This summer, Italy’s making a comeback. After years struggling under a prolonged economic crisis of its own, it finally seems as though its on the path to recovery. And there’s no greater proof of this than its most fashionable city, Milan, hosting Expo 2015. The world trade fair is underway, uniting innovators from the tech, finance and cultural industries across the globe. This year’s theme is “Feeding the Plant, Energy for Life”, exploring what the world has to offer in the areas of food and diet. Around 20m people are expected to visit between now and 31 October – but where are they going to stay?
It’s obviously peak season for hotels and even companies like Uber have been preparing for the influx of international visitors by hiring a swathe of Chinese-speaking drivers. But savvy Brits, along with investors from the United States and Belgium, have been investing in property.
According to Sotheby’s International Realty, prices in Milan fell by 30 per cent last year, but bargain buys while the market was down have paid off now Expo visitors are looking for places to stay. Currently, landlords are seeing yields of 50 per cent or more for renting out their properties and, with the Expo being hailed as the city’s renaissance, the good times may continue.
With this in mind, an apartment in Milan doesn’t seem like a bad bet right now. Diego Meani, Sales Manager at Milan Sotheby’s International Realty, says “We are expecting high levels of interest from foreign buyers from Switzerland, Belgium, America and the UK in particular. These buyers are attracted to the much-loved Italian lifestyle along with the bargain property prices still available from the recession. Currently, prices are roughly €10,000-15,000 per sqm for apartments in the centre of Milan and are 20-30 per cent less in surrounding areas such as Rho.” One gem in particular is Via Cadolini Milano, a three bedroom apartment that’s on sale in the centre of town. This former industrial building has over 3,000sqft of space, including a 1,400sqft outside terrace to enjoy the long Italian summers. Belissimo.
Contact Sotheby’s International Realty by visiting milan-sothebysrealty.com, or call +39.02.87.07.83.00