How much does it cost to buy a house in Monza? Today, May 9th, in Assolombarda in Viale Petrarca were presented trend of the real estate and mortgage market in Monza. According to the analyzes of the Tecnocasa Group Research Office, in the second part of 2023 the values of Monza increased by 1.8% compared to the first half of 2023.
Crunching the numbers Ada Rosafio (Tecnocasa Monza Overst) And Giorgio Rasini (Studio Rasini Tecnocasa of Desio), which gave an insight into the Italian data and in particular that of Monza, neighborhood by neighborhood. “I find this initiative very important, we like to share these analyzes from our Research Office with everyone because knowledge of the sector is fundamental – comments Rosafio -. Monza remains an attractive city, many come from Milan because it is a liveable city of the right size”. But when we talk about houses, the mortgage market, which was explained by, necessarily also comes into play Walter Brambillaconsultant of the Kiron agency in Monza based on the processing of Bank of Italy data carried out by Kìron Partner SpA.
THE MAP OF THE NEIGHBORHOODS: WHICH AREAS DO YOU LIKE? AND THE PRICES?
CENTER
Real estate values have increased in the central areas of Monza and in the neighborhoods of San Carlo, San Gottardo and San Biagio although, in the first months of 2024, a decline in sales prices is reported. The area around the Station (San Carlo/San Biagio) it is the most coveted by the investors who generate income and from those who move from Milan, where they often work. There are solutions at reasonable prices and this allows you to purchase a two-room apartment for €160 thousand. In the centre, around the station, a used one sells for €2200-2800 per m2. New in the central area, excluding pedestrian area, reaches €4500 -5000 per m2. Investors like the area around the San Gerardo Hospital, in light of the high demand from those who work and study at the facility. A two-room apartment rents for around €800 per month. The neighborhoods of San Carlo and San Gottardo offer condominiums built between the 1950s and the 1980s that can be purchased at average prices of €2,500 per square meter. New buildings they are available in San Giuseppe, Triante, San Biagio and start from €3500 per m2. We like the Cazzaniga neighborhood, not far from the Monza Park, whose prices reach €2800 per square meter for properties with a park view. In the neighborhoods of San Biagio, San Carlo and San Giuseppe/Triante the values range from €2000 to €3000 per m2. There are currently no effects on the market linked to the arrival of the metro.
SAN FRUTTUOSO, RONDO DEI PINI AND SAN GIUSEPPE
In the neighborhoods of S. Fruttuoso, Rondo dei Pini and Saint Joseph prices are unchanged. There is a growing interest in solutions in good condition while the development of new ones seems to have stopped also due to the high ancillary costs, in particular VAT. Buyers coming from the Milan hinterland are interested in new buildings and independent solutions even if they have to deal with the budget at their disposal and the transport costs to Milan. Renovated second-hand property in elegant condominiums costs around €2650 per m2, new €3100 per m2 with peaks of €3500 per m2 in the San Giuseppe district. We are talking about condominiums from the 60s-70s-80s, renovated internally and externally and equipped with large balconies.
TRIANTE
Always good feedback for the houses in the Triante neighborhood, well served by public transport, schools and shops: dating back to the 60s and 70s, it has prices between €1900-2000 per m2 for civil construction and €2200-2300 per m2 for prestigious contexts. In fact, the latter are always highly sought after but have a low supply. For the future of the city we are focusing on a policy of redevelopment of the existing; the development of the new one is currently slowed down slightly due to the high construction costs. I am resumed i subway extension works, line 1, which will connect the town to Milan. We are also thinking about a sustainable mobility plan. The rental market appears to be decidedly lively with good demand coming mainly from off-site workers. For a two-room apartment you spend around €700 per month.
VIA LECCO, VIALE FREEDOM
Prices are increasing slightly via Leccowhile they are stable in Freedom neighborhood. Among the buyers several Milanese who move to Monza. Mainly three-room apartments are sold. We like via Bergamo, which is characterized by the presence of courtyard houses. Here new ones sell for €3400-3800 per square metre. The Freedom area is crossed by an underpass which determines different values. The condominiums from the 80s, which are developed close to the Monza park, are priced at around €1,900 per square metre. Not far away in the “Grazie Vecchie” area they are also present Art Nouveau villas that sell for average prices of €2-3 million. New construction in the area costs on average €3300 per square metre. The birth of the “Monza Parco” train stop is expected in 2026, which connects the town with Milan. This could also lead to greater demand from those who live in the Lombardy capital.
SUBURBS, CEDERNA, LIBERTA’ AND S. ALBINO
Prices are stable in the neighborhoods of Suburbs, Cederna, Libertà and S. Albino, positioned between the center of Monza and the railway stations of Central and Suburbs. These are areas in which, in the future, there will be important residential urban developments, including the “Vertical Forest”. Buyers arriving from the city of Milan and some hinterland municipalities want three-room apartments with garages in which to invest around €180-220 thousand. Suburbs Investors like it because it is close to the Polyclinic and the Railway Station. In these areas a good used class C or D one costs around €2500 per m2. In fact, in recent times, more and more people are looking for energy-efficient properties. This is increasing the gap in value between properties in lower energy classes compared to those in higher classes. In the neighborhood Cederna it sells for €1500 per m2, because the majority of the houses are Aler or Gescal courtyard houses. Possibility of revaluation for the Libertà district, already highly appreciated for its proximity to the ring road and the convenience of reaching the city center. The real estate offering, of a medium-elegant type, dates back to the 70s and 80s, with buildings often equipped with a concierge: used ones cost €1500-1700 per m2. In the future the area could be served by the “Monza Est” train stop.
SAN ROCCO AND SAN DONATO
In the area South of Monza, in the neighborhoods of San Donato and San Roccothe second part of 2023 showed slightly increasing prices, due both to expectations for the future arrival of the metro (Bettola stop) and to the birth of numerous new buildings on the border with via Borgazzi and sold at €3500-3800 per m2. This has led to an increase in the solutions used. Main homes are mainly sold, three-room apartments within €150 thousand and two-room apartments within €100 thousand. For higher values there are longer sales times and greater reflection on the part of potential buyers. The demand is mainly local but there are requests from neighboring municipalities such as Cinisello Balsamo, Cologno Monzese and Sesto San Giovanni. Those looking for their first home are looking for three-room apartments, possibly self-contained or independent with a garden, in order to reduce condominium expenses. San Donato and San Rocco have a fairly similar real estate offer, developed in the 60s and 70s with civil buildings. There are few purchases for investment purposes even if the strong demand for rentals is leading to investments of limited amounts (70-90 thousand €) to buy small two-room apartments to make income; the rent for a two-room apartment stands at €600 per month.
THE TREND OF MORTGAGES IN MONZA and BRIANZA
The processing of Bank of Italy data carried out by Kìron Partner SpA, a credit brokerage company of the Tecnocasa Group, highlighted that in 2023 Italian families received financing for the purchase of a home amounting to 41 billion and 241 million euros, compared by 2022 there will be a decrease in disbursements of -25.4% (-14 billion), confirming a downward trend that began in 2022. The province of Monza-Brianza disbursed volumes of 257.1 million euros, recording a change of -12.1% in the quarter. During the year, 934.3 million euros were disbursed (-18.6% compared to last year).
According to Kìron’s internal data, the average mortgage amount in Monza-Brianza in 2023 was equal to 121,710 Euros and the average duration was 27 years. As regards the age of those who take out a loan, in 2023 the figure will settle at 38.8 years.
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