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Within the initiative “Why invest in Lombardy #AskOurPartner” here is our sixth article. Discover some smart tips for investors in the following short interview with Matteo Cazzaniga – Cazzaniga Building Management.
Lately there has been a lot of buzz in the Italian Real Estate, caused by the growth of international investments, the legal constraints in the construction sector, and the incentives for urban regeneration and recovery of abandoned areas. Lombardy was the first region to legislate on soil consumption, giving an efficiency message to the whole Country.
- Do you know that …
In the last few years, Milan has been the 4° Real Estate Market in EU with the 80% of investments originated from investors outside Europe. With a Rental Price of prime office properties of €500 sqm/year, Milan is way more competitive than London, Paris and Dublin where the annual prices for prime locations are respectively 1.495, 760 and 619 €/sqm.
- How is the regulatory situation in Italy in order to obtain building permits?
In recent years, new laws have been introduced to make it easier and faster to obtain building permits. Many works can be started in just a few days, simply by delivering documents to the local Municipalities and starting them a few days later. At the same time, the Italian law states that, in order to obtain a building permit, the applicant must deliver a detailed project to the authorities with the support of a qualified Italian professional, namely an accredited architectural or engineering firm.
- What is the most relevant current trend in terms of incentives in the construction field?
Due to the new regulations on soil consumption, nowadays the challenge is to stimulate the reconversion and the efficiency improvement of existing buildings rather than to build new structures on new plots of land: that’s why the most advantageous incentives are related to the efficiency issue. In particular, we can highlight the bonuses for energetic efficiency upgrade, for seismic resistance enhancement, and for demolition and reconstruction upon improvement of the building’s characteristics.
The interview is also available, together with useful information for investors, on the website of Invest in Lombardy, the service dedicated to foreign investment promotion, run by Promos (Special Agency of Milan, Monza Brianza, Lodi Chamber of Commerce), promoted by Unioncamere Lombardia and supported by Regione Lombardia.
To learn more, follow the Partners’ interviews that will be published on the website and You Tube channel of Invest in Lombardy.
We thank Invest in Lombardy’s Premium Partner: Deloitte Financial Advisory; De Luca & Partners; Gianni, Origoni, Grippo, Cappelli & Partners; Masotti Berger Cassella; Cazzaniga Costruzioni; Todarello & Partners.