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Investments in luxury properties: Milan is seventh and ahead of Dubai

28 December, Corriere della Sera

Among the cities beloved by Italian millionaires, Milan is at seventh place, according to the portal LuxuryEstate.com analysing the sales in 2017 for the luxury houses segment. The first place goes to Miami, with most of the luxury properties bought by millionaires. It’s followed by New York, London, Los Angeles, Lisbon and Barcelona. Milan is seventh with penthouses valued on average 1.3 million, even though the actual expense is “only” 900 thousand euro, the cheapest in absolute and only a third of the most expensive property in Los Angeles (2.5 million euro on average). The chart is closed by Dubai, Ibiza and Rio de Janeiro.

According to the experts, also international buyers are aiming at the luxury houses in Milan. The reason is in the still convenient prices, with a good growth potential in the long term. “In Milan, we expect more exclusive properties in the new real estate projects and in all the neighbourhoods – explains Enzo Albanese from Sigest – Arab buyers are looking at Porta Nuova, while British are looking for big houses with garden, French prefer the San Siro area”. In the new residential complex in Via Lamarmora, reservations are already at 50% and there is the project for six exclusive detached houses surrounded by green, already requested by Italians working in finance moving back from London. In the Litta residential complex, close to Corso Magenta, an apartment has been recently sold for 5.3 million to a Russian investor and another one for 4 million to a French buyer. At the same price, a luxury penthouse was sold in Via Carducci.

Source: Corriere della Sera

Translator: Cristina Ambrosi

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