The real estate market in Italy in early 2017 is showing positive signals, especially in the luxury real estate sector. According to the report compiled by Nomisma in collaboration with Santandrea Luxury Houses for the 2nd semester of 2016 and the first trimester of 2017 there is an increase in demand for luxury real estate with a simultaneous decrease of 10-15% on the original price.
In the center of Milan, near the golden square of fashion, prices per square meter range from 11 000 to 13 000 Euros for a new or fully renovated property and 9 000 to 11 000 Euros per sq.m. for existing houses.
The most popular areas in the center of Milan are Brera, Castello, Indipendenza, have high demand for apartments of 180 – 220 sq.m., on the upper floors with a terrace and a view, concierge, parking space. And conversely, the apartments on the lower floors, without balconies, with windows overlooking the noisy streets, despite the central location and decent houses, are more difficult to sell and accordingly the discrepancy between the requested price and asked reaches up to 20 or sometimes even more percent.
Villas in the vicinity of Milan, especially on the lakes of Como and Maggiore with panoramic views are in great demand.
In the historical center of Rome the situation is similar to the one in Milan. The price for prestigious accommodation in the center and the districts of Parioli, Prati, Aventino is in range of 9,000 to 12,000 Euros for new and renovated accommodation and from 7,000 to 10,000 Euros for existing real estate. An increase of 2.4% compared to the same period last year in demand for apartments with terraces, penthouses was registered. The average liquidity of the market varies from 4 months from the date of the sale of real estate for sale in the Aventino area to 10 months in Parioli. Realized prices are on average 10% lower than initially requested.
Villas in the vicinity of Rome, in the districts of Olgiata and north of Rome, as well as in the southern direction of Fregene, Casalpalocco, are in demand especially for new or renovated objects, the difference between the requested and the realized price can reach up to 15%.
As a conclusion, from the given data pointing to the growth in demand for quality housing and the increase in the number of sales, the forecast for 2017 in the real estate market of Rome and Milan is positive, which will lead to the long-awaited price stability.