Milan’s Real Estate Market Gets More International
Milan has long been an international hotspot, attracting fashionistas and financiers alike. Now the city is starting to draw interest from international investors as well.
Italy’s real estate market has been floundering since the 2008 financial crisis, but Milan is finally starting to rebound, according to a senior negotiator with Knight Frank who specializes in the Italian market.
“Italy has struggled, but it does feel like Milan is starting to get back on track,” Knight Frank said. “It’s been a bit slower in terms of finding recovery and finding its feet again than some of the other European cities like Berlin or Frankfurt. But certainly, for Milan, it feels like now is a sort of turning point in the market.”
Milan is the business and economic hub of Italy, Knight Frank said, as well as a center for fashion and design, so it makes sense that the stronghold of the country should come back first. Some businesses are looking to Milan as a new homebase as Brexit looms, Knight Frank said, and the country’s favorable taxation policies have also helped bring buyers back.
“More international clients are coming to us who are interested to know more about that market and what opportunities are coming up,” Knight Frank said. Potential investors are often British, American or Australian, as well as expats based in Singapore or Hong Kong, Knight Frank said.