In Milan i house prices they have increased dramatically during 2022. A growth of 7.6%, which brings city values close to the threshold of 5 thousand euros, to an average of 4,965 euros per square meter. This is what emerges from the report drawn up by Idealista and published on Thursday 29 December.
All areas of the city increased their value during 2022 except San Siro-Trenno-Figino, which saw a drop in values of 9.9%. The largest increases observed – all double-digit – concern Forlanini (20.3%), Famagosta-Barona (14.7%), Greco-Turro (11.5%), Certosa (11.4%) and Città Studi – Lambrate (10.3%).
Increases above the average for the period also for Lorenteggio-Bande Nere (9.2%) and Porta Vittoria (8.3%), while the rest of the neighborhoods grow at a lower rate; between 7.1% of Fiera-De Angeli and 0.2% of Vigentino-Ripamonti.
The historic center remains the top neighborhood in terms of property prices, whose average price reaches 9,395 euros/m2. The cheapest prices are found in Vialba-Gallaratese (2,719 euros/m2) and Baggio (2,709 euros/m2), the only areas of the city with prices below 3 thousand euros. Provincial prices have increased by 7.6% this year, at the same pace as prices in the capital.
Higher prices even in the province
The increasingly high prices of houses in Milan “push” demand into neighboring municipalities, most of which (75 out of 96 monitored) show rising values at the end of 2022.
As many as 17 municipalities report 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%), Rozzano (10%). On the contrary, Zibido San Giacomo (-15.6%), Vaprio d’Adda (-12.3%) and Buscate (-10.3%) are the municipalities where the most consistent drops have been detected. As far as prices are concerned, Assago, with its 3,407 euros per square metre, is the most expensive Milanese municipality, followed by Segrate (3,217 euros/m2) and Cusago (3,118 euros/m2). Conversely, Turbigo (966 euros/m2) is the cheapest.
What could happen in 2023
“2022 marked the end of low mortgage rates and a more pronounced slowdown in demand in the last quarter, while prices continued to rise – said Vincenzo De Tommaso, head of the Idealista research office -. 2023 will conditioned by economic instability and uncertainty due to the Russian-Ukrainian conflict, the energy crisis, the increase in the price of raw materials and galloping inflation, with many potential buyers who will have to postpone the purchase of the house. longer and a drop in sales compared to 2022, while prices will cool down without undergoing particular changes. It will not be a homogeneous process and areas with less demand will experience these trends earlier and more forcefully. Medium-low range properties will probably suffer the biggest declines over the course of next year”.
