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Prices skyrocketed for prime properties in Via Montenapoleone in Milan: 15 thousand euro/Sq m

26 September, La Repubblica

The areas in Milan reporting the highest increase in the demand are Brera, the area between Castello and Foro Bonaparte, Corso Magenta and Via Vincenzo Monti, as well as Pagano and Sant’Ambrogio. The luxury segment is thriving in Milan, according to the latest reports on the residential market by Engel & Völkers and Nomisma. Both surveys indicate Milan and Rome as the top cities where the demand for prime properties is booming. As the reports read, “Milan confirms to be a very dynamic market, where the times to buy or rent a property have shortened, resulting in a very liquid market”.

In the past semester, the market registered prices between 7 and 12 thousand euro/Sq m for renovated properties, and between 6 and 9 thousand euro/Sq m for houses to be renewed. The most expensive houses are those in Quadrilatero, with peaks of 15 thousand euro/Sq m. Chinese are among the buyers, especially in the central areas. But also “Brexiters” (those who have left London due to Brexit) are a significant group in Magenta and Brera”.

Luca Dondi, Nomisma Ceo, explains: “In the first part of the year, the Italian property market has further improved, despite the current unfavourable macroeconomic context”. But the growth is not homogeneous. “There are significant differences concerning property type and geographical area”. According to the report, “Milan’s luxury market is experiencing a positive trend, resulting in an increase of transactions, but not of prices”.

Source: La Repubblica

Translator: Cristina Ambrosi

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