How much does a luxury home in Milan cost and where to get the best deals
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Loading... - Kirsten Cooper
- 16 Feb 2022
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The Milanese residential property market, according to the estimates of the "Vincenzo Monti Prestige Prime Residential 2021", is expected to close 2021 with a growth of more than 27,000 total sales between used and new homes, equal to +26.7% on 2020 and +4.5% on 2019.
Luxury properties in the centre of Milan in 2022
"Prime" properties in the Historic Centre of Milan marked an increase in exchanges of 28.1% compared to the previous year and +2.9% compared to 2019, with a total of 524 transactions (estimate made on data provided by the OMI of the Italian Revenue Agency).
The turnover of the Milanese luxury market, on the other hand, recorded a volume of exchanges at the end of 2021 of approximately €867 million (+30.8% compared to 2020). The average price for luxury homes calculated on the transactions carried out was €10,950 per square metre, referring to newly built or fully refurbished products. Compared to 2020, there has therefore been an increase in average values of 2.1 percentage points. Compared to last year, the supply of homes for sale has increased slightly (+1.6%) and represents just over ten per cent of the total for the entire city. Selling times have been reduced compared to last year and also compared to 2019, when they were over 4 months. Today, transactions are concluded on average after around one hundred days of negotiations.
The forecasts for 2022 are all positive, with trade and turnover increasing, against a new slight increase in prices, not exceeding the expected rate of inflation.
The most popular luxury homes in Milan
The Milanese are looking for a luxury home in a high-rise location, with three or four bedrooms and a study, possibly in an iconic building designed by an archistar. After the break of 2020, the demand for "vertical Milan" is resurfacing strongly: the Velasca Tower, the Gronchi Skyscrapers in Via Vincenzo Monti - L.go V Alpini, the Tower designed by Vico Magistretti in Via Revere, the Towers in P.za Piemonte, or, more recently, the Hadid buildings in CityLife or the Bosco Verticale and the Solaria Tower in Porta Nuova. Read More…
