As the anticipation of the Champions League final builds, recent research by Nested, the innovative estate agent, discloses that property prices in Manchester significantly outstrip those in the picturesque city of Milan. However, Istanbul, the host city, offers unrivalled affordability in its local real estate market.
Whilst Manchester might not be an instantly recognisable hub for global real estate, the average property price in the city is a respectable £231,656. The city’s pride, the formidable Manchester City football club, is set to represent it in the Champions League final against Italy’s Inter Milan in Istanbul.
In spite of Milan’s status as a European gem and a global fashion capital, the average house price in the city is surprisingly 9% more affordable than in Manchester, standing at £212,821.
Manchester City’s fans who are grappling with the domestic housing market might find Milan a more affordable option for settling down, given its equally passionate football culture.
However, for those prioritising affordability, the host city, Istanbul, should be on their radar. The average property price in Turkey’s largest city is a mere £83,900, marking a stunning 153.7% cheaper than Milan, and a striking 176.1% more affordable than Manchester.
Nevertheless, the question of affordability is unlikely to pose an issue for the football players. The remuneration for squad members from both City and Inter is significantly high, mirroring their values in the transfer market.
Inter Milan’s squad boasts a combined market value of approximately £464.5 million, enough to purchase 2,182 properties in their home city.
However, this figure is overshadowed by Manchester City’s squad’s combined market value, totalling an impressive £912.5 million. Despite Manchester’s higher local property prices, this amount would suffice to acquire 3,939 homes in the city.
Alice Bullard, Managing Director at Nested, provided her insights:
“The Champions League final is a convergence of three of Europe’s superstar cities – Manchester, Milan, and Istanbul – each renowned for their unique cultural and societal contributions.
It’s fascinating to observe that the Manchester market is the most expensive of the trio, especially when comparing it to Milan, an international fashion epicentre attracting individuals from around the globe who yearn to live amidst beautiful weather and at the forefront of fashion and beauty.
This underlines the robustness of the UK’s housing market. Despite recent economic turbulence, our properties rank amongst the most costly in Europe. Depending on who’s asked, this can be perceived as advantageous or otherwise, but there’s no refuting the resilience of our market, akin to the tenacity of Manchester City themselves.”