Milan’s luxury real estate market is growing

26 September, La Verità

The luxury market is growing, although with some differences between Rome and Milan. While the latter is dynamic, the former is at a standstill. The picture emerges from the Engel & Völkers and Nomisma market reports. “The demand supports the transaction increase, but not the rise of prices”, said Luca Dondi, Nomisma Ceo.

In the first quarter of 2016, the transactions in Milan were 5,496, +0.9% from 2017. The trend is positive thanks to Chinese investors and other investors that are trying to diversify their investments due to Brexit. The average values are set at 7,000-12,000 euro/Sq m for renovated properties, with peaks of 15,000 euro/Sq m in Quadrilatero. In Citylife, the average price is 11,400 euro/Sq m, while this drops to 4,000/6,000 euro/Sq m in the west of the city. It takes maximum two months to sell a quality property.

In Rome, the best areas are the old town, Parioli, Prati and Eur. The capital is the first market in terms of number of transactions, although these (7,077) registered a slowdown in the first quarter of 2018 (-1.9%). “The trend has improved in the second part of the year, and now the figures are positive”, said Marco Rognini, general manager for the Rome market centre for Engel & Völkers. The price range is wide. In the old town, the price for renovated houses is comprised between 5,000 and 12,000 euro/Sq m. The times to sell properties vary from seven-eight months in Euro to two months in Parioli.

Source: La Verità

Translator: Cristina Ambrosi

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