Sales are growing, among the interested also the residents of the surrounding towns
For years it has been the favourite sport of the people of Milan: escaping from the city to the neighbouring towns for a bigger house at a lower price. After the Expo and the new Metropolitan City, this trend seems to have disappeared.
To the point that it’s now inverted: “Milan is not only withholding its citizens, but it’s even attracting those from the surrounding towns, where the market has reduced and become almost exclusively local” explains Vincenzo Albanese, President of Fimaa (Confcommercio) for Milan, Monza-Brianza, and Lodi.
On the other hand, also the figures are confirming the attractiveness of the city. According to the 51st edition of the property prices survey for the Milan metropolitan area by the Chamber of Commerce of Milan and Monza-Brianza (Confcommercio Milano), in the first semester of 2017 Milan has registered an increase in sales of 8.3% compared to the same period of 2016. And according to the outlook by the experts “Milan will register a spike for what concerns the number of transactions aligned with the numbers recorded in 2006”, highlights Albanese.
If at a national level the forecasts talk about 566 thousand sales in total, 35% less than those registered in 2006 (877 thousand), the city of Milan will reach 24 thousand transactions: just a handful less than the ones registered in the record year. This is not only due to the capacity of the city to attract people from the neighbouring towns, but also its transformation into a central point of reference at national and international level.
“Milan is currently chosen by buyers coming from all over Italy as well as from abroad” explains Albanese, “these are both Italians residing in other countries and foreigners, mainly from London”. This latter phenomenon is fuelled by Brexit and the terrorist attacks that hit the main European cities in the past few years, making Milan looking attractive for its perception of being less risky compared to other cities in Europe.
Regarding prices, if the number of transactions has returned to levels of ten years ago, prices are still slightly lower. The average cost for a residential property in the city centre is currently 4,818 euro per square metre, 2.2% less than 2007 but 0.2% more compared to one year ago. This trend applies only to the city and a couple of towns (Legnanese with +0.1% e Martesana-Adda with -0.3%), while in the rest of the province the values are still decreasing.
Leading this recovery are mostly the Cerchia dei Bastioni area (+ 0.7% in last year) and those areas that could benefit from the two large requalification projects of Porta Nuova and City Life. “Two big operations in a city where real estate interventions are usually small, limited to 30-40 units, they built the foundations for new high-quality construction projects” concludes the President of Fimaa-Confcommercio.
Translator: Cristina Ambrosi