09 March, Idealista
Coronavirus disrupted the positive phase the Milan and Lombardy real estate market was experiencing. Due to the virus, the market has abruptly come to a halt, causing buyers to postpone purchases until further notice and tourists cancelling hotel reservations, also impacting the short-term rental sector.
House purchases in Lombardy decreased by 7% and by 12% in Milan in the first two months of 2020 compared with last year. The demand is still high and is expected to recoup when the emergency will be over, while prices haven’t reported a decline yet.
For what concerns the other assets, offices have slowed down, while retail is at a standstill. Logistics is performing well, thanks to the boom of e-commerce.
Translator: Cristina Ambrosi