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Milan to invest 13 billion euro in the next 10 years

12 November, Linkiesta

The Mayor of Milan Beppe Sala announced investments for 13 billion in real estate projects by 2030. Thanks to its efficiency, Milan not only hosts half of the multinationals present in Italy and represents 10% of the domestic GDP, but also reported investments for 1.6 billion euro in the first part of 2019 (+38.9% from 2018). Most of the capitals come from international investors, mainly from the US, Germany and Asia. After having focused on the city centre, investments started to target also the suburbs (580 million euro) and Porta Nuova (402 million).

Moreover, new developments will concern a 730 thousand Sq m area by 2024 for a turnover of 2.9 billion euro, without considering the Olympic games in 2026 and the new football stadium.

The City Administration will concentrate the investments in affordable housing, in the creation of new parks and the regeneration of the suburbs. The focus will be university students and young workers, given that the prices to rent a studio apartment in Milan increased by 6.1% from 2018.

Source: Linkiesta

Translator: Cristina Ambrosi