June is the month when Milan's terraces reveal themselves. For most of the year they stay hidden behind the façades; then, with the first warm evenings, they light up with lamps, plants, tables laid for dinner. In a compact city like Milan, outdoor space is the most desired luxury and the rarest.
What a terrace is worth
In valuations, outdoor space is not counted like interior space. The most widely used rule, set by a 1998 cadastral regulation, counts balconies and terraces connected to the main rooms at 30 per cent for the first 25 square metres and at 10 per cent for the remainder.
On the market, however, the formula tells only half the story. A liveable, well-oriented and private terrace can shift the value of a penthouse far more than the calculation suggests. Conversely, a narrow terrace, in shade or overlooked by neighbours, is worth little more than a balcony.
- 30%
- the weight of the first 25 m² of terrace in the commercial floor area
- 10%
- the weight of the remainder
- 1/3
- the share of roof-terrace costs borne by the exclusive user
What to look for in a penthouse
- Exposure: south and west for afternoon and evening light; east for breakfasts.
- The view: rooftops, spires, a tower. In Milan even a glimpse of the Duomo changes how a home is perceived.
- Privacy: a terrace that is not overlooked is worth more than a large one.
- The structure: waterproofing, falls, drainage, load capacity. Problems almost always start here.
What can be done, and what cannot
Plants, furniture, awnings and small shading structures are generally possible, within the condominium rules. Enclosing a terrace with a veranda is another matter: it increases the floor area and requires building permits, often difficult to obtain in central palazzi. Before buying a penthouse with a project in mind, it is always wise to have it checked by a surveyor.
A terrace is not measured in square metres, but in evenings.
Costs
When the terrace is also the roof of the building, the civil code splits maintenance costs: one third to the exclusive user, two thirds to the other owners. It is a detail worth knowing before signing, together with the state of the waterproofing.
Penthouses with terraces are few in Milan and rarely change hands. When they do, the decision is made quickly. That is why I advise anyone looking for one to have budget and priorities clear in advance: in this city, the sky does not wait.
Real estate advisor · Milan