There are five districts in Milan that have the highest prices in the city, as regards real estate sales. Without too many surprises, we are talking about the Quadrilatero, the historic center, Brera, Magenta and Corso Venezia.
The fact that the market is keeping up with the crisis, the pandemic and everything we have had to face during the last 10 years between the crisis and the economy at a peak, is given by the value of the average discount: only 5,4%, the lowest value. registered in the last 10 years. The negotiation on the price is therefore reduced to the bone, making sure that the deals are also played on the speed.
Which are the most expensive areas of Milan
The real estate company Tirelli & Partners, which specializes in real estate consultancy, valuations, contractual assistance and the purchase and sale of prestigious properties, draws up an Observatory of exclusive residences in Milan every semester, which takes into account the trend of prices in the five most expensive areas of the city.
As regards the data for the first half of 2021, alongside Quadrilatero, the historic center, Brera, Magenta and Corso Venezia, houses in the rest of the urban area are also taken into consideration, provided they are on sale for at least one million euros, with a price per square meter greater than or equal to 7000 euros.
And here are the results: in the Quadrilatero della Moda, refurbished homes are worth more than 15.000 euros per square meter, with a record peak of 25,000 euros per square meter. It is cheaper to live in Brera-Garibaldi, where houses cost on average 11 thousand euros per square meter with peaks of 15 thousand. Considering the variation between the first half of 2021 and the second half of 2020, the Observatory notes prices that are growing very slightly, with the values increasing by 0.3%.
But the Observatory also reports other data that are worth examining, first of all the average time to sell a luxury home, estimated at about two years. When a property is on the market so much, the potential buyer thinks that the house cannot be sold as it is not worth the asking price, triggering a cascade effect that can have disastrous effects on the marketability of the property in question. But it is often not a problem, as those who sell a house of this value often do not have urgent economic needs, and therefore prefer to wait rather than lower the price.
On the other hand, the most attractive homes are sold even in less than a month, as the offer often does not live up to the expectations of those who want to buy. However, demand is not lacking, also favored by the greater availability of liquid money, also partly due to the pandemic.
The most expensive house in Milan of 2021
Finally, we also give space to the most expensive house sold in Milan in 2021. We are talking about 20 million euros, for a villa with a garden in the heart of the city, in an interior of Corso Magenta, a few steps from Leonardo’s vineyard. An astronomical price for an absolute rarity in the real estate market of the Lombard capital: it is known that the villas with gardens in the historic center are on the verge of extinction.
However, it is a house with an internal surface of 1500 square meters, since it “justifies” the total price, bringing the price per square meter to 13333 thousand euros. Certainly not within everyone’s reach, but these are figures that have long been accepted by the luxury Milan real estate market.
The villa in Corso Magenta clearly stands out from the other more expensive real estate transactions in Milan in 2021: on the second highest step of the podium there is in fact a 480-meter apartment to renovate in Corso Venezia with 6 million and 450 thousand euros, while a another house, still to be restored, was sold in the Magenta area for 4 million and 850 thousand euros.