A global fashion, finance, manufacturing, and publishing capital
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Located in northern Italy, Milan is the second-most populous city in the country after Rome. With a metropolitan population of over 3 million people, Milano boasts a very diverse and multicultural community working in the industrial design, banking, and other sectors of the economy. Also, the region possesses both a rich history and classical architecture that contrasts its modern high-rise towers. The banking and publishing sector call Milano home as well as Ac Milan and Inter Milan, two top international football teams. Also based in Milan is the Borsa Italiana, the only stock exchange in Italy. Combined, these factors make Milan a hot cake when it comes to real estate investments.
Culture, History, and Business
Founded as a Celtic settlement, Milano has been a center of constant conflicts for centuries. Although it was a strong medieval city-state expanding its influence through conquests, it came under the rule of foreign countries from 1525 to 1860. It was not until the 20th century that the city was established as the industrial and financial capital of Italy, having experienced twin economic booms during this time. Then immigrants started pouring into Milan from other parts of the country and the world to make the population diverse.
Milan exhibits eclectic culture since the land was under the rule of several countries for years. The culture borrows elements from Spain, France, Austria, and other countries. It is easy to notice similarities between the culture of these places and the one in Milan when it comes to language, architecture, and cuisine. However, one of the most prominent features of Milanese culture is a deep passion for fashion. The city is abuzz bi-annually during the Milan Fashion Week. Also, Milano is an outstanding national and international center of performing arts, especially opera. Musical conservatory and symphony orchestra distinguishes the city. Moreover, several art galleries, museums, and cultural institutions call Milan home. Milan’s culinary tradition is very unique and includes conventional dishes like cassoeula, risotto alla Milanese, and ossobuco.
However, Milan is not just popular for its rich history and culture. It’s the country’s leading contributor to the economy. With the Borsa Italiana based in the proper city, the GDP of the Milano metropolitan area is the 4th highest in Italy and the 6th best among other economies on the globe. Apart from the textile and garment manufacturing industry, the automobile, industrial, chemical, publishing, and machinery industries contribute greatly to the economy. Milan’s fashion industry is exceptional, with Armani, Gucci, Versace, and other leading designers hailing from the city.
Real Estate Appeal
Milano offers exceptional real investment opportunities. After experiencing an economic decline during the Great Recession, demand for properties is increasing gradually. It is expected that residential construction activity will grow fast in the coming years. Consequently, the market outlook will improve significantly. Currently, loan interest rates for housing have hit a historic low, making property purchasing much easier. In 2018, the rate was 2.09%. It decreased to 2% in 2019. Therefore, an investment in Milano promises huge returns since market prices are soon going to rise.
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