Real estate investments: why invest in properties in Milan?
Milan has been an international hotspot for a long time, drawing in both fashionistas and financiers. Now the town is also starting to attract looks from foreign investors.
Milan is Italy’s commercial and economic center and a fashion and design center, so it makes sense that the country’s stronghold will bounce back first. Some businesses look to Milan as a new homebase as Brexit is approaching, and the favorable taxation policies in the country have also helped draw back buyers.
Real estate marketplace in Milan
Demand for Milan real estate greatly increased in 2016 and it can be seen particularly in the city center and the most important areas. There are those close to universities between the most diverse areas, such as Navigli e Porta Romana, and high commercial value areas where you can make good investments.
There is always the two-room between more housing requests in Milan, a choice that has proved profitable in our operations and now even the biggest cuts are starting to be quite sought-after by buyers. Positive signals are also provided on the market leases, particularly if you want to invest by buying a house in order to put it into income: rents are rising, especially in their own way to the flats.
Can foreigners buy property?
Technically, there are some limitations on who can and can’t buy property in Italy, but it’s generally seen as a country with no limitations.
That’s because you will need a valid residency permit, outside of EU nationals, if you want to buy in Italy. Unless you are living in a country with reciprocity, of course. For example, any American citizen can purchase property in Italy, since any Italian can purchase property in the US (read more).
You do want to make sure that it is properly registered if you submit money from your home country to make the purchase. This is to ensure that any proceeds arising from a potential resale will then be repatriated.
Is it a safe investment?
In some emerging countries, such as China and Brazil, as well as Australia, Canada, Norway and the UK, the International Money Fund (IMF) is warning about a housing bubble risk. This is due to their overpriced property markets, and their central banks’ low interest rates. This is not the case with Italy, which the IMF considers as a secure country for property investments.