Save Milan: Reviving the City's Building Boom

The Italian parliament passed a new bill to resolve Milan's construction issues caused by multiple legal investigations. The 'Save Milan' bill, supported by both the ruling coalition and opposition, aims to simplify and expedite building procedures, potentially rejuvenating real estate activities in the city.

The Italian parliament has approved a new piece of legislation aimed at overcoming a construction deadlock in Milan, Italy's financial and cultural heart. The 'Save Milan' bill, supported by a broad political coalition, seeks to streamline urban planning laws amid ongoing legal investigations.

Since the 2015 Expo exhibition, Milan has become a prime location for real estate investments, attracting over $30 billion. However, a backlash from residents against rapid urbanization led to dozens of stalled construction projects amidst legal scrutiny over the issuance of building permits.

The new law facilitates quicker, less costly processes for developers, potentially unblocking halted projects. It allows replacements of existing buildings with high-rises through simpler permits, reducing both administrative burdens and associated costs. While the law offers clarity for developers, investigations into alleged fraud will proceed.

(With inputs from agencies.)