Informative property guides for anyone looking to buy property in Milan. Plus, find a home to buy in Italy.

Milan is one of the largest cities in Italy and is located in the plains of Lombardy in the north of Italy.

The city's municipality has a population of around of 1.3 million, but the suburban area increases this to 3,884,481.

For much of its history, and indeed in the present day, the city has been world famous as a centre for fashion. Indeed, the English word milliner is derived from the name of the city. Now, the Lombard conurbation is home to many of the world's top designers and its annual fashion week draws journalists and celebrities from across the globe.

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In particular, the streets near via Montenapoleone and the Galleria Vittorio Emanuele in the Piazza Duomo are packed with designer boutiques.

The Galleria Vittorio Emanuele, which links the Duomo's piazza with the Teatro alla Scala, is believed to be one of the oldest shopping arcades.

Other monuments in the city include the Duomo, the second largest church in Italy and the world's third. This features world's largest collection of marble statues and a famed golden Madonna statue.

In the Biblioteca Ambrosiana a number of drawings and notebooks by Leonardo da Vinci are available for viewing. The city is also known for the Brera Academy of Fine Arts.

Figures from the Global Property Guide indicate that house prices in Italy on the whole are showing signs of slowing down. House price inflation in 2006 was just 6.3 per cent, down from over ten per cent during the previous year. However, the data still indicated that house prices jumped by 90 per cent (57 per cent in real terms) from 1998 to 2006.

Pros to Buying Property In Milan

A report from real estate agents Immobiliare Tirelli & Partners showed that house prices in Milan were still high when compared to the rest of the country.

According to website wantedineurope.com, the company's report showed that a 180-square-metre apartment with a terrace, swimming poll and billiard room could cost upwards of 24,000 euros per square metre.

More realistically, a property in the desirable Quadrilatero area currently fetches around 16,000 euros per square metre. Apartments in the Brera area cost 8,000 euros per square metre and those in the historic city centre are in the region of 9,000 euros per square metre.

The site noted: "Prices are high because of the lack of good quality housing, with excellent furnishings, in prime locations, according to the estate agency."

Recently, real estate agent Marco Tirelli told the International Herald Tribune that Italy could be set for another property boom.

He explained that more cheap flights from the UK to cities like Milan would open the market up for Brits looking for second and holiday homes. The report added that better train links within Italy would cause house prices to rise further in the city.

"When the high-speed trains arrive in a touristic place, you can be sure there will be a spike in real estate prices, like what happened with Ryanair," Mr Tirelli explained.

"Ryanair means I have many more options for vacation from Milan; the train can have the same effect."

Cons to Buying Property in Milan

However, Channel 4 has warned people thinking of buying cheap but derelict rural properties in the regions that planning laws make it very hard to modernise homes and generate impressive returns.

The Milan property guide explained: "Planning laws basically dictate that a ravina [the Italian term for a run-down rural property] or other ruined rural building has to be restored to the state that it was in before it fell into disrepair.

"If modernisation and contemporary design is on your mind, you'd better not invest here. Even adding new windows, building a small and discreet extension or an out-of-sight swimming pool are off the cards apart from in the most exceptional of circumstances."

What you Need to Know Before Buying Property in Italy

What's more, buying a property in Italy is quite complex as the process is regulated. Someone who has found a home and secured a mortgage deal needs to make an offer through the selling agent.

Anyone with financial dealings within the country needs a Codice Fiscale - or tax code. This is obtained from the local tax office.

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