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House market recovering. Boom in sales in 2017 in Milan
14 December, La Repubblica
The property market in the city has reported a solid recovery. While sales in the suburbs are still suffering, the central areas According to a survey by Scenari Immobiliari and Casa.it, in 2017 over 33 thousand transactions have been registered, about 4.2% more compared to 2016 and the outlook for 2018 is for 35 thousand. We’re coming back to the 2007levels when the property market was at its highest point.
The total turnover is also growing: in 2015 and 2016 the turnover was around 8.8 billion euro and it’s expected to reach 9.7 billion this year. “We’ll reach 12 billion euro during 2018 – reads the report – thanks to the improved quality standards of residential properties”. In fact, a massive quantity of new properties will enter the market in Milan with the offer going from the current 39,00 residential properties to 43,500 in 2018.
The chart
Which are the neighbourhoods that have grown the most in the last 10 years? At the first place, there is the area between Corso Garibaldi and Porta Volta that has benefitted from big urban transformation projects: not only referring to the new skyscrapers facing Piazza Gae Aulenti but also the Herzog glass pyramid that hosts the Feltrinelli Foundation and the Microsoft headquarter. In this area, the price increase is assessed at 24.9%. Porta Venezia is second: it has become a student neighbourhood through the years, with the arrival of bar and shops. The streets of the centre such as Via Conservatorio, Via Dante and Via di Porta Vercellina are also high on the chart and they benefit from their privileged positions.
Who is going down
The survey, however, doesn’t cover the neighbourhoods whose prices have gone down in the last year. The most penalised areas are Bovisasca (-4.5%), the part around Viale Monteceneri (-4.2%) and the streets behind Calvairate such Taliedo (-4.4%).
The prices
The most expensive is still the area comprised between Brera and Centro Storico, where the average prices in November reached 8,206 euro per Sq m. They’re followed by Buenos Aires and Porta Venezia where the average is set around 5,625 euro. The most affordable are Certosa, Quarto Oggiaro (2,500 euro per Sq m), Baggio and Forze Armate (below 2,200 euro).
The future
The charts show signs of recovery for the next two years. “We’re going through a very positive phase that may last till 2020 – says Mario Breglia. – 80% of the foreign investments towards Italy concentrate in Lombardy, as well as domestic one s for 65%. In the entire region, there are currently initiatives for about 8.5 million of Sq m for a total investment of 18 billion euro”. But the best is still to come, considering that the future urban transformation projects coming up in the city. “If we look at the last years, the main engines for this growth have been Porta Nuova and the areas along the M5 metro line – says Pierfrancesco Maran, City Councillor for city planning – I believe that it will be reasonable for the future to follow the strategy of public investments. Therefore, all the attention is focused on the neighbourhoods on the new stops of M4, the areas on the Circle Line and the suburbs that are getting public resources, Lorenteggio for instance”.
Source: La Repubblica
Translator: Cristina Ambrosi