|
How will the Winter Olympics affect the short-term rental market? With only three months to go, Milan's real estate market is already showing signs of strong growth. According to Abitare Co., a real estate brokerage firm, short-term rentals for apartments for up to four people in central Milan's busiest tourist areas and key Olympic neighborhoods near the competition venues are increasing by an average of 102% compared to a week with no events. Accommodation expenses will be much higher than the off-season average for people who want to experience the Olympics up close by staying near the competition locations. Assago, the location of the Milano Ice Skating Arena for figure skating and short track competitions, is undergoing the most significant growth, with a 153% increase compared to a week without events. Apartments in the San Siro district, where the Olympic opening ceremony will take place, are renting for an average of €2,200 (+144%). Also, prices in Rho, where the Milano Ice Park will be set up to host speed skating competitions and some ice hockey matches, have soared by 130%. Moving to Milan's central areas, which are more often visited by tourists, average prices rose more modestly, although recording the highest prices (+70% to €2,270 per week). In Italy, the proliferation of short-term accommodations offered by both properties and private citizens, particularly in the context of the Jubilee, has intensified political discourse and generated controversy. On one hand, some have highlighted the transformation of historic city centers, the lack of transparency concerning revenue, and the harm to hotels; on the other hand, others have underscored the commercial opportunity, particularly in a country with significant tourism influx. With the Jubilee nearing its end, attention now turns to major sporting events like the Winter Olympics.
|