27 October, Milano Finanza
Milan’s residential market is giving signs of growth, both concerning number of transactions and prices. According to Emanuele Barbera, president of the Sarpi group, the preferred locations are those in the city centre or within the city walls, especially if located on the upper floors and in old prestigious buildings. “The general price increase is driven by the construction of high buildings and by the overhauling of some old buildings. Today, Milan is going through a phase of growth concerning the quality of construction, which also impacts the surrounding areas and the medium-quality properties”.
In this context, it’s clear that the city centre is the most sought-after area, with its prestigious buildings. The requests are for any property size, with the preference for big apartments over 200 Sq m. “There is great interest for those areas which had undergone requalification interventions or new developments such as the skyscrapers of Porta Nuova, Garibaldi, City Life, Isola, Porta Romana, Magenta, and Venezia”, clarifies Barbera.
The current average values depend on the location, the type of building, the floor and the dimensions. For newly-constructed properties or prime renovated properties in the city centre, the average price starts from 7 thousand euro/Sq m up to 10 thousand euro/Sq m. For dated properties and not renovated ones, the price can be even 30% lower. “In the external city ring in the C area, prices are comprised between 3,500 and 6,500 euro/Sq m, depending on the building and apartment conditions”, says Barbera.
For what concerns luxury properties, its clients certainly don’t have budget issues, but they want to find the perfect home. It means prime properties excellently-located, luxury buildings, large at least 200 Sq m and naturally featuring a terrace and a garage. “The buyers of this type of properties are generally under 50 coming from the finance or fashion world. There is a percentage of Italians looking for small apartments, up to 80 Sq m, for their sons, while foreigners represent about 8% of the clients”.
Source: Milano Finanza
Translator: Cristina Ambrosi