Property in Italy is in demand and there are an increasing number of investors particularly targeting traditional buying areas, such as Rome, Milan, Venice and Florence and they continue to appeal investors as it is incredibly affluent and offers excellent returns. Milan, second largest city in Italy, which is renowned for its industrial capacity and fashion industry, is slowly getting a makeover. Many of the old industries and plants have long departed out of the city, and many of the old businesses are being turned into retail, housing and commercial centers.
In an interview with the International Herald Tribune, EC Harris, the international property consultants has said that Most of the heavy industry moved out of the city. The new economic situation due to the departure of industries and plants produced an abundance of urban spaces available for redevelopment. Milan is in the threshold of developing into the largest construction site in Europe.
Scenari Immobiliari, an independent research institute, last year reports identified around 6 million square meters of industrial land in Milan. There are at present 150 urban redevelopment projects are in design as well as in construction stage in Milan and €15 to €20 billion is invested to these projects. One of the most esteemed of these projects is the Porta Nuova, or New Gate which was launched last may.
The Porta Nuova development is in fact has three separate projects taking place in and around the Garibaldi train station. Manfredi Catella, chief executive of Hines Italia, the U.S. Company that is in charge of the construction has said that the redevelopment of garibaldi area is a vision of 50 years or more. Porta Nuova will have 360,000 square meters of offices, residential and commercial spaces; large park in the center and with cultural and community centers as well. It would be completed in 2012.
Carlo Masseroli, the public assessor of urban development in Milan, believes that Porta Nuova project is a catalyst for all the Milan redevelopment projects. Luigi Marchesini, from the property development firm in bologna has said that Milan offers ample opportunities for overseas property investors with all the redevelopment projects.
CERTeT, a regional economic center at Bocconi University in Milan, report in may last year has calculated that restoration of former industrial areas in Italy generates €2.90 for each euro that is invested.
In an interview with the International Herald Tribune, EC Harris, the international property consultants has said that Most of the heavy industry moved out of the city. The new economic situation due to the departure of industries and plants produced an abundance of urban spaces available for redevelopment. Milan is in the threshold of developing into the largest construction site in Europe.
Scenari Immobiliari, an independent research institute, last year reports identified around 6 million square meters of industrial land in Milan. There are at present 150 urban redevelopment projects are in design as well as in construction stage in Milan and €15 to €20 billion is invested to these projects. One of the most esteemed of these projects is the Porta Nuova, or New Gate which was launched last may.
The Porta Nuova development is in fact has three separate projects taking place in and around the Garibaldi train station. Manfredi Catella, chief executive of Hines Italia, the U.S. Company that is in charge of the construction has said that the redevelopment of garibaldi area is a vision of 50 years or more. Porta Nuova will have 360,000 square meters of offices, residential and commercial spaces; large park in the center and with cultural and community centers as well. It would be completed in 2012.
Carlo Masseroli, the public assessor of urban development in Milan, believes that Porta Nuova project is a catalyst for all the Milan redevelopment projects. Luigi Marchesini, from the property development firm in bologna has said that Milan offers ample opportunities for overseas property investors with all the redevelopment projects.
CERTeT, a regional economic center at Bocconi University in Milan, report in may last year has calculated that restoration of former industrial areas in Italy generates €2.90 for each euro that is invested.
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