Milan capital of recovery: the news
The wonderful Italian city, capital of fashion, has also been baptized for a sad parenthesis experienced by the whole globe. The one related to Coronavirus. Across the Peninsula, Milan was the city with the highest number of cases and deaths. A drama that is echoed in the pages of international crime news. After the end of the Italian lockdown, what the population fears is mainly a return to those dramatic days marked by the news. But it seems that the recovery has really come. As in every sector, the real estate sector also suffered a noticeable backlash. This is why, today, we have decided to analyze in detail what the forecasts for one of the most sought after cities on search engines will be by those who want to reallocate themselves. Whether it's foreign or national portfolios, there is no doubt: Milan has a decisive role in the Italian real estate.
Before the fateful lockdown, the forecasts for the Italian real estate market were far from negative. We are talking about a 7% increase in property sales (for a total of 27,800 completed transactions. Turnover? 8.9 billion euros, guaranteeing 10% more than in 2019. New buildings have contributed to this significant growth, reaching 3.5% of total transactions, always comparing everything to the same period in the previous year As for prices, (the average ones) always before the lockdown, they reached 2.5%.
And now ? How will the Milan real estate evolve? Let's start on the demand side. The pandemic has undoubtedly influenced local property demands. In the city of Milan, for those looking for a home, the price for peripheral areas is medium to high, given the large size of the apartments in this area. This makes us understand how prices will actually increase progressively. In addition, the plans of the apartments will also change. As we have already said in a previous guide, we will try to find a property that is large enough to include relaxation areas and for guests. Reason for which, both for new buildings but also for pre-existing ones, a redevelopment of the spaces will be undisputed, supported by an additional price higher than the property itself.
As regards the forecasts in terms of sale and purchase contracts, the overall transactions could close to 21 thousand in 2020. For a rate equal to - 19% compared to 2019. New buildings also show a negative trend in the Milan real estate, with a -15% - This means that the offer will drop dramatically, going from 20% to 15% compared to the total number of properties currently on the market.
It is hoped that the real estate of this reality so alive and meaningful for Italy will recover as soon as possible. In the meantime, we invite you to always consult our site!
Before the fateful lockdown, the forecasts for the Italian real estate market were far from negative. We are talking about a 7% increase in property sales (for a total of 27,800 completed transactions. Turnover? 8.9 billion euros, guaranteeing 10% more than in 2019. New buildings have contributed to this significant growth, reaching 3.5% of total transactions, always comparing everything to the same period in the previous year As for prices, (the average ones) always before the lockdown, they reached 2.5%.
And now ? How will the Milan real estate evolve? Let's start on the demand side. The pandemic has undoubtedly influenced local property demands. In the city of Milan, for those looking for a home, the price for peripheral areas is medium to high, given the large size of the apartments in this area. This makes us understand how prices will actually increase progressively. In addition, the plans of the apartments will also change. As we have already said in a previous guide, we will try to find a property that is large enough to include relaxation areas and for guests. Reason for which, both for new buildings but also for pre-existing ones, a redevelopment of the spaces will be undisputed, supported by an additional price higher than the property itself.
As regards the forecasts in terms of sale and purchase contracts, the overall transactions could close to 21 thousand in 2020. For a rate equal to - 19% compared to 2019. New buildings also show a negative trend in the Milan real estate, with a -15% - This means that the offer will drop dramatically, going from 20% to 15% compared to the total number of properties currently on the market.
It is hoped that the real estate of this reality so alive and meaningful for Italy will recover as soon as possible. In the meantime, we invite you to always consult our site!
