Buying a house in Milan is total hell. Blood, sweat, money. Triple S to which the word “sacrifice” must also be added. Yes, because now, to buy a two-room apartment, it’s quicker to sell a kidney. Or both kidneys. The two-room apartment is the “new” object of desire, and it’s not hard to understand why. According to an analysis by Immobiliare.it Insights, this type of property has undergone a record revaluation in the Lombardy capital, by almost 60% in the last eight years. Yes, you read that correctly, a 60% increase.
Well, let’s get some percentages and numbers out of the hat. In 2016, buying a two-room apartment in the City cost on average 3,278 euros per square meter. But now? Well, you have to “exit” more than 5,100 euros per square meter. A 57% increase which puts a strain on the wallet, but which also makes property owners really happy.
And speaking of neighborhoods, some have become true luxury real estate jewels. Let’s take a look at Pasteur-Rovereto, where prices increased by 80%, or in Maggiolina-Istria with a +75.3%, and in Corvetto-Rogoredo with a crazy increase of +72.8%. In short, if you want a trendy two-room apartment, these are the places to go to die.
In fact, if in cities like Rome and Naples the prices remain quite affordable, in Milan it’s also the suburbs to break the bank, especially if it is well connected by public transport. And this trend has been underway for years, since the 2015 Expo boost which gave a turning point to real estate investments.
But if you then go and check, even in cities like Bologna, Verona and Florence the prices of two-room apartments have increased enough boom, with increases of up to 44.5%. But there is always a “but”: in Rome and Palermo prices have dropped, and in Catania and Genoa there has been even a decrease by 12.3% and 19%.
Well, so how do you do it? Even if the individual Milanese boasts the largest budget in Italy, with salaries that exceed 2K a month for an average worker, it is a tremendous effort to get ahead. Buying a modest two-room apartment without drowning in mortgage payments requires a very high net monthly income. To maintain financial sustainability, the mortgage payment should not exceed 30% of your net monthly income. Therefore, a professional who lives and works in Milan must have a minimum of 4k in his paycheck per month to be able to live peacefully. Can we laugh?
Author: Francesca Tortini
