has two floors and a lower-ground floor, and is divided ito four indpendent apartments with the entryway leads us to a spacious hall with a fireplace, followed by a dining room with a kitchen, a...
Lionard Luxury Real Estate
Villa for 1 650 000 euro in Milan, Italy
1 650 000 €
Villa in Milan, Italy
4
Beautiful three-level villa located in Milan. The ground floor consists of a large living room with impressive glass doors and a bedroom with its own bathroom. On the second floor there is a bright kitchen combined with a dining room. On the same floor there is a second bedroom with a bathroom. The guest bedroom with bathroom, dressing room and...
NF Group
Apartment in Milan, Italy (price on request)
Price on request
Apartment in Milan, Italy
280 sq.m 5 4
In one of the most high-end areas of Central Milan, there is this luxurious two-storey penthouse for sale. This prestigious 280-sqm property is at a stone's throw from the city's main sights, on the 7th and 8th floors of a high-end 1960s building, and also includes two fantastic panoramic terraces. Among the great features of this property there...
Lionard Luxury Real Estate
Villa in Milan, Italy (price on request)
Price on request
Villa in Milan, Italy
5000 sq.m 42 40
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
Apartment in Milan, Italy (price on request)
Price on request
Apartment in Milan, Italy
305 sq.m 3 4
This luxury apartment with a stunning panoramic terrace is for sale in Milan, on the 3rd floor of a prestigious 1940s building. Published in major interior design and lifestyle magazines, this exclusive property stands out for its inimitable style. This 305-sqm property boasts a magnificent 90-sqm terrace which can also accommodate a kitchen and...
Lionard Luxury Real Estate
Apartment for 470 000 euro in Milan, Italy
470 000 €
Apartment in Milan, Italy
73 sq.m 2 2
For sale a luxurious 3-room apartment with a balcony a stone's throw from Milan Central Station. Ideal location for renting via Airbnb and or permanent residence. Metro Milani Centrale, MM3 Soundrio. Living room with built-in kitchen (included in the price of sq. m.) 2 bedrooms Balcony 2 bathrooms Main Features: Lighting control using the...
Alisa Estejt
Apartment for 720 000 euro in Milan, Italy
720 000 €
Apartment in Milan, Italy
117 sq.m 4 3 2
NEW BUILDING! The deadline is autumn 2023. Payment in installments. There are only three apartments left! The sale of the entire complex took place in a record two months! MARTESANA NAVIGLIO The construction company began the construction of a residential complex in a six-storey building with 2,3, 4-room apartments with basements and...
Alisa Estejt
House in Milan, Italy (price on request)
Price on request
House in Milan, Italy
1580 sq.m 8 4
Exclusive period villa for sale in Milan's historical Brera district, the trendiest heart of the city and at a stone's throw from the famous Piazza San Marco and the lively Via Solferino. This is also a museum for guided cultural visits, an exclusive venue for big and small private events, united by the charm of its characteristic cultural...
Lionard Luxury Real Estate
Villa in Milan, Italy (price on request)
Price on request
Villa in Milan, Italy
300 sq.m 3 3
In the province of Milan, close to Malpensa's international airport, there is this luxurious modern villa with a park and pool for sale. Renovated in 2011, this villa is in a modern architectural style, featuring elegant interiors and fit with the latest technologies, The villa is surrounded by a 2,600-sqm private garden featuring a well-tended...
Lionard Luxury Real Estate
Apartment for 740 000 euro in Milan, Italy
740 000 €
Apartment in Milan, Italy
130 sq.m 3 2
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
Apartment for 320 000 euro in Milan, Italy
320 000 €
Apartment in Milan, Italy
55 sq.m 1 1
NEW PANORAMIC ONE-BEDROOM APARTMENT District: PARCO TROTTER, adjacent MM1 ROVERETO one of the districts of the city in the reconstruction phase In the immediate vicinity of LORETO Square At the intersection of two metro lines Or rather at Via Marco Aurelio 64 A comfortable living area Many cafes, shops, kindergartens and schools...
Alisa Estejt
Villa for 3 900 000 euro in Milan, Italy
3 900 000 €
Villa in Milan, Italy
1000 sq.m 5 7
On the outskirts of Milan, just a few minutes from its famous fashion district, there is this charming Art Nouveau villa for sale. This richly and finely decorated, four-storey exclusive property measures 1,000 m2 overall. The upper ground floor features a bright and spacious hall, a dining room with a conversation corner located inside a bow...
Lionard Luxury Real Estate
Apartment for 3 000 000 euro in Milan, Italy
3 000 000 €
Apartment in Milan, Italy
550 sq.m 3 3
This luxury penthouse with an exclusive swimming pool is for sale in San Siro, in an elegant complex surrounded by nature. This property is inside an elegant apartment complex and has three floors connected by internal staircases. It is on the 6th floor of the building, which is equipped with a convenient elevator, and measures approximately 500...
Lionard Luxury Real Estate
Villa in Milan, Italy (price on request)
Price on request
Villa in Milan, Italy
1300 sq.m 4 6
This luxurious estate in a sophisticated modern style for sale in the province of Milan is surrounded by nature. This is a unique property in terms of size, 1,300 sqm of internal surface between the main villa and outbuilding, and for its architectural lines in perfect contemporary taste. The most absolute privacy and the pleasant quietness...
Lionard Luxury Real Estate
Apartment in Milan, Italy (price on request)
Price on request
Apartment in Milan, Italy
103 sq.m 2 2
In Milan's city centre, in the elegant Magenta district, there is this prestigious apartment for sale. Just a few steps from the renowned Corso Vercelli, this property is in one of Milan's most affluent residential areas, a place of great cultural and historical charm. The property, located on the 1st floor of a perfectly-maintained elegant...
Lionard Luxury Real Estate
Flat for 830 000 euro in Milan, Italy
830 000 €
Flat in Milan, Italy
85 sq.m 1
The apartment is located on the ground floor with concierge services throughout the day and a double elevator. It consists of a large and bright living room with a TV area, a dining room and a small balcony overlooking the greenery of Viale Maino Street, a separate kitchen with all appliances, a spacious double bedroom with a custom-made...
NF Group
Villa in Milan, Italy (price on request)
Price on request
Villa in Milan, Italy
700 sq.m 5 3
Surrounded by a charming atmosphere, this old deconsecrated church converted into a prestigious house is for sale today. This property for sale is close to the city centre and is surrounded by a wonderful and luxuriant 1200 m2 garden with tall trees that make it private and fresh. The particularity of this three-storey luxury villa is both in...
Lionard Luxury Real Estate

Source: Bloomberg
Photo by Andreeew Hoang on Unsplash

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Tags: Italy, Market Analysis, Investment, Real Estate, Elite real estate

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