Milan

Milan continues its upward trend in the real estate market, firmly securing its position at the top of Italy’s housing price charts, with an average of 5,186 euros per square meter. On a European scale, it ranks third among the most expensive cities for a two-room apartment, trailing only behind Amsterdam and Lisbon. However, there is still hope for those seeking to buy a home below the city’s average and with the potential for future appreciation.

The Immobiliare.it Insights Observatory, featured and reworked by Fanpage.it, has examined neighborhoods that have experienced significant price growth compared to pre-Covid times, while still offering accessible costs compared to Milan’s most coveted areas. These neighborhoods are primarily situated in the North/Northeastern part of the city, often well-connected to the metro network and undergoing a new wave of gentrification. Among the intriguing locations are Cimiano-Crescenzago-Adriano, Viale Certosa-Cascina Merlata, Pasteur-Rovereto, Affori-Bovisa, and Precotto-Turro. In these areas, the average price per square meter remains below the city’s 5,186 euros. Cimiano-Crescenzago stands out as the neighborhood with the highest price growth in the last three years, boasting a 30% increase and a current average price of 3,495 euros per square meter. Following closely are Viale Certosa-Cascina Merlata, experiencing a 29.8% surge and an average cost of 3,798 euros per square meter, and Pasteur-Rovereto, with a remarkable 28.5% growth and an average price of 4,579 euros per square meter. Affori-Bovisa and Precotto-Turro are also on the rise, with respective increases of 26.9% and 25.3%, and average costs per square meter of 3,425 euros and 3,996 euros.

Honorable mentions go to the area served by the brand-new M4 Forlanini metro line, where the average price per square meter stands at “only” 3,191 euros for a house, yet witnessed a notable 24.9% increase recently. Similarly, Udine-Lambrate is a pricier district, with an average of 4,136 euros per square meter, but still experienced a substantial 24.1% growth in recent years. These emerging neighborhoods present intriguing opportunities for homebuyers looking to acquire a property in Milan at a more affordable price while holding the potential for short-term appreciation.

According to a report published by the biannual Residential Property Market Observatory by Immobiliare.it Insights, the average cost of buying a house in Italy is currently €2,125 per square meter, showing a 2.5% increase compared to the beginning of 2023. During the same period, rental prices have increased by 5.4%. It is interesting to note that Milan, one of Columbus International‘s reference markets, is the most expensive location for both buying and renting properties. Despite a decrease in demand and an increase in supply in the Italian real estate market, housing prices continue to rise in the first half of 2023.

The Residential Property Market Observatory by Immobiliare.it Insights also highlights a decrease in affordability for singles and couples across the country. In major cities, the average cost of buying a house is €3,236 per square meter. However, demand has decreased by 2.9% in the last semester, while the supply of available properties on the market has increased by 8.3%. Regarding rentals, rental prices remain higher in major cities, with an average of over €16 per square meter compared to €10 in smaller cities. However, smaller cities show a higher growth rate (+8.1% in the semester) compared to larger cities (+5.5%). Milan confirms its position as the most expensive city for buying a house, with an average price exceeding €5,250 per square meter, followed by Bolzano, Florence, Bologna, and Rome. Additionally, Milan is also the most expensive city for rentals, with an average of €22 per square meter, followed by Florence and Bologna.