luxury homes? In Milan, the market is “saturated”. Opportunities to be seized from Rome to Florence and Venice

Luxury Homes: Comparing Cities

Italy is one of the most sought after destinations by the super-rich to buy holiday homes and exclusive residences. Among the cities, Milan is confirmed as the most expensive, for an apartment or penthouse the price exceeds 17,000 euros per square metre, but offers are scarce. “It seems that the luxury real estate market in the Lombard capital has come to an 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 Thompson, president of Knight Frank Italia, a luxury real estate agency. Prices in Rome are around €15,000 per square metre, and in Florence and Venice over €10,000 per square metre. “It is not always easy to find properties in line with foreign investors’ expectations in Rome, 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 real estate. In Serenissima you can find beautiful properties in areas less visited by mass tourism: for example in Giudecca », Thompson continues. In these last two cities, real estate prices have undergone an important revaluation in 2022: +6% in Florence and +4% in Venice. While the growth in Milan was only 2.5% versus +5% in Rome.

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June 25, 2023

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