After COVID-19, house searches in Italy will move to the outskirts

Gtres
Gtres
2 June 2020, Redaction

After the COVID-19 pandemic in Italy housing trends are changing, Italian city residents, such as the Milanese, are shifting their focus to look for larger housing solutions, not necessarily in the city centre, looking with interest at the surrounding areas. Among these, Monza is establishing itself as an attractive location for the demand of post-emergency housing. Let's have a look at the analysis carried out by the real estate experts at Abitare Co.

From 2013 to 2018, housing sales in Monza, the capital of the Province of Monza and Brianza had already increased by +71.1% with new projects at the starting point. In 10 years, the Milanese who have relocated to the area have grown by +157%, attracted by the lower cost of housing, a more people-friendly and green city and the arrival of the underground line (M5). In 2019 the capital of Brianza registered 3,487 new residence requests from other Italian municipalities (a 12% on 2010) and 836 from abroad.

But how much does it cost to buy a house in the city of Monza? According to Abitare Co. for a second-hand renovated house, the price is 2,280 euros per square metre compared to 3,300 euros per square metre in Milan, while the new properties come at an average of 2,850 euros per square metre, about half of the 5,600 euros per square metre needed in Milan.

 "From the analyses we have carried out on the offer of new residences in the Municipality of Monza," says Alessandro Ghisolfi, head of the Centre of Studies at Abitare Co., "it emerges that the home market is not able to absorb the growth in demand that has been recorded in the last 18 months. The potential of Monza, with the start of future connections with Milan and the rest of Brianza, is amplifying. In the coming years, the demand for new homes, in line with the types of supply that are already so successful in the Milan market (smart homes, with high energy performance and equipped with space to share for well-being and work), will find greater opportunities thanks to the new large-scale developments that are being launched. The redevelopment of disused areas in Monza, such as the Arborea Living project, a former industrial area of over 60 thousand square metres, is an important step to meet the growing demand that has no space in the Milanese market, especially in terms of availability of spending".

Among the residential projects, that mentioned of Arborea Living in Via Val D'Ossola, which involves the redevelopment of a former industrial area of over 60 thousand square metres, with new generation class A3 housing, smart services for residents, a large park with new bike paths, is joined by the architect Stefano Boeri's interest in the construction of a new vertical forest in the disused area of Via Foscolo (15 thousand square metres), along with the proposal for a new 20-storey skyscraper and a 34 thousand square metre park in the San Fruttosio district. All of this is enhanced by the new underground stops which are part of the extension of Line 5 (M5) of the Milan underground, a move that will further strengthen the Milan-Monza axis.

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