The impact of Olympic Winter Games Milan Cortina 2026 in the real estate market of Milan
According to Colliers International, in the first three months of 2019 the volume of investments in real estate in Milan amounted to 900 million euros, recording an 89% increase over the same period last year. One of the main reasons for the city to attract international investment is the assignment of the 2026 Winter Olympics to Milan and Cortina.
The first major project that has been announced is the construction by Risanamento Spa and the Australian company Lendlease of the Arena “Pala Italia” in the Santa Lucia area. The venue is expected to have a capacity of 15.000 and it is part of a major commercial and residential redevelopment in the area. The project is estimated to cost 120-140 million euros.
Apart from the Santa Lucia area, attention is also drawn to the area of Porta Romana, where the Olympic Village will be built, a project with a budget of 150 million euros. The Porta Romana area has already attracted the attention of international investors, with the creation of the new Prada Foundation site and the launch of the Symbiosis project.
Finally, another long-awaited redevelopment project concerns Palasharp in the Lampugnano area, where the Milan Hockey Arena will be built.
Total investments for the Olympic Games will reach 1.3 billion euros, of which approximately 900 million will be contributed by the International Olympic Committee and 450 million will come from public and private investment.
These investments will have a wider impact on the city, because they will lead to the renovation and creation of new hotel units, rented rooms and apartments, cafe / bars and restaurants. In particular, Scenari Immobiliari expects investment in the hotel market worth about one billion euros and the creation of 3,000 additional rooms in Milan.
Source: Il Sole 24 Ore
