Ahead of the Champions League final at the weekend, a new survey not only revealed that Manchester house prices kick Manchester City opponent Inter Milan’s home city property prices into the shade but it also uncovered that the tournament’s host city of Istanbul is by far the best place to net a great deal out of the three property markets.
Manchester might not immediately spring to mind as an international property hotspot, but with the city’s average home costing £231,656, properties in the city cost 9 per cent more than the fashion capital of the world Milan where the average property price is £212,821.
For Manchester City followers finding it hard to break into the UK property market, the research suggests that Milan might offer a more affordable and pleasing choice, particularly considering the city’s matching passion for football.
Moreover, the research revealed that travelling supporters from both Manchester and Milan would be even better off investing in host city Istanbul’s property market where the average property price is a mere £83,900, some 153.7 per cent cheaper than Milan and 176.1 per cent more affordable than Manchester.
When analysing the players themselves, the researchers revealed the teams needn’t worry about affordability in their respective cities. Squad players from both City and Inter enjoy colossal earnings and transfer market values.
In fact, Inter Milan’s squad has an estimated combined transfer market value of £464.5 million giving them enough purchasing power to buy 2,182 average-priced properties in their home city.
However, the Milan team’s immense value is dwarfed by that of their Champions League rivals with City’s squad enjoying a combined market transfer value of £912.5 million which, despite the more expensive local market, is enough to buy 3,939 average-priced Manchester residential properties.
Alice Bullard, Managing Director at Nested, which conducted the research, commented: “The Champions League final will see a coming together of three of Europe’s megastar cities – Manchester, Milan, and Istanbul – each of which is steeped in history and globally famous for their own specific cultural and societal achievements.
It is striking that the Manchester market is by far the most expensive of the three, especially when you consider that Milan is one of the fashion capitals of the world, attracting people from all corners of the globe who want to live their lives surrounded by beautiful weather on the cutting edge of beauty and fashion.
It just goes to show how strong the UK’s housing market is. Even after recent economic turmoil, our homes are among the most expensive on the continent. This can be seen as a good or bad thing, depending on who you ask, but there’s no denying that our market is truly resilient. Almost as resilient as Manchester City themselves.”
