Milan – Italian property mortgage
As the second largest city in Italy, Milan has many claims to fame – it is one of the world capitals of design and fashion, houses planet Earth’s oldest shopping mall and is home to the third largest cathedral in the world, to name but a few.
When looking for property for an Italian mortgage in Milan, expect to pay premium rates.
Milan is located in the plains of Lombardy; it is the capital of the Province of Milan and regional capital of Lombardy. Milan itself is one of the major financial and business centres of the world – its metropolitan area has the fourth highest GDP in Europe.
Of course, the city is most renowned for its design and fashion, being a mecca for fashionistas and designers alike. The via Montenapoleone and the Galleria Vittorio Emanuele are two of its most famous shopping areas with the Vittorio Emanuele housed in the Piazza Duomo, a place that’s reputed to be the world’s oldest shopping mall.
However, it’s not all about shops and fashion. Milan also has the biggest and greatest example of Gothic architecture in the whole of Italy – the Milan Cathedral. As the world’s third largest cathedral, this impressive structure is home to the world’s largest collection of marble statues, including the golden Madonna statue on top of the spire – one of the symbols of Milan.
As far as looking for Italian property mortgages within the city, high house costs are the norm in comparison to most other areas of Italy. It is said prices are high due to a sparse supply of good quality housing with furnishings. With a greater number of cheap flights coming into Milan, the market for Italian mortgages in the city is certain to be on the rise, as this is a common trend that’s reflected in other parts of Europe.
As with other areas in Italy, care must be taken by those looking at mortgages for run down, rural-type properties because these are governed by strict regulations that stipulate any renovation work must be carried out to restore the property to the state it was in before it fell into disrepair.
For mortgages in Italy, whether for a second home or as an investment for holiday lets, the mortgage overseas experts here at Conti can assist you in your Italian mortgage acquisition. Telephone +44 (0)1273 772811 to speak to one of our team.
0800 970 0985