The real estate sector in Milan has undergone several changes in recent years, and this process seems to be accelerating. This trend is in line with other big European cities where redevelopment of disused areas and remote working are opening up new opportunities.
Teleworking or smartworking
In large cities many professions are linked to services, and the condition of working remotely is taking off in an unprecedented real estate trend. As several articles in the international press have highlighted (see "Le Figaro" with "Immobilier: pourquoi la banlieue attire comme jamais" - "Real estate: why the suburbs are more attractive than ever"), the search for more indoor and outdoor space is driving many French buyers to buy in locations around Paris.
This trend is also becoming noticeable in Milan, where people are increasingly looking for spacious, pleasant homes in non-central areas, or alternative options in the provinces.
According to Edoardo Baronchelli, administrator of Gruppocasa.biz, "the demand for properties in central areas of Milan has not declined, but there is a boom in demand for neighbourhoods outside the centre but well connected. We have noticed strong interest in our newly built properties in Affori, one of Milan's green neighbourhoods, but also in places in the province such as Magenta and Arese. Today people prefer to be in contact with—or at least close to—nature, to have the convenience of shops on their doorstep but without the traffic and crowds of shopping streets, and easy parking; they also seek the tranquility of a walk or a space where they can go jogging, perhaps in a park".
Our perception of living has changed profoundly: we have moved from the concept of the home as a mere "building product" to a feelgood place, which ensures well-being for the people who live there. One of the foremost desires of those looking for a new home is the better quality of life they expect to find away from the daily hustle and bustle of more central and densely populated neighbourhoods.
Urban renewal
Another factor emerging in this renewed "real estate season" is the regional law, also approved by the Milan City Council on 20 December, focussing on urban regeneration. The municipality of Milan will offer the bonus of an increase in allocated building surface area, if plans for the recovery of buildings and disused areas are presented within the next two years.
The construction sector of the coming years will focus on the vast ex-industrial areas, disused warehouses, and derelict or difficult-to-access buildings, paving the way for major regeneration and land development projects.
The city is transformed, so it lives. Urban regeneration, modern market requirements, and the ability to attract new residents are some of the features driving recent investments in Milan. The scenario that will unfold in the near future will be characterised by residential projects and condominiums, well-equipped with facilities, common areas under the banner of shared living spaces and large gardens but, above all, by lifestyle no longer tied to the central areas of the city.
"With over 40 years of experience in the real estate sector, we are involved in the research, acquisition and development of new real estate initiatives, and we also contribute to their marketing," Baronchelli continues. "We have long believed in the potential of Milan and its province, an area where we have already overseen several residential development operations. Today, even more so, we intend to reaffirm our presence with new residential developments: Living Garden Milano, Residenza dei Parchi 5 and Maderna 11. The Maderna 11 project, in particular, has just been approved as part of the urban renewal projects of the municipality of Milan".
Baronchelli's point is precise and straightforward: "Investing in real estate today means trusting in its growth and enhancement. Matters such as wellbeing and sensitivity to green issues have come to the forefront of our market vision" and then concludes "For buyers, it is a matter of seizing the best opportunities presented by the times and changes: for example, teleworking will impose methods, times and spaces that cannot be ignored, including reinterpreting environments and furnishings in our homes. For our investors, on the other hand, it will be an opportunity to deal competently with the redevelopment and development of real estate through urban regeneration".
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