Yes, the analysis of Milan's property market is included in our pack
The question of 'the best neighborhood to buy a property in Milan' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At Investropa, when we write a blog post or when we update our our property pack for Italy, we want to bring solutions and cover different aims in a clear and organized way.
Enjoy the read, and please remember that we are not financial or investment experts. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods in Milan into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Milan?
The real estate market in Milan is both vibrant and dynamic, reflecting the city's unique blend of historical charm and modern innovation.
One of the standout strengths of Milan is its status as a fashion and design capital. This distinction isn't just about the brands and the events; it's woven into the fabric of the city, offering an aesthetic and cultural appeal that you won't find elsewhere.
The presence of iconic events like the Milan Fashion Week and the Salone del Mobile (Milan Furniture Fair) adds a seasonal vibrancy that few cities can match.
People are drawn to buy in Milan for several reasons.
The city offers a rich cultural heritage, evident in landmarks like the Duomo di Milano and the Teatro alla Scala, but it's also a hub for business, finance, and education. This makes it attractive to a diverse range of buyers, from professionals and investors to students and academics.
The city's global appeal is a significant factor in why foreigners are particularly interested in buying property here. They're drawn by the blend of historical charm, economic opportunities, and the cosmopolitan lifestyle.
When talking about the dynamism of Milan's real estate market, one key data point stands out: the steady increase in property values over the years, even amidst global economic fluctuations. This trend is a testament to the enduring appeal and resilience of the Milanese market.
A unique and positive aspect specific to properties in Milan is the seamless blend of old and new. Many properties offer a mix of historical architecture with modern amenities, providing a living experience that's both charmingly Italian and comfortably contemporary.
Looking towards the future, there are several reasons why properties in Milan are likely to gain value.
Firstly, Milan continues to be at the forefront of fashion and design, attracting a global audience.
Secondly, ongoing urban development projects, like the redevelopment of the Porta Nuova district, are enhancing the city's infrastructure and liveability.
Additionally, Milan's commitment to sustainability, with initiatives like the Forestami project which aims to plant three million trees by 2030, is making the city more attractive for future generations.
Top neighborhoods in Milan to consider for living
Areas in Milan that are budget-friendly
If you're looking to buy property in Milan on a budget, there are a few neighborhoods you might want to consider.
Here is a summary table. Below, we will give more details.
| Neighborhood | Average Price per sqm | Property Type | Resident Demographics | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Bovisa | €2,500 - €3,000 | Mixed, including older buildings and new developments | Students, young professionals | Potential for growth, proximity to university | Less vibrant, some industrial areas |
| Affori | €2,800 | Residential apartments, family homes | Families, older residents | Suburban feel, good schools and parks | Limited nightlife and cultural attractions |
| Crescenzago | €3,000 | Residential apartments | Families, older couples | Green spaces, improving transport | Still developing its identity |
Bovisa
Bovisa is known for being a more affordable area in Milan.
The properties in Bovisa are typically a mix of older buildings and some new developments, often attracting students and young professionals due to its proximity to the Politecnico di Milano's campus.
The average price per square meter in Bovisa is relatively lower compared to central Milan, hovering around €2,500 - €3,000. The area has potential for growth in property values, especially with ongoing urban redevelopment projects.
However, it's not as well-connected or vibrant as other parts of the city, and some parts still have an industrial feel.
Affori
Located in the northern part of Milan, Affori offers a more suburban feel.
The area predominantly features residential properties, including apartments and some family homes, with average prices around €2,800 per square meter.
It's popular among families and older residents seeking a quieter lifestyle. The future metro line extension could boost property values here.
The downside is the current lack of nightlife and limited cultural attractions, but it's compensated by good parks and schools.
Crescenzago
This neighborhood, situated on the northeastern edge of Milan, is known for its green spaces and more relaxed atmosphere.
It mainly offers residential apartments, with the average price per square meter in Crescenzago being around €3,000. Crescenzago attracts a mix of residents, including families and older couples, thanks to its affordability and decent transport connections.
The area is expected to see a rise in property values due to improvements in transportation and local amenities.
However, it's still developing its identity and lacks the vibrancy of central Milan.
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Areas in Milan that are popular and upscale
When looking to buy property in Milan, three neighborhoods stand out as upscale and popular choices. These neighborhoods each have their unique character and draw different types of residents.
| Neighborhood | Average Price/sqm | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|
| Brera | €10,000+ | Affluent professionals, artists, expatriates | Cultural ambiance, central location | High cost of living, crowded |
| Porta Nuova | €8,000 - €12,000 | Business executives, professionals | Modern amenities, sustainability | Lacks traditional charm |
| Quadrilatero della Moda | €13,000 | Fashionistas, celebrities, elite | Global fashion hub, luxury lifestyle | Exclusive, detached from everyday life |
Brera
Brera is synonymous with luxury and exclusivity in Milan.
Known for its artistic history, this neighborhood is highly expensive due to its central location, stunning architecture, and vibrant cultural scene. Properties in Brera are primarily upscale apartments and lofts, often in historic buildings with modern renovations.
The average price per square meter in Brera easily exceeds €10,000, reflecting the area's desirability. Brera attracts a mix of affluent professionals, artists, and expatriates, drawn to its prestigious art galleries, high-end boutiques, and gourmet dining options.
The strengths of Brera include its unparalleled cultural ambiance and central location. However, the cost of living is steep, and the area can be crowded, especially during tourist seasons.
Porta Nuova
Porta Nuova is one of Milan's most modern and dynamic neighborhoods, characterized by innovative skyscrapers and luxury residential complexes.
This area is expensive, with prices per square meter around €8,000 to €12,000, driven by its cutting-edge architecture and proximity to Milan's financial district. It’s home to a blend of high-profile business executives and professionals who appreciate the contemporary lifestyle it offers.
Porta Nuova is famous for its sustainability and smart city features, making it a symbol of modern luxury living.
The neighborhood's strengths lie in its modern amenities, green spaces, and accessibility. However, it might lack the traditional charm and historical depth found in older Milanese neighborhoods.
Quadrilatero della Moda
The Quadrilatero della Moda, Milan's fashion district, is a highly prestigious area known for its luxury shopping streets like Via Montenapoleone.
Property prices in Quadrilatero della Moda are among the highest in Milan, with averages around €13,000 per square meter. The neighborhood is a hub for fashionistas, celebrities, and the elite, offering high-end boutiques, exclusive restaurants, and chic cafes.
The area’s properties are mostly luxurious apartments and penthouses with elegant designs.
The main strength of this neighborhood is its status as a global fashion capital, offering unparalleled shopping and dining experiences. However, the area can feel exclusive and somewhat detached from the everyday life of the city.
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Areas in Milan that emerge as new hotspots
Let's explore these emerging neighborhoods in Milan that, according to our local partners and our customers, are getting quite a bit of buzz lately.
| Neighborhood | Average Price/sqm | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|
| Isola | €6,000 - €8,000 | Artists, young professionals | Cultural diversity, community feel | Construction, gentrification |
| Navigli | €5,500 - €7,000 | Young, dynamic crowd | Canals, vibrant nightlife | Crowded, areas need redevelopment |
| Città Studi | €4,500 - €6,500 | Students, young professionals | Youthful vibe, growth potential | Distance from center, development |
Isola
Isola, once a working-class district, has recently transformed into one of Milan's trendiest areas.
Its evolution is marked by the influx of artists, young professionals, and creative types, attracted by its blend of old-world charm and contemporary urban development. The neighborhood is still relatively affordable compared to more established areas in Isola, with prices around €6,000 to €8,000 per square meter.
Isola is known for its vibrant street art, indie boutiques, and lively nightlife, making it a hotspot for the young and trendy. The area is expected to continue gaining popularity, especially as it integrates more with the adjacent Porta Nuova district.
Its strengths lie in its cultural diversity and community feel, while its weaknesses include ongoing construction and gentrification pressures.
Navigli
Navigli, famous for its canal system designed by Leonardo da Vinci, is transitioning from a quaint area to a lively urban hotspot.
Initially known for its bohemian atmosphere, Navigli has seen an increase in trendy bars, restaurants, and shops, attracting a younger, dynamic crowd. Property prices in Navigli are more accessible, around €5,500 to €7,000 per square meter, offering a more affordable entry into Milan's property market.
The neighborhood is likely to keep growing in popularity due to its unique charm, vibrant nightlife, and ongoing urban renewal projects.
Its main attractions are the picturesque canals and lively cultural scene, but it can get crowded, and some areas still need redevelopment.
Città Studi
Città Studi, primarily a university district, is emerging as a desirable residential area.
Initially dominated by students and academic institutions, it is now attracting young professionals and families, drawn by its more affordable housing and developing infrastructure. Property prices in Città Studi range from €4,500 to €6,500 per square meter.
The neighborhood is becoming trendy due to its vibrant community, green spaces, and increasing number of cafes and shops. Its future growth seems promising, supported by its educational environment and improved transportation links.
The strengths of Città Studi include its youthful vibe and potential for growth, while the weaknesses might be its distance from the city center and ongoing development phases.
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