Milan is the capital of the Lombardy region as well as the homonymous metropolitan city. During the last few years, Milan has become the focus of a significant number of real estate investors from all over the world, especially from Saudi Arabia and Japan and has been ranked as one of the best cities for investment by PwC. There are diverse reasons for this strong interest in this cosmopolitan city. In recent years Milan has been the scene of important real estate transactions, such as the construction of the prominent Unicredit Skyscraper with its 231m height in the Porta Nuova area or the Allianz Tower with its 241m, but also the construction of Citylife - a project with a value of two billion euros covering an area of 366 thousand square meters (with 530 apartments, a shopping district and three towers for offices).
Also in Milan, distinguished by their architectural value, are the residential towers such as Solaria, designed by the Arquitectonica studio in Miami, 143 meters high for 34 floors (103 apartments), the Solea building, designed by the Caputo Partnership studio in Milan, 69 meters high for 15 floors and Aria and Miami Arquitectonics studio, 18 floors. However, the Historic Center, Sempione, Corvetto, Bovisa, Affori, Lambrate, Piazzale Lodi and Porta Venezia comprise the most important commercial areas for real estate, commanding significantly higher prices for the purchaser but also providing a significant potential profit as a long-term investment.
Generally, however, there is a broad variable in the prices of residential apartments in Milan and it was one of the first cities to react to combat the crisis in the real estate market that Italy has suffered. Due to its dynamic multicultural urbanity and realistic understanding of the market, Milan has become a viable alternative to other principal cities such as Paris or London for real estate investment. Milan is a financial hub and home to 200 Italian banks and 40 foreign banks, so investors have the opportunity of accessing competitive funding on the doorstep.
Milan has also embraced the "green" concept in that a new residential complex in Via, Pier Paolo Pasolini, which is situated close to the city centre has been built with ecological considerations in an attempt to achieve zero impact. The complex is entirely geothermal and has attained class A+; it also incorporates many services to assist the residents in the form of a family-friendly environment with pet area, a sports area, a wellness area together with hi-tech service, car sharing arrangements and also a wealth service.
No doubt future residential building projects will follow a similar pattern as such a competitive market will follow the demands of its clients. The lawyers in our Milan office have wide experience in guiding our overseas clients through the maze of property investment for both short and long-term investments in Milan.
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