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Prices for luxury houses in Milan and in Rome are picking up

08 March, Milano Finanza

The recovery of prices for luxury properties in Milan and in Rome has continued also in the second part of 2017. Transactions have increased, with the consequent reduction of the average selling times and of the discount on the initial price. But more importantly, after years of contraction, prices are rising again in both cities, by +0.4% in Milan and +0.3% in Rome. This is what emerges from the analysis by Santandrea Luxury Houses together with Nomisma.

In Milan, Quadrilatero is the most expensive area: a new or a renovated property costs between 11 thousand and 13 thousand euro/Sq m, while the price for old properties to be renovated is comprised between 9 and 11 thousand euro. While Brera, Pagano and Indipendenza are the areas that registered the highest number of transactions and where prices are slightly rising. Requests concentrate on houses between 180 and 250 Sq m with a terrace, three bathrooms and concierge service. The number of construction sites is also growing: in the second semester 38 construction initiatives have been reported, seven more than the first half of 2017. Apart from characteristics and location, prices have reduced through the years, going from 8-9,200 euro/Sq m in 2013-2016 to the current 7,00-7,500 euro/Sq m. In Rome, the old town has the highest prices with 10,500 euro/Sq m for new properties and 8,500 euro/Sq m for old ones. The demand is focused on properties for 100-150 Sq m with a terrace and a garage space. Pinciano-Veneto and Prati are the areas with the biggest price increases. While there have been only a few new construction sites launched in the second half of 2017: about 20 for new buildings and 11 still ongoing. The average prices per square metre have reduced through time from 8,500 euro in 2014-215 to 8,300 of last year.

Finally, the rental market has reported good results, with demand growing in Milan and stable in Rome. The average rent times have reduced, around 3 months for both cities. Rents are growing by 0.6% in Milan, while no significant growth has been registered

Source: Milano Finanza

Translator: Cristina Ambrosi