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Casavo•02 July, Casavo team
Data Insight – Milan Residential Market – July20
In cooperation with our Data Science team, we are releasing the first market report on residential listings and prices in the city of Milan. This report, based on data publicly available, will be released every 6 months.
Trend of new listings versus the average square meter price in the last year
Durgin last year, there was clearly an upward trend in the price of newly listed houses. The number of new listings, instead, are somewhat flat and follow seasonality. Thus there were fewer new properties in December and August, as the exceptional cases of March-April-May 2020, since there was almost a complete stop of activities due to Covid-19. However, from half of May 2020, there was a strong recovery with a record peak of 1600 new listings.
Percentage of new listings by different sizes
During the whole year, the most popular listings have a surface between 50sqm and 100sqm. They account for 50% of all the new properties. Instead, properties with a surface smaller than 50sqm are the most difficult to find!
However, during the pandemic, the market share of smaller apartments has grown faster than bigger apartments! This may reflect the fact that, since selling bigger apartments is harder, the owners are waiting to list them due to the uncertainty of the period.
Price varies based on number of floors
Let’s analyze the price of apartments on the lower floors compared to the higher floor. The overall price uptrend is captured in both categories but, on average, it is clear that apartments on higher floors are 5% more expensive than the others.
Impact of conditions on price
Let’s see how the conditions of an apartment impact the final price. As we can imagine new or renovated listings, on average, have a higher price than not or partially renovated one of 14%.
What’s interesting about this is that it seems there are no advantages of selling a partially renovated apartment over one that needs a complete renovation.
Price by geographical area
The square meter price is increasing as we move toward the center of Milan. The most expensive area where to buy a house is Duomo and Brera with an outstanding average price close to 10000 eur/smq. Instead, the cheapest zones are the suburban areas, like Affori or Chiaravalle, with a mean price of 3000 eur/sqm .
It stands out that even if Brera and Duomo have the most expensive properties, they are also in the top 10 most popular areas for new listing!
One of the most popular zone, being also in a central area, is Buenos Aires, accounting for 6.5% of all listing and having an average price of 6000 eur/sqm. An interesting fact is also that the inner zones’ price has grown slower than the outer zones. Duomo and Brera year over year grow just around 5% while district like Loreto or Giambellino has seen an average increase of 20%.
We are thrilled to announce that we have now raised an additional €200 million of capital, bringing the total capital raised to date to €385 million, including debt and equity.
Last week we announced the closing of a new funding round called “Series B”, that follows the Series A one just after 7 months.