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residential Market News: Spanish Real Estate Intelligence

Milan: Borgosesia RE to develop residential complex
20 October, Bebeez Borgosesia RE will develop a residential complex in the province of Milan on behalf of a company operating in the NPL sector. The asset is partly completed but left unused for quite some time. Borgosesia RE will requalify the area and proceed with marketing the residential units. This is the first operation of the company involving a third party. Borgosesia specialises in the completion of real estate developments addressing financial players looking for profitable investments or advising them on how to manage real estate portfolios they acquired from banks. Source: Bebeez Translator: Cristina Ambrosi
 
Porta Lodovica and Scalo Romana are the best areas where to buy a house in Milan
02 October, La Repubblica Scenari Immobiliari ranked Porta Lodovica and Porta Vigentina as the best neighbourhoods in Milan, while Porta Romana is the area with the best quality of life.  According to the study, it’s mostly the amenities present in the area that make the difference, such as shops, public transport and parks easily reachable with a 15-minute walk, along with hospitals, medical clinics and schools. After the three-months lockdown, the Milan residential market has shown signals of recovery, although the property transactions for 2020 will be significantly lower than expected (-15% from 2019). Despite that, prices recorded only a 0.5% reduction. Source: La Repubblica Translator: Cristina Ambrosi  
 
Demand for apartment rentals drops as offer increases
30 September, Milano Finanza Immobiliare.it and Mioaffitto.it report a general increase in the availability of apartments for rent in the period between March and September, with Milan reporting a 68.7% increase in the offer against the national average of+14.2%. Although the demand has generally dropped in the whole country (-13.2%), prices have not reported any significant variation, as landlords expect the market to recoup soon. As a result, the rent of a two-roomed apartment costs on average 830 euro a month. Source: Milano Finanza Translator: Cristina Ambrosi