Luxury real estate, maxi sales push prices up to 31,000 per square metre

The segment does not follow traditional real estate logic. The high end of real estate in Milan has reached values that have become detached from the rest of the market. The price is not determined by pre-established parameters, but by the peculiarity of the property and the specific needs of a clientele willing to sustain off-market values in order to gain access to certain assets.

In the city, one of the most relevant recent transactions is that of Palazzo dell'Orso. The residential complex had been acquired by Merope - a real estate investment and development company founded by Pietro Croce - in 2022 from Cir for 38 million and subsequently redeveloped as an asset prime, with a reception, swimming pool, spa, gym and parking spaces. According to this newspaper's reconstruction, of the 16 flats in the property - located between Via Ciovasso, Via Ciovassino and Via dell'Orso in the heart of Brera - 15 were sold in just two months at prices of between 13 and 31 thousand euro per square metre. The buyers would be mostly Italian and would have invested, for the largest units, figures between 20 and 24 million.

 The most significant sales include Palazzo Taverna Trivulzio, a historic sky-land building in Via Bigli 9, formerly owned by a countess and for a long time divided into several residential units. The property was reportedly acquired by the Brazilian group Jhsf, owner of the Fasano brand, for a value of 52.5 million.

 Still in the ultra-prime segment, the recent sale of a penthouse in Corso di Porta Vigentina, one of the most significant residential transactions concluded outside the city's traditional luxury addresses, also attracted the market's attention. The property, some 700-800 square metres of new construction with a private pool on the terrace, was reportedly sold for over 20 million, a record value for the area. Also coveted in the Brera and Quadrilatero del Silenzio areas are maxi-apartments: in Via Serbelloni, a 386-square-metre residence, albeit in need of renovation, is said to have sold for 8 million. In the same area, a 315 square metre property was reportedly sold for €7.6 million, while in Via Senato a 425 square metre flat in need of renovation was reportedly sold for €5.8 million

  "In the highest price bracket, transactions remain few and far between, they do not make the market in quantitative terms, but they do influence the values of the segment," explains Gabriele Torchiani, head of the observatory at Tirelli & Partners-. If certain prices are reached on exceptional assets, other owners also tend to adjust their requests, sometimes regardless of the real characteristics of the property'.