the substantial block of new initiatives in Milan is already causing effects on many ongoing and planned urban regeneration initiatives; according to Scenari Immobiliari, the investment potential had been estimated at over 12 billion euros for the residential sector alone by 2035 (19,5 billion euros also considering all the other asset classes), to which another 26 billion euros must be added as repercussions on the Milanese economic system (from furniture to services), without considering the consequences for employment in the construction sector, and revenues for the Municipality - estimated as charges and contributions - between 60 and 80 million euros per year.
«These investments are at risk – he explains Francesca Zirnstein, general manager of Scenari Immobiliari – they also impact the expectations of international investors who have bought in Milan for around 40 billion euros in the last ten years; now they are more cautious about new things and are starting to look at investments outside the city or elsewhere. And let's not forget that the lack of supply on the residential market leads to a further increase in prices for existing buildings."
“Milan and its hinterland consolidate their role as an attractor for the new residential construction market despite the administrative uncertainty which, evidently, since the second half of 2023, is affecting and slowing down, or even stopping, the major real estate development interventions in the city,” he added Joseph Crupi CEO di Living Co.
The so-called "save Milan" rule was expected within the "save home" decree that the Council of Ministers should approve today. It will, however, be included in the measure converting it into law, and will therefore follow an inevitably longer parliamentary process. The law will have to clarify the fate of some buildings built in the city, at the center of investigations by the prosecutor's office for building abuse, built on the basis of a Scia and treated by the Milanese urban planning offices as "demolitions and reconstructions",
“We are seeing that today some operators no longer invest in Milan or, at best, we are seeing a progressive recourse to more cautious approaches by developers, with a further limitation of future housing supply in the short and medium term, in the face of a question which, fortunately, always remains lively. A demand for new homes, not only high-end, which particularly appreciates the issues relating to investments linked to energy consumption, environmental impact and common services dedicated to people."
