In the second half of 2020 real estate values in Milan recorded an increase of 0.8% and the whole year closed with + 2.8%. The growth in values slows down for the metropolis that had closed 2019 with prices up 13%. The analyzes of the Tecnocasa Group Research Department reflect the effects of the pandemic: the semi-central and peripheral areas have had better results than the central ones that have suffered from the lack of investors, which went from 26.8% in 2019 to 24.1% in the 2020. Among the macro-areas that have undergone this trend are Central Station-Fulvio Testi (-1.7%) and Navigli-Famagosta (-2.2%). Over the last 10 years, property prices in Milan have performed better than the average for large cities (+ 2.1% Milan versus -30% for large cities).
In the center of the city, the areas of Corso Genova-De Amicis, Savona and Tortona, where there was mainly a purchase component for investment use, prices are decreasing, sales times are slightly increasing. First home purchases hold, especially the luxury segment. The highest values, of € 7000-8000 per square meter, are recorded for the elegant renovated period solutions in via De Amicis, Ariberto and Ausonio, reaching peaks of € 7000-8000 per square meter. In the remaining areas, they range from € 5600 per square meter for a solution used in Corso Genova up to € 4100 per square meter in Tortona-Savona. Values are stable in Porta Romana-Crocetta. The high segment of the residential market did not have significant impacts and investors, after a moment of uncertainty, returned to the market in October, also driven by the fact that requests for rental properties by off-site workers were reported. Entrepreneurs who buy to renovate and then resell are always very active. On the prestige remains the preference for large sizes, now mandatory outdoor spaces; the most requested areas are those of via Quadronno, piazza Mondadori and neighboring areas where there are valuable solutions that can reach € 9,000 per square meter if in excellent condition and with outdoor spaces or beautiful views. Peaks of € 10 thousand per square meter are affected only by the new-built quality solutions. To move on the prestige are already resident families in search of an improvement home.
0.9% increase in prices for the macro-area of Vercelli-Lorenteggio where there is a good trend in the areas affected by the works of metro 4 (Solari-Foppa, Lorenteggio-Frattini) to which the Gambara area is added, where demand is increased from September until the end of the year and then slowed down from January. In particular, the prices of the solutions that have outdoor spaces, much sought after but of which there is a low offer, have increased. At the moment there are those who want to improve and in part investors who want to buy properties to renovate and then resell. Prices range from € 4000 per sq m up to € 5500 per sq m for top solutions in the Gambara area. Lower values in black bands, 4000 € per square meter.
Good performance for the macro-areas of Bovisa-Sempione and Fiera-San Siro (+ 3.6%) where the effects of the future redevelopment of the Scalo Farini and the area around the stadium continue to be felt. Beyond the future projects, San Siro and QT8 have performed well also due to the lower prices and the presence of independent solutions. At QT8 a good state travels around 4000 € per square meter. Furthermore, San Siro has seen an increasing appreciation in the years after the arrival of the subway. We like the houses located in piazzale Brescia and piazzale Lotto which, in good condition, reach € 3000-4000 per square meter. Stately properties can be purchased in the area around the San Siro stadium (via Tesio, via Patroclo, via Harar). Here too the values reach around 4000 € per square meter. Via Rembrandt is also good due to its proximity to the “De Angeli” metro stop and the area of the same name. A type in good condition is estimated at around € 3200 per square meter. The values in San Siro-Capecelatro have slightly increased thanks to families who have always lived in the area and who decide to change homes. More elegant offer between via Ottoboni, via Odescalchi and via Don Gnocchi where there are condominiums built from the 50s to the end of the 70s. The prices of a good used do not exceed € 3000 per square meter.
In Bovisa-Sempione are the peripheral areas to pull: Amoretti-Quarto Oggiaro where residents in the neighborhood or neighboring areas, such as Comasina, Varesina, Espinasse and Affori have made better purchases thanks to the contained values. There is a return to purchases by immigrants, thanks to convenient mortgages. The average values are around € 1500 per sq m if the property is to be restored, € 1800 per sq m for economic contexts and € 2500-3000 per sq m for more recent constructions. Similar speech for Dergano: strong growth in demand and decreasing supply. To buy local families looking for three-room apartments, but very well the sales of one-room and two-room apartments desired both by young people at the first purchase and by investors who find a good rental market here. The student segment is currently at a standstill but that of off-site workers who appreciate the presence of the subway (in Affori and Dergano there are business centers) and three parks, including Parco Nord, is still there. Also like the fact that the neighborhood is served. A good used one can be traded at 2500 € per square meter but it can reach 2600 € per square meter on via Imbonati and 3000 € per square meter in Piazza Dergano. Among the projects that affect the neighborhood is the restyling of the squares. There are several operations to change the intended use of old boxes in the home.
Real estate values in the Prealps-Mac-Mahon continue to grow: it attracts requests because the neighboring neighborhoods are seeing an increase in values. These are mainly young people on their first purchase who are financed with a mortgage and improved purchases. The area also boasts good connections to Piazza Firenze and Portello. Here a good used one costs around € 3,000 per square meter. There are cases of investors buying, restructuring and reselling. The new one is traded at average prices of € 3700-3800 per square meter. Not far away, prices are rising in Monteceneri which, in addition to the positive effects of the arrival of the metro line 5 years ago, now sees growing expectations for the redevelopment of the “Scalo Farini” and for the future arrival of the American consulate in Piazzale Accursio. The highest prices are reached for the part closest to Piazza Firenze: € 3100 per square meter. Towards Piazzale Accursio the prices drop and go to around € 2600 per square meter. The redevelopment of the “Scalo Farini” is felt in the Bovisa district which continues to attract investors even if this year, due to a decrease in student attendance, they were less present. Above all we are looking for two-room apartments with eat-in kitchen or three-room apartments and for this reason we like the solutions in via Maffucci, via Ugoni, via Scalvini where there are houses built in the early 1900s and which are exchanged at average prices of € 2000-2200 per square meter. Slight increase in values also in Maciachini where a good state share 3000 € per square meter. Work continues on the “Goccia” and the redevelopment of the Palazzo delle Poste. Two important Student Housing projects are also planned in Villapizzone and at the Bovisa station. The Comasina district is also in dust, where former popular buildings have been redeemed and which attracts those who have a low availability of spending but want to use the subway. The good performance of the whole area near City Life (Piazza Firenze, Fiera-Monte Rosa) and Paolo Sarpi continues.
Lower prices in the Central Station-Gioia-Fulvio Testi macro-area (-1.7%). The lack of investors was felt in an important way in the area around the Central Station, via Pirelli, Fabio Filzi, via Settembrini. It is an area of the city that, in recent years, has seen an important presence of purchases for tourism purposes. Now first home purchases are moving. The buildings range from the early 1900s to the 1960s and in good condition have average prices of € 5,000 per square meter to drop below € 3,000 per square meter beyond via Galvani. It holds the elegant segment in via Vittor Pisani, € 6000-7000 per square meter. Between via Melchiorre Gioia and via Fara there are numerous interventions that will change the face of the area.
The quotations of Città Studi-Indipendenza and Lodi Corsica rose by 1.2%. In the first, the viale Padova and piazza Piola areas performed well. Corso XXII Marzo is also doing well, where there is expectation for the arrival of the underground line 4 and for the creation of green areas that should arise not far from the Porta Vittoria complex. There is an excellent offer for both prestigious and civil properties. The latter are estimated on average around 4000 (to be restored) and 4500 € per square meter (for the smaller cuts). They are mostly present on Corso XXII Marzo. There are peaks of € 6500 per square meter for the prestigious solutions that overlook piazza Grandi (Fontana-Bunker side), corso Plebisci, via Compagnoni and via Hajech. In the macro-area of Lodi-Corsica the expectations are all for the redevelopment of the Porta Romana airport and the works for the Olympics. In particular in Corso Lodi-San Luigi where the works that will lead to the birth of the Olympic Village have already begun.
In the Navigli-Famagosta macro-area, the drop in prices (-2.2%) affected the area of via Ripamonti-Spadolini and the area close to Bocconi, Tibaldi, San Gottardo and Cermenate. Stop the investors who have always been active in the area and for which they have bought and sold above all the first houses in Tibaldi-Cermenate where prices are more contained. For a two-room apartment at the moment you hardly want to spend over € 300,000 and this explains the difficulties of San Gottardo where prices are high and owners are reluctant to reduce prices. This is the area where investors were most concentrated and which also includes various student housing projects and the Bocconi campus. From viale Tibaldi towards corso San Gottardo and Porta Ticinese the prices are higher and for a solution of small size and in excellent condition, it starts from € 5500 per square meter; in the stretch that extends from viale Tibaldi towards Cermenate there is talk of values around € 4000 per square meter. Prices in via Ripamonti-Val di Sole are stable: the area is suffering more from the economic difficulties of some of the customers, especially in the most popular part but, at the same time, it benefits from the improvements that came after the establishment of the Prada Foundation and expectations related to the completion of Symbiosis. It exceeds € 3,000 per square meter in the crossbeams of via Ripamonti, it drops to € 2,800 per square meter in via Ripamonti and € 1,800 per square meter in the Vigentino section. There are several redevelopment interventions of abandoned industrial areas (in via Ferrari) and transformed into residential areas (the new one costs 3200-3800 € per sqm).