Via Montenapoleone | The Most Expensive in the Realm

The Q3 | 2024 Italian Property Market registers a slight increase in transactions, with the hope that a more favourable credit access in the next future will further boost activity. Despite economic challenges shaped, also by international factors, the cost of rents in Milan has reached, at times, almost astonishing levels.

Investors remain drawn to the city’s dynamic market, viewing it as a resilient and lucrative option amidst global uncertainties. Milan also benefits from Italy’s non-dom tax regime, which offers significant fiscal advantages for high-net-worth individuals relocating to the country, further enhancing its appeal as a top destination for international investors.

“Milan l’è un gran Milan”

The above title, quintessentially “Milanese”, cannot be fully translated. It reflects a sentiment best understood over a small cup of coffee with a true Milanese—someone who can elegantly and warmly describe what it means to be called that, under the gaze of the Madonnina (the Virgin Mary statue atop the Duomo) and with a plate of saffron risotto warming the heart and palate.

Milan embodies luxury and impeccable taste, a powerful blend of well-being, expressed through refined simplicity elevated to the highest degree. Here, a jacket isn’t just a jacket; it’s a tailored masterpiece that dresses the body, soul, and mind. A coffee isn’t just a drink; it’s a warm, enveloping aroma served by a gentlemanly waiter in perfect attire, asking, “Dottore, come sta?” It feels as though every Italian trait finds its ultimate expression in this city, where elegance ceases to be observed—it is breathed in.

Mirror, Mirror, on the Wall, Which is the Most Expensive of Them All?

Globally, in 2024, the top three most expensive shopping streets are Via Montenapoleone in Milan, Fifth Avenue in New York, and New Bond Street in London. According to Main Streets Across the World’ by Cushman & Wakefield, one of the world’s leading property consultancies, retail rents on Via Montenapoleone now average €20,000 per square meter annually, marking an 11% year-on-year increase. In comparison, the Fifth Avenue in New York averages €19,537/m² annually, and New Bond Street in London, in third place, sees rents at €17,210/m² annually.

Once Upon a Time 

Via Montenapoleone isn’t just a shopping destination. It’s a historical landmark that mirrors Milan’s journey from a Roman city to a global capital of style and culture. The area around Via Montenapoleone is part of the ancient Roman Milan (Mediolanum), situated near the Roman walls and key trade routes. Over centuries, it has transitioned from a modest area of artisans to a center of prestige.

Its name originated during the Napoleonic era, reflecting the period’s influence on Milan’s urban and cultural identity. Later, in the 19th century, it became home to financial institutions like Monte Napoleone, further cementing its reputation for affluence. But it was after World War II, that Milan emerged as a global fashion hub and was transformed into the heart of the Quadrilatero della Moda, hosting flagship stores of iconic Italian and international brands.

My Feelings Here

Whilst writing these notes over a cappuccino at Cova in December 2024, whose unmatched flavour accompanied me on my usual return flight to London, I reflected on the elegance of Via Montenapoleone and the ‘Quadrilatero’.

A day in Montenapoleone reveals a timeless elegance that transcends fleeting fashions and here, there is a grace that requires time, discipline, dedication, and a genuine appreciation for beauty, already present in the very essence of things—sometimes needing only someone who can recognise and implement it.