NoLo, the prices of the new trendy area (?) Of Milan

According to some, it is a comfortable and well-served neighborhood, with all kinds of shops and easy-to-use means of transport such as metro and trams, not to mention the central station within walking distance. Others, on the other hand, can’t wait to leave, complaining that they live in an “all smoke and no roast” area, where prices have risen beyond belief and few open venues do not justify the hustle and bustle around the neighborhood.

Maybe you understand, maybe not. We are talking about NoLo, that is North Loreto, which both from the name and from the hipster soul wants to follow the most famous New York or London SoHo. A neighborhood that, although at the center of discussions and controversies, is undeniably becoming the new realm of hipsters, where creativity is everywhere and art galleries are becoming the new fashion.

The quadrilateral bordered by viale Brianza, via Aporti, the Trotter and Casoretto park has undergone a spontaneous transformation: initially inhabited mainly by immigrants from southern Italy, later by Latin Americans and Orientals, it was often on the front pages of local newspapers due to bad episodes that saw locals being robbed and mugged, houses occupied and prostitution rampant.

But today it seems that the wind is changing, and NoLo is achieving ever greater notoriety among students, professionals and creatives. The reason was initially that of affordable, or in any case lower, prices of properties for sale or rent compared to other areas of Milan; but this quickly led to a paradoxical situation in which the demand grew more and more, and consequently the prices.

But at the same time, the neighborhood has “rejuvenated”, received a new lifeblood from its new inhabitants, and art galleries, showrooms, concept stores and many other shops with English signs that are so fashionable were born. in Milan. But side by side with Chinese tailors, kebab sellers and Middle Eastern pastry shops. This is seen by many, especially young people, as an additional benefit in living in NoLo, as such a multicultural and perfectly integrated environment is not the rule in Milan (let alone in the rest of Italy).

The new Island?

According to some, NoLo can become the new Island, also in the past a popular neighborhood where critical situations were not uncommon. The road is still long, not even the shadow of tourists, but among designer delicatessens, vintage markets and bistros that pretend to be coworking, the path seems well traced.

This is what the founders of the NoLo Social District think, a group of people who believe in the neighborhood so much that ideas flock, including yoga and gardening classes, and nocturnal bike rides in the former areas of the space.

The name NoLo, which some see as a bad imitation of some of the most famous districts of other metropolises in the world, others like it all right: the owners of some businesses in the area are no exception, such as the CorNolo choir, LaNolo knitwear, photographers FotoNolo, radio RadioNolo, the newspaper GiorNoLo and the local NoLoSo.

The NoLo real estate market

According to the data provided by immobiliare.it, the average selling price of a house in NoLo, which the famous portal calls Pasteur-Rovereto, is 4224 euros per square meter, while rents are around 18 euros per square meter.

The price trend is unlikely. After a decline that began in 2014 and ended in full pandemic in 2020, the recovery was clear, constant and still does not see an end: taking into account the period from March 2021 to March 2022, the increase in the value of properties is equal to 7 , 59%.

Same story for rents: always considering the period March 2021 – March 2022, the price increase is 7.51%, testifying to the fact that, despite the criticisms, NoLo is in fashion, and how.

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