Milan: more than fashion, fine food, industry and finances | Milan Sotheby’s International Realty
31/10/2015
Since the end of the 13th century, Milan was considered the jewel of the Lombard plain, as reported in a valuable source of the Middle Ages: “ In relation to its location, our flourishing city is famous because it rises on a beautiful, rich and fertile plain, where the climate is temperate and provides whatever is necessary to human life, equidistant between two wonderful rivers, the Ticino and the Adda: for this reason, it took the name of Mediolanum which means halfway between the two rivers.”
Milan is indeed the second largest city, a real European global city, that well represented Italy throughout its history, becoming the city of opportunities in the Post- World War Era, the Italian business and financial capital, the reign of Fashion and of Italian design.
Not only is Milan a fashion capital, famous worldwide for its luxury shopping districts, excellent cuisine and the “Teatro alla Scala” opera house, it is also Italy’s most dynamic business city. Many view the real estate investment industry as one of the key drivers leading Italy’s future, and as Milan prepares to host the 2015 Universal Exposition (World’s Fair), the city has been changing its skin. Dozens of new construction developments have been popping up across the city, forming new Palazzos that are transforming Milan’s skyline.
Porta Nuova is one of the most remarkable developments in Milan, if not in the whole country. Approved in 2004, this project comprises an area of approx. 3,660,000 sq.ft. and includes several high-rise buildings, cultural centres, a large city park and a new metro line stop, in addition to underground parking.
Living in one of Porta Nuova’s new residences is like embracing a new lifestyle where the sobriety of a private villa inspired by Milanese signature architecture meets the modern and international features of a high-rise building. In order to satisfy the growing demand of a clientele looking for turnkey homes, the interiors can be furnished with some pieces of the Meissen home collection (http://www.meissen.com), one of Europe’s most tradition-rich houses of fine art and hand-crafted luxury.
“Our clients are always more demanding in regard to the condition of the apartments and their amenities,” says Luca D’ Angelo, head of sales at Milan Sotheby’s International Realty. “We see a lower turnover on the market for those apartments requiring big renovation and not immediately available for move-in. House prices decrease by 15% on average compared to those of 2010 and this reduction is even more significant for the second market compared to new developments.”
In the exclusive central streets defined by elegance and history, the prices of the apartments boasting views of green courtyards, and with privacy and comfort, have been stable on an average of € 13,000 per square meter. Within the Fashion District, besides the very top luxury homes, there are excellent investment opportunities in one or two-bedrooms-apartments with 6% yield for short term rentals, which are now often in demand thanks to the EXPO Milano 2015.
“For a clientele looking for good deals, I recommend semi-central areas such as Fiera, Sempione and Repubblica,” says Laura Torrielli, senior sales manager at Milan Sotheby’s International Realty. “In these districts, upscale apartments in iconic palazzos such as those designed by the famous architect Giò Ponti are selling at prices 20% less compared to those a few years ago.”
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