Milan’s luxury real estate booms as bankers leave London for Italy

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Milan’s luxury real estate booms as bankers leave London for Italy
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Thousands of foreigners and nationals are moving to the northern Italian city, lured by generous tax breaks and the Mediterranean.

The market for luxury flats in Milan is booming as bankers, fund managers and private equity investors are flocking to Italy’s financial capital.

“Since Lehman, European real estate market went for a run, while Italy just walked. But it did it steadily,” said Mario Breglia of real estate research firm Scenari Immobiliari.

CityLife, a mixed-use luxury district on the northeast outskirts of the city featuring swanky buildings by starchitects Daniel Libeskind, Zaha Hadid and Arata Isozaki, is a striking showpiece of the new Milan.

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