The global real estate market is suffering from the uncertainties expected in 2023, with the real estate market specfically affected by inflation, interest rate increases, the economic slowdown and the energy crisis. In the case of Europe, according to the Real estate market trends report compiled by consultancy firm PwC and the Urban Land Institute (ULI), based on a survey of more than 1,000 industry players (ranging from banks to real estate companies and investment funds), international capital will focus on the most liquid and mature markets. Here are the best cities to invest in real estate in 2023, one of which is Milan.
According to forecasts, the slowdown in transactions will continue in the coming months and there will be an adjustment in real estate values, although this scenario will also offer new investment opportunities, especially in large cities. Investors are therefore not taking risks and are betting on stable markets, as well as looking for the most resilient assets, according to analysts.
The ranking of the best cities to invest in real estate 2023
Proof of this is that, in the 2023 edition, London leads the ranking of the most attractive European cities to invest in real estate, followed by Paris and Berlin. Madrid comes in fourth place, having moved up two places from last year's ranking, while Barcelona is again in ninth place. Also in the top 10 for 2023 are Munich, Amsterdam, Frankfurt, Hamburg and Milan in 10th place. Italy's other main attraction, Rome, on the other hand, is ranked 21st.
According to Richard Garey, who is the partner in charge of Deals at PwC Real Estate, London holds its place at the top of the European ranking due to being far from the effects of the war in Ukraine and being Europe's largest property market. Paris has moved up one spot in the 2022 ranking due to the excitement surrounding the 2024 Olympic Games and the investments it is drawing in. Berlin, on the other hand, benefits from Germany's reputation as the safest country in Europe and minimal impact from the Russia-Ukraine war.
When it comes to Italy, Milan is ranked as the tenth best city for real estate in 2023. The city is the financial and fashion capital of Italy and has been attracting real estate investment in recent years. The city has a strong economy, with a thriving business district and a growing number of international companies setting up offices there. This has led to an increase in demand for commercial and residential properties, pushing up prices.
Additionally, Milan's position as a hub for the country's fashion and design industries has made it a popular destination for tourists, further driving demand for short-term rental properties. Despite these positive factors, the real estate market in Milan is facing challenges such as a slowdown in the economy and tighter lending conditions, which have dampened investment in recent times. Nevertheless, the city's overall appeal and growth potential continue to make it an attractive option for real estate investors.
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