Luxury homes in Milan, prices increasing by 7.1%. Average cost: 12,658 euros per square meter (but it can reach 30 thousand). And VIP rentals? Up to 10 thousand euros per month

19.01.2024
The most popular areas are the Fashion District, Brera and Magenta, while Porta Nuova and Corso Como are in decline. The strongest increase is on homes to be renovated: at these levels buyers always want to "personalize" their residence. In 2023, sales of luxury homes decreased in Milan by 6.2% compared to an estimated decline of almost 11% in total transactions. A more contained slowdown thanks above all to the fact that the top residential segment is only partially affected by the increase in the cost of money and therefore of mortgages, given that many transactions take place in cash. On the other hand, prices grew on average by 7.1%, with an asking price per square meter of 12,658 euros and the overall turnover generated by the 455 transactions attributable to the luxury segment rose by 0.8%, to 860 million euros . These data can be obtained from the first 2024 report «Vmp prime residential». The offer is increasing slightly (+1.1% of properties placed on the market) while sales times are significantly increasing. Demand remains very strong but purchases are being considered and many potential investors are on the sidelines today. The problem is the distance between the cost of debt and the return on real estate.

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