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Milan: the relentless growth of new construction

04 August, Corriere della Sera

Nomisma reports that Milan had attracted residential investments for 54% (2.8 billion euro) in the first half of the year. In the city, prices for new construction rose by 1.8%, against the 0.2% in the rest of the country, while dated properties increased by 1.9%, against the 0.3% of the national average. Properties cost 40% more than in the other Italian cities; rents are 35% more expensive.

What drives Milan residential market is the resuming of new construction, as seen in Porta Nuova and CityLife. According to Abitare.Co, houses currently under construction represent 22% of the whole market.

Social housing is another critical theme for the city. The requalification plan of the seven railway yards, covering a surface of 204 thousand Sqm, implies the implementation of affordable housing for 2,600 units. The demand, however, is way higher.

Source: Corriere della Sera

Translator: Cristina Ambrosi

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