Homebuyers in Milan embrace the outdoors.

Before Covid hits Milan The world’s first city to be affected by the epidemic outside Asia. The wealthier inhabitants of this city rarely used their terraces as much. and rarely decorated with plant pots

“In my 1920s apartment on Corso Indipendenza, it wasn’t a finished one. There were very few opinions when I placed a large window box with me a few years ago,” says events producer Jane Fraser, who has lived in Milan for 20 years.

“Right now on this street there are many terraces full of flowers, trees and jasmine. People will set up small tables and chairs. so they can sit outside and watch the streets empty.” A year passed. The familiar vitality returned. “Now the city looks different because bars and restaurants can put tables and chairs outside without paying pavement taxes. So everyone went out into the streets,” Fraser said.

From the waving of flowers on the balcony to the new architectural landmarks. Milan is visibly green, Verdure was the main theme at the latest Supersalone at Milan furniture fair Salone del Mobile. Part of the exhibition space at the Rho Exhibition Ground is filled with urban forests. Hundreds of trees will be planted around the city.

The curator of the works Stefano Boeri is considered the architect of Milan’s green transformation. Boeri’s Bosco Verticale in the Porta Nuova district, completed in 2014, is one of the largest urban renewal projects in Europe. with two residential buildings encased in three hectares of vegetation.

A bar in Navigli district, Milan was the first city in the world to be affected by the epidemic outside Asia © Giuliano Berti/Bloomberg

Bosco Verticale developer COIMA, in collaboration with Boeri and New York-based High Line architects Diller Scofidio + Renfro, are working on a new “vertical forest” in Porta Nuova. They are converting an abandoned 1950s Pirellino office building into Pirelli 39. It’s two green-walled houses and workspaces where the foliage changes with the seasons and absorbs 14 tons of CO2 per year, according to architects’ estimates.

Such biodesign became a tourist attraction during the pandemic. Kelly Russell Catella, COIMA’s head of sustainability and communications, said of the green spaces around Bosco Verticale: It’s not a shop that people flock to. But it’s the Porta Nuova park.

“People are starting to think of a more sustainable and easier living in the heart of the city,” she said, referring to the 22-mile new tree planting and bike path.

Benedetta Viganò, Chief Executive Officer of Giorgio Viganò Real Estate, said there was a desire to stay in the city “15 minutes”, partly driven by the hatred after COVID-19. in using public transport “Staying within walking or cycling distance to school and work is our top request,” he said, adding that locals are looking for areas such as hipster Isola (near Bosco Verticale), Porta Romana. with leafy squares and small streets behind Porta Venezia in the historic centre.

Rooftop of a five bedroom penthouse in Brera €12.4m

The roof of a five-bedroom penthouse in Brera, valued at €12.4 million © Busà Photography

After a 15 percent drop in transactions last year compared to 2019, Milan sales numbers are recovering. Sales rose 14.5% in the first quarter of this year to a total of 6,000, according to Italy Sotheby’s International Realty.

But real estate prices have fluctuated little over the years. Figures from Italian Immobiliare show that the average price has been €4,000 per square meter over the past 10 years and is currently €4,865 per square meter. “It’s partly because of the economy. This is partly due to the high inventory levels in the key markets.”

Lodovico Pignatti Morano at Italy Sotheby’s International Realty says, “In the main market, when you buy, you buy for life. You can only increase in size when your family gets bigger.” He said the luxury market is different. “Buyers in this sector are more interested in real estate now — interesting or one-time purchases. which they know will not reduce depreciation.”

Milan map

Although the Bosco Verticale vie for “footballers, movie stars, wealthy Russians and Chinese,” according to Viganò, the most expensive assets are usually in the Quadrilatero della Moda, the fashion district around Via Montenapoleone.

“Generally priced at €14,000-18,000 per m2, but some properties sell for more,” Viganò added. The best address in Morano is Via Privata Fratelli Gabba, where properties are on sale for just 5 beds, 443 sq m. Selling price at €12.4 million via Italy Sotheby’s International Realty.

Usually from Italy’s flat rate tax scheme (€100,000 in revenues coming from non-Italian sources). International buyers accounted for two of the top three sales in the past year, including €11.2 million in magenta flats. and a €9.8 million townhouse in the centre, both of which are sold off-market, according to real estate agency Tirelli & Partners.

However, at all price levels Connectivity to the outdoors is important, as Fraser noted. in which Milan’s balcony was once abandoned. “Right now, photos of these terraces appear first in ads for flats or houses for sale or rent.” Milan is taking a new look in many ways.

buying guide

  • Selling prices in Milan’s historic center average €9,400 per square meter in the city’s wider market. Prices in August 2021 average €4,865 per square meter, according to Italian Immobiliere.

  • The sales market is mainly first and second time buyers. Only 11 percent of buyers are investors. detained away from the pandemic, according to Tirelli & Partners.

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