22 October, Corriere della Sera
At the end of the first half of the year, 60 districts reported higher property prices than in 2016. On a yearly basis, the same calculation shows that the neighbourhoods registering positive results are over one hundred. One year ago, Corriere della Sera made the same comparison with 2016, indicating that only 30 districts were growing. If we also consider the continuous but slow-paced growth of transactions in the first part of 2018, we can say that the property market is going in the right direction to recover.
The figures quoted here are taken from the Omi report which is the property market observatory of the Revenue Agency. Although the prices must be taken with a pinch of salt, the report can be considered a valuable tool to identify the trends of the market, as the data are taken from the notary deeds, which report the real transaction prices, rather than the prices of the various real estate agencies.
The analysis divided the neighbourhoods into three price ranges. For instance, Milan has been divided into 41 districts: 13 are the most expensive, 14 are the cheapest, and 14 districts are in between. Each price range also includes the positive variation in the two-year period. The values provided refer to residential properties in regular conditions.
Starting from Milan, the highest price range includes Navigli, reporting a 4% increase, along with Statale, Corso Magenta and Brera in the city centre. Tabacchi-Sarfatti registered the best performance in Milan. The neighbourhood gravitates around the Bocconi University, which is a thriving market for whom buys to rent to students.
Looking at the numbers, also other areas near universities have grown. Besides Statale and Porta Genova (near Iulm) and Magenta (Cattolica University), there are also Bicocca and Bovisa regarding the homonym universities and Lambrate for Città Studi. This doesn’t mean that everybody is buying to rent, but buying a property here means having to deal with more demanding sellers concerning prices, especially for medium and small apartments. Regarding the low price range, the northern part of the city benefitted from the Expo and the following projects, such as in the case of Cascina Merlata.
In the Capital, the highest price range includes residential neighbourhoods outside the city centre like Colle Salario and Mezzocammino, where a new property or in good conditions in a green area costs around 4 thousand euro/Sq m. On the contrary, the prime locations in the city centre are struggling, with only Trevi and Corso Vittorio growing. Appia Antica is also booming, although the data is not relevant, considering the minimal number of transactions (nine in 2017).
In the lowest price range, with prices below 2,800 euro/Sq m, three area have reported positive results, with Trigoria registering the best performance.
In Turin, concerning the highest price range, prices in Borgo Crimea and Via della Rocca increased. The best performances were in Spina Marmolada (+18.2%) and Spina San Paolo. Both areas were requalified after the closure of the two train stations.
Finally, Naples appears more in difficulty than the other cities. Only eight areas reported a positive trend, and all with limited variations. The eastern part of the old town reported the best performance (+3.3%), including Piazza Mercato and Via Mezzocannone.
Source: Corriere della Sera
Translator: Cristina Ambrosi