Milan is the business capital of Italy, the most investment-attractive city in the country. Demand for real estate in Milan is constantly growing both among 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.
The main reasons for buying property in Milan
- Milan is attractive for living - today it is the fastest growing city in Italy. The infrastructure is constantly improving, new residential and business complexes appear, the metro expands and is being completed.
- Milan is attractive for investments - it is a large financial center and the capital of world fashion. Demand for rental real estate in Milan is constantly growing. In addition, there are excellent opportunities for business development.
- Milan is attractive for study. There are a lot of prestigious universities. An Italian education in architecture or high fashion is the best in the world. A diploma from one of Milan's 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 traveling. Milan's excellent location in relation to all centers of European tourism - in close proximity 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 railway network make it possible to quickly and comfortably travel inside Italy and other European countries.
- Milan is a convenient transportation hub. Residents of the European part of Russia can easily travel to and from Milan. Malpensa International Airport is the second largest airport in the country. From Moscow and St. Petersburg you can fly to Milan with Aeroflot flights or the national carrier Alitalia. From Kiev you can go on a UIA flight. A huge number of budget low-cost airlines from around the world fly to another nearby Bergamo airport.
- The value of real estate in Milan and Italy as a whole shows constant growth. Therefore, today, compared with 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 both in the short and medium term.
What gives a purchase of real estate to a Russian citizen
The presence of property in Italy simplifies entry. Many residents of non-EU countries purchase real estate in Milan to make it easier for them to enter the Schengen zone. This gives the right 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. An average three-room apartment in a landscaped area of Milan costs about 400 thousand euros (31 million rubles). In the center of Milan, for example, near the Duomo, the price is already about 8,000 euros (615 thousand rubles) per square meter and above. It is worth noting that, according to reviews, real estate in Milan is estimated by square meters, but the price may vary depending on the size of the apartment - the larger the area, the often cheaper is 1 square meter. m
Buying housing directly from the developer usually costs more than in the secondary market. This is due to the fact that Italians themselves prefer to invest free money in the purchase of real estate in their city, and by the time the house is built, most of the apartments can already be sold out.
The cost of apartments in the city center and in other parts
As already mentioned, in many respects the cost 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 of housing will cost at least 1 million euros (77 million rubles). Typically, such an elite real estate in Milan is bought as commercial for subsequent rental to tourists.
More affordable may be the prices of apartments in the southern, northern or eastern areas. The cheapest option is to buy a home on the periphery of the city or in the suburbs.
Property Value for Business
Those who are thinking about buying commercial real estate 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 overall remained at a fairly high level. So, ready-made retail real estate objects in Milan are 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 areas of Navigli and Darsena. There are also many catering outlets, and prices are much lower - from 4 thousand euros (307 thousand rubles) per square meter. m
What to look for when choosing a property
Of course, in the first place it is worth paying attention to the infrastructure of the area. Then you need to find out if the government or the city authorities of Milan are planning to build nearby any large-scale plant or transport interchange.
As elsewhere in Europe, the most expensive to maintain an apartment in Milan will be heating fees. Therefore, the condition of pipes, windows, doors and roofs should be paid close attention.
When buying real estate in the secondary market, especially in old houses, you need to carefully look at the corners and joints. Italian homes are often very damp. If you overlook this moment, then you will have to spend money on repairs.
The process of acquiring real estate 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 at the Italian Embassy - codice fiscale. It is also important to understand that all payments will be carried out by bank transfer. It will be useful to contact a special agency or a translator, since all operations will be carried out in Italian.
After the buyer has finally decided on the choice of the acquired property, a written proposal for the purchase is made (proposta irrevocable d'acquisto) - typical forms can be found at the real estate agency or on the Internet. The meaning of this letter is that the buyer agrees to purchase housing or commercial property on conditions previously agreed with the seller. The seller also announces his decision in writing.
The parties then draw up a letter of intent (compromesso / preliminare di vendita). This is 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. If the transaction is disrupted by the fault of the buyer, prepayment will be compensation for the seller. If, on the contrary, the seller changes his mind about selling real estate, the buyer may demand a double refund of the security deposit. The final stage of the transaction is the signing of a notarial deed by a notary. There, after the final payment of all taxes, final calculations are made, and the property becomes the property of the buyer.