Why is the demand for real estate growing in Rome and Milan?

Interest inRome andMilan

The increased interest in Italian cities likeRome andMilan undoubtedly has its reasons. Rome, being the capital of Italy, serves as an important political center, whileMilan plays a key role in the country's economy and fashion industry.

Many working citizens often travel between these two major cities, which has become possible thanks to a well-developed transportation system, including high-speed railways. These modern trains can take passengers from one metropolis to another in just three hours, making it very convenient for regular trips.

Real estate taxes

Real estate in Italy also attracts attention due to its justifiably low tax rates in this sector compared to other European countries. The process of purchasing property here is not dependent on its location, which means that tax rates will be the same regardless of which city the property is located in.

This is particularly important for those who intend to live in the newly acquired apartments or houses. In this case, in addition to paying the waste tax, which averages around300 euros per yearNo additional taxes arise. The only expenses for the new owner are utility payments, which are calculated strictly according to the meters.

Residence permit and immigration

In order for legal residence in Italy to be possible, it is necessary to obtain a residence permit. At the same time, purchasing real estate worth at least1 million eurosallows foreigners to obtain a so-called "golden visa," which provides the opportunity to reside for two years with the possibility of extending it for another three years.

After this period, owners will be able to apply for permanent residency in Italy. As of today, the country's immigration policy is considered one of the most liberal in the European context. Under certain conditions, it is relatively easy to obtain an Italian passport and become a citizen of the European Union, for example, through family reunification.

Architectural heritage ofRome

The architectural heritage ofRome makes it a truly unique city. There are about174,120 buildingsmost of which pertains to the secondary housing market.

About70%Residents ofRome own their own apartments or houses, and only20%They prefer to rent. Most of the real estate in this city was built in the mid-20th century, especially between 1941 and 1950.

Prices for residential real estate inRome

As for the prices of residential real estate inRome, there has been a slight decline in recent years. In November 2018, the average cost per square meter was3105 eurosthat on1.86%less compared to 2017, when the price reached 3164 euros per square meter.

However, over the past two years, the price of housing inRome itself, excluding the suburbs, reached its peak in January 2017, amounting to3257 eurosper square meter. As of today, the most popular among buyers in the Italian capital are:

• Apartments
• Studios
• Lofts

This confirms the interest in residential real estate inRome.

Housing prices inRome

The average cost of a square meter of housing inRome is approximately 3600 euros. However, houses and villas can be purchased at a more favorable price of around 2500 euros per square meter. Expensive and high-quality apartments with stunning panoramic views cost about 3400 euros per square meter. In middle-class neighborhoods, prices start at 1200 euros per square meter. If you manage to find property at a reasonable price, you can expect a significant rental income, which can exceed 6% per year.

Price and rental dynamics

In November of last year, the highest real estate price was registered in Centro Storico — 8063 euros per square meter. This is not surprising, as this area is home to the most elite properties, with an average rental cost of 24.20 euros per square meter. The least sought-after areas turned out to be Lunghezza and Castelverde, where the housing price is only 1604 euros per square meter.

Conclusion

In conclusion, it becomes clear that the growing interest in purchasing real estate inRome andMilan is justified by a number of factors. These cities represent an ideal combination of socio-economic opportunities and cultural wealth, attracting both locals and foreigners.

Rome, as the capital of Italy, is the center of political life, whileMilan stands out with its powerful business and fashion atmosphere. The rapid transportation connection between these two metropolises makes them even more attractive for people who lead an active lifestyle and need to travel frequently. The developed infrastructure, including modern high-speed trains, allows for quick movement between the cities, which significantly simplifies life on a regular basis.

Tax policy and investment opportunities

Moreover,low tax policyThe real estate market in Italy, especially when it comes to purchasing property for residence, makes this market even more desirable for investors. The possibility of obtaining a residence permit through significant investments in real estate truly opens doors for many who aspire to the Italian lifestyle. Owners can enjoy the benefits associated with minimal tax rates and virtually no additional expenses.

The real estate market inRome andMilan

The real estate market inRome, despite some fluctuations, continues to attract attention, especially for apartments and studios, which are in the highest demand. Housing prices vary, and purchasing property in favorable areas can yield significant profits in the future.

• Real estate prices inRome vary depending on the neighborhood.
• Milan attracts foreigners with its high business activity.
• Investing in apartments in popular areas can yield good returns.

Thus, as the author of this article, I see that buying real estate in these two cities not only meets current needs but also opens new horizons for investment and personal life. These are two unique cities, each offering its own advantages and opportunities.

This trend shows no signs of slowing down, and it seems that this phenomenon will only grow, attracting more and more people from different corners of the world who are eager to make these places their homes or profitable investments. Italy, with its alluring real estate, continues to be on the radar of everyone looking for better prospects for living or doing business.