The luxury market in Milan and Rome is increasing. Milan the most desired city
Milan and Rome remain the queens of luxuryhomes, in a market that is increasingly dynamic. In the second half of 2017,prices in these two cities grew by 0.4% and 0.3% respectively, furtherconfirmation of an increasingly positive climate for the sector.
This is whatwe read in the report made by us and Nomisma, which considers Milan and Rome,the two main luxury markets in Italy.
There is a substantial difference, however,that emerges between the two cities: in Milan 80% of the demand is for thepurchase, mainly of used homes, while in Rome only 60% of the demand is interestedin buying. A good portion of the population, 40%, prefer rent, opting above allfor new or refurbished solutions.
Milan is therefore the most lively city forsales and the most sought-after, even for investment. There is a great interesttowards new construction: only 38 construction sites were opened in the secondhalf of the year. Today's customer is more willing to spend because thedifference between the asking price and the paid price is always smaller.
Brera,Magenta and the historic center are the areas of Milan where the demand hasgrown more. Brera is also in the lead for being one of the most sought-afterareas, along with Pagano and Independenza. The desired properties have a floorarea ranging from 180 to 250 square meters, higher than that of the first halfof 2017 (150-220 square meters).
The Quadrilatero instead holds the record asthe most expensive area: for a new or renovated house ranging from € 11,000 /sqm to € 13,000 / sqm, while for one used or to be renovated ranging from €9,000 / sqm to € 11,000 / m.
People of Milan are mainly looking for dreamhomes on high floors with terraces and triples and more services, notnecessarily with a garage or a parking space. At the end of these, there areapartments with concierge and security services.
Also in Rome, the purchase demand isincreasing. The historic center remains the area with the highest prices forluxury homes, which are on average € 10,500 / sqm for the new and € 8,500 / sqmfor the used. The preferable solutions have a surface ranging from 100 to 150square meters, apartments that therefore include 2 or 3 bedrooms. The housesthat are more gorge to the Romans are those with the upper floor and theterrace on the floor. However the presence of single or multiple boxes remainsessential.
"The market for exclusive residencessees an increasingly attentive clientele in evaluating the differentcharacteristics of the property, both in terms of direct use and in terms offuture investment. Fabio Guglielmi, CEO of Santandrea Luxury Houses, declares -It is important to choose a property that guarantees as much as possible a goodappreciation over time, thus going to pay attention not only to the dwellingitself, but especially to the surrounding environment. Luxury is also thecontext of the building and the neighborhood, luxury is the proximity to whatthe city can offer, in terms of services but also entertainment. Valuableproperties can no longer be measured only through square meters or qualifiedthrough the central position. The city is changing and with it the ways ofliving it".
The report "The Market of LuxuryProperties in Milan and Rome - Residential Sector H2 2017" Nomisma -Santandrea Luxury Houses was presented to the press at Hotel Château Monfort inMilan. The report is the result of thirty years of experience gained byNomisma, in the activity of analysis and real estate consulting, and theprominent position of Santandrea Luxury Houses in the brokerage market ofprestigious properties in the main Italian cities.
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The report was presented to journalists duringthe press lunch held in Milan on 6 March, read the press release.