A market that is still strong but is growing less than last year. For the Milan real estate market, 2002 defined a four-year period characterized by continuous growth. Since the beginning of this year, however, there has been a decline in supply and a tendency for prices to settle which 'rise by around 5% in the most popular central and semi-central areas and in general by no more than 2%', Gabetti said.
Much will depend on the market trend in the coming months on the new massive disposal operations of municipal properties (around 20 thousand). Again according to Gabetti's findings, sales volumes are decreasing (-3%) compared to 2002.
Last year's data is emblematic of the state of health of the Milanese market. According to Claudio Lossa of the Milan real estate exchange 'if in the first months of 2003 the push was less, now we have a new flare-up, a rush to purchase driven by the property's ability to attract savings'. Romolo Ferrario, national vice-president of Fiaip, is of the same opinion, who also confirms 'the tendency to invest in small sizes in areas of recent but strong revaluation, such as that around the Navigli'.
According to Tecnocasa, in Milan in 2002 prices grew by 13.5% over the previous year, as did sales: 6% more than in 2001. 'The first data for 2003 lead us to think that there will be no contractions on this front either - states the head of research office Guido Lodigiani - especially for two-room apartments, requested by 50% of Milanese people'.
According to the president of Assoedilizia Achille Colombo Clerici 'Customers are more thoughtful about prices, in a market now monopolized by sales. The phenomenon of real estate splits has brought ownership a lot closer but compresses the rental market, today at 35% compared to 60% in the 1970s. For Giovanni Pugni, sales manager of Ipi (Fiat group) 'The market now appears more selective, with a 'reasoned' demand and an offer that is aligning with quality requests'.
The clean-up operations managed by the Municipality continue at a rapid pace. 'Together with infrastructural improvements, such as those on the subway network - says urban planning councilor Gianni Verga - the 20 PRUs approved seven months ago are progressing. Furthermore, a recent resolution on public housing, if financed, will allow the introduction of approximately 900 real estate units. Among the large projects already completed, that of Bicocca, with residences for 4 thousand people and parking for 300 thousand square meters.
source: Il Sole 24 Ore
Grimaldi Padua
Padua - 35137 - Via G. Matteotti, 27
e-mail: padovacentro@grimaldifranchising.it
Tel. +39 49 663 033 - VAT number 05301660287
Grimaldi Cadoneghe
Cadoneghe (PD) - 35010 - Via G. Franco, 2/A
e-mail: cadoneghe@grimaldifranchising.it
tel. +39 049 88 736 56 - VAT number 05322440289