The 'boy from via Gluck', saddened by the lack of greenery, was nevertheless right as a real estate developer: firstly because in the area of via Gluck house prices have grown by half compared to the average in Milan (on an annual basis +3.8% compared to 7.5%), secondly because the city of greenery has risen the most, starting from Trenno - and its park - with a +21.4% in a year, and on average with +7.9%. However, the excellent performances of 2002 and 2003 will seem distant in three years. Slow growth is expected for the Milanese real estate market. The prices of new homes will grow again in 2003 (+7.47% in the Historic Centre, +7.14% in the Bastioni, +6.93% in the Ring Road and +5.98% in the Periphery), only to then suffer a sharp slowdown in 2005 (-2.2% in the Historic Centre, and only +0.15% in the Bastion Road, +0.44% in the Ring Road and +1.07% in the Suburbs) and in 2006 (-1.54% in the Historic Centre, +0.7% in the Bastions, +0.8% in the Ring Road and +1.3% in the Suburbs).
Signs were also present in the first six months of 2003: the housing boom continues, but with less emphasis. Property prices are still higher by 3.2% since January this year (+7.5% in one year). But they are slowing down compared to the +4% of the last semester. With fairly stable rents compared to the past and sales holding steady, but without increases. In short, in a situation that tends towards stability. The house is no longer the safe haven par excellence: if in fact in six months the MIB real estate financial index rose by 18.76%, the yield on properties only reached +3.4%.
But there is a real estate Milan that is growing more: the suburbs (+18.1% in Mercalli), but also the center (via Solferino +17.2%, via della Spiga +16.9%), the Milan of entertainment (+4.1%; +9.7%) and, as mentioned, of greenery (+4.1%; +7.9%). Prices slow down in the areas with the highest density of non-EU citizens (+4% per year, but only +2.7% in six months).
These are some of the data that emerge from a re-elaboration of the Permanent Observatory on the Real Estate Market of the Chamber of Commerce on the Fimaa Milan-Osmi data, a special company of the Milan Chamber of Commerce for the final balance of the first six months of 2003 and from the 'September 2003 Report', with forecasts for the three-year period 2003-2006, created by the Permanent Observatory on the Real Estate Market of the Chamber of Commerce of Milan in collaboration with CERTET - Bocconi University.
source: Real Estate Observatory
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