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Houses in Milan: record sales and prices going up

04 October, Il Giorno

The property market in Milan is dynamic, thanks to the strong demand that drives prices up. It’s the confirmation that the market in the city “goes at a different pace from the rest of the country”, thanks to innovative projects such as City Life and Porta Nuova. The scenario emerges from the latest Sigest report. The real estate company has a thirty-year experience in high-range residential properties. 1,233 new or entirely renovated houses have been sold this year in the Centro, Bastioni and Circonvallazione areas, registering a 32% increase from 2017. Of these, 53% are properties that were put on the market in 2017, while 47% are those placed on the market in the last 12 months.

The prices in Centro have remained stable and set at 10,000 euro/Sq m, while the other two zones reported a higher growth. Bastioni grew by 10% with average prices around 8,600 euro/Sq m, and Circonvallazione by 5%, where the average is 6,550 euro/Sq m. And it seems like prices will rise even further. Enzo Albanese, Sigest Ceo, explains: “The urban interventions have improved the city, making it more attractive in comparison to the other big cities. New-generation houses and upscale areas are particularly appreciated. Buyers in Milan focus in the old town and in the emerging alternative neighbourhoods that have relaunched their stock with prime properties and promoted new construction. The survey shows a slow but consistent change currently going on. Today, the demand is looking for a house immediately available, well served and well connected. According to Albanese, the city might not be able to satisfy the market in a couple of years. The analysis reports 145 development projects in 2018, corresponding to approximately 5,500 houses, 81% are already sold. The new projects have been 26, while 38 have already sold out. The sold properties in the last 12 months are located 78% in Circonvallazione, 13% in Bastioni and 9% in Centro.

Source: Il Giorno

Translator: Cristina Ambrosi

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