For $1,83,000,000, a three-bedroom townhouse in Milan (1.6 MILLION EUROS)
This three-bedroom loft-style property, known for its art nouveau and neoclassical architecture, is located in Porta Venezia, a cosmopolitan neighbourhood close to Milan’s financial and fashion hub.
House Hunting in Italy: See-Through Floors in Milan for $1.8 Million
This 3,552 square foot, three-story property was originally built as an atelier in the rear courtyard of an apartment building in the early 20th century. It boasts enormous glass panels between the beams of its wood plank floors on both its upper and lower levels.
The loft’s floating mood and light are intended, according to Diletta Giorgolo, head of residential for Italy Sotheby’s International Realty, the listing agency. The heated pool and spa in the basement are visible through the glass on the ground floor.
It’s not your typical family home, Ms. Giorgolo added. It’s more suited to an exclusive set of creative people like architects and fashion designers, for example.
There are 14 apartments in the main building, which is the only entrance. The focal point of the ground-floor living area is a floor-to-ceiling, frosted mullioned window.
A calm sitting area with a fireplace is hidden behind the clear ceilings of the second-floor loft on the opposite side of the room. Igor Mitoraj’s sculpture, along with a sofa and a fireplace, are all included in the sale.
The kitchen features wood cabinets, matching cabinetry for the refrigerator, and a countertop made of curved glass imbedded in cement. A powder room and a utility/laundry room are located next to the kitchen.
The walk-in closet and mirror wall behind the bed in the master bedroom suite are made possible by a wood staircase with exposed treads and a glass railing. Through the use of glass-paneled floors, the living room is visible from below. A semicircular balcony with a curved metal railing and horizontal balustrades is visible from the living room.
The remaining two bedrooms, both of which have private bathrooms, can be accessed from the main bedroom. Each of the rooms has a bathroom with a shower. Now serving as a workspace is the third bedroom.
A wooden staircase leads down to the basement’s teak floor and vaulted brick-barrel ceiling. The sauna and rest room are separated from the swimming pool and spa by an open, see-through ceiling.
The neighborhood’s Via San Gregorio is home to attractions like ethnic restaurants, boutiques, and a bohemian vibe. The longest shopping street in Italy, Corso Buenos Aires, is home to more than 350 clothing stores.
Only a few streets separate the neighborhood’s mediaeval city gate, Porta Venezia, from Milan’s Central Station and Giardini Pubblici Indro Montanelli, the city’s biggest public park. The distance from Milan Malpensa Airport is about 45 minutes by car.
An Summary of the Market Environment is Provided Below.
Milan, the capital of the Lombardy region in northern Italy, is one of the most expensive housing markets in the country. The residential environment consists of palazzi, townhouses, villas, and cottages, all with stunning façade and hidden gardens.
Within the city’s mediaeval walls, there are bohemian enclaves. Although the market for new construction has slowed due to the pandemic, the city is evolving.
According to Ms. Girogolo, foreign buyers adore the city’s new constructions since they may find international schools, expat neighbourhoods, and structures with facilities.
The Bosco Verticale, a solar-powered twin-tower high-rise in the Porta Nuova neighbourhood, has lush greenery growing on its rooftops.
The mixed-use CityLife redevelopment neighbourhood nearby includes a twisting 44-story Zaha Hadid-designed tower in addition to a meandering residential complex with seven buildings that range in height from five to thirteen stories.
Arianna Giovanni, the marketing manager at Lionard Luxury Real Estate, claims that “the Milan market has been consistently rising, especially since 2016.” She said that even though “inventory has sensibly dropped” as a result of the pandemic, transactions have continued via video tours of properties and contracts signed by proxy.
She observed that there weren’t enough penthouses with nice patios. According to the article, “people these days are seeking for homes with a yard or two.” As well as independent rural estates and villas outside the municipal limits that are close to the city centre.
According to Ms. Giovanni, prices for the best two-bedroom, two-bath apartments and villas can range from 1.3 million to 8 million euros ($1.49 million to $9.1 million), depending on the location and state of each property.
According to Ms. Girogolo, 6,000 sales took place in Milan during the first quarter of 2021 “as testimony for the comeback of the Italian real estate market.” “It has even been higher than before” in pre-Covid periods.
The typical price of homes sold this year, according to Sotheby’s internal data, was approximately 2.5 million euros ($2.86 million), with the greatest transaction taking place in the Quadrilatero high-fashion district for 11.5 million euros ($13.2 million).
In September 2021, a buyer might anticipate paying up to $9,400 euros per square metre in the city’s most expensive area, according to research from the market and consumer data portal Statista.com.
According to Antonio Zagaroli, managing director of Knight Frank Italia, Milan’s property market expanded by more than 10% between the second quarters of 2019 and 2020.
The Knight Frank Global Residential Cities Index reveals that prices increased by 2.6 percent in the first half of the year, despite the fact that the annual growth rate for 2021 appears to be declining “said he.
According to Mr. Zagaroli, the market is anticipated to grow over the next three to four years as Milan prepares to host the 2026 Winter Olympics.
There are plans to turn a defunct railroad yard into an environmentally friendly mixed-use area for the Olympic Games, with athlete accommodation being transformed into student and affordable housing and the Olympic Village being a self-sustaining neighbourhood after the competition.
Mr. Zagaroli asserts that the introduction of a 100,000 euro ($114,459) yearly flat tax in 2016 has helped draw high net worth individuals from Europe and Asia who list Italy as their permanent residence and bring in more than 250,000 euro ($286,000) per year.
Additionally, foreign retirees are looking forward to the implementation of a tax trap that would ensure a 7 percent income tax rate on money earned outside of the country for ten years. If there is no new Covid variant, Girogolo anticipates “many more” sales the following year, citing the flat tax as the cause.
What Do Milanese Individuals Purchase?
According to Ms. Girogolo, the bulk of 2020 consumers were Italians as a result of Covid-19’s travel limitations. After the travel restrictions were lifted, it was different.
Ms. Giovanni continued, “Clients are coming from the most unexpected places these days. Australia and Taiwan are two such examples.
Alessandro Riboni, CEO of Knight Frank Italia, claims that a large number of Parisians and Londoners are coming to Milan due to the city’s “very good quality of life,” which includes convenient access to the sea, mountains, and lakes.
Making the Essential Purchases
Foreign ownership is accepted in Italy. The buyer shall employ and pay the notary public who shall conduct the closure. A lawyer is not required, in Ms. Giorgolo’s opinion, for buyers who are making individual purchases and are not intending to settle in Italy.
Stamp duties, broker fees, and notary fees could raise the whole cost by an additional 7% to 9%.
A 10 percent to 22 percent value-added tax, in addition to the purchase price, is levied by developers on new buildings and newly renovated properties.
Ms. Giovanni mentioned that finding money can be challenging. Because of the restrictions now in place and the fact that our banks’ primary source of income comes from outside, “she declared.
- currencies and languages used on different websites
- In terms of this currency, one euro is worth $1.15.
- The cost of a ticket includes all taxes and fees.
- The monthly maintenance fee is 300 euros ($341).
According to Ms. Girogolo, depending on the location and type of property, property taxes might be anywhere between 0.4 percent and 0.7 percent of its value.
If the townhouse is purchased as a principal residence, the buyer will be responsible for paying a stamp duty of 6,000 euros ($6,890). The stamp duty or purchase tax for a second home is approximately $36,000, according to Ms. Girogolo.
Diletta Girogolo’s office in Italy is Sotheby’s International Realty, 011-39-333-677-6473; sothebysrealty.com.
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