Milan’s real estate market continues to demonstrate remarkable resilience, with contrasting dynamics between the sales and rental sectors. According to the latest report from idealista’s Research Department, Italy’s leading real estate portal, housing prices in the Lombard capital have stabilized in the spring quarter of 2024, settling at an average of €4,987/m².
Key points:
- Stability in Milan’s sales prices (+1.4% year-on-year)
- Continued growth in rental rates
- Variable dynamics across different neighborhoods
Market analysis:
- The Historic Center remains the most expensive area at €10,311/m²
- San Siro-Trenno-Figino leads quarterly increases (+3.3%)
- Vialba-Gallaratese records the most significant decline (-4.8%)
In the hinterland, a slightly negative trend is observed, with a 1.2% decrease and an average of €3,389/m². Assago emerges as the most expensive municipality (€3,647/m²), while Grezzago offers the most accessible prices (€1,054/m²).
The rental market, on the other hand, continues its upward trajectory. A 55-square-meter apartment in the heart of Milan now costs an average of €1,760 per month, highlighting increasing pressure on the rental market.
Andrea Napoli, CEO of Locare, offers insight: “The lack of adequate protections is pushing landlords towards short-term rentals, drastically reducing the supply for long-term residents.”
Key factors influencing this trend:
- High purchase prices
- Interest rates that remain elevated
- Growing demand for tourist rentals
The future of Milan’s real estate market remains uncertain, but it’s clear that the city is undergoing a transformation phase, presenting both opportunities and challenges for investors and residents alike.