February 5, 2023

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In Milan, houses have never been so expensive

In Milan i house prices They have increased significantly during 2022. A growth of 7.6%, which brings city values ​​close to the €5,000 threshold, averaging €4,965 per square metre. This is what emerged from the report prepared by Idealista and published on Thursday, December 29th.

All areas of the city increased in value during 2022 except for San Siro-Trenno-Figino, which saw values ​​drop by 9.9%. The largest increases observed – all in double digits – concerned Forlanini (20.3%), Famagusta-Barona (14.7%), Greco-Turro (11.5%), Certosa (11.4%) and Città Studi-Lambrate (10.3%).

Increases above average for the period are also in Lorenteggio-Bande Nere (9.2%) and Porta Vittoria (8.3%), while the rest of the neighborhoods are growing at a lower rate; between 7.1% of Fiera-De Angeli and 0.2% of Vigentino-Ripamonti.

The historic center remains the highest neighborhood in terms of real estate prices, with an average price of €9,395/m2. The cheapest prices are in Vialba-Gallaratese (2,719€/m2) and Baguio (2,709€/m2), the only areas of the city with prices below 3,000€/m2. Governorate prices have increased by 7.6% this year, at the same pace as prices in the capital.

Even higher prices in the province

Increasingly high house prices in Milan are driving demand into neighboring municipalities, most of which (75 out of 96 observers) show increased values ​​at the end of 2022.

As many as 17 municipalities reported double-digit increases, the highest in Cerro Maggiore (24.3%) and Cerro al Lambro (24.1%) and the performance of some large centers such as Sesto San Giovanni (11.2%), Segrate (10.4%), Rosano (10%) ). On the contrary, Zibido San Giacomo (-15.6%), Vaprio d’Adda (-12.3%) and Buscate (-10.3%) are the municipalities in which the most persistent drops were detected. In terms of prices, Assago, with 3,407 €/m2, is the most expensive commune of Milan, followed by Segrate (3,217 €/m2) and Cusago (3,118 €/m2). On the contrary, Turbogo (966 € / m2) is the cheapest.

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What could happen in 2023

Vincenzo Di Tomaso, head of Idealista Research, said: “2022 saw the end of low mortgage rates and a more pronounced slowdown in demand in the last quarter, while prices continued to rise. 2023 will be affected by economic instability and uncertainty due to the Russia-Ukraine conflict, the energy crisis, Increasing raw material prices and accelerating inflation, with many potential buyers who will have to put off buying a home for a longer period and a decrease in sales compared to 2022, while prices will cool without undergoing certain changes.It will not be a homogeneous process and areas with less demand will see these trends in Early and more aggressively. Mid- and lower-range real estate is likely to suffer the largest declines over the course of the next year.”