According to researchers at the real estate portal Idealista.it, at the end of the year Milan showed signs of recovery, contrary to the rest of the country that was still suffering.
The recovery, however, was considerably circumscribed: Expo's spillover effects only affected the most prestigious areas and had no effect at all on the provincial municipalities.
According to the Idealista.it index on real estate value of second-hand housing, prices in Milan increased by 0.7% in the course of the year 2015, bucking the national trend that saw a decrease in market value just about everywhere.
The most expensive area of all is the historic center with €7,500 per square meter, followed by Garibaldi-Porta Venezia and Navigli-Bocconi, respectively€ 4,934 and 4,674/m2. Save for the exclusive districts, valuations have continued to drop in 12 out of 17 areas of Milan, with the negative record going to Greco Turro (-6.6%) and Vialba-Gallaratese (-6.2%).
Rome, on the other hand, saw free-falling price tags nearly everywhere: Idealista.it shows an overall drop of 7.5% in 2015, hitting an average value of€3,396 per square meter.
“In just four years Roman property has seen 25.6% of its value go down the drain,” the real estate portal said.
With the sole exception of Nomentano-San Lorenzo (+1.2%), prices have dropped across the board. The highest price tags are in the city center, €6,625 per square meter, ahead of the Parioli district with €5,367/sqm (-2.3% year-on-year) and Prati (€5,312/sqm).
All other neighborhoods show prices below €5,000, down to €1,969 per square meter in Roma Est Autostrade [eastern district of the city close to a number of highways], the sole area where you can buy an apartment for less than €2,000/sqm. In fact, the biggest decreases belong to this neighborhood, i.e. -16.2%, though other districts also show two-digit decrements, e.g. Labaro-Prima Porta (-13%), Cinecittà (-12.2%), Aniene-Collatino (-10.3%) and Casilino-Centocelle (-10.1%).
The outskirts of both cities show negative figures: the province of Milan has apparently not benefited from the so-called Expo effect, since 2015 closed with an 8.7% decline, on top of the past few years' reiterated downturns.
As many as 42 out of 48 municipalities reviewed by Idealista.it showed a negative trend; the exceptions were led by Arese (+10.8%), Locate Triulzi (+4.8%), Segrate (+2.7%), Buccinasco (+2.3%) and Corbetta (+1.1). The province of Rome is even worse off, as on average, its value dropped 12.8% in the course of 2015, with the biggest drop in Ardea (-14.6%), and two-digit devaluation in Subiaco (-10.2%) and Ladispoli as well (-10.1%).