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In 2017 the value of houses in Milan continued to drop

05 January, Avvenire

The value of real estate in Milan decreased over 2017, registering a fall of 3.8%, up to 3,296 euro per Sqm. The fall was particularly sharp in the last quarter, according to the yearly price index of Idealista, the advertisement portal present all over Europe.

The negative price trend reflects in 14 of the 17 urban areas surveyed by the real estate marketplace. Suburbs saw the biggest falls with Baggio (-17.4%), Vialba-Gallaratese (-13.7%) and Certosa (-12.2%), penalized by the drop in demand. The neighbourhoods of Garibaldi-Porta Venezia (4.4%), Navigli-Bocconi (3.9%) and the city centre (1.8%) are in countertrend, registering the highest prices (7,694 euro per Sq m). Which are the most convenient? Certosa (1,979 euro per Sq m), Vialba-Gallaratese (1,678 euro per Sq m) and Baggio (1,673 euro per Sq m). All the other provinces of Lombardy register a significant decrease with the lowest values in the province of Lodi (-18.5%) and Pavia (-15.7%). The most expensive are the provinces of Milan (2,328 euro per Sq m), Sondrio (1,808 euro per Sq m) and Brescia (1,751 euro per Sq m). The most convenient is Mantua with 1,085 euro per Sq m.

According to Vincenzo De Tommaso, responsible for the research centre of Idealista, “this negative trend started in 2007 and it continued till 2017. The market is still suffering from the offer surplus of properties whose price, quality and location are not in demand”. Despite this, he adds, “the dynamic private demand, supported by mortgages, is expanding and it’s focused in the prime areas of Milan, which offers a better quality of life”. For this reason, he concludes, “we expect for 2018 a more homogeneous recovery, with a moderate growth of prices in medium and large cities and a general stabilization of prices”.

Source: Avvenire

Translator: Cristina Ambrosi

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