Milan, housing boom in the suburbs, historic center in (slight) decline- Corriere.it

Milan, housing boom in the suburbs, historic center in (slight) decline- Corriere.it
Milan, housing boom in the suburbs, historic center in (slight) decline- Corriere.it

Twenty months are few to establish whether it is a consolidated trend or just a cyclical phase, albeit long, but the fact is that after the outbreak of the pandemic, the Milanese real estate market saw an increase in preferences for the better served suburbs, and at this stage especially in the East and South quadrants, and also sees a greater interest in the hinterland while sales in the historic center are slower. Not because it interests less, but who has the resources, prohibitive for a large portion of the population, for a large and bright house within a radius of a couple of kilometers from the Duomo, that house actually already had it before and the quality of the second-hand offer not often compatible with the requests of those who would like to sell.

The latest survey of property prices in Milan and its province carried out by the Chamber of Commerce in collaboration with the associations of brokers and professional associations, it signals a decidedly positive trend in the market as a whole and a resumption of transactions in the city. The presentation of the data focused on the trends of the new and here, if allowed to take up a lucky advertising slogan, like to win easy, because at least in the city the supply far below the demand and many yards are sold entirely on paper. The average values ​​range from 10,228 euros per square meter for the historic center, with a decrease of 0.85% compared to a year earlier (but the construction sites open today are slightly more decentralized) to the 4,104 euros of the South quadrant, where for the prices they are up by 3.04%, only three cents less than 3.07% in the East area. the best performance was recorded by the Pacini-Ponzio neighborhoods (10,90%), well Ripamonti and Vigentino with increases of 7.86%; Gallaratese and Trenno they mark + 7.27%; in addition to 6% growth also for Axum, San Carlo, Gioia, Baiamonti, Lagosta, Garibaldi station. A significant fact is that the strongest increases are recorded where prices are below the city average, which stood at 5,798 euros per square meter. However, this is a monstrous price when compared to that of other Italian cities; buying an 80-meter house at that price means spending (if we consider taxes, etc.) at least half a million euros. Financing at 70% even at the age of thirty and even at today’s reduced rates means spending 1,250 euros every month (which, however, is often not enough to pay the rent of the same house) and having cash of 150 thousand euros. And the fact remains that the purchase of the new one in Milan cannot be done using the facilities for young people, except for small and suburban homes, because mortgages are facilitated only up to 250 thousand euros and the Isee limit. at 40 thousand euros very little compatible with purchases of a certain commitment.

Used car suffers from a poor quality problem, which could only partially be solved by construction sites due to the energy bonus, and in the coming months it could slow down also due to the overestimation of earnings expectations by many sellers. Not bad if those who want to sell the property do not need immediate and can wait, at least gradually decreasing the claims. But if you are in a hurry to get the wrong valuation at which to sell the house can lead to serious problems. And there must be many people in this situation in the city, given the explosion of the instant buyer phenomenon which in Italy in practice developed only in Milan and to a lesser extent in Rome. They are companies that offer to take over the house for sale within a few days, but at the price they appraise and with a real commission much higher than that of traditional brokerage.

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22 October 2021 | 16:15

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Milan housing boom suburbs historic center slight decline Corriereit

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