A comprehensive guide for English-speaking foreigners navigating Milan's property market
Understand your budget and affordability in Milan's property market
Maximum Property Price
€468.750
Estimated Monthly Payment
€1877
With your savings of €150.000 and monthly income of €6000, a budget around €468.750 is realistic. That would mean a monthly mortgage of about €1877.
Limiting factor: Your available savings determine the upfront costs (deposit, taxes, fees) which must be 32% of the property price. Banks will typically only mortgage 80% of the property price.
Understand all the costs involved in purchasing an apartment in Milan beyond the property price
| Item | Percentage / Value | Actual Value (€) | Notes |
|---|---|---|---|
| Real estate agent | % | €20.000 | Agent fee in Milano typically 4%. Little negotiation possible - but do try - will not got below €10.000. |
| Notary | % | €7500 | Varies by property value. You can get multiple quotes and negotiate this value, but assume around 1,4 - 1,6% but never below €4.000. |
| Mortgage broker | % | €3500 | Optional but highly recommended for non-Italian speakers. Will collect your documents and talk on your behalf to multiple banks for best rate (or even just finding a bank who will accept a foreigner). Minimum they will charge is €2.000. |
| Purchase tax | 2.00% | €10.000 | On cadastral value, assuming first home (2%). |
| Bank fees | % | €7500 | Fees for handling paperwork and separate property evaluation. |
| Mortgage tax | 0.25% | €1250 | Registration fees, assuming first home (0.25%). |
| Registration & misc | €750 | €750 | Stamps, paperwork. |
| Estimated Total Extra Costs | 10.1% | €50.500 | — |
Property Price
€500.000
Additional Costs
€50.500
Total Investment
€550.500
When buying a €500.000 apartment in Milan, budget an additional €50.500 for costs and fees, bringing your total investment to €550.500. You may also set aside something for moving (translocato), double-rent, appliances and furniture. If your new place needs refurbishment, get in touch to discuss - we can help you estimate the costs.
Our team has helped dozens of international clients successfully purchase and renovate apartments in Milan. Let us guide you through the process.