MILAN - Buying a property in Milan costs more and more, according to the findings of Osmi-Borsa Immobiliare, a special company of the Milan Chamber of Commerce, in collaboration with Caam-Fimaa Milano. Prices on average have risen by 7.1% in six months, and by 14.1% in the last year. In the central Via della Spiga you spend 7,360 per square metre, on average a house in Milan costs 3,305 euros per metre. However, less is being bought: housing transactions fell by 1.7% (from 93,391 properties in 2000 to 91,803 in 2001) but from July 2001, a recovery can be glimpsed for operators.
The effect induced by the risk of terrorism also emerges: near the Viale Jenner Mosque the price of houses has collapsed. Contrasting signals on the new pedestrian areas: rising prices in Corso Garibaldi, Porta Ticinese building, below average Corso Como: for Giorgio Viganò, president of Osmi, this is a sign that urban planning reforms must be accompanied by additional measures in order to be successful.
In the second half of 2001, rents for (unfurnished) apartments increased on average by 4% (+12.2% per year): renting a house costs 178 (345 thousand lire) per square meter on an annual basis: the greatest increase (+6.7%) in the historic center (+9.6% per year). The increases also affected offices which recorded increases of 7.9% in the semester (+17.4% on an annual basis): also in this case the historic center was highlighted (+12.5%; +23.9% on an annual basis). However, the situation is stable for office rents: on an annual basis, +50.7% in the center stands out. Overall, property yields (rental/purchase price ratio) reached 3.9% for houses, 9.8% for executive offices, and 7.4% for small offices.
Mauro Danielli (president of Caam-Fimaa) underlined the importance of constant monitoring of the market and Claudio Lossa (president of Osmi prices commission) recalled that the interest also remains alive in the suburbs. 'The data released today - concluded Sestilio Paletti, president of the Association of real estate promotion and development companies - leaves room for cautious optimism for 2002 in consideration of the fact that Milan has not yet fully adjusted to the prices of other major European cities'.
source: from: Il Sole 24 Ore
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