Luxury houses? In Milan, the market is “saturated”, the opportunities to be seized, from Rome to Florence and Venice
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Luxury homes: the comparison between cities
Italy is one of the most sought after destinations by the super rich for the purchase of holiday homes and exclusive residences. Among the cities, Milan is confirmed as the most expensive, for an apartment or a penthouse the price exceeds 17,000 euros per square metre, but offers are scarce. «The luxury property market in the Lombard capital seems to have reached its end. Finding properties for sale at the level our clients are looking for is next to impossible. For this reason, unless you need to live in Milan for work, those interested in investing should focus on other nearby cities such as Turin, Bergamo or Piacenza. Verona is also a beautiful city», explains Bill Thomson, head of Knight Frank Italia, a luxury real estate agency. In Rome the prices are around 15,000 euros per square metre, in Florence and Venice they are over 10,000 euros per square metre. «In Rome it is not always easy to find properties in line with the expectations of foreign investors, but there is certainly more availability than in Milan. Even in Florence and Venice it is still possible to find interesting opportunities for those looking for luxury properties. In the Serenissima you can find beautiful properties in areas less frequented by mass tourism: for example on the Giudecca», continues Thompson. In these last two cities, property prices underwent an important revaluation in 2022: +6% in Florence and +4% in Venice. While in Milan the growth was only 2.5% against +5% in Rome.
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– Luxury homes, Milan and Portofino, queens of prestigious properties: the race of foreigners in Italy
Jun 25, 2023
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