Milan new-build flat listed 94 days: is 12% below asking too aggressive?

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emery.nash

Property investor
I’m looking at a new-build flat in Milan listed at €230,000. It has been available for 94 days and apparently needs some updating. Nearby asking prices are similar, but I haven’t found enough completed sales to establish the likely clearing price.

I’m considering opening 12% below asking (€202,400), with proof of financing and flexibility on completion. I don’t want to antagonise the seller or produce a long list of minor faults; I mainly want protection against expensive unknowns. How would you explain the figure, what response deadline is reasonable, and which financing, inspection or appraisal protections would you refuse to waive?
 
Present €202,400 as a supported starting point, not a verdict on the flat. Keep the explanation short: limited completed comparables, time on market, updating costs and your ability to proceed with financing evidence and a flexible date. Ask the agent what matters besides price—speed, certainty or timing. I would not waive protection for financing failure, a serious inspection issue or an appraisal gap you cannot cover.
 
What does “new-build” mean here if it already needs updating? Is it genuinely newly completed, an unsold unit that has sat for a while, or simply a relatively recent building with dated finishes? That distinction changes whether I’d request repair credits, investigate defects or treat the work as cosmetic. I’d also ask whether the 94 days reflects one continuous listing and whether the seller has rejected earlier offers.
 
I wouldn’t give the 94 days too much weight by itself. Similar asking prices may mean €230,000 is broadly where sellers are holding, and 12% below could be dismissed if there is no itemised basis for it. Flexible completion is useful only if it matches the seller’s motivation. I’d first seek completed comparables through the professionals involved, then decide whether a smaller opening leaves enough room to negotiate.
 
There’s also a difference between itemising your reasoning and presenting a shopping list. Obtain estimates for the few costly items, but use them to set your ceiling rather than demanding a euro-for-euro credit on every job. Submit one clear written offer with financing proof, named contingencies, the proposed deposit treatment and a firm but practical expiry. Before signing, have the wording and deposit exposure checked for the Italian transaction structure.
 
Agreed on getting the deposit wording checked, especially before describing the offer as “clean.” Clean should mean organised and credible, not unprotected. I’d decide three numbers in advance: the opening offer, the most you will pay if the appraisal supports it, and the lower ceiling if it does not. Then ask whether the seller prefers a price reduction or repair credit; those can affect financing differently, so confirm feasibility with the lender rather than assuming.
 
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