real estate Milan

Milan’s Green Revolution: Bosconavigli Brings the Forest to the City

By Columbus International,1 August 20241 August 2024

In the heart of Milan’s historic San Cristoforo neighborhood, a groundbreaking residential complex is redefining urban living. Bosconavigli, designed by the renowned Stefano Boeri Architetti in collaboration with Arassociati and AG&P greenscape, is not just another apartment building – it’s a vertical forest that bridges the gap between city life and nature.

This innovative project reimagines the traditional Lombard courtyard house, spiraling upwards to create a harmonious blend of architecture and greenery. With 170 trees of 60 different species adorning its facades, roofs, and balconies, Bosconavigli is a testament to sustainable urban development. But Bosconavigli is more than just a pretty face.

The complex offers 90 apartments, each designed with large outdoor spaces that serve as “outdoor rooms,” blurring the line between interior and exterior living. Public amenities, including a restaurant-bistro and wellness facilities, make it a true community hub. The project’s commitment to sustainability goes beyond its lush greenery. Solar panels, rainwater harvesting, and geothermal energy production are just a few of the eco-friendly features integrated into the design. Moreover, the building’s green elements act as natural barriers against noise and air pollution, enhancing the quality of life for residents. Bosconavigli isn’t just changing the skyline of Milan – it’s changing the way we think about urban living. As cities worldwide grapple with environmental challenges, this project offers a glimpse into a greener, more sustainable future where nature and architecture coexist in perfect harmony.

Photo via Bosconavigli

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Italy, Real Estate Market Evolution: A New Era of Opportunities for Buyers

By Columbus International,11 July 2024

The real estate sector is undergoing a significant transformation, ushering in a new era of opportunities for prospective homeowners and investors alike. Recent data from the Italian Revenue Agency reveals a market rebalancing that is fostering greater price flexibility and buyer-friendly conditions.

Fabiana Megliola, head of the Tecnocasa Group Research Office, reports an increase in the average discount to 8.3%, marking a shift from the recent period of intense market activity to a more reflective phase. This transition is creating a fertile ground for buyers to negotiate more favorable terms and secure better value for their investments.

A closer look at different property categories unveils intriguing market dynamics:

Used Properties: With an average discount of 8.5%, these offer the most room for negotiation. This presents an excellent opportunity for buyers to acquire properties at competitive prices and invest in custom renovations, potentially increasing long-term value.
Renovated Homes: Offering a 7.5% discount, these properties strike a balance between move-in readiness and value for money.
New Constructions: At a 4.5% discount, these remain attractive for those seeking modern, ready-to-use living spaces with minimal immediate maintenance needs.

Investors stand to benefit significantly in the current market, with discounts of up to 12% on investment properties. This trend could stimulate the rental market and provide more housing options in urban areas.

The market is also becoming more attuned to diverse buyer preferences. Ground floor apartments now come with more substantial discounts (8.5%), catering to those prioritizing accessibility or outdoor space. Top floor units, with a 7.7% discount, continue to appeal to buyers seeking views or added privacy.

While sales have slowed in the first quarter of 2024, this should be viewed as a market normalization rather than a downturn. This cooling period allows buyers more time to conduct due diligence, evaluate multiple options, and negotiate optimal terms.

In conclusion, the Italian real estate market is evolving towards a more balanced and sustainable model. The current landscape offers a unique confluence of factors – price flexibility, diverse property options, and a buyer-friendly environment – making it an opportune time for both personal home purchases and strategic property investments. As the market continues to adapt, it promises to better align with the changing needs and preferences of a new generation of property owners and investors.

Source: Il Sole 24 Ore

Milan: Real Estate Market Evolves Amidst Stability and Growth

By Columbus International,5 July 2024

Milan’s real estate market continues to demonstrate remarkable resilience, with contrasting dynamics between the sales and rental sectors. According to the latest report from idealista’s Research Department, Italy’s leading real estate portal, housing prices in the Lombard capital have stabilized in the spring quarter of 2024, settling at an average of €4,987/m².

Key points:

Stability in Milan’s sales prices (+1.4% year-on-year)
Continued growth in rental rates
Variable dynamics across different neighborhoods

Market analysis:

The Historic Center remains the most expensive area at €10,311/m²
San Siro-Trenno-Figino leads quarterly increases (+3.3%)
Vialba-Gallaratese records the most significant decline (-4.8%)

In the hinterland, a slightly negative trend is observed, with a 1.2% decrease and an average of €3,389/m². Assago emerges as the most expensive municipality (€3,647/m²), while Grezzago offers the most accessible prices (€1,054/m²).

The rental market, on the other hand, continues its upward trajectory. A 55-square-meter apartment in the heart of Milan now costs an average of €1,760 per month, highlighting increasing pressure on the rental market.

Andrea Napoli, CEO of Locare, offers insight: “The lack of adequate protections is pushing landlords towards short-term rentals, drastically reducing the supply for long-term residents.”

Key factors influencing this trend:

High purchase prices
Interest rates that remain elevated
Growing demand for tourist rentals

The future of Milan’s real estate market remains uncertain, but it’s clear that the city is undergoing a transformation phase, presenting both opportunities and challenges for investors and residents alike.

Italian Real Estate Market in 2024: Growth and Challenges Between Milan and Florence

By Columbus International,20 December 2023

What will be the fate of the Italian real estate market in 2024? There is a potential increase in property values, marking a departure from the relatively stable trends observed in 2023. This forecast stems from an analysis conducted by Immobiliare.it Insights, which identifies Milan as the city with the most expensive real estate transactions, while Florence stands out for having the highest rental prices.

Regarding sales, the report predicts a 6% increase in Catania, 4.1% in Verona, 2% in Milan, and 1.1% in Rome. For rentals, a significant increase is expected in Naples (+16.8%) and Florence, where an 18% rise is anticipated. Despite not experiencing the highest percentage growth, Milan will maintain its position as the city with the highest sales prices. In the Lombard capital, the purchase of a property is expected to average almost €5,500 per square meter, representing an increase of about €100 per square meter compared to current values. Positive fluctuations, around +3%, are also anticipated for Naples, Genoa, Bari, Venice, and Turin. The projected prices per square meter vary widely, ranging from €3,415 per square meter in Venice to €1,707 per square meter in Genoa. Additionally, both Bari and Turin are expected to surpass €2,000 per square meter by the end of the next year, marking a new development for both cities. The situation is different concerning rentals.

In 2024, Milan may lose its position as the city with the most expensive rentals. According to Immobiliare.it’s analysis, Florence is expected to approach €29 per square meter by the end of the following year, an increase from the current €24.5 per square meter. Milan, despite an increase to €25 per square meter, will be positioned behind the Tuscan capital but still on the rise compared to the current €24.7 per square meter. According to the report, in terms of sales volumes, both 2023 and 2024 deviate from the exceptional performance recorded in 2022, and the trend will return to a more regular pace, similar to what would have been expected in the absence of the Covid-related crisis.