Milan Property Available on a Budget

Milan property can be found even for those on a budget, despite being Italy’s wealthiest city in the wealthiest region.

Despite being second in size to Rome, Milan is wealthier, and indeed has the third-largest economy among European cities and the wealthiest among European non-capital cities.

However, the city was hit hard by the global financial crisis in 2009, and Milan property prices remain 5 to 40 per cent below pre-recession peaks.

Sales volumes are now starting to rise however, with growth of 20 per cent predicted for this year.

There are some interesting new opportunities for overseas property investors long for Milan property. Prices start from £255,000 for a small apartment close to the Central Station, with average prices of £851,000 for a good, central two or three-bedroom home.

Apartments in the Monté 16 development, a refurbished building in the new Porta Nuova business district, due north of the Duomo are available from £510,000.

About 100 new developments are underway across Milan to deliver 4,200 new homes. Large-scale mixed-use projects include CityLife and Porta Nuova, a new business district less than a mile from the historic centre.

Opposite the new Microsoft HQ, Monté 16 has 22 apartments in an elegant refurbished building. The airy two- to four-bedroom homes of 753 to 2,583 square feet have balconies, terraces and concierge services. Prices start from £510,700, to include Molteni furnishings, with underground parking an additional £12,700.

Via Giotto 5, to the west of the centre, is a seven-storey building undergoing refurbishment to create 21 one- to four-bedroom apartments, priced from £255,000. The quiet residential area is close to shops, a Metro station and a large park.

Antonio Zagaroli from Knight Frank Milan said: ‘I love the spirit of Milan. It’s small, with a population of 1.3 million and public transport is good. Over the past two years, people’s perception of Milan has changed. It’s an efficient business city, but it also has great shopping, fashionable restaurants and bars and plenty of culture.’