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Milan top destination for sales of luxury properties
03 March, Giornale di Brescia
The market is recovering in Milan and in Rome for what concerns prime properties, as it’s confirmed by the second Market Report for 2017 regarding the trend of luxury residential properties in the two cities by Engel & Völkers together with Nomisma.
The property market in Milan has registered in 2017 a growth of 59.9% compared to 2012 with about 23 thousand transactions. Rome is first in Italy with 32 thousand transactions. According to the report, the most sought-after areas are still Porta Venezia, Magenta-Monti-Pagano, Porta Romana, Vercelli, Ravizza, plus the new real estate developments of Porta Nuova and City Life. In the old town, prices are comprised between 6 and 10 thousand euro/Sq m with peaks of 13 thousand euro/Sq m. International clients represent less than 5% of the total.
Whereas in Rome, the offer doesn’t always meet the demand, with a stock of renovated properties of 30% of the total. Excluding the old town, prices range from 2,000 euro/Sq m in Trionfale-Vaticano to 7,500 euro/Sq m in Parioli and Prati for renovated properties. The market in the Eur area is particularly active with values close to the ones of Parioli and Prati, ranging from 3,500 to 5,500 euro/Sq m for renovated properties.
The better access to mortgages has facilitated sales. According to the survey on the residential market carried out by Banca d’Italia in January analysing over 1,500 real estate agencies, the difficulties related to obtaining a mortgage have reached to the lowest point since the launch of the survey in 2009. The percentage of the real estate agents reporting the difficulty of accessing to mortgages as one of the reasons for the decrease in sales has reduced in the fourth quarter of 2017 from 22.3% to 15.4%. In the last three months of last year, the number of operators reporting a downward trend on quotations has resumed its growth.
Source: Giornale di Brescia
Translator: Cristina Ambrosi