Where we operate
Real estate prices are rising in Milan, with accelerating sales and increasing transaction volumes, also as a result of the inflow of foreign capital
From a real estate perspective, Milan is in Europe, the other Italian cities are in Italy, with five years of uninterrupted growth in average residential prices: in 2019, +4,5% compared to +0.2% on a national basis.
Milan has been transforming since 2016, when the Expo sparked a major facelift through the regeneration of depressed areas, the creation of new parks and the development of a new skyline.
22% of the offer is represented by new construction sites or by completely renovated buildings, the best of which ones sell out several months prior to completion.
Milan’s evolution has continued over the past few years – and quite possibly accelerated. An improved transport system and an expansion of pedestrian areas have helped the city align to European environmental regulations.
This commitment, led by both private investors and public authorities, has enhanced the city’s tourist attraction profile as well as its profile as an international business city, attracting further international real estate investors.
The combination of Brexit and a tax relief programme for foreign Italian residents has already moved significant investments from London to Milan.
Following the successful 2026 Olympic Games bid, this trend will consolidate and accelerate.
As regards the composition of real estate returns, for the first time the demand for lettings has overtaken the demand for sales: conversely, the supply still isn’t ready to satisfy the strong interest towards rentals and short-term leases. This growth in rental demand is not driven only by lower income but increasingly by a higher mobility in the younger segments and foreign demand for high-quality real estate. A further increase in rent prices is highly likely.
These reasons bring us to operate almost exclusively in Milan, albeit without ruling out an extension of our focus to other locations that are included in our clients’ real estate portfolios.