As the Champions League final approaches, research by Nested, the modern estate agent, reveals that Manchester house prices are thrashing those in beautiful Milan, but that the host city of Istanbul is by far the best place to bag a bargain on the local property market.
Manchester may not spring to mind as a global property hotspot, but the average price of a property in the city currently sits at a very respectable £231,656. The city will soon be represented in the Champions League final by the seemingly unstoppable Manchester City who travel to Istanbul to take on Italy’s Inter Milan.
And despite Milan being one of Europe’s most admired and beautiful cities, not to mention a fashion capital of the world, the average price of a house is -9% more affordable than in Manchester at £212,821.
For Manchester City fans who are struggling to get onto the domestic housing ladder, Milan could provide a nice and more affordable alternative when it comes to putting down roots. Not to mention the fact it’s an equally football-crazy city.
However, for real affordability, travelling fans from both cities should consider putting some time aside to explore the market in the host city of Istanbul.
The average house price in Turkey’s largest city is just £83,900. That’s -153.7% cheaper than Milan, and -176.1% more affordable than Manchester.
The players themselves, however, needn’t worry about affordability. Squad members from both City and Inter earn astronomical amounts of money every week, and this is reflected in their transfer market value.
Inter Milan’s squad has an estimated combined market value of £464.5 million. This gives them enough purchasing power to buy 2,182 properties in their home city.
This immense value is, however, dwarfed by that of Milan’s Champions League opponents.
City’s squad has a combined market value of £912.5 million which, despite the more expensive local market, is enough to buy 3,939 Manchester homes.
Alice Bullard, Managing Director at Nested, the modern estate agent said, “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.”
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