28 February, Corriere della Sera
Prices in Milan can reach up to 17 thousand euro/Sq m and 12 thousand euro/Sq m in Rome. The luxury property market doesn’t know what crisis is, and new trends are emerging from the comparison between the two cities. Concerning the Capital, the demand for trendy neighbourhoods such as San Giovanni has increased.
“Transactions will further grow in 2019”
On 27th February in Palazzo Santa Chiara, Engel & Völkers Italia presented its Market Report in collaboration with Nomisma. “The uncertain political situation influenced only marginally the residential market in the second part of 2018 – says Nomisma Ceo Luca Dondi – for 2019, we don’t expect the current trend to change radically. Transactions will grow further, and prices will remain substantially unchanged”.
Demand is back in Eur and San Giovanni
The analysis of the Rome market shows a growth for prime properties. Specifically, the demand concentrates in the areas of Eur and San Giovanni (thanks to the metro C line), while short-term rentals increased in the old town. In Prati and Parioli, the demand is mostly represented by primary residences. A significant part of the demand comes from buyers from emerging economies (Russia, Arab countries, Chine), mainly concentrating on Prati-Balduina and Parioli, while Europeans and Americans prefer the old town. The favourite property type is the 100 Sq m two-bedroom apartment.
In the next six months
The outlook for the next six months sees a general increase in the number of transactions at constant prices. The growth of the demand in areas like San Giovanni, Ostiense and San Paolo is impressing. Such areas are experiencing a commercial expansion, resulting in the demand by investors for properties to use as second homes or to rent. Francesco Errico, Rome team leader for Engel & Völkers, says: “We’re positive about 2019, also concerning the growth of transactions. Besides, the residential areas that were left behind by the growth are now rising”.
Source: Corriere della Sera
Translator: Cristina Ambrosi