Buying property à Milan with a dedicated expert

Milan's property market is highly segmented by neighbourhood, with purchase prices per square metre varying by a factor of more than three between the historic centre and the outer periphery. The following overview is based on data from Immobiliare.it and mqservizi.net (first half of 2025).

• Centro Storico (Duomo, Brera, Montenapoleone): Milan's most prestigious addresses. Prices range from €9,000 to €11,000/sqm for renovated properties, with exceptional units exceeding this range. The buyer profile is predominantly high-net-worth individuals, international buyers, and investors seeking trophy assets. Supply is very limited.
• Porta Venezia, Palestro, CityLife: Elegant residential areas with period buildings and modern developments. Prices range from €7,000 to €9,000/sqm. These neighbourhoods attract affluent professionals, families, and international buyers seeking a balance of prestige and liveability.
• Porta Nuova: Milan's modern business and residential hub, home to landmark architecture including the Bosco Verticale. Prices are broadly in line with Porta Venezia/CityLife at around €7,000 to €9,000/sqm, attracting corporate buyers and design-conscious international purchasers.
• Navigli, Bocconi, Porta Romana: Vibrant, culturally rich areas popular with young professionals and investors. Prices range from €6,000 to €7,000/sqm. Porta Romana is also a regeneration zone (Scalo Porta Romana), which may support above-average price growth.
• Isola, Lambrate, Città Studi, Ortica: Up-and-coming or established mid-range neighbourhoods with good transport links. Prices range from €4,800 to €6,000/sqm. These areas attract first-time buyers, investors, and buyers seeking value relative to more central locations.
• Quarto Oggiaro, Bovisa, Bruzzano: More affordable outer areas undergoing gradual transformation. Prices range from €2,600 to €3,200/sqm, offering entry-level opportunities for buyers with tighter budgets or a longer investment horizon.

All price ranges are indicative asking prices sourced from Immobiliare.it (H1 2025) and should be verified against current listings and recent transaction data from Agenzia delle Entrate OMI.

1. Obtain a Codice Fiscale: Before making any offer, the buyer must obtain an Italian tax identification number. This can be done at the Italian Consulate abroad or at the Agenzia delle Entrate in Milan.
2. Property search and viewings: Buyers typically work with one or more licensed real estate agents (agenti immobiliari) in Milan. Online portals such as Immobiliare.it and Idealista are widely used to identify listings.
3. Submit a purchase offer (proposta irrevocabile d'acquisto): Once a property is selected, the buyer submits a written, binding offer to the seller, usually accompanied by a small deposit (typically 1%–2% of the purchase price). If the seller accepts, the property is taken off the market.
4. Sign the preliminary contract (compromesso or contratto preliminare di compravendita): This legally binding agreement sets out all terms of the sale — price, completion date, conditions. The buyer pays a deposit, typically around 10% of the purchase price. If the buyer withdraws without cause, the deposit is forfeited; if the seller withdraws, they must return double the deposit.
5. Legal and technical due diligence: Between the compromesso and the final deed, the buyer's lawyer and/or technical expert verifies title, cadastral compliance, urban planning conformity, and the absence of encumbrances. The notary also conducts independent checks.
6. Mortgage application (if applicable): If financing is required, the buyer submits a formal mortgage application to an Italian bank. The bank will commission a property valuation.
7. Sign the final deed of sale (rogito notarile): The transfer of ownership is completed before a notary (notaio), who reads the deed aloud, collects all taxes and fees, and registers the transaction with the Land Registry (Conservatoria dei Registri Immobiliari). The buyer pays the remaining balance and receives the keys.
8. Post-completion formalities: The notary registers the deed and the buyer's ownership is officially recorded. The buyer should also update utility contracts and, if applicable, notify the building administrator of the change of ownership.

The full process from accepted offer to final deed typically takes 6 to 12 weeks, though it can be longer if mortgage financing or complex due diligence is involved (source: Your Overseas Home, 2024).

Non-resident foreign buyers can obtain mortgage financing from Italian banks to purchase property in Milan, though the conditions are more restrictive than those offered to Italian residents.

• Loan-to-Value (LTV) ratio: Italian banks typically lend up to 50%–60% of the property's appraised value for non-residents with foreign income. Residents with Italian income may access up to 80% LTV. Buyers should therefore plan for a down payment of at least 40%–50% of the purchase price (source: Wise / Impatria, 2024).
• Eligible buyers: EU citizens face no specific restrictions. Non-EU citizens (including Americans and British nationals) can generally obtain mortgages in Italy, provided Italy has a reciprocity agreement with their country of origin — a condition that is rarely a practical barrier for buyers from major Western countries (source: Traverse International Finance, 2024).
• Currency: Italian mortgages are denominated in euros. Buyers with income in a foreign currency should be aware that some banks may apply a haircut to foreign income when calculating borrowing capacity, to account for exchange rate risk.
• Required documents for a mortgage application:
  • Valid passport and Codice Fiscale
  • Proof of income (last 2–3 years of tax returns or payslips)
  • Bank statements (typically 3–6 months)
  • Preliminary purchase contract (compromesso)
  • Property details for the bank's valuation
• Mortgage types available: Fixed-rate and variable-rate mortgages are both available. Fixed rates have been preferred by buyers in recent years given the interest rate environment. Mortgage terms typically range from 10 to 30 years.
• Bank valuation: The bank will commission an independent appraisal of the property. The mortgage amount is based on the lower of the purchase price and the appraised value.
• Alternative financing: Some international buyers choose to finance their Milan purchase through equity release or financing secured against assets in their home country, bringing the funds to Italy as a cash purchase. This can simplify and accelerate the transaction.

It is advisable to obtain a mortgage pre-approval or indicative offer from a bank before signing the compromesso, as the preliminary contract creates binding financial obligations.

When purchasing property in Milan, buyers typically engage several professionals whose fees form part of the total acquisition cost. Understanding what each professional provides — and what they charge — is essential for accurate budgeting.

• Real estate agent (agente immobiliare): In Italy, the agent represents both buyer and seller and is entitled to a commission from each party upon conclusion of the sale. The buyer's commission typically ranges from 2% to 3% of the purchase price, plus 22% VAT (source: Fine Tuscany / Agenzia delle Entrate, 2024). The agent's service includes property search, viewings, negotiation support, and coordination between parties up to the compromesso. The commission is generally due once both parties have signed a binding agreement.
• Notary (notaio): The notary is a mandatory public official in every Italian property transaction. Notary fees typically range from 1% to 2.5% of the declared purchase price, depending on the value and complexity of the transaction (source: De Tullio Law Firm, 2025). The notary's role includes: verifying the identity of the parties, conducting title and mortgage searches, drafting the preliminary and final deeds, collecting taxes on behalf of the state, and registering the transfer of ownership with the Land Registry. The buyer chooses and pays the notary.
• Independent lawyer (avvocato): While not legally required, engaging an independent real estate lawyer is strongly recommended for foreign buyers. The lawyer reviews the preliminary contract, conducts additional due diligence, advises on legal risks, and can act under a power of attorney if the buyer cannot be present in Italy. Legal fees vary by firm and scope of work; a fixed fee or hourly rate should be agreed in advance.
• Technical expert (geometra or architect): An independent surveyor or architect can verify that the property's physical state matches the cadastral records and that all building works have the required permits. This service is particularly important in Milan, where many properties have undergone renovations over time (source: ILF Law Firm, 2024).
• Mortgage broker or financial adviser: If financing is required, a broker can help identify the most suitable lenders and products for non-resident buyers. Fees vary; some brokers are remunerated by the lending bank.